Human Capital Assessment 2 - Performance Management, Economic Shock Handling, Crisis Management Planning

HUMAN CAPITAL -
ASSESSMENT 2

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................3
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
SECTION 1......................................................................................................................................1
Introducing performance management and its impact on business organization:......................1
Section 2: Handling of economic shock in Woolworth..............................................................3
Section 3: Crisis management planning......................................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

EXECUTIVE SUMMARY
The study was conducted in order to elaborate the topic related to the human resource
development within an establishment. In order to discuss certain facts, Woolworths had been
chosen which elaborate all the necessary aspects of the company along with certain issues that
had been faced by the firm. The study conducted and discussed over topics that are related to
performance management in general context along with discussing it by taking an aspect of
Woolworth's as well. This highlights the overall performance criteria within which the company
measures the performances of their employees along with taking appropriate actions in order to
handle challenges related to the similar topic in most efficient manner. Moreover, the study also
highlight the concepts that are related to handling economic shock by the Woolworth's. From
various perception, it had been evaluated that companies were faced huge amount of critical
situations specifically at the time of pandemic situation and so does by the Woolworth's
company as well. Thus, it had been mitigated by adopting specific measures appropriately.
Furthermore, the company also adopt various effective strategies in order to mitigate and
handle crisis management which had been faced by the firm specifically in context of handling
corporate social responsibility because it had been identified that this particular activity highly
affects the brand value and image of the company in most drastic manner.

INTRODUCTION
Human resource management is one of the most important thing for every business
organization as this focus on handling and managing employee and their productivity in the
workplace. HR is supportive pillar that allow company to stay stable and achieve goals, from
searching talent to crafting them into employee is process of human resource management.
There are certain roles of HRM, including hiring, training and performance management
Bratton, Bratton & Steele, (2021). Company and other department depend upon HR because
hiring right people is crucial part for every department, fulfilling demand of employee is key
element of effective HR practice.
This study is based on Woolworths Supermarket, this company is one of the largest retail
giant that have wide range of product. This company have ability to fulfil almost every demand
of consumer with quality product and effective customer service. This report will discuss
performance management and its impact on business organization. Later this report will discuss
economic shock that company have faced during COVID-19 condition and its impact on smooth
flow Stone, Cox & Gavin, (2020). At last this report will discuss crisis management and its
impact on performance of employee and company.
MAIN BODY
SECTION 1
Introducing performance management and its impact on business organization:
Performance management is crucial element of business process, company focus on
managing performance of employee. Unlike other type of management done by business, this is
something that provide internal strength. Every business organization focus on betterment of
employee, from performance appraisal to promotion every practice is considered as effective
management of employee's performance Armstrong, (2021). As HRM is key important pillar of
every business, they consider highly efficient workplace culture which allow them to increase
effectiveness of employee. It is very clear that company depend on employee and their skills to
achieve organizational goals, employee with rare skills is managed effectively by HR. there are
certain best practice of performance management that allow HR to manage employee, these are:
Alignment: every employee should align with mission and goals of the company for better
performance, company have to be clear about their policy, procedure, aims and roles which
employee have to perform Ashdown, (2018). Under HR best practice, employee should be aware
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