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Background of the Company

Discuss about the Corporate Strategy on Human Resource Management.

Human resource management is considered as one of the most vital aspects of the organization that helps in various processes of organizing the firm. It deals with all the  matter in relation with the internal environment of the firm (Fee, 2014). Basically the purpose of the human resource management is to maximise the productivity of the firm by optimizing the efficiency of the employees associated with the organization. The human resource manager is associated with the maintenance of the objectives and goals of the firm (Armstrong & Taylor, 2014). It adheres to the needs of the individual authorities associated to the organization, yet, it even keeps the mission and vision of the firm intact. Human resource management aims at applying a tactical approach to the attainment, inspiration, development and management of the firm’s human resources.

In this present report, the case study of Colby furniture is taken into consideration. The company is a furniture-manufacturing firm of Australia. One of the most crucial human resource problems of the company has been taken into consideration in this report. After the problem being stated, the analysis of the problem would be done with the help of certain strategic management approaches to be taken into consideration. A change action plan would be stated that would help in acknowledging a solution to the problem o the firm. This report helps in acknowledging to the real life problems that are noticed within the firm and their solution with regards to the human resource management theories.

Colby furniture is an Australian owned company that is operated in the country itself. The company manufactures high quality furniture from the households of the country. The major specialities if the organization is to manufacture goods that are conventional, modern, up to date and profitable upholstered lounge and dining furniture. The craftspeople uphold an unconditional commitment to quality at all stages of manufacture, as our purpose, from the start of production to finishing point of all items of furniture, is to totally persuade the customers’ requirements.

Colby furniture's miscellaneous range of both conventional and up to date furniture can be customised to the individual requirements, allowing the consumers to create their own personalised design to your own specifications. The organization is framed and managed by the various levels of management within the firm. Among those, management teams the one, which look after the over, ability and issues prevailing in the organization are the human resource team. The human resource management team of the firm looks after the whereabouts of the firm that would directly and indirectly affect the firm.

Issues in the Company

Being in the manufacturing industry, the company needs to invest a lot on its assets and machines that should be for the projected progress of production in the industry. Providing its customers with a wide variety of services and varied range of products, the equipments that are used in the firm are quite expensive in nature (Storey, 2014). Along with the equipments used, the professional that are associated to the manufacturing firm is f the highest grade. They provide the consumers with the most efficient products. Due to the high quality products sold by the firm, there is a relative high demand for the products of the Colby furniture than its competitors in the country.

The orders of the firm are quite aware of their value and they know how the firm is dependent on their productivity. Taking an advantage of such a case, one of the most crucial problems that is faced by the organization in today’s time was that the employees were at unrest within the firm. There  was a high degree of employment turnover rate and constant conflicts within the association that would be conducted on the basis of wage incrimination by the firm. This wage incrimination would affect the productivity of the firm.

One of the most crucial problems faced by Colby furniture was the high employee turnover rate. The employee turnover rate is due to the dissatisfaction, which the employees achieve after working in the Colby furniture. The dissatisfaction that is gained from working in the association is due the low wages that are attained, comparison among the workers and less acknowledgement of their values in the association. This led to a great deal of misconceptions among the employees prevailing in the association. It adversely affected the production rate as the ability of the workers directly affects the people.  This adverse situation is a deep fact of thought for the firm. It has been a matter of concern for the firm as the company is not being able to manufacture the same form of furniture and products as they did before. The firm must undertake rigorous actions against such an issue and handle it in a much matured manner (Purce, 2014). This matured manner would help the company to cope up with their productivity and raise their standards as before.

Strategic human resource management is the art of drawing, increasing, rewarding and retaining the employees of the organization. This is done in order to benefit both the employees as individuals and the organization as a whole. The human resource departments that practice the strategic management approach take every decision in the firm in accordance to the goals of the firm. Strategic human resource management approaches helps in retaining the success of the organization by maintaining the mission, vision and objectives of the firm (Jackson, Schuler & Jiang ,2014).  When a plan is strategically developed in a firm, then the recruitment, training, and compensation is based on the goals of the firm. It ensures the firm regarding its success by strategically framing the internal framework of the organization. It helps in acknowledging all the problems prevailing within the organization and thereby creating various plans that would further help the firm in attaining utmost productivity.

Analysis of the Issue

The issue of high employee turnover rate in the organization is considered as one of the most serious issues prevailing within the firm. The firm could address this high employee turnover rate within the firm by following the strategic human resource management (SHRM) approaches (Sparrow, Brewster & Chung, 2016). These approaches would help the firm in framing such policies and plans that would address to the problems of the firm long with finding out the most effective solution to such an alarming issue. HR departments are charged with analysing the transforms that require to occur with each 'player' or department and supporting them in strengthening any flaws. SHRM then is the procedure of using hr techniques, like training, enrolment, recompense, and worker relations to produce a powerful organization, one employee at a time (Gatewood, Feild & Barrick, 2015).

