Table of Contents
Question 1. (Week 2)
Question 2. (Week 3)
Question 3. (Week 4)
Question 4. (Week 5)
Question 5. (Week 6)
Question 1. (Week 2)
This measure will help in comparing the sales of the company products in the traditional stores and online stores, to calculate about the product demand. This method also help in developing new strategies for selling products by analysing the market requirements in different locations (Plank 2018).
For sales it is very important to maintain good relations with the customers. Regularly following up with the customer reviews can help in building trust. On the other side, beyond profiting the organisation’s business, happy customers provisions the goals for a successful business.
It is a metric which indicates the total profit generated by a single customer of the company (Borchardt 2018). Customer lifetime value is an important factor for determining the client segments which will determine the company about their most profitable product.
An effective performance management system is a system in which performance evaluation is continuous and not yearly. This system helps in improving the revenue generated by the company. Along with this, it also guides the employees for achieving success in their career. Performance management system that should be used by Time to encourage his team, is 360- Degree appraisal (Waheed and Yang 2019). This measure will include the feedback of an employee from other members of the team. It is an effective system as the team members know each other and they spend time every day. So, they can easily identify the positives and negatives of their colleagues. Also, feedback from the colleagues will not harm the self-esteem of any employee as compared to feedback from the manager will (Plank 2018). These appraisals will increase communication and interaction between the team members. Regular feedbacks will improve the performance of employees.
Question 2. (Week 3)
Balanced scorecard is a tool utilized for measuring the effectiveness of an action against business strategies of a company. It was introduced by David Norton and Robert Kaplan in 1992 (Quesado 2018). The scorecard is a performance evaluation report used by the managers for operational management of an organisation. Furthermore, it emphases on both high-level approach and low-level events that creates the well-adjusted scorecard separately from other routine administration practices. A balanced scorecard is a means of determining and monitoring the lucrative and non-lucrative performances of an organisation (Harihayati 2018). It includes a combination of management and strategic planning that guides in improving strategies for achieving goals. Moreover, it’s a semi-standard organized description used by supervisors to preserve path of the accomplishment of happenings by the employees within their authority and to observe the significances rising from these activities.
This perspective guides the company about the share market so that the company can prosper financially. It indicates if the company business is refining or not, by calculating share market value and productivity (Juiz 2018). The financial objectives of a company imitates the implication of its economy.
Customer perspective helps the company in visualizing themselves for attracting customers. Moreover, it identifies the market segments and customer requirement to redefine their marketing strategies for targeting customers. The scorecard emphases primarily on quality, time, service, cost and performance factors of the customers (Juiz 2018).
Internal business scorecard indicates the company about the strategies to be followed for satisfying customers and stake holders. Furthermore, it measures core competencies, technologies and internal business procedures required to gratify customer necessities (Quesado 2018).
This scorecard depicts the sustainability of the company in changing and improving the vision of the company. The growth and learning strategies identifies the company’s infrastructure needed for supporting other perspectives. This business scorecard deals with the organisations capability to advance, acquire and revolutionize new products.
Question 3. (Week 4)
Benchmarking is the pursuit for essentially better practices that will prompt predominant execution. This assists an organization in gaining proficiency with its quality and shortcomings (Banfield 2018). Furthermore, benchmarking is a strategy that utilizes quantitative and subjective information for making correlations between various associations or various segments of associations. It is treated as a constant procedure in which companies occasionally challenge, improve and measure their enactments. Benchmarking involves data analysis and implementing plans for the organization.
Moreover, it helps in identifying the issues involved in the company (Das and Shah 2019). For example, by marketing research of Coles or Woolsworth one can identify the marketing issues for the company. The analysis includes market share, sales volume and products. International Services Organization (ISO) certifies the products of company, they create a benchmark for the product. By HR benchmarking the company can analyse the policies and problems. Along with this, issues related with promotion, hiring and training of employees can also be solved using HR benchmarking.
Price and employment compares the total cost required by the organization for the human resource development. The staffing process regulates the efficiency and appropriateness of the staffing process of the company. Gratitude and training deals with the training offered to the employees and the recognitions given to them as incentives for motivating them (Banfield 2018). The contributions to the company’s employees after their retirement comes under the reimbursements part of HR benchmarking. Examination of human resources schemes by the organization using employee comments and operative communication skills is described under organization and technology part (Diez 2019).
Question 4. (Week 5)
Job analysis is continuous process as jobs continuously change. In other words, job analysis is a process of analysing a certain position about their doings. The job description entitles the job responsibilities. It is a result of the job analysis, identifying the requirements and duties of a particular job and importance of a task. Furthermore, the job description explains about the major requirements of a job role, for example designation, salary, working hours, place of work, reporting authority and scope (Morgeson 2019). On the other hand, person specification explains the minimum eligibility required for a particular job role, that is, an individual’s educational qualification, skill set and experience. Also, the person specifications help the company management to decide about the promotion of present employees of the company.
