HR Activities and Impact on Organizations Financially Assignment Help
Do HR activities positively impact organizations financially:
- Provide 3 specific examples from international companies and explain how HR activities can impact organizations financially
- Include a reference list that contains at least 2 to 3 professional or scholarly resources ( at leastone from the MBA journal list )
- Use appropriate HR terminology and concepts
- Write two pages explaining the above
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Do HR activities positively impact organizations financially?
Yes, the HR activities of any organization have a direct and positive impact on its financials. To maintain wealthy human relations, HRM is responsible for that, and also its main concern is an inclination towards human development and integration of goals with the management. Human Resource Management is a essential process of placing the right person at the right place and at the right time, so its main concern is towards the development of Human Resource and try to maximizing or boost its profit. Human Resource Financial Management (HRFM) is a new approach in which companies follow to improve their financial position.
Example 1: Training and development; it is an important part of HRM, and its main focus is to enhance employees productivity. As it impacts directly to the company's operations part, it requires more investment towards employee's development. It is the responsibility of an HRM manager to prepare an employee in such a way so that the investment done on him regarding more growth of a company can be seen in his future performance (Elliott J.W. ,2008). In this context, one of the oldest luxury hotel chain, JW Marriott has adopted Elton Mayo’s worker’s productivity concept and refined it as per their business model. After the incident of 2008 and 2009 hotel bombings company was running into big losses. To cut down expenditures’ and increase the profitability of company HR managers have applied an HR concept called as “Succession plan”. in this their previously hired manager is also promoted to a designation of Buddy training mangers which gives other employees better understanding of their services. The company recovered a huge loss in just 3 years and made it sound financial position in the market.
Example 2: Compensation management; apart from other motivations employees main motivation is their salary and incentives which they get. Compensation management and reward system decide how well a company performs in future. The company can expect a fixed level of dedication from their employees as per their investment in them in forms of salary, bonus or incentive. Organizations try to increase more potential of an employee by offering them a better compensation or salary package. An employee contributes almost 75% of business in a company rather than any other factor do (HUSELID, 2016). One of the giant American multinational computer software company Adobe was on the verge of getting closed in the year 2012. The company was dramatically changing its business model and adopting very less lucrative salary packages. Employees were almost left their hope from the company and left their jobs. The company faced 1.3 million crores loss during 6 months period. Almost 13,200 employees filed their resignation in the company. A panel of senior-most HR executives has a meeting and decided to re-structure the compensation management, and for employees’ promotion, 360-degree feedback will be adopted. The company touches the heights of profit again after revising the compensation of employees.
Example 3: Job design, and autonomy; it is very necessary that HR should clarify an employees job roles and responsibilities (Gorton M., 2010). Without the knowledge of proper work, roles employees wander just like a man without a path. Leading giant France based company Decathlon has smartly designed its job roles and responsibilities which help them in cutting the extra cost of employees and the same time an employee in Decathlon contributes almost equal to 22% of the business of total turnover of a store.
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