This report discusses the impact of external factors on the HR function of Heritage Textiles, key forces influencing HR agenda, key stages of strategy formulation and implementation, and the role of HR in business planning and change management.
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TABLE OF CONTENT INTRODUCTION...........................................................................................................................3 FACTORS AFFECTING AN ORGANIZATION & HR FUNCTION..........................................3 Comparing minimum of two different tools................................................................................3 Identifying four different external factors and discuss their impact............................................4 Explaining how each of these factors impact on the organization's HR function.......................5 Analysing key forces which influence the HR agenda................................................................5 ORGANIZATIONAL AND HR STRATEGY & PRACTICE.......................................................6 Key stages of strategy formulation and implementation using models.......................................6 Role of HR in Key stages.............................................................................................................6 HR Contribution to business ethics with example.......................................................................7 RESPONDING TO CHANGE........................................................................................................7 Using business performance tool to analyse performance of company.......................................7 Role of HR in business planning.................................................................................................8 Role of HR in change management.............................................................................................8 Business and contextual data use for business planning..............................................................8 Three areas business need to focus by using two data sources....................................................9 CONCLUSION................................................................................................................................9 REFERENCES..............................................................................................................................11
INTRODUCTION Business issues are the issues that used to affect the work and profitability of the company. The current assignment is based on the Heritage Textiles which is the textile industry. The report will outline the SWOT and PESTLE analysis of business environment and will also discuss its impact on the organizational practice. Further this report will outline the factors have impact on HR function of the company and key forces which influences HR agenda. This report will also outline the key stages to have strategy formulation and implementation and HR contributiontothebusinessethics.Furthermorethisreportwilloutlinethebusiness performance tool to evaluate business performance and role of HR in business planning. This report will further outline the role of HR in change management and recommendations to the company. FACTORS AFFECTING AN ORGANIZATION & HR FUNCTION Comparing minimum of two different tools SWOT analysis is tool that is used for planning strategic management techniques within theworkplacethroughcloselyidentifyingstrengthsandweaknessexistingwithinthe organization along with analysing possible future threats and opportunities that would help them the firm to prepare fully (Harika and et.al., 2021). Moreover, on the other hand PESTLE analysis is oneframeworkthat describes about certainmacro-environmental factors that needs to be considered while planning any kind of the strategic management for future. Also, when comparing the two in detail it can be said that is broader and helpful to produce SWOT. Furthermore, PEST analysis is not helpful when the company needs to identify certain internal factors and impact on the business. Also, through SWOT analysis the firm would be able to take certain measures to control negative impact of internal factors while in PEST it is not possible to do so external environment might only be monitored but not completely removed form the business (Ilyas, 2018.). Moreover, SWOT analysis might be proved sometimes ineffective to the firm when the organization had conducted in any form baisness. Also, when comparing to the PESTLE it can be said that if the true and accurate information of external environment is not gathered than effects on the organization might be made worse. However, both SWOT or PESTLE analysis might be effectively used for any kind of strategy formulation. Furthermore, the both the analysis are used for developing the best strategic plan so that various risks might be minimized for the future.
