• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Human resource management. I have analysed the HR strategies of Prime retail store which is newly build store at Wembley at UK which include grouping of the organisation in terms of its employees, the turnover, the location and a number of other factors t

Extracts from this document...

Introduction

1.0 Executive Summary: The term human resources is variously defined in political economy and economics, where it was traditionally called labor, one of three factors of production. Its use within corporations continues to define common conceptions of the term. Human resources are uniquely important to sustained business success and this philosophy of people management is based on this belief. An organization gains competitive advantage by using its people effectively, drawing on their expertise and creativity to meet clearly defined objective. HRM is aimed at recruiting capable, flexible and committed people, managing and rewarding their performance and developing key competencies. Here I have analysed the HR strategies of Prime retail store which is newly build store at Wembley at UK which include grouping of the organisation in terms of its employees, the turnover, the location and a number of other factors that give an employer a fair and equitable comparison with outside organisations. Another source of market comparisons is industry associations which keep a record of a number of positions, remuneration rates and offer them to its members. Both these avenues are a great source to assist manager to develop a fair and equitable remuneration structure. Here I have tried to find out the limitation of HR strategies due to the unplanned pressure of corporate strategies and how the HR department overcome this situation , the store expansion plan in France and its upcoming difficulties at France, its wrong recruitment process and how to overcome the recruitment process correctly and engage the efficient employees by reducing redundancies and the performance appraisal, reward system for the companies benefit. Index Page no. 1.0 Executive summery 1 Index 2 2.0 Introduction 3 3.0 Strategic HRM 3 4.0 HR strategy is limited by corporate strategy 4 > Overcome of the problems 5.0 Porters five force model 6 6.0 International expansion 7 > Barriers 7.0 Recruitment and selection 8 > Process went wrong of recruitment and selection > Good selection procedure according to HR 8.0 Staff management 9 > ...read more.

Middle

iii. Bargaining Power of Suppliers Prime store is able to reduce the bargaining power of its product suppliers, because it offers the quality products from three manufacturers; General Food Co., Pratt & Whitney, and Poker. These three types of store are designed to the different specifications but offer nearly identical performance giving each product the option of using the manufacturer of their choice. iv. Threat of Substitute products As the market evolves, its seems that both production and service are going in very different strategic directions with Prime store continuously staying with their product development because the other giant store always try to develop the new products. In response to this threat, Prime is able to reduce the threat of Substitute products by its decision to utilize Information systems in cutting costs and make product cheaper to customers. v. Industry Competitors However with the products new emphasis on cost and with Prime store new Information systems design parameters, which have shifted from being performance based to being cost based; these changes should substantially stabilize its manufacturing process and maintain the current market share. [task1, task2] 6.0 International expansion plan: As part of its international expansion program, Prime store, is currently in the planning stages of establishing production facility overseas. I am going to present a proposal to the steering committee comparing the advantages and disadvantages of starting operations in France. There are many factors to consider in this comparative analysis. Such as discussion of the different countries' currencies, trade policies, and cultural variables that may affect operations and profitability in each country. I have tried to mention the situation by concluding with a recommendation and supporting rationale as to business facilities in France. Barriers: The following barriers are going to consider if Prime store required expanding their business at France. They are: Political and legal influence: The political relations between Prime's country of headquarters (or other significant operations) ...read more.

Conclusion

Those associates that meet or exceed their performance targets are incented with monetary and nonmonetary rewards. These awards range from salary increases, cash bonuses, and retirement benefits to prestigious job titles, office locations, and executive entitlements. The bottom line is that these benefits are proven to motivate peak performance and inspire associates to succeed in a mutually inclusive work environment that rewards teamwork. Punishment is of equal importance to reward. It would be impractical to think that every associates acts with integrity and performs at an exceptional level all of the time. Managers must be consistent with one another and use their discretion and judgment to fairly assess which level of punishment best suites those associate's that fail to follow guidance or perform. These escalating levels of punishment can lead up to and include possible termination in certain cases. 10.0 Conclusion: It is the fact that an organization cannot survive without its employees. As long as employees contribute the organization`s culture and its objectives (which are the aims of human resource strategies employees) and organization are not a separate entity from that point of view. Therefore a system of performance appraisal is key to looking out for the employees. Although performance appraisals have inherited problems accordance to its context, it is still in use all around the world. Above and beyond, all organizations need a proper performance measurement which strictly meets the organization`s culture and pre-set objectives. Critics may have valid points against the system itself; however they also assume some conditions and circumstances. Hence, organizations sooner or later can create an appropriate performance appraisal method that fits their objectives and culture, along with good communication. This report concludes that HR is making an effective contribution within Prime store across all of the operational areas. However, improvements can always be made. At a national level, vital recruitment tools such as job descriptions are lacking and HR still has limited involvement in manpower planning. Prime as a whole has excellent systems and policies in place for performance management. 11. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our University Degree Human Resource Management section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related University Degree Human Resource Management essays

  1. Analysis of H&M HR strategies

    Germany is H&M's number one market producing more than 25% of the sales. Main competitors of H&M is ZARA, GAP, United Colours Benetton, New look, NEXT, River island. CONCEPTUAL FRAMEWORK: This Paper focuses to evaluate the H&M current strategies in the context of Strategic HRM (SHRM)

  2. HRM Funtions Staffing, Traning, Compensations and Performance Management

    Nevertheless, it does seem as if IiP can help to change the culture of an organization and is an effective development too. I would recommend other organizations to consider the IiP standard in order to improve the organization itself and the development of their employees for the new economy.

  1. British Airways London Eye - The Millennium Wheel - Operations management.

    There are three stages in the project planning life cycle. LE's progress was not uniform (figure 12). It followed a three stage life cycle curve. > Project initiation - Progress was slow initially as responsibilities were assigned and work organisation took time, [LE's conceptualisation, sponsor and allocation of design to

  2. Audience Requirements

    Currency and life expectancy of information We live in ever changing world, and what is current and correct today might be outdated very quickly. Many industries develop extremely fast. For example, the computer technology and communication industries have changed almost beyond recognition in the last 20 years.

  1. Critically discuss the Best Fit approach to strategic human resource management (HRM)

    Another issue is that organisations tend to have costly duplication of practices, like over-designed selection system where an organisation does not benefit from an extra obstacle or test (Delery, 1998). These criticisms are not critical to contingency models of strategic human resource management.

  2. LITERATURE REVIEW STRATEGIC HUMAN RESOURCE MANAGEMENT

    For a changing role of HR, a new set of competencies is required in order to fulfill the expected role of HR. Major competencies as listed by Brockbank, Ulrich & James (1997) are Strategic Contribution, Personal Credibility, HR Delivery, Business Knowledge and HR Technology.

  1. Cape Breton Wallcoverings - HRM analysis

    company wanted to keep the situation like that to strengthen them against labor unrest. Recommendations AN consulting group has a few recommendations on how to solve the critical issues the Cape Breton Wall Covering is facing on the future. Unskilled labor Firstly to answer the issue of unskilled labor AN

  2. Human resource management - Microsoft problems and recommendatins

    It is a complex and specialized activity and entails both pay and benefits. The aim of compensation is to allow the organisation to establish and maintain a competent workforce at an affordable cost. Challenges to be faced: 1. Compensation system may demoralise the team which has not performed well or has not reached the target.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work