Set a budget Set an allocation of funds Set targets Set goals Set reporting requirements Set performance objectives Set benchmarks Estimate results Monitor and evaluate performance Improve employee relations Develop employee motivation Improve teamwork Monitor progress and share success stories Make sure that you have all the resources necessary to achieve your objectives. Do not set a budget until you have completed the first step in the process. Then determine which components to implement in order of priority. Define what is to be accomplished and how the budget will be used to achieve these objectives.
Define what types of employees need to be involved in the strategy. You might decide to recruit additional employees to work on a part-time basis, but this might not fit with your existing staff, or it might take the form of a hybrid staffing approach. If your staff is already overworked and underutilized, then you might want to consider outsourcing some of their responsibilities. This is called “integrating human capital.” In other words, if you plan to use human capital, then you must determine how to integrate it into the university and its current system of operations.
Set up a strategic planning committee Meet with your HRM committee to set a goal of how many people you plan to hire for each component. It may also be helpful to set a date for the first meeting so that everyone can have the opportunity to discuss the goals of the strategy. Set up a committee of people to manage the strategy, with each person having different duties. The committee should work as a unit, with each member contributing their specific skills and talents. They should develop a mission statement for the HRM strategy, define the specific objectives, and plan how they plan to achieve them.
Define your objectives. Once you have determined how much money you want to spend and how you plan to spend it, figure out what your objectives are and how they will impact the department. The purpose of your HRM strategy is to help your organization achieve its strategic goals. Define how your department will improve. Define the types of activities that will provide an effective means of achieving these objectives.
Define your metrics and reporting requirements. Define the measurements that you will use to measure progress on the strategy. This includes the types of activities, such as the number of completed projects, that will improve employee relations. Define how often each activity has to be completed, what results should be reported, and what reporting requirements will need to be met. Define the types of assessments that will be used to track progress.
Define the results that you are looking for. Define the measures that will be used to measure the success of the strategy, whether or not it has achieved its objectives. It can include things like attendance rates, quality of the work done by the employees on the projects, and any other measures that will help to improve productivity.
Define your financial plan. Define how the strategy will be funded, including how it will be paid for and what changes will need to be made if things do not meet your goals.