Report on Applied Management

   

Added on  2019-12-03

11 Pages2897 Words207 Views
Applied Management
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................21. Competitive advantage and ways to relate strategic human resource management...........22. Role of recruitment, retention and training in influencing the companies competitiveadvantages..............................................................................................................................43. Comparison between the company’s practices and the best practice.................................64. Steps which a company should follow in terms of training, retention and recruitment inorder to gain sustainable competitive advantages..................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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ILLUSTRATION INDEXIllustration 1: Model of competitive advantage...............................................................................31
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INTRODUCTIONApplied management is a type of study which analyse different ways in which skills ofmanagement are used in different areas of businesses. Normally this field is pursued by thosewho work in technical field who already possess few essential hands on skills (Pasternack andet.al., 2008). Present report is about Goldman Sachs Group, Inc. which an Americanmultinational financial services and engages in global investment banking. It was founded in theyear 1869 and is headquartered at Lower Manhattan area of New York. It has approximately120000 employees working with the aim to achieve the organizational goals and objectives. Thisreport covers competitive advantages the firm has and impact of retention, training andrecruitment on the company's competitive advantage. Further, it covers the comparison betweencompany's practices and the best practices. Moreover, it covers the steps which the firm shouldtake in order to gain sustainable competitive advantage in terms of retention, training andrecruitment.1. Competitive advantage and ways to relate strategic human resource managementCompetitive advantage can be defined as a business concept that describes the attributesand enables the firm to outperform their competitors. In simple words, these are the strategieswhich a firm adopt in order to compete effectively (Chughtai, 2008). Basically there are two typeof competitive advantages, which are cost advantage and differentiation advantage. If anorganization is able to provide same benefits like its competitors but in low cost, then it is said tohave cost advantage. On the other hand, when a firm delivers advantage which exceeds thecompeting product, then it is said to have differentiation advantage.Firm uses its resources effectively in order to compete effectively. Organization should use itscapabilities and resources in creating a competitive advantage which help in creating value.Following is a model for competitive advantage:2
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