The provided study assesses how changes in external factors affect business operations, plans, and policies. It also examines the role of management practices, such as reward systems, training, and development, on employee performance. The assignment suggests strategies for mitigating the adverse effects of external changes on business.
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Pre-placement evaluation report
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TABLE OF CONTENTS INTRODUCTION..........................................................................................................................3 TASK 1............................................................................................................................................3 1. Analysing the business environment of organisation...........................................................3 2.Identificationoftwomanagementpracticeswhichcanhaveeffectonemployees performance.................................................................................................................................7 TASK 2............................................................................................................................................7 1. Personal skill audit and analysing the way it will change a person as an individual.............7 2. Identification of skills, knowledge and competencies would require from workplace..........9 CONCLUSION...............................................................................................................................9 REFERENCES..............................................................................................................................11
INTRODUCTION Work based learning can be defined as educational strategy which provides students with real life work experience. It is the work based learning which assist an individual in improving their performance at workplace. By providing the work based learning opportunity companies can reduce the cost related to recruitment and training.It also assists firm in preparing workers for dealing with the issues which might arise in accomplishment of their personal as well as business objectives. This report will have focus on identification of management practices which has direct effect on the performance of employees in context of TK MAXX.It is a subsidiary of an American organisation which sells apparel and home products. TASK 1 1. Analysing the business environment of organisation TK MAXX is basically a subsidiary of an American company which offers apparel as well as home products to customers. This business entity has its retail store at number of places such as Poland, Germany, Australia, UK, Ireland etc. As TK MAXX is operating business at different locations theretofore, changers in external business environment could have significant effect on its operations. It is required by manager in TK MAXX organisation to conduct Pestle analysis as it will assist them in addressing those factors which can affect its business. The external variables which can have impact on the business operations of TX max company are: Political environment:In context of the TK maxx an organisation has highly political environment because of which employees in an organisation are feeling dissatisfied that further has adverse effect on their as well as organisational performance. In addition to this, political culture within an enterprise has given rise to the conflicts that has lead to the decline in productivity of company. Political culture at workplace has adversely effected the relationship between people. Furthermore, during the political culture an enterprise is facing the issue of high staff turnover rate. Economicenvironment:Such typesofexternal variablesincludechangesin the economic conditions of the nation, inflation, increase or decrease in income of an individual, rise
in tax rate etc. Changes in all these external variables have great effect on the financial performance of TX max. In addition to this, changes in the economic condition of nations as well as market has great influence on the investment decision of firm and also on the buying power of company. Decline in the consumer can lead to the decrease in the sales as well as profitability of an enterprise. In context of UK, decline in the exchange rate has provided transactional benefit to organisation. Social environment:It is the external variables which involves changes in the trends, taste and preference of customers etc. These variables have significant influence on the operational decision taken by manager or leader in TK MAXX. Changes in social factors also have significant influence on the demand for products or services offered by enterprise. It is required by TK MAXX to conduct market research at regular interval of time, as this strategy will assist them in analysing the demand of costumers. Due to continuous changes in fashion trends, TK MAXX is facing issues in maintaining the balance between demand as well as supply of products which has further lead to the high level of satisfaction among its clients. Increase in the demand of trendy clothes by youngster has enabled business entity to increase sale. Technological environment:Such external factors involves advancement in technology which has enabled TK MAXX to provide more facilities to customers such as online payment facilities. But the advancement in the technology has given rise to high level of competition in retail sector. Many of the firm in retail sector is selling their products on line. The emergence of online retail organisation has significant effect on the sale of products or services by TK MAXX. Due to increase in competition from online retail, companies, TK MAXX is facing difficulty in maintaining its concentration on core business activities which has adverse effect on its business performance. Legal environment:In context of TK MAXX, management in an organisation is ensuring that all the laws are being follow. An enterprise is complying with all laws such as employment as well as company law etc. It is the factor which has supported an organisation in maintaining its business sustainability.Changes in the laws have significant effect on business plans , policies and strategies of TK MAXX. As TK MAXX is operating business in different countries changes in law has great effect on business of an organisation. Amendments in legislation has significant impact on the business practices of TK MAXX (Baartman, Kilbrink and de Bruijn, 2018). In context of TK MAXX,
