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Describe the PEST Analysis for Political and Economical

Direction, objective and targets

The aim of the report is to prepare a comprehensive draft of the human resources strategic plan. This report is based on the BizOps Enterprises scenarios as the managing director of the company are in process of developing the organization's five-year strategic plan. The report will include the review of the current business plan and consider the information that is essential to relate to the innovation strategy for determining the HR direction. Moreover, the report will include the objective, direction, and mission of the company that is linked with 2015-2020 plans along with PEST analysis. Along with this, the report identifies some potential risks, ideas, and objectives to enhance productivity and efficiency through internal control, risk management, and training program.

The company is a well known retail company that offer green products and innovative strategic solutions to their clients. The company has decided to assign a new HR manager who is going to take place for a former manager. It is essential for the company to develop strategic plan to achieve the competitive advantage. Directors of the company are pursuing an innovative strategy with the aim to develop a range of tools that are essential to improve the customer's online shopping experience. The organization wants to get ensure those organization workforces are able to implement this strategy.

The company offers the exclusive range of the products and business also ensure that they are offering the high quality and innovative products and services to their customers. Considering the large number of retail stores in Australia, the business targets quality, high-end, advances and exclusive consumer products. The company ensures that they maintain valued customers for which they emphasize on reward program for customer’s loyalty (Farhangi, 2014).

The objective of the BizOps is related to the five-year strategic plan that brings the change of current business situation that company is facing. The company is focusing on consolidating its position in the market.

  • Increase in revenue by 15% by end of the year
  • To maintain the profit level of 15% revenue for all the products and services by end of financial year (BizOps Enterprises Operational Plan, 2018).
  • Reinvest of the profit of approx. 75% back into the business.
  • Maintain leading position in annual national industry customer service awards.
  • Introduction of new high-quality consumer products that leads to satisfaction.  
  • Providing induction training to new employees.
  • Offering the physical, financial, human and time resources to assist an annual professional development program for employees (BizOps Enterprises Business Plan (extract) 2015–2020, 2018).

PEST analysis is the assessment of the market factors that can affect the working of the company (Alkhafaji & Nelson, 2013).

Political

Economical

· Current legislation (including international and local)

· Regulatory policies

· Government policies

· Change in the government of country through elections.

· Introduction of GST

· Changes in the laws like minimum wage law

· Rise in unemployment in the nation

· The decrease in the interest rate

· The decrease in the value of the Australian Dollar

· Industry trends

· Environmental factors

· Growing and declining markets

Social

Technological

· Change in the behavior and attitudes of the customers

· Brand image and advertising

· A rise in the population

· The emergence of fashion trends

· An aging population of a country

· Innovation in products and services

· A rate of technological changes

· Online shopping

· Barriers to entry (Kotler, 2015)

· Computer-aided design technology

There is need of the labors that are skilled because the company found the risk with the use of technology by the untrained employees (Daley, 2012). The company needs to increase the number of employees for achieving their objectives and goals for the year 2015-2020. BizOps Enterprise needs to perform the activity of the recruitment and selection. Moreover, the company is required to be focused towards the training of the employees. The company has decided to offer the additional training resources.

HR training and development services

The engagement and communication plan is formed considering the organization chart of the company (Armstrong & Taylor, 2014). An organization chart is a diagram that reflects the structure of the organization and the relationships. (Refer Appendix 1) The structure of the company helps in deciding the communication and engagement plan which is a roadmap for getting your message across to your audience.

Manager Director And Financial operations

Message

Engagement and communication Method

Method to obtain support for a plan

Responsibility

Purpose:

The director needs the details for the stir of the business towards the correct direction.  

Identifying HR preferences

The sharing of current business reports with the competitor's policies for the clarity on the operations.

Communication through electronic media like e-mail, chat, video calling and others.

The change in the business process leads to change in new adoptions. Therefore, the managers of BizOps Enterprise should corporate with each other to get support. The Managing director of HR should contribute to engage the departments.