The HR department of the company interviews the appointees for collecting data regarding their opportunities and the way they are dealing with them. Interviews are of two types: structured and unstructured. Structured interview involves accurate interviewing of the appointees in a pre-defined format whereas, unstructured interviews do not have a format (Joshua 2019). One of the weaknesses of using this method is that the company can miss vital details of an employee.
This method involves observation of the daily routine of an appointee. This information is very useful as it allows the HR manager to obtain the data directly without an arranged environment used in methods. However, this method has also weakness that is an employee already knows about his/her observation, distorted information will be obtained by the HR (Choi 2019).
Questionnaires are used to analyse the internal and external issues of an organisation. This includes information about employee duties, knowledge, job satisfaction level, salary, incentives, qualifications, etc. Although, using questionnaires for job analysis collects all data, it has several weaknesses such as misinterpretation of a question, inaccurate data and no answer rates.
Question 5. (Week 6)
Recruitment process is utilized for identifying the job requirement and number of job vacancies which can be offered by the organisation. For efficient recruitment, the HR team of an organisation follows some standards. These standards ensure acquiescence and constancy in hiring process (Chen and Wang 2018). This generates a prevailing resource sordid for an organisation.
Planning process involves framing of the needs for a new appointee in an organisation. It includes the description about the profile, position, and skills required for a particular job role. It also covers the type of communication channel to be used for advertising about the job role.
Strategy development standard is used for deciding the number of employees to be hired for the organisation, either to hire professionals or freshers. Along with this, for reducing costs the organisation applies a strategy of looking into national labour market (ISO 2016). Also, the organisation can search for applications from their current employees through referrals.
Search methods depends upon the issue of an appointee’s demand. No recruitment takes place till the managers of the organisation verify the need for a vacancy. The background of the appointees called for the interview should be verified properly, to avoid misunderstandings later.
It is an important standard of the recruitment process. The purpose of this step is to eliminate those candidates who lack the skills required for the job role. However, to avoid injustice women and minorities should not vetoed without proper explanation.
This process is very important as it involves considerable costs of an organisation. Evaluation process involves searching for the right candidates having quality education. The process comprises of number of appointees selected, cost required, time consumed during the process and the rate of eliminated candidates (James-MacEachern 2018).
Borchardt, M., Souza, M., Pereira, G.M. and Viegas, C. V. 2018. Achieving better revenue and customers’ satisfaction with after-sales services. International Journal of Quality & Reliability Management.
Banfield, P., Kay, R. and Royles, D. 2018. Introduction to human resource management. Great Britain: Oxford University Press.
Chen, Y. C. and Wang, Y. J. 2018. Application and development of the people capability maturity model level of an organisation. Total Quality Management & Business Excellence, 29(3-4), pp. 329-345.
Choi, J. H. 2019. What one thinks determines one's actions: the importance of employees’ perception in implementing HR systems. Asia Pacific Journal of Human Resources, 57(1), pp. 85-102.
Das, S. and Shah, R. 2019. Benchmarking is a key for organisational success. HR Future, 2019(Apr 2019), pp. 28-29.
Diez, F., Bussin, M. and Lee, V. 2019. Fundamentals of HR Analytics: A Manual on Becoming HR Analytical. Bingley: Emerald Group Publishing.
Harihayati, T., Lubis, R., Atin, S. and Widianti, U.D. 2018, August. The company’s performance assessment using balanced scorecard. IOP Conference Series: Materials Science and Engineering, 407(1), p. 012067.
ISO. 2016. Online browsing platform. [Online]. Available at: https://www.iso.org/obp/ui/#iso:std:iso:30405:ed-1:v1:en [Accessed on: May 15, 2020].
James-MacEachern, M. 2018. A comparative study of international recruitment–tensions and opportunities in institutional recruitment practice. Journal of Marketing for Higher Education, 28(2), pp. 247-265.
Joshua, F. A. 2019. Assessment of the Role and Functions of Human Resources Department in Small and Medium Scale Enterprise Companies in Ile–Ife, Osun. Journal of Human Resource Management, 7(2), pp. 32-40.
Juiz, C., Colomo-Palacios, R. and Gómez, B. 2018. Cascading ISO/IEC 38500 based Balanced Score Cards to improve board accountability. Procedia computer science, 138, pp. 417-424.
Morgeson, F. P., Brannick, M. T. and Levine, E. L. 2019. Job and work analysis: Methods, research, and applications for human resource management. California: Sage Publications.
Plank, R. E., Reid, D. A., Koppitsch, S. E. and Meyer, J. 2018. The sales manager as a unit of analysis: a review and directions for future research. Journal of Personal Selling & Sales Management, 38(1), pp. 78-91.
Quesado, P. R., Aibar Guzmán, B. and Lima Rodrigues, L. 2018. Advantages and contributions in the balanced scorecard implementation. Intangible capital, 14(1), pp.186-201.
Waheed, A. and Yang, J. 2019. Effect of corporate social responsibility disclosure on firms' sales performance: A perspective of stakeholder engagement and theory. Corporate Social Responsibility and Environmental Management, 26(3), pp. 559-566.
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