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with the support of different laws, TK MAXX has been able to resolve various commercial issues. But due to failure to comply with certain industrial standards or norm TK MAXX have to face legal issues which has adverse impact on its reputation. Environmental environment:It includes changes in the weather conditions and level of competition in industry. Such external factors also include changes in environmental law which haver great effect on business policies and operations. In context of UK market, changes in the environmental legislation has forced retail companies like TX max to use eco- friendly material for packaging products. Swot Analysis Manager in TK MAXX company can perform swot analysis, as it is the tactics which will assist them in identifying the internal strengths, weakness, opportunities and threats. Swot analysis will help management in development of an effective strategic plan which will be helpful in order to drive an organisation towards success. Strengths: ï‚·TK MAXX has stores in wide number oflocationswhichprovidesan organisationaneaseindelivering goods or services to large number of customers. ï‚·This enterprise has focus on customer services. ï‚·TK MAXX offersproducts or services at lower price to customers. ï‚·Broad product portfolio. ï‚·This organisation has online presence. Weaknesses: ï‚·Poor quality of customer service. ï‚·Customersfinditcontradictorythat designer clothes are sold in Bulk. Opportunities: ï‚·TKMAXXhasanopportunityto increaseitssharebyexpandingits Threats: Credit card fraud whichhappened in the TK MAXX has adversely effected the image of an
business in international market. ï‚·Business entity can attract customers by planning merchandising activities. enterprise. Increase in competition within an organisation. Changes in the pricing policy or strategy by competitors can have adverse effect on sales and profitability of enterprise. Porters Five force analysis Manager of TK MAXX can conduct the porters five force analysis, as this strategic technique will assist them in addressing those five forces which are shaping the competition in retail sector. It can also be utilised by management in TK MAXX for identifying the competitive strength and position of company. The five forces which are shapingthe competition in retail sector are: Threat of entry of new firm:In context of the retail industry in UK, the threat of entry of small companies in industry is low. As retail sector is very big and requires huge capital investment, it is not possible for small firms to spend huge amount of money (Nickel and Kiela, 2018). But there might be instance where small organisation can enter into market and create threat to the market share of TK MAXX. Therefore, it is required by TK MAXX to set high quality standards for products or services as this tactic will help them in limiting the entry of small firms. Rivalry among existing organisation:Is high. Major competitors of TK MAXX are , OUTNET, NORDSTROM etc. These companies by reducing the prices of their products might intend to influence the market. The changes in the pricing strategy could have negative effect on the sales and profitability ofTK MAXX. It is required by TK MAXX to concentrate on providing high value proposition to customers, as this tacit will assist an organisation in gaining the competitive advantage. Threat of substitute products:threat of substitute is high, as there are many big enterprises in retail industry those who have sufficient amount of capital which they can utilise
for developing substitute products. Launch of substitute product in the market can lead to the decrease in demand for the goods or services offered by an organisation. Product differentiation is the strategy which can be adopted by TK MAXX for reducing the adverse effect of substitute products on its business. Threat of bargaining power of suppliers:It is basically low. There are wide number of suppliers in retail industry and as switching cost is low company can easily switch to other suppliers. In context ofTK MAXX.Business entity has good brand image in the market, suppliers are interested in entering into a contract with firm. As TK MAXX is well known brand, an organisation can negotiate with suppliers and could force them to reduce the price raw material. Threat of bargaining power of buyers:Bargaining power of suppliers is high.As their wide number of firms in retail industry those who are selling similar products so customers can easily switch to other brand.TK MAXX is required to concentrate on quality of goods or services, as this will assist them in reducing the threat. 2. Identification of two management practices which can have effect on employees’ performance Reward system:It is the management practice which includes the formulation of reward or incentive scheme in order to positively influence employees to improve their performance at workplace. In context of TK MAXX development of reward system has positive effect on the performance of employees working in an organisation. It is the reward system which provides high level of satisfaction to workersand further leads to increase in their working efficiency as well as effectiveness of productivity (Bruno and Dell’Aversana, 2018.).In context ofTK MAXX,an enterprise utilises the reward system for stimulating the performance of its workers. It is the reward system which inspires employees to remain committed to their work and concentrate on producing the quality as well as desired outcomes. Training and development:In context ofTK MAXX , Planning training and development program is considered to be as other core function of management. Training and development has positive effect on the performance of employees. It is the training and development program which is organised by management in TK MAXX which has enabled workers to increase their knowledge, develop skills as well as core competencies that has further assisted employees in improving their performance at workplace (Peters, Jandrić and Hayes, 2019). Training and development program which is organised by management in TK MAXXhas provided employees