All the department heads will communicate to a supervisor of a particular department and then they will work on the report of operations of a business.

Reach agreement on philosophies Values and policies

The communication style of the directors reflect the goals, values, and responsibility

This makes the job shared with the team and they can together to work.

Managing director business operations  

Message

Engagement and communication Method

Method to obtain support for a plan

Responsibility

Purpose:

The requirement of the different styles of the business makes the operation competent in competitive.

Identifying HR preferences

Communication takes place according to the needs of the departmental heads that are important until the time when MD is concerned.

The communication can be done through one-on-one or by conference

A clear description related to the objective, plans, and policies to the supervisor as this will contribute to the communication.

The responsibility is shared with all the employees who make use of technology or not.

Reach agreement on philosophies Values and policies

Support from each department

Shared intend

Improvement for the suitable development

Manager Human Resource  

Message

Engagement and communication Method

Method to obtain support for a plan

Responsibility

Purpose:

Support for training and development for talented employees

Identifying HR preferences

Training and development issues along with the rewards and recognitions

Informal announcement

Development of integrated communication network

Manager HR

Reach agreement on philosophies Values and policies

Providing awards to the people

Reward schemes

People are key to business growth and expansion

Manager Retail Operations

Message

Engagement and communication Method

Method to obtain support for a plan

Responsibility

Purpose:

BizOp is depended on retails

Identifying HR preferences

The idea of style and prevalent and is accepted worldwide

Informal communication

Discussion with the people linked with the retails

Managing Director retails

Reach agreement on philosophies Values and policies

Multiculturalism

Encourage design and product innovation

Introduction

This is HR strategic plan for the BizOps Enterprise considering their new strategy for the business.

Direction, objective and targets

The objective of the business is to increase 15% of the revenue in the next coming years. This plan is formed with the direction to communicate the intent of manager so that planning manpower gets done with efficiency.

HR training and development services

The training and development of the employees are essential for the company to achieve the objective. Moreover, the aim of the HR is to involve new employees in the organization. The aim behind the hiring new employees is to achieve the growth and to offer them a career path for the good performers as this is the part of strategic HR policy. The major issue that is still there with the HR is training and recruitment of employees (Bryson & Alston, 2011).

The cost that the HR will be incurred for the training is meant so that they can achieve their aim that is to generate the 15% additional revenue for the years which should be higher than the cost incurred by the company for the training. Therefore, it is found that the cost of training to the employees is more comparing it with the benefits received (Boardman, et.al, 2017).

The human resource needs effective and updated technologies that are available or is expected to be used in the line production training for accomplishing the business targets. Once the company will get the updated technology than they can achieve the strategic objectives clearly and will also be able to provide the feedback for the improvement and inputs (Al-Turki, 2011).

Risk analysis refers to as the determination of quantitative or qualitative prediction of the risk factor related to a well-defined situation along with a recognized threat (Aven, 2012). Below given is the risk assessment of the BizOps Enterprise.

Risk identification is a process which helps the company to list the potential project risks and their characteristics. The safety of the employees is one of the most important aspects of the company (Risk management procedures, 2018). Therefore, the major risk that the company is facing is related to the safety of employees which is given below with the help of the risk categorization matrix.

Risk analysis

Moreover, the rating related to the risk factor is given below: -

Risk likelihood legend

Grade

Level of likelihood

A

Expected (will occur regularly)

B

Probable (will occur at some stage)

C

Possible (could occur)

D

Improbable (could occur but unlikely)

E

Rare (may occur but in limited situations)

Risk impact/
consequence legend

Grade

Level of impact

1

Insignificant

2

Minor

3

Moderate

4

Major

5

Catastrophic

Level of likelihood

Level of impact

1
(Insignificant)

2
(Minor)

3
(Moderate)

4
(Major)

5
(Catastrophic)