Identifying four different external factors and discuss their impact. The four internal factors that would impact the current working ofHeritage Textiles are as follows: Economical:Various factors such as unemployment rate, inflation various import export restrictions etc. would negatively impact the working of Heritage Textiles. Furthermore, with current Covid situations it can be said that the business would not be able to hire the qualified individuals that are able to carry out the specialized task within the business thus creating negative impact on the working (Sharma, Jha and Singh, 2021). Further, in the context of various import and export restrictions in other parts of the country this would negatively affect the success of the firm. Technological:The heritage Textiles need to install the latest tools and technology within the workplace so that it is able to sustain in the market for longer durations (Ivanova and et.al., 2019,). Also, through latest technology the firm would be able to produce large number of products and increase the current working efficiency in the long run. Environmental:In the current era most of the people are concern towards protecting the environment and is against the use of various harmful products that are not sustainable and is causing wastage of resources. Further, to reduce negative impact heritage Textiles need to adopt techniques within the workplace such as use of the best delivery methods to provide goods to the consumer, less use of natural resources, use of sustainable energy saving methods etc. so that it is able to operate effectively. Social:People trends and beliefs vary on the large scale and hence it is very essential for the heritage Textiles to conduct the production based on taste and preferences. Also, for the positive impact and increase in the sales of the business it is important that timely feedbacks form the employees are taken so that changes might be than made accordingly to avoid future losses. Explaining how each of these factors impact on the organization's HR function. For above PESTLE factors in heritage Textiles it can be said that the HR function is affected in following manner : Economical:In the current era there are various changes such as relating to globalization and the more of remote working (PESTEL Analysis,2022). Hence, it is essential for HR department to analyse such changes on timely manner so thatcompany valuable time and cost is
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saved. Also, if heritage hire new employees within the workplace than HR function is increased to train such employees' so that they are able to carry out certain work in the best manner. Technological:HR function of heritage Textiles through technology would be able to ensure there is fast and secure emails are sent to the large number of employee's at the same time. Thus, it is the quick source of communication in times of emergency. Further, information overload would not be faced through technology to HR at lot of data might be accessed anytime and anywhere. Environmental:HR department of the company does not now require much of the paperwork as the paperwork is digitally managed (Sithambaram, Nasir and Ahmad, 2021). Also, more of the remote workers approved by the HR means that there would be less pollution at the workplace that is positive factor for the growth of the firm in the coming years. Social:With the availability of the variousproductivity tools HR would be able to manage the large number of people working from the remote locations. Also, major HR function is that company does have to struggle for ensuring employee rights and hence equal rights and right wages are been provided to culturally different people based on the job roles. Analysing key forces which influence the HR agenda There are various key forces such as labour market, skills shortage, social inequality and much more that influences the currentHR agenda of the heritage textiles some of them are briefly described as follows: Supply and demand:HR function need to assure that all activities that are conducted in the workplace are on the basis of the supply and demand in the market so that company does not waste on unnecessary resources. Furthermore, supply and demand will allow HR to develop the policies and strategies so that employees are able to work accordingly in efficient manner. Employment law:HR is influenced with the new laws that are developed in the country on regularly manner as based on these the minimum working hour, daily wages, working hours etc. are decided. ORGANIZATIONAL AND HR STRATEGY & PRACTICE Key stages of strategy formulation and implementation using models Strategic management refers to the process which helps the company in order to set goals, procedures and objectives to make the company more competitive. The key stages of the strategy formulation and implementation is as described below:
1.Determine objectives: In order to formulate the strategy it is very important for the company to determine the organizational goals (Correani and et.al., 2020). While determining the objective and formulating those Heritage Textiles must consider the time period. The company can use the linear strategy model that helps them to have the focus on the organizational goals and have good strategic management. 2.Dividing plans: After determining the objectives the company must divide the work into order to have the best performance. This will helps the company to have better formulate the strategy. 3.Implement the plan/ strategy: By implementing the strategy it will help the company to analyse the performance. This will make the company to have the performance analysis and makes them to have the best implementation of strategy (Horak and et.al., 2022). By using the adaptive strategy model the company can adapt the strategy and implement those in the company. Role of HR in Key stages The HR of the company has the key role in order to have the strategy formulation and implementation of those strategies in the company. HR of the company are meant to check the corporate, unit or functional level strategies that helps to have the smooth functioning in the market. The HR of the Heritage Textiles must be known about the various strategies that the company used to implement at the different levels. This used to create the positive environment in the company as HR will recruit and select the employees accordingly. This will help the company to set the culture in such a manner that used to have the proper implementation of the strategy (Fenech, Baguant and Ivanov, 2019). As HR used to define the employee as an important asset of the organization which helps them to have success. The HR of the cited organization helps them to have the performance appraisal, proper staff, provide the training and development to have proper formulation of strategy. They used to have their contribution in determining the goals and implementing the strategies to achieve objectives. HR Contribution to business ethics with example HR is the main source of the company that helps them to have the right people for the right job. The business ethics refers to the study of the policies and practices of business that
