3. Threat of new entrants High barriers to entry in the industry. Licensing requirements are high. There is a minimum size requirement to achieve profitability and the initial investment is required and fixed costs of operating. How much of the control is in the hands of existing players of the market or key resources?
Tesco’s way of Human Resource Planning is based around many issues relating to the organisation; such as to increase profits, to improve the service they provide and to become more competitive and grow their market share in the retailing industry. Internal planning factors mean things going on inside the organisation which will impact on the human resource requirements in terms of numbers and skills required. An example of an internal factor would be organisational needs. Organisations are constantly changing and their human resources need to be able to adapt. The demand for products will affect the number of employees needed in certain roles.
Request for products and services will act on the number of people needed in certain departments. Businesses can look to move into new markets if the business grows. Technology change can also act on the inside working arrangements, equipment leads to redundancies, new training may be needed and so on (Internet getting things at store and self-scan checkouts). If we look at Morrison their plans are that dependent workers will help define and deliver the organizations of vision and values to all Morrisons. Skills requirements: Evaluating the skills of the current workers is an essential part of human resources planning as it helps a business to build up a profile of the training, experience and qualifications that employees already have.
Similarly, it is also essential to assess the feasibility of the constructed business strategy to determine whether it can be implemented to new product concept development successfully or not. It depicts that for Marks and Spencer the proposed business strategies in reference to new product development must be scaled. This process is started while idea generation and financial planning as well as continue to the process of implementation. Here there are number of aspects that are necessary to take in consideration such as company should make sure can the developed business strategy be funded, organisation have the capability to meet the required level of performance in terms of products quality, store services and other. At the same time, it is also essential for Marks and Spencer to determine the marketing and management capabilities needed to maintain the achieved market and competitive position.
Data already exists and was either previously produced by the business or by an outside source. Primary data takes more time and is relatively expensive to collect, but the data is usually more relevant to the business. Secondary data is cheaper and easier to obtain, but may be less reliable (or relevant) than primary data. 4.3) Formulate the research problem and objectives – In this step the marketing manager must precisely identify the true problem that the organisation is faced with, determine what needs to be achieved and decide on the type of research that must be conducted. Create the research design – The research design is used to plan the research that must be conducted.
Clients often need to be made to realize that if a project is to be completed at a certain level of quality, then a certain amount of time and money need also to be invested in the project. Projects that have time restrictions will need to increase the resources assigned to it or have the quality or scope reduced. The well known triple constraint formula is Cost * Schedule=Quality. The Right Balance By understanding the triple constraint and the ramifications associated with adjusting any one of its components, you will be able to plan your projects better, analyze project risks and protect the company from the problems of unrealistic client expectations. You will also be properly equipped to balance out the triple constraint when any adjustment has been made to one or more of its elements.
External versus Internal Hiring: knowing when to develop or acquire talent can be cost-effective for the organization. To control this process, measuring the fundamental knowledge and commitment of internal hires can reduce or eliminate the cost altogether. External hires are gauge through originality and a larger pool of applicants. Goal Attainment: Goal achievement measures the acknowledgment, obligation, inconvenience, and continuous response to the goal progress. Conclusion The use of metrics in business as a computable quantify helps an organization to examine, follow and evaluate the accomplishments and dissatisfactions of the organization.
By planning forward HR insures that managers have the right amount of people they need, with the right skills and competencies to perform the job timely to achieve organization’s goals. Workforce planning at Asda is important for the company growth and the need to staff more professionally, closing the gap caused by colleague turnover. Workforce planning is essentially about determining the demand and supply of an organisation in reaching its goals and objectives and formulating a strategy to close the gap. This strategy will provide Asda the ability to exploit new markets earlier and respond better to recession as opposed to being on panic mode should a crisis or a new opportunity arise. (https://www.ukessays.com/essays/management/the-human-resource-planning) The main reasons for strategic HR planning are: • Manpower: Enough human resource must be available to carry out present and future organizational activities.
• Record keeping. Much more record keeping is required for job costing, since time and materials must be charged to specific jobs. Process costing aggregates costs, and so requires less record keeping. • Customer billing. Job costing is more likely to be used for billings to customers, since it details the exact costs consumed by projects commissioned by customers.
The training schedule must include employees, training dates, and training times. Organizations must recognize that employee training is more of an investment so training downtime and training costs must be expected. The final component of a good staff training program is program implementation. Staff training modules should be conducted in order of importance. Using professional trainers or individuals experienced in training and using multimedia tools would help implement the new training program.