Final answer:
The final step in the strategic human resource management process is developing detailed HR scorecard measures, which track the effectiveness and impact of human capital initiatives within an organization.
Step-by-step explanation:
The final step in the strategic human resource management process is developing detailed HR scorecard measures. After bureaucracies invest in human capital through the hiring process and continuous training and development, they must effectively assess the impact of these initiatives. This involves creating a detailed HR scorecard that measures the outcomes of HR policies and practices.
This scorecard tracks key performance indicators related to training effectiveness, employee retention, discrimination reduction, and the overall contribution of human capital to organizational goals. Concerns such as the Canadian research on employment discrimination reveal the importance of professionalism in HR functions, which a comprehensive scorecard can support by providing data to address and reduce bias. Studies, such as the one by Arthur et al., have shown the effectiveness of training, which can also be reflected in scorecard metrics.