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Report on Tools for Analysing Business Performance

   

Added on  2020-06-04

15 Pages4503 Words75 Views
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Business Issues and the Contexts of HumanResources
Report on Tools for Analysing Business Performance_1

Table of ContentsINTRODUCTION...........................................................................................................................12.1 Analysis of key factors shaping HR agenda.........................................................................12.2 Comparison of various tools for business environment analysis..........................................21.1 Factors affecting business organization and HR functions...................................................52.3 ,2.4 Stages in strategy formulation and implementation and role of HR in business ethicsand accountability.......................................................................................................................63.1 Evaluation of business performance.....................................................................................73.2 Assessment of different sources of business and contextual data in planning purposes......9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
Report on Tools for Analysing Business Performance_2

INTRODUCTIONHuman Resource management is associated with managing employees of theorganization and organizing their work accordingly. HR manager have responsibility of staffingpeople and analysing business performance. There are several issues that affects properfunctioning of company such as lack of skilled workers, inability to adopt new technology,financial crisis and many more. HR is responsible to design business plan so that objectives andgoals can be fulfilled accordingly and necessary changes can be made (Baesens and et.al., 2016).In the report various tools for analysing business performance will be covered such as SWOTanalysis, PESTEL analysis and Porter's Five Forces. Factors that affects business organisationsand HR functioning are not constant rather it varies from time and market standards and trends.Role of HR in business planning and change management will also be discovered. Study will befocused on analysis of business issues and the role of HR in context to it. Factors affectingbusiness and HR functions will also be studied.2.1 Analysis of key factors shaping HR agendaHR model is designed that constitutes strategies of HR and its objectives and targets. Italso comprises processes and standards of it. HR strategy demonstrates organisation's strategicrole and steps to be adopted for betterment process. It is also beneficial in identification of gapsin the structure and skills required for the company. Functioning of any organisation can be maderunning smoothly by formulating HR model. It is also helpful in various processes such asdecision making and problem solving that is hindering growth and success of the company.Projects are assigned using this model (Buckley, 2016). It provides clear vision of areas whichrequired development to hold competitive position in the marketplace. All the employees areallotted their duties.HR Strategy: It helps in identification of requirements of human resources that might beneeded for the organisation for achieving its objectives and goals. It acts as a bridge betweenstrategic plan and Human resource management. For development of plan of action, it is requiredto consider following elements:Culture: It involves cultural factors, values, and beliefs of the company. Organisation: Type of job, description of job, etc. constitutes organisation part.1
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People: In any venture, people are the most essential and important segment which arethe building blocks and success factor. Skills possessed by the employees, theircapabilities and abilities to manage and organize things constitutes this section .Human Resource Systems: It is responsible for recruiting workers as per the requirementof the organisation (Buller, 2016). It also includes communication of the goals andmission to the employees and providing training if they lack in specific area or due tointroduction of new technology.To implement HR strategy successfully, it is required to follow certain things given below:Organise initiatives: resources that could generate profits, factors generating risks etc.should be planned.Performance and Budget: Incentives based on performance should be linked up withstrategy, cost analysis of the firm should be done to identify overall cost for a particularproject.Structure: Organisational structure helps in creating strategies.Engagement of Staff: They should be allotted with respective duties. They should beencouraged to participate actively in the procedures of improvements.Ethics in human resources: Business ethics involves equal employment opportunities foreveryone without being biased. It helps in avoiding work issues that may incur cost for theorganisation (Crane and Matten, 2016). Market reputation greatly influence by ethicalconsiderations. When company possess good brand image in the marketplace they have abilitiesto attract several customers.2.2 Comparison of various tools for business environment analysisSWOT Analysis: It is a simple tool used for analysis of strengths and weaknesses of anyorganization. It is also helpful in identifying threats and opportunities (Rothaermel, 2015). Thesefactors helps in utilizing strengths to achieve future business opportunities. Weakness and threatscan be used to discover areas which requires improvement.Strengths1.Benefits and advantages that anorganization have.2.Unique and distinct characteristicspossess by the business that makes itWeakness1.Business Segments which requiresimprovement.2.Factors that should be avoided fororganization's growth.2
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