An (Expected)

Medium

Medium

High

Extreme

Extreme

B (Probable)

Medium

Medium

Medium

High

Extreme

C (Possible)

Low

Medium

Medium

High

High

D (Improbable)

Low

Low

Medium

Medium

High

E (Rare)

Low

Low

Low

High

Medium

Priority

Risk

Likelihood

Impact

Level of risk

Safety and security with new technology  

The improper use of technology by personnel is a risk to the company

Lesser

Huge impact

Depends on the usage which varies from high to low

Generating awareness for risk related to mishandling

A risk of mishandling include: -

Physical injury and Electrocution harm to machinery

A bit high in starting might decline

Huge as it might impact the health and social well-being of employees

It can be determined on the basis of efficiency of people in handling new technology

Signboards of what to do an event of an accident should be visible

No risk

Has to be there considering the part of operation policy of the company

Low, if proper care is done by employees

Low

Usage manuals availability

The risk levels are specifically mentioned for the use of it (

Minimal

Because the company take precautions while buying new products

Less, if proper training is given to them

Depends on employees how they handle (Esteve-Pérez, Sanchis-Llopis, & Sanchis-Llopis, 2010) 

Activity: Unauthorised use of the machinery in the company by an untrained employee.

Risks

It is more risky to the personnel as well as to the machinery

Control measures/ treatments

Control measure

Strength

Weakness

Always keep the untrained employees out of the zone or permit them with the specialized only.

Reduce the changes of incident

Employees will get less opportunity to explore the new technology when the company will not permit them.

Impact of risk/s on areas outside your responsibility

BizOps should never treat the risk within the business as an outside risk. Moreover, a detailed note of the investigation needs to be circulated and made by the company.

The strength provides an advantage as they will prevent the occurrence from happening again. Though, this might deter the employees of the company from using the new technology due to the fear of accidents (Kalyani, & Sahoo, 2011).

Personnel involved

This activity will include all the employees present at the shift time along with the HR staff of the company.  This will provide an insight into the event a bigger look to get the risk sorted out.

The changes in the one part of the production will affect the other parts of the production.

Expected outcomes of risk treatment plan

The company should have the in-house first aid worker with them all the times and local hospital with ambulance services as this will help to deal with such incidents that took place in business. This will sort out the incident immediately. Though this might affect the other works and they might deny using the machinery with new technology.

Type of Incident

Consequence

Likelihood

Risk Score

Minor Incident

Minor injury to employees due to the minor incidence

Consequence – Minor

Rare

Low

Serious incident

Unauthorised use of the machinery in the company by an untrained employee

Consequence – Major

Possible

High

Fatality

Accident as a result of the use of machinery

Consequence- Moderate

Rare

Low

Action/implementation plan 

Task/Activity

Priority

Action

Timelines

Responsible person

Effective training action that provides the pro and cons of operations

To make the people alert about the dangers so that they can take the best and safe process.

Training with hands-on capability till they are comfortable enough with the use of technology.

First few weeks

Supervisor department, HR, Operations Chief  

Preparing a good working manual that provides all aspects and gets them to employees

Providing the manual to the employees for their reading and understanding along with the referencing time to time (Risk management policy, 2018).

The company can offer it through the mail or hard copy

Before and after the process starts

HR department

Keeping the warning signs and safety measures

The visibility of the warning signs and gadgets to stop the harsh and improper use of the machines. It is essential to safeguard the danger.

The training by the supervisor and the application of the signboards in all the areas.  

At the time of use of technology

HR and operation chief

  • The HR of the company should offer the in-house training to the employees with a good deal to improve the new employees on the job training so that they can learn better and faster.
  • The new additions such as involvement of the external consultant for the training on new technology machine will give a relaxation to the employees.
  • Direct video session will resolve the issues related to communication and engagement which leads to the achievement of goals effectively.

