Unit 16 Assignment 1 P1

Human resource departments today have a more distinct, calculated position within organizations, and human resource strategy influences the bottom line. “One of the challenges for HR leaders is convincing executive leadership teams that human capital is one of the most important resources in which the company can invest” (Mayhew, 2014, p.). Subsequently, “this return on investment is an essential part of the argument for including HR as part of an overall business strategy” (Mayhew, 2014, p.). Human resource departments utilize the information given to them from company executives and leaders, coupled with their respective expertise on all things personnel, and they plan and implement staffing concerns for the betterment of the organization. From preparing job analysis, to comparing inventory and forecasting, it is the responsibility of human resources to consider the objectives of an organization and fulfill those goals while operating the specific planning relative to HR.

I’m always fascinated by the stories of successful entrepreneurs such as Jack Ma, the founder of Alibaba and Elon Musk the founder of Tesla and Space X. It is not only because of they are famous but also because they found their investors who contribute to their success and have the right to take part of it. The curiosity of finance drags me into the field of commerce and investment. Finance, a comprehensive study, requires the ability of mathematics and understanding of the economic environments which are my two favorite subjects since I was in year 11. I got my first chance to access to the field of finance in 2017 through two internships: at China Everbright Bank and Nuoyuan Holdings, a subsidiary of Hanfor Holdings. Getting to

Define and explain the significance of the term ‘derived demand’ as it applies to Strategic Human Resources Planning. (5 marks)

There are several important reasons of human resource planning that business organisation carry out regardless their size and it is important for the continuity of any business organisation to plan. However, in many business owners may not include human resource planning at the beginning of their business but later realise the importance of human capital and no business can survive without having competitive human capital.

The external factors include government sector, natural sector, economic conditions, technology sector, and financial resources. All of these factors will play a role in how the organization plans and operates and executes their

Human Resources constitute as one of the most imperative components of any organization, be it small scale business or a large conglomerate. Some of the key functions of the Human

By extension, intellectual assets and the organizational system that attract, develop and retain them are emerging as significant elements in the strategic decision making. This evolution in the role of human resources (HR) follows directly from the demand of rapidly changing product markets and the corresponding decline of command and control organizational structures. A skilled and motivated workforce providing the speed and flexibility required by new market imperatives has increased the strategic importance of human resources management (HRM) issues at a time when traditional sources of competitive advantage ( quality, technology, economics of scale etc. ) have become easier to imitate. In effect, while the markets for other sources of competitive advantage become more efficient, surrounding the development of a (High Performance Work) force. Remains a significant unrealized opportunity for many organizations.

Companies in the beginning or growth phases can benefit from identifying training needs for existing staff. It's much less expensive than the cost to hire additional staff or more qualified candidates. In addition, it's a strategy that also can reduce turnover and improve employee retention.

A Definite Link Between an Organisation 's Business Strategy and Human Resources Strategy is Essential for Business Success

This paper reviews and explains why organisations are increasingly taking a more strategic approach to managing their human resources function and integrating this function with the corporate strategy development of the organisation. The paper is divided into three key parts:

Human resources strategy as well as other strategy of business components will need to be able to follow after some kind of business strategy. If the business is to be successful, or "Strategic", human resources professionals will have to be the ones that must recognize the business of their organization and also communicate the language of both the finance and business finance. Whenever this is done right, human resources professionals will have the knowledge to establish a strategy together and then make arrangements consistent with business needs. Moreover, some of strategy is the capability to acquire "buy in" from key shareholders. HR method can comprise of a lot of various elements that have something to do with human capital. Traditionally, a lot of these could be things such as benefits, recruiting, compensation, and risk management of individuals concerns, total rewards, employment law, and more. If all of these concerns come close to the human capital, it would be suitable for human resources management to assist in putting together a strategy. In addition to the old-style places of human resources, other things can be included such as that was not generally thought to fall within human resources. For instance, if the sales individuals in a company are not creating, Human Resources can turn out to be a highly

The main focus of concern is investing time and money to train individuals since it may take up to 5 or more years to fully train an individual and during this span of time the money that is invested may well have gone to waste,because of changes in procedures, needed skills, or technology updates. The other aspect is if the employee decides that he or she will not be staying and moves on to another source of employment. These types of problems put Human Resources at a stand still since they are unable to decide what steps to take in improving the situation. It would appear that any steps taken would be a lost cause since they are incapable of providing a training that would enable an employee to become fully orientated before a different set of procedures or skills were needed to perform their job tasks. It is like an unending battle to gain

Strategic planning helps a company to predict and manage their future needs based on their trends in business while human resource planning helps a business implement their recruiting methods based on the needs of a department in the business and the needs of the consumers. Each of these things go hand in hand with one another and they help make the overall company more successful and reliable in the eye of not only its employees but the people who choose to buy or use them in any way. This paper is going to further examine the different roles of the human resource development as well as the strategic growth of the overall company based on its staffing process and all other activities associated within the business.

Human Resource planning is a process of identifying current and future human resources needs for an organization to achieve its goals and strategic objective. It involves, but not limited to forecasting an organization's future demand and supply for different types of employees directly linked to its business needs. Implementation of gap analysis between future HR supply and future demand is taking place first. Strategies are then developed in order to minimize the gaps and may involve recruitment, internal staffing, development and training, and activities relating to rightsizing. Forecasting future needs implies proper understanding of the future

It is critical for human resources management to be a strategic partner at all times in the business environment. The leaders of management are required to make sound and competent decisions that will have a positive impact on their organization. Some reasons why human resource departments choose to be strategic may be partly due to profit, perceptions, funding resources and the overall values of the company. First, “the concept of profitability is the primary driving force behind strategic management” (Mayhew, 2015).