Colby furniture’s should follow certain strategic plans in order to control the increase in the employee turnover rate of the organization. The most important policy that should be undertaken by the firm is to analyse a reward system. This reward system would acknowledge the hard work of the employees of the organization and would reward them with attractive memorandum that would provide them with the incentive of performing better in future. The competitive level of the employees would increase which would further raise the scope of the firm of raising their productivity. The reward program must be associated with various policies of incentives to be followed by the firm. These incentives must be quite effective in nature in raising the loyalty of the employee towards the organization. These two strategic policies would help in reducing the employee turnover rate of the firm.

The change plan that should be followed by the organization to implement the strategically framed structure of the firm should be stated as follows in the gantt chart below:

Principal activities

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Proposing the firm with improvement programs

Analysing the opportunities and threats employee turnover rate in the firm

Framing the strategies related to lower employee turnover rate

Preparation of company’s reward program

Issuing various incentives to the employees of the firm

Engaging into various meeting with other management team of the firms.

Conducting meeting with the labour unions.

Approaching the employees with extra benefits.

Recruiting management that would access to the needs of the firm.

Analysing new employee turnover rate of the firm

Calculating the sales, revenues and profit generated from the strategy.

The above stated Gantt chart helps to prepare as well as plan the market approach that requires to be followed in the first year of market development by Ceylon biscuits limited. These plans implements a variety of steps such as :

  • Proposing the firm with improvement programs
  • Analysing the opportunities and threats employee turnover rate in the firm
  • Framing the marketing strategies related to lower employee turnover rate.
  • Preparation of company’s reward program
  • Issuing various incentives to the employees of the firm
  • Engaging into various meeting with the other management teams of the firm
  • Conducting meeting with labour unions.
  • Approaching the employees with extra benefits
  • Recruiting management that would access to the needs of the firm
  • Analysing new employee turnover rate of the firm
  • Calculating the sales, revenues and profit generated from the strategy.

Conclusion

The human resource manager is associated with the maintenance of the objectives and goals of the firm. It adheres to the needs of the individual authorities associated to the organization, yet, it even keeps the mission and vision of the firm intact. Human resource management aims at applying a strategic approach to the acquisition, motivation, development and management of the firm’s human resources. Colby furniture is an Australian owned and is operated in the country itself. The company manufactures high quality furniture from the households of the country. One of the most crucial problem faced by Colby furniture was the high employee turnover rate. The employee turnover rate is due to the dissatisfaction, which the employees achieve after working in the Colby furniture. The firm could address this high employee turnover rate within the firm by following the strategic human resource management approaches. These approaches would help the firm in framing such policies and plans that would address to the problems of the firm long with finding out the most effective solution to such an alarming issue. The most important policy that should be undertaken by the firm is to analyse a reward system. The reward program must be associated with various policies of incentives to be followed by the firm. These incentives must be quite effective in nature in raising the loyalty of the employee towards the organization. These two strategic policies would help in reducing the employee turnover rate of the firm.

Reference

Armstrong, M., & Taylor, S. (2014). Armstrong's handbook of human resource management practice. Kogan Page Publishers.

Brewster, C., Mayrhofer, W., & Morley, M. (Eds.). (2016). New Challenges for European Resource Management. Springer.

Fee, M. C. (2014). Human resources management.

Gatewood, R., Feild, H. S., & Barrick, M. (2015). Human resource selection. Nelson Education.

Jackson, S. E., Schuler, R. S., & Jiang, K. (2014). An aspirational framework for strategic human resource management. The Academy of Management Annals, 8(1), 1-56.

Purce, J. (2014). The impact of corporate strategy on human resource management. New Perspectives on Human Resource Management (Routledge Revivals), 67.

Sparrow, P., Brewster, C., & Chung, C. (2016). Globalizing human resource management. Routledge.

Storey, J. (2014). New Perspectives on Human Resource Management (Routledge Revivals). Routledge.

Cite This Work

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My Assignment Help. (2018). Corporate Strategy On Human Resource Management For Colby Furniture. Retrieved from https://myassignmenthelp.com/free-samples/corporate-strategy-on-human-resource-management.

"Corporate Strategy On Human Resource Management For Colby Furniture." My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/corporate-strategy-on-human-resource-management.

My Assignment Help (2018) Corporate Strategy On Human Resource Management For Colby Furniture [Online]. Available from: https://myassignmenthelp.com/free-samples/corporate-strategy-on-human-resource-management
[Accessed 03 March 2024].

My Assignment Help. 'Corporate Strategy On Human Resource Management For Colby Furniture' (My Assignment Help, 2018) <https://myassignmenthelp.com/free-samples/corporate-strategy-on-human-resource-management> accessed 03 March 2024.

My Assignment Help. Corporate Strategy On Human Resource Management For Colby Furniture [Internet]. My Assignment Help. 2018 [cited 03 March 2024]. Available from: https://myassignmenthelp.com/free-samples/corporate-strategy-on-human-resource-management.

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