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with high level of satisfaction positive effect of which can be seen on their performance at workplace. TASK 2 1. Personal skill audit and analysing the way it will change a person as an individual. Swot analysis is considered to be as an appropriate strategic tools which can be utilised for identifying the internal strength, weakness, opportunities and threats. Strengths: ï‚·Ihavegoodwrittencommunication skills. ï‚·I am confident. ï‚·I have good personality. ï‚·I am well organised in my work. ï‚·Positive attitude ï‚·I am self-motivated ï‚·God customer service skills. ï‚·I possess good negotiation skills. ï‚·Good analytical skills. Weaknesses: ï‚·Lack of effective communication skills ï‚·Lack of commercial awareness. ï‚·Lack of ability to make decision under pressure. ï‚·Lack of presentation skills. ï‚·Lack of leadership skills ï‚·Opportunities: ï‚·I have an opportunity to develop skills which I lack. ï‚·I have a chance to get promoted at higher position in an organisation. ï‚·Threats: ï‚·Increase in the intensity of competition. ï‚·Threatoflosingthepromotional opportunities due to lack of skills. Personal development will assist me in bringing improvement in my personal as well as professional life. It will assist me in becoming a better person in my life. Personal development will also help me in bringing positive as well as drastic change in my attitude. It has assisted me
in ensuring success in personal as well as professional life. Personal development will assist me in accomplishing the desired personal as well as professional objectives. It has enabled me to develop confidence that the skills, knowledge and core competencies which I possess is sufficient for accomplishing desired goals (Sung, Yang, Xiang and Hospedales, 2018). The training and development programs which I have attended at TK MAXX has helped me in bringing change in myself, further flow of change will assist me in ensuring a fulfilment of career experience. Implementing change in my life can assist me in stepping into the career role at TK MAXX. Personal development will assist me in generating the self -awarenesses which could be helpful for me in order to improve my performance at workplace that is at TK MAXX. It will also assist me in improving communication with other people which could be beneficial in order to strength personal relationship. The training program which I had attended at workplace has assisted me in increasing my working efficiency and supported me in improving quality of work. 2. Identification of skills, knowledge and competencies would require from workplace TK MAXX is basically a subsidiary of American company operating business in retail sector.The products or services offered by an enterprise includes clothing, bedding, furniture and giftware etc. The activities which are conducted within an organisation include marketing, sales, human resource management, logistics management, finance and accounting. The new skills, knowledge and core competencies which I would require from workplace in order to fulfil my roles as well as responsibilities at workplace includes presentation skills, commercial awareness, ability to make decision under pressure, effective communication and leadership skills. The skills which I require from my workplace include: Customer service skill:This is the skill which I require from my workplace, as this skill will assist me gaining the practical experience of dealing with clients. This skill will help me in delivering services to customers. It will also support me in delivering high level of satisfaction. People leadership:Working as a managerin TK MAXXI will require leadership skills which will provide me an ease in managing as well as directing people. Communication skills:From the swot analysis I found that I need to develop an effective communication skills. As a manager communication skills will assist me in handling the customers queries as well as complaints in effective manner (O’Shea, Roy and Clancy,
2018). It will also help me in developing the strong relationship with other people which could further be beneficial for professional growth. Knowledge and competencies which I require from workplace include: Commercial awarenesses:By working in`ompany I will gain knowledge about the field which will help me in making my significant contribution in accomplishment of business goals. Knowledge about the job role will help me in improving my performance at workplace. Knowledge about management:It is the knowledge which I will require in order to manage people as well as operations at within an organisation. CONCLUSION From the above study it has been summarised that that changes in the external factors in business environment could have significant effect on the business operations, plan s and policies of company. It has also been concluded from the study that the practices conducted or decisions taken by management in an organisation related to reward system, training and development can have significant effect on performance of employees. The other thing which has been discovered isthatreward system, traininganddevelopmenthavepositive effectof performanceof employees. The different strategies have been suggested which can be adopted by an organisation for minimising the threat of adverse impact of changes in external factors on its business.
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REFERENCES Books and Journals: Rosenberg, E., Lotz-Sisitka, H.B.and Ramsarup, P.,2018. Thegreen economy learning assessmentSouthAfrica:Lessonsforhighereducation,skillsandwork-based learning.Higher Education, Skills and Work-Based Learning.8(3). pp.243-258. Baartman, L.K., Kilbrink, N. and de Bruijn, E., 2018. VET students’ integration of knowledge engagedwithinschool-basedandworkplace-basedlearningenvironmentsinthe Netherlands.Journal of Education and Work.31(2). pp.204-217. Nickel, M. and Kiela, D., 2018. Learning continuous hierarchies in the lorentz model of hyperbolic geometry.arXiv preprint arXiv:1806.03417. Bruno, A. and Dell’Aversana, G., 2018. ‘What shall I pack in my suitcase?’: the role of work- integrated learning in sustaining social work students’ professional identity.Social Work Education.37(1). pp.34-48. Peters,M.A.,Jandrić,P.andHayes,S.,2019.Thecuriouspromiseofeducationalising technological unemployment: What can places of learning really do about the future of work?.Educational Philosophy and Theory.51(3). pp.242-254. Sung, F., Yang, Y.,Xiang, T.,and Hospedales, T.M., 2018. Learning to compare: Relation network for few-shot learning. InProceedings of the IEEE Conference on Computer Vision and Pattern Recognition(pp. 1199-1208). O’Shea, T.J., Roy, T. and Clancy, T.C., 2018. Over-the-air deep learning based radio signal classification.IEEE Journal of Selected Topics in Signal Processing.12(1). pp.168-179.