Budget for training and development

Income

Incl. GST

Excl. GST

AUD 2,00,000

AUD 2,00,000

AUD 1,80,000

Total income                                 AUD 2,00,000                   AUD 1,80,000

Expense

Incl. GST

Excl. GST

AUD 1,60,000

AUD 1,60,000

AUD 1,40,000

Subtotal                                        AUD 1,60,000                       AUD 1,40,000

Contingency (+10%)

AUD 1,80,000

AUD 1,60,000

Total                                           AUD 2,20,000                       AUD 2,00,000

(Income-Expense)+ Contingency

Monitoring and review include the assessment of the plan that is formed with the aim to achieve the new strategic goals of the company. The human resource manager will evaluate the activities related to HR such as induction and new technology inputs. Along with this, they will monitor the skills gap between the new and old employees.

Milestone review

  • Preparing a guess with the number of clicks on the website that the brand is getting from customers.
  • Consistency in visits of customers on sites

HR performance measure

The HR of the company can evaluate the performance by linking the productivity to cost ratio or the enhancement in the performance of the new employees in the organization after completing the training.

It is recommended to the BizOps enterprise to make sure that they implement the policies step by step as this is the only way through which they can get the accurate details or facts. Along with it is suggested to the HR of the company to reduce the cost so that they can get the benefit because currently, they are not able to achieve benefit.

Conclusion 

In the end, it can be said that the objective of the company is accurate for the business as this will contribute to improve the position of a company in the market. The report includes the risk factor which will be taken care of the company. Considering the same, the company has introduced a draft of the strategic human resource plan. 

References 

Alkhafaji, A., & Nelson, R. A. (2013). Strategic management: formulation, implementation, and control in a dynamic environment. New York: Routledge.

Al-Turki, U. (2011). A framework for strategic planning in maintenance. Journal of Quality in Maintenance Engineering, 17(2), 150-162.

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

Aven, T. (2012). Foundations of risk analysis. New Jersey: John Wiley & Sons.

BizOps Enterprises Business Plan (extract) 2015–2020. (2018). Business Plan summary. Retrieved from: https://aspire-bizops-docs.s3.amazonaws.com/info/company-business-plan.pdf

BizOps Enterprises Operational Plan. (2018). Overview. Retrieved from: https://aspire-bizops-docs.s3.amazonaws.com/info/organisation-operational-plan.pdf

BizOps Enterprises organizational charts. (2018). Organization. Retrieved from: https://aspire-bizops-docs.s3.amazonaws.com/info/organisational-charts.pdf

Boardman, A. E., Greenberg, D. H., Vining, A. R., & Weimer, D. L. (2017). Cost-benefit analysis: concepts and practice. Cambridge University Press.

Bryson, J. M., & Alston, F. K. (2011). Creating your strategic plan: A workbook for public and nonprofit organizations. New Jersey; John Wiley & Sons.

Daley, D. M. (2012). Strategic human resources management. Public Personnel Management, 120-125.

Esteve-Pérez, S., Sanchis-Llopis, A., & Sanchis-Llopis, J. A. (2010). A competing risks analysis of firms’ exit. Empirical Economics, 38(2), 281-304.

Farhangi, H. (2014). A road map to integration: Perspectives on smart grid development. IEEE Power and Energy Magazine, 12(3), 52-66.

Kalyani, M., & Sahoo, M. P. (2011). Human resource strategy: A tool of managing change for organizational excellence. International Journal of Business and Management, 6(8), 280.

Kotler, P. (2015). Framework for marketing management. India; Pearson Education.

Risk management policy. (2018). Risk management policy. Retrieved from: https://aspire-bizops-docs.s3.amazonaws.com/policies-and-procedures/risk-management-policy.pdf

Risk management procedures. (2018). Risk management procedures. Retrieved from: https://aspire-bizops-docs.s3.amazonaws.com/policies-and-procedures/risk-management-procedures.pdf

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