CONTEMPORARY MANAGERIAL ANALYSIS OF MULTI-STAKEHOLDER PERSPECTIVE IN HUMAN RESOURCE MANAGEMENT: TOWARDS A NEW CONCEPTUAL FRAMEWORK

The aim of the paper is to enhance the understanding of strategic human resource management (SHRM) as a concept by identifying the factors that impact its adoption in organizations and the potential outcomes, thus creating a comprehensive framework. This paper has been designed as an integrative literature review that attempts to answer the following research questions: What are the predictors of the adoption of a multi-stakeholder perspective in human resource management and what are the expected outcomes of implementing strategic human resource management in terms of value creation? In addition, the paper aims to answer the following questions: How do strategic changes influence the adoption of the multi-stakeholder perspective in human resource management (or the strategic human resource management processes) and is there a causality between them? To explain the interconnectedness between strategic changes and human resource management, the authors propose a conceptual framework for the multi-stakeholder perspective in human resource management or a new model for strategic human resource management. The proposed conceptual model provides a more comprehensive view of strategic human resource management. The key elements of the proposed strategic human resource management model are the CEO leadership characteristics, including CEO career diversity and CEO willingness to adopt the authentic leadership approach, and the possible consequences of SHRM in achieving higher organizational effectiveness (improved organizational performance). This model also assumes that employee engagement plays a mediating role between strategic human resource management practices and organizational effectiveness. This paper provides an integrative literature review on the adoption of the multi-stakeholder perspective in human resource management and creates a new conceptual framework for strategic human resource management.