Strategic Human Resource Management and Organizational Performance: A Study of Thai Enterprises
Wattanasupachoke, Teerayout, Journal of Global Business Issues
The focus of this research is on how human resource strategies of Asian firms, particularly Thai enterprises, can influence business performances. All Thai firms listed in the stock market of Thailand are investigated in order to represent the overall picture of Thai business. Regarding the relationship between human resource strategies and the firms' performances, the analysis results indicate that the extra pay and profit sharing scheme significantly influences the non-financial performances. The extra pay and profit sharing scheme lead to lead to sense of belonging and greater commitment of staff because their wealth will be directly linked to firms' financial performances. For the non-financial performances, the only influential group of variables is positive inner characters, consisting positive attitudes and politeness. The employees with these characters tend to be dedicated, faithful and committed to firms and customers. This results in better image, reputation, and satisfaction of customers.
The fundamental idea of this research is human resource management strategies, focusing on the strategies applied by Thai executives. The study has been, therefore, conducted by collecting information from all leading Thai enterprises listed in the stock market of Thailand in order to gain more understanding of how human resource strategies can influence business performances and result in competitiveness. The overall framework is shown in figure i.
At present, there are only a few in-depth studies on this subject in Asian enterprises and almost none in Thailand. Besides, there is no obvious correlation analysis tha has unveiled the link between the studies and operating outcomes as well as no up-to-date database on related subjects that can be further studied for academic purposes and be applied to the operation of Thai enterprises. As a result, this research is an exploratory research, aiming to create databases and develop new ideas for the strategic management of Thai enterprises. In addition, this also helps determine the direction of modern human resource strategies for Asian and Thai organizations in the future.
Objectives of the Study
* To understand the important human resources strategies deployed in Thai enterprises
* To explore the relationships between human resources strategies and the performance of Thai enterprises which lead to the firms' competitive advantages
* To develop an updated database on the human resources strategies of Thai enterprises in order to benefit Thai business and academic circles in the future
The data collected for this research laid emphasis on primary data by using surveys as the main tool to gather information. The surveys were developed from theory analysis and management principles approved and practiced by public in general. The developed questionnaires then were pre-tested in a pilot study in order to examine the understanding, the correctness and the reliability of the study. The study population was enterprises listed on the Stock Exchange of Thailand. Since they are the leading companies of the country, they are able to represent the overall perspective of managing formats and styles especially in business organizations, which have to adjust constantly to keep pace with the changing circumstances. Moreover, the listed enterprises have been transformed into public limited companies with shareholders from many fields. The data, thus, is more openly revelatory being the result of more collaboration in providing information, which consequently become more accurate, s mentioned above, the given population were registered companies which numbered 480 in total. The researchers used census data, not random samplings, because accurate information was needed to demonstrate the whole image of leading Thai firms. The questionnaires were sent to the executives of each company by addressing thin to the CEO/Human Resources Department and contained an explanation the executive who provided the data of the objectives, the boundaries and the benefits expected to be obtained from the study. …