Achieving Strategic Fit/Integration between Business Strategies and Human Resource Management (HRM) Strategies in the Banking Sector: An Assessment of the Commercial Banks in Malawi
Keywords:Strategic fit/Integration, H.R.M strategies, Strategic Human Resource Management, SHRM, Business strategies, Competitive advantage
As the business environment becomes volatile and competitive and as more bank services and financial institutions battle for recognition in the market, numerous strategies are needed by business firms for dealing with such fierce competition. For the banks to win the much anticipated competition, the business strategies they employ have to be strategically integrated with human resource management strategies. A strategic fit between business strategy and human resource management strategy helps in retaining and motivating employees translating into high organizational performance and competitive advantage for the firm.
This paper studied how the commercial banks in Malawi are strategically achieving a fit between business strategies and H.R.M strategies. The findings of the study indicate a correlation and a strong fit between business strategies and HRM strategies in the commercial banks in Malawi. The fit is achieved through an integrated process where HRM strategy is an integral part of the business strategy, alongside other functional strategies
Int. J. Soc. Sci. Manage. Vol-1, issue-4: 143-159