MGT530 Human Capital Management Assignment Solutions
- Number of Words: 4500
Part A –
In an organization, employees are the ones who are responsible for carrying out work activities involved in operational process. It is the key job of managers and HR professionals to organize the employees in order to bring effectiveness in their performances. This can be done only if the employees are viewed as invaluable assets and not just machines. Considering employees as assets is an integral part of modern HRM and human capital management.
In the absence of good human resources, an organization cannot build a good team of working professionals. HRM’s prime functions comprise of recruiting, training, performance appraisals, employee relation, cultivating workplace communication, workplace safety etc. HRM advices the management how employees can be managed strategically as business resources.
Using an organisation you are familiar with you are to discuss and analysis on human resources management of that organisation.
Part B –
According to Carltons Myanmar (2020) SMEs play a crucial role in the economic well-being of developed and developing countries alike. 126,237 or approximately 99.4% of all businesses in Myanmar are classified as SMEs. On average, SMEs in Myanmar account for 50-95% of employment and contribute 30-53% of GDP in ASEAN member states. The Government recognizes that SME entrepreneurship will define the country’s future national economic development. The majority of SMEs fail in the first five years of operation (Cant and Ligthelm, 2003).
Human resource management (HRM) has been identified as a crucial key success factor for SMEs in today’s world. The main objective of HR is to create and maintain an efficient workforce that is able to meet the organization’s needs. Effective HRM can be a competitive advantage for SMEs, because experienced and motivated employees are seen as valuable resources, which have a significant influence on the overall performance of a business. One of the major issues facing Myanmar small business sectors is high staff turnover. A company with high employee turnover has problems. The root causes of turnover must be discovered to reduce the number of employees leaving the organization and seeking employment elsewhere. If a company has worked hard to recruit good talent, the last thing it wants to do is continue to pay costs for recruiting, onboarding and training new people to replace others. The impact of staff turnover is significant; its effects are felt in productivity, revenues and remaining employee satisfaction. Why staff turnover is so high especially in small business in Myanmar? Is it because of low workplace benefits? Is it because pricing and compensations issues? Or it is just there is no prospect of career advancement? Using a small to medium business you are familiar with you are to analyze important of Human Capital Management in small business and how HCM functions can incorporate in your small business. Also, you are to address performance management issues as well as ethical behavior at your business.
Your report must include and cover following areas
Part A –
- Introduction to the case study organisation
- Differentiate between personnel management and human resource management giving examples
- Assess how human resource management functions help your chosen organization in achieving its goals
- Important of equal employment in your organisation and how you can incorporate EEO policy within your organisation
- Job Analysis and the Talent Management showing understanding of how your organisation can attract and retain talent people
- Workforce Planning and Recruiting – using workforce planning in your organisation how can your planning affect short term and long-term human capital requirement
- Understanding of selecting right candidate for right job – selecting and interviewing procedures
Part B –
- Performance Management/ Performance appraisals
- Employee Engagement
- Career Management
- Job Evaluation
- What is mean job pricing and compensations? Explain type of job pricing system use in your business
- What are the benefits and services provided by your small business how those factors affect your employee?
- How workplace ethical behaviour plays important role in your small business
- Effect of labor relations and collective bargaining on your business
- Important of employee safety and health and how it is incorporated in your small business
- Using workplace example, how can you address employee turnover issues which you might encounter and how to minimise it
Your report must also include –
- Cover Page
- Content Page
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