Table of Contents
P1 Describe internal and external factors in human resource planning.
P2 Describe how the skills that employees require to carry out jobs in an organization are identified
M1: Explain why human resource planning is important to an organization.
P3 Outline how B&M Retail motivates its employees.
P4 Explain how organizations obtain the cooperation of their employees.
M2: Compare the use of motivation theories in an organization.
P5 Explain how employee performance is measured and managed in B&M Retail
M3 Explain how the results from measuring and managing performance inform employee development.
HRM activities help to manage the employees of the firm for attaining the firms’ goals and objectives. Better HRM also helps to improve employee performance through inspiring and motivating employees. This paper analyzes the HRM activities of B&M Retail. It is a European Retail Value S.A. (also known as B&M Bargains and the larger B&M Homestore) that was formed in 1978 and is now one of the leading variety retailers in the United Kingdom, employing over 28,000 staff. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The retailer has experienced encouraging revenue growth and a store increase of more than 2400% over an eight-year period up to 2016 (B&M Retail Annual Report, 2018).
In the first part of the paper; the internal and external factors that affect human resource planning are described. Then; this paper describes how the skills of the employees are necessary to carry out the jobs in a business organization. Thirdly; it discusses how a business organization motivates its employees. Fourthly; it discusses how a business organization obtains the cooperation of its employees. Finally, this assignment mentions how a business organization measures and manages employee performance.
P1 Describe internal and external factors in human resource planning
I have joined as HR assistant of the B&M Retail to help the HR manager regarding the functions of HR managers in the organization. Human resource planning of B&M Retail can be influenced by the following factors:
These are the factors that relate to what is already happening inside the business. This includes how the organization is changing to cope with new methods of working or new demands made on it, such as the introduction of technology or new products or services (Farrell & Stamm, 2013). The internal human resource planning factors are explained as follows:
In the modern global economy, where ideas and digital skills – rather than physical resources are increasingly where economic value is realized, human resources can be a company’s greatest treasure (Farrell & Stamm, 2013). In general, the employees can be either a strength or weakness of the company depending on the level of practical skills, attitudes toward work, performance and so on. For example, if B&M has skilled and motivated workers, they are sure to be the biggest asset of this enterprise.
From a general view, financial capital is the funds necessary to grow and sustain a business. CEO takes financial capital to invest in not only tangible goods such as factories, machines, tools, and other production equipment to produce an output but also intangible resources such as marketing, employee training, etc (Farrell & Stamm, 2013).
The concept of operational efficiency encompasses the practice of improving all of the processes, which are all the company’s activities leading to the final product or service (Farrell & Stamm, 2013). Operational efficiency directly affects the company’s success in the marketplace, a businessman needs to truly know his company’s processes and follow them to discover whether they’re being performed in the correct manner or not.
Having a suitable organizational structure requires the owners have to consider carefully set up a system to work smoothly within the company (Farrell & Stamm, 2013). Whether it is a centralized or decentralized system, the most important thing is how effective the structure is when applied for the company. The heads of departments need to make sure that the information flow is widely conveyed to all customers. Suitable rules and regulations are being applied to ensure the benefits of employees, and the business as well.
On the contrary to internal factors, external elements are affecting factors outside and under no control of the company (Horgan, 2013). Considering the outside environment allows businessmen to take suitable adjustments to their marketing plan to make it more adaptable to the external environment. Among them, some most outstanding and important factors that need to list are the current economic situation, laws, surrounding infrastructure, and customer demands………….