helps them to have the proper management of the work. HR of the Heritage Textile used to play an important role in the monitoring the culture and ethics of the organization. They must ensure that the selection of the leadership and development process must be appropriate. They used to contribute by recruiting the best and right employees that used to follow the business ethics of the company (De Stefano, Bagdadli and Camuffo, 2018). It is the prime duty of Human Resources that they must maintain the ethical integrity. This is must be done when the leaders decisions used to affect the people in the organization.For example, Heritage Textiles HR must have the contribution in the business ethics and practicesthat helps the employees to have the good productivity in the company. This is one of the best way in order to have the good ethical practices in the company's culture and helps in promoting accountability. RESPONDING TO CHANGE Using business performance tool to analyse performance of company The business performance of the company is must as it helps them to determine the position where they stand in the market (GS and et.al., 2019). The performance of the Heritage Textiles can be analysed by using the Triple Bottom Line. This refers to the business concept that helps the company to measure its social and environmental impact by including the financial performance. It consists of 3 P's that is profit, people and planet that helps the cited organization to analyse its performance in the market. By having the strategic planning it helps the company to generate and maximize the profits. It is very important for the company to determine difference between the shareholders and stake holder's that help them to know about the people in the market. As from them the company can take feedback and measure the performance (Shad and et.al.,2019). As it is the textile industry it must have the better production in order to have positive performance in the market. The last component of the tool is planet that helps the company to know about the changes in the market. This is the important tool that will help the business to have focus on the profits of the company and to enhance the organizational performance. Role of HR in business planning In the business planning, the HR of the company used to help them in order to have better planning. The professionals in the HR used to set the values, mission, vision of the company by following the proper strategy. The HR of the Heritage Textiles must take the responsibility in order to make the employees to develop their skills and competencies in order to have better
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business planning. They used to take full responsibility of connecting the people and their ideas in order to have better planning and good profitability in the company. By using the HR in the business planning helps the company to have growth in their staff, builds the team loyalty and helps them to find the new recruitments required by the company (Nizamidou, Vouzas and Gotzamani, 2019). By having the proper planning it helps the HR to know about the skills gaps and helps them to fill those gaps by conducting training and development programme. Role of HR in change management The Human Resources as the change agent in the company used to play an important role in order to have the successful change in the company. They must ensure that the change adopted by them must have the desired outcome in the future. The HR of the cited company can become the advocate for the employees and helps them to adopt the change that is beneficial for the company. They also used to provide the training to the employees in order to support the goals and objectives of the business. By having the change in the above cited company helps the HR to recruit the employees accordingly that helps them to work in change environment. The HR of the company used to provide the important information to the company that helps them to have the good change management. This makes the company to have the proper communication while having the changes and used to provide the special support whenever needed by the company. Business and contextual data use for business planning There are various sources of business and contextual data that can be used by the business that helps them to have good research of market and predictions. The company can take the contextual data from the various sources that includes the business information, educational history, health background, external environment and various other factors. Bytaking the data from the various other sources helps them to have the proper business planning by considering the factors and data (Gherhes, Vorley and Brooks, 2020). The company can also assess the data by having the information of the industry, trends in Human resources, information of the government, employee retention and turnover in the company, etc. By using the different company information helps the company to know about its profitability and productivity. This will help the company to make the business plan by considering the information of the other companies.
Three areas business need to focus by using two data sources There are some areas that the company must focus on in order to have good profitability in the market which is described below: 1.The company must focus on the innovation which makes the company to go with the changing trend in the market (Ortiz-Villajos and Sotoca, 2018). In order to improve this is the company can take the industry information and trends which helps them to know about the changes in the market. 2.The another area that the company must focus on is to provide the training and development to the company. This will helps the company to have the high employee retention and turnover and makes the company to grow in the market. By taking the information from the other company helps the employees to know about the new and innovative ways in order to implement the strategy in the market. 3.It is also suggested to the company that they must have the proper communication in the workplace that makes the employees to know about the changes adopted by company. This will make the employees to know about the information related to industry and government. CONCLUSION From the above report it is evaluated about the SWOT and PESTLE analysis in order to check business environment and will also discuss its impact on the organizational practice. Further this report has evaluated about the factors that have impact on HR function of the company and key forces which affects HR agenda. This report has also evaluated about the key stages to have strategy formulation and implementation and HR contribution to the business ethics.Further more this assignment has also put the focus on the business performance tool to evaluate business performance and role of HR in business planning. This report describe about the role of HR in change management and recommendations to the organization.
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