The overall purpose of the study revolves around the perspective of strategic management of competencies and alignment with best HR practices. The RBV perspective holds the most important focus. Its application thus leads to obtaining the synergy which is needed for the organization to grow, stabilize, and diversify its strategic management initiatives. According to the RBV proponents; there is a feasible approach that is used for the purpose of exploiting the external opportunities. As far as the competencies are concerned, the competitive environment and different technologies with various factors play an important role to predefine the labour requirements which affect various businesses and industrial sectors. The internal characteristics are also a manifestation of the external pressures. Thus, an in-depth understanding is mandatory. It will be required to understand the changing competencies and address them effectively.
It is basically a synergy of various processes which work in a coordinated manner in order to achieve the organizational goals within the specified time frame through the creation of an effective and efficient work force. The three important aspects of performance management revolve around effective planning, regular monitoring and appropriate reward management strategies. However, improper implementation could result in inconsistent outcomes, unclear strategies. Achievable goals become pronounced when the goals frequently change. Illogical ranking and rating of the employees reduce the productivity due to de-motivation.
The aspects of reward management deal with strategies which are formulated and implemented in such a way that the overall aim is to reward the people with equitable, fair and consistent attributes which are aligned with the values and mission of the organization (Dowling, 2008).The rewards could be either financial or non financial in nature. Financial rewards include bonuses, enhanced cost to company and shares of the company as employees are considered an integral part of the organisation. Non- financial rewards could contain promotions, family vacations, additional health and medical benefits, family related benefits, flexi- work timings and all other aspects which will be non financial but will help the employee to maintain a better work life balance.