A Guide to the Human Resource Body of Knowledge (HRBoK)

2Business Management and Strategy

Introduction

Where do businesses come from? The fact is that there have been some forms of enterprise for thousands of years. From small businesses built upon individual skills and barter systems to import/export services for cross-country and across-oceans transport all the way through the formalized state-run corporations and academic institutions, the early businesses had the same fundamental needs as the companies of today: human capital strategies and competitive supply chain management (SCM).

The functional HR practices in business management and strategy (BMS) embrace HR as a business partner. With a strong emphasis on managing the people and processes required to keep businesses up and running, a dedicated HR professional must be capable of:

• Applying general business principles
• Leading change efforts
• Acting as a strategic partner for all functions of HR
• Applying business strategies to operational activities
• Achieving international human resource management goals
• Integrating industry best practices and academic theories
• Orienting HR activities toward the bottom line

The human resources (HR) function focuses on implementing business strategies that combine the needs of the business with the needs of the people doing the work. This chapter serves as a resource for HR in an advisory role for all business functions. HR professionals must be able to create relationships with HR partners, and develop and administer programs that operate ...