The 5P's model was developed in 1922 and focuses on global HRM, strategic HRM, and the relationship between business strategy and human resource management. The 5P's are Philosophy, Policies, Programmes, Practices, and Processes. The model requires all five elements to be balanced in order to achieve business objectives and satisfy employees and society. It can be applied at all levels of an organization and works in conjunction with other management theories. A limitation is it requires understanding of multiple business concepts.
The 5P's model was developed in 1922 and focuses on global HRM, strategic HRM, and the relationship between business strategy and human resource management. The 5P's are Philosophy, Policies, Programmes, Practices, and Processes. The model requires all five elements to be balanced in order to achieve business objectives and satisfy employees and society. It can be applied at all levels of an organization and works in conjunction with other management theories. A limitation is it requires understanding of multiple business concepts.
The 5P's model was developed in 1922 and focuses on global HRM, strategic HRM, and the relationship between business strategy and human resource management. The 5P's are Philosophy, Policies, Programmes, Practices, and Processes. The model requires all five elements to be balanced in order to achieve business objectives and satisfy employees and society. It can be applied at all levels of an organization and works in conjunction with other management theories. A limitation is it requires understanding of multiple business concepts.
Schuler in 1922.The 5 P’s model is dedicated to the matters of global HRM, strategic HRM, the function of HRM in organizations and the interface of business strategy and human resource management. WHAT ARE THE 5 P’S?
The 5P’s stands for –
1. Philosophy 2. Policies 3. Programmes 4. Practices 5. Processes PHILOSOPHY A statement of how the organization regards its human resources, the role they play in the overall success of the business, and how they should be treated and managed. POLICIES
These provide guidelines for action on people-
related business issues and for the development of HR programmes and practices based on strategic needs. PROGRAMMES These are shaped by HR policies and consist of coordinated HR efforts intended to initiate and manage organizational change efforts prompted by strategic business needs PRACTICES
These arc the activities carried out in
implementing HR policies and programmes. They include resourcing, learning and development, performance and reward management, employee relations and administration. PROCESS
These are the formal procedures and methods
used to put HR strategic plans and policies into effect. PURPOSE OF THE 5 P’S MODEL
This model requires that all five Ps balance one
another out. They all feed into one another, and the results of their interactions must be balanced to achieve the overall business objectives desired by the company leadership, the company workforce, and society as a whole. STRENGTHS 1. Used at the corporate level and throughout every level of the organization 2. Applicable to all types and sizes of the organization 3. Applied along with the variety of other leadership and management theories, concepts, and tools. 4. Timeless. It will not become out of date just because other theories are introduced. LIMITATIONS People applying the 5 P’s model need to individually or as team understand not only basic leadership and management concepts, but also strategic management, organizational development, process management and system thinking