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European Journal of Social Sciences – Volume 5, Number 3 (2007) In addition to technological and environmental forces, many firms and industries face pressure for innovation in products or services. To compete effectively a business firm may have to pursue several types of different innovation strategies simultaneously (O’Reilly and Tushman, 2004). This type of information input from the strategic human resource managers to decision-makers becomes intensely more critical and the simplistic conceptualization of derived demand is unveiled to be a complex set of relationships, requiring a detailed understanding of how technology impacts the mix and skill levels of the firm’s workforce. Conclusion Traditionally, regardless of the nation in which they operate, HR managers have focused on the input/resource market – hiring people to fill open positions. However, ignoring the derived demand conditions facing the firm in its product/service market along with the impending changes in organizational structure would surely leave the firm at a major competitive disadvantage. Strategic human resource management requires the linking of human resource market information with the information and planning occurring in the product/service market. Without this linking, forecasting the mix and quantity of human resources is almost insurmountable. Thus, the human resource function must also comprehend the nature of product/service innovation, market changes, its impact on business firm structure, and the implications for acquiring human resources. The factors affecting the derived HR demand linkages are complex and difficult to estimate and yet they have a real and critical impact on the operation of the firm. Whether the business firm creates its own human resource department or, as in the case of small business, requires operating managers to carry out the primary human resource function, understanding the derived demand linkage and the conditions shaping it are an essential task for the strategic human resource management of the firm. The strategic function of today’s global human resource department can no longer take a seat at the back of the bus: human resources must have a seat next to the driver. Its role has evolved from a paper pushing administrative function of its historical past to a more proactive, strategic function. Decision makers in upper levels of management must become acutely aware of how quickly a competitive advantage in the global marketplace can vanish without the proper input from the human resource function. This requires that human resource managers go beyond their traditional roles and make their mark on the strategic planning of the firm. The nature, complexity and types of markets in which the firm competes must inform strategic human resources practitioners. The economic perspective discussed in this paper should help provide a start for HR managers to understand the true implications of Strategic HR management, and, hopefully, increase focus on the important elements to include in planning. 94
European Journal of Social Sciences – Volume 5, Number 3 (2007) References [1] Barney, J. Wright, M. and Ketchen Jr., D.J. “The Resource-based View of the Firm: Ten Years after 1991, “Journal of Management, 21, 2001, pp. 625-641. [2] Friedman, Milton. (1976). Price Theory, Chicago, Aldine Publishing Company [3] Gailbraith, Jay, R. (2002). Designing Organizations: An Executive Guide to Strategy, Structure, and Process, New and Revised, New York, John Wiley & Sons Inc.. [4] Hammonds, Keith, H. (2005). Why we hate HR. Fast Company, 97 Aug, 40-47. [5] Henderson, Richard, I. (2006). Compensation Management in a Knowledge-based World, 10 th edition, New Jersey, Prentice Hall. [6] Hough, Leaetta M. and Oswald, Frederick L. (2000). Personnel Selection: Looking toward the future – remembering the past. Annual Review of Psychology, 51, 631-664. [7] Hselis, Mark A., Jackson, Susan, E. & Schuler, Randall S. (1997). Technical and strategic human resource management effectiveness as determinants of firm performance. Academy of Management Journal, 40(1), 171-188. [8] Jamrog Jay, J. and Overholt Miles, H. “Building a Strategic HR Function: Continuing the Evolution,” Human Resource Planning, Vol. 27, Issue 1, 2004, pp. 51-62. [9] Jones, Gareth, R. (2004). Organizational Theory, Design, and Change, 4 th edition, New Jersey, Pearson Education, Inc.. [10] Leibenstein, Harvey. (1987) Inside the Firm: The Inefficiencies of Hierarchy, Cambridge Massachusetts, Harvard University Press. [11] O’ Reilly, Charles, A. and Tushman, Michael, L. “The Ambidextrous Organization,” Harvard Business Review, April, 2004, pp. 74-81. [12] Perkins, Stephen J. and Shortland, Susan M. (2006). Strategic International Human Resource Management: Choices and Consequences n Multinational People Management, 2 nd edition, London and Philadelphia, Korgan Page. [13] Pfeffer, Jeffery (2005). Producing sustainable competitive advantage through the effective management of people. Academy of Management Executive 19(4), 95-106. [14] Roberts, John. (2004). The Modern Firm: Organizational Design For Performance and Growth, Oxford: University Press. 95
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