Importance of HR Policy and Practices in implementing HR Strategy
Take solutions Ltd is an organization that has it headquarter in Chennai, India which offers certain domain-intensive services in the areas of supply chain management along with life sciences. The company is well established in the international market with increased existence in Europe, Asia as well as in North and South America (Take Solutions.com 2018). The objective of the paper is to analyze certain issues faced by the company related with language barriers, employee rights, race and nationality. It will also reveal the suitable HR policies that can be practiced by the organization in addressing its threats and weaknesses identified through STEEPLED analysis.
STEEPLED analysis is carried out for Take Solutions Ltd that will reveal the external factors affecting the business of the company that will facilitate in developing effective HR strategies.
Technological Trend- This evidenced offering opportunity regarding technological innovation in manufacturing of medicinal drug (Angrave et al. 2016).
Economic Trend- These aspects are deemed to have wide impact on the organization over the future years.
Environmental Trends- This trend focuses on the fact that conservation of environment has attained increased prominence over the years because of disruption of environmental balance that turned out to be life threatening (Cania, 2014).
Political- This includes considering the government rules and regulations that is taken forward for provided work environment but the political structure in the industry has been stable (Chadwick, Super and Kwon 2015).
Legal Issues- These factors are associated with the organization’s compliance that is associated with health and safety concerns, Narcotic act along with IPR. From analysis of the legal issues it has also been gathered that certain new acts of the government have supported the growth of Take Solutions Ltd such as IT Act 2000.
Demographic Trends- It is evidenced that local population in Chennai has attained increased youth population dealing with unemployment and they belong to age group of 15 to 64. This huge fraction of unemployed people in the surrounding region makes it likely to attain a huge candidate pool for selection and recruitment.
The business growth opportunities that are available to the Take Solutions Ltd in improving its HR processes and employee relations in the company are explained below:
The current years have evidenced an increased growth along with supply in the bio-pharmaceutical products (Shin and Konrad 2017). India has also been identified as a potential outsourcing hub in international forum that is owing to its decreased cost skilled labor. A constant growth in the automation of process offers an opportunity for Take Solutions to enhance their market ensures the knowledge consultation.
Certain threats that are faced by Take Solutions Ltd in managing its human resource for attaining strategic competitive advantages are explained below:
The company is observed to face adverse impacts of wage inflation that poses treat to the financial management. Increased threat of competition is faced by the company because of new foreign entrants those are well equipped with modern technology-based products (Slocum, Lei and Buller 2014).
Business strategy analysis facilitates in evaluating the ways in which Take Solutions Ltd intends to deal with all its identified threats and opportunities (Shin and Konrad 2017). Take Solutions Ltd has an effective business strategy statement which ensures that “best practices” are followed all through its sales, distribution and supply chain process. The rationale of this proposed business strategy is to develop a new product line in order to address its international business needs. The proposed business strategy will improve environmental fit through developing skills for dealing with projects which come within an international context along with preparing to respond. Attracting and retaining talent is also considered by the company in attaining organizational change and dealing with issues that is faced by the company in its international expansion (Palinkas et al. 2015).
Examples of HR issues and solutions
Through developing this business strategy, the company has been able to identify the strengths and weaknesses of its organization’s people management abilities. The company has also has identified that it attains strengths in maintaining effective knowledge transfer among employees, organizational effectiveness, attained enhanced consumer service, legal compliance, occupational safety and health along with offering equal opportunities. Take Solutions Ltd also has developed effective business strategies that are focused on enhancing integrity and reputation of the company along with focusing on approach of cost containment and enhancing expense control. The company has also revealed that it has competitive strength in its a diversified portfolio of offerings that can offer solutions to address demands of consumers focused on approach to large along with mid-market consumer segment (Pak and Kim 2018).
Take Solutions has also identified weaknesses in maintaining its effective business capability of optimizing its eClinical services along with developing a management platform that can offer comprehensive trial oversight which further facilitates rapid business decision making.
Moreover, the proposed business strategy is deemed to be attainable through existing people management arrangements available with Take Solutions Ltd. Though employing its skilled workforce the company also focuses on strengthening the clinical practice which might contribute to the overall revenue. Take Solutions Ltd is also focused on maintaining competitive improvement that focuses on decreasing defect rates and increasing quality (Piening, Baluch and Ridder 2014). The company is also keeping track along with reducing the hidden wasted time within manufacturing facilities along with speeding up the automated procedure of the supply chain.
Take Solutions Ltd has several effective business strengths that enhance its competitive advantages and these are elaborated under:
This company is positioned to be a successful company that has implemented a business model a long time before Life Science Company initiated its business in India. By implementing cutting-edge technology, the company was able to establish exceptional alliance with leading data aggregation expansion of its strategic partnerships with low cost richer functionalities (Slocum, Lei and Buller 2014).
Certain weaknesses of the company that needs to be addressed are explained below:
Take Solutions are making attempts to increase its international reach and is intended to expand its business in European and North American market and they do not have enough talent that can support its expansion strategy (Slocum, Lei and Buller 2014). India being a developing country the companies those have business of biomedical services and products face adverse impacts of halo effects of having a weak infrastructure.
In case of Take Solutions Ltd, it is gathered that at a global level certain issues which impacts the company’s HR solutions encompass the technological advancement along with the global economic conditions (Jackson, Schuler and Jiang 2014). At the national level, such HR issues are deemed to be taken place from legal, political, economic, cultural and demographic circumstances that have impact on HR practices of the company (Sikora and Ferris 2014). To deal with the threats faced by Take Solutions Ltd in managing its human resources, the company has considered developing proposed HR strategies to deal with its weaknesses and attain competitive advantages through capitalizing on its opportunities that can ensure better external fit.
STEEPLED Analysis of Take Solutions Ltd
The proposed HR strategy of the company is deemed to make certain improvements in the internal vertical fit. The company will consider searching for new manners in order to attract new set of candidates (Kaufman 2015). For instance, the company requires recruiting personnel with relevant IT knowledge along with supply chain management background in order to plan and execute certain collaborative improvements in its supply chain process.
The proposed HR strategy is deemed to lead to improvements in internal horizontal fit. At a global level, the company must consider analyzing the information gathered from the business development team and considering the same to must develop an idea regarding the type of skills that must be recruited and develop suitable recruitment ad selection plan (Ostroff and Bowen 2016). The human resource practice that is proposed is deemed to be best internal horizontal fit. This is for the reason that the HR strategies are deemed to include employment security schemes, staff hiring, manageable teams along with better compensation structures and development of wide range of training programs. In this high commitment model, it is important that the employees towards attaining common objective of the organization. Moreover, the proposed HR strategy is focused on selecting employees based on different criteria and recruiting them based on cultural attitude and fit, rather than just skills that can easily be learnt by employees during the training process.
The HR strategies proposed by the company will facilitate in attaining proposed business strategy. For instance, the company has also focused in organizing sufficient and trained employees to improve consumer service results by following an ongoing support process. Take Solutions Ltd must also consider strengthening diversity recruitment, meeting the demand of new knowledge, abilities and skills. In this strategy the company must ensure that women and minority groups must have certain equal access (Paauwe and Boon 2018).
The proposed HR strategy is deemed to result in improvements within the internal horizontal fit of the company. This is possible as Take Solutions Ltd must consider carrying out a plan for offering suitable training and development of employees that can further assist the company in its several change efforts. HR strategy of the organization must include fair treatment of employees, honoring of agreements along with decreasing employee turnover rate. HR policies of the organization must also focus on introducing a system that can reflect the manner in which the business wants to treat its consumers through treating their employees in the similar manner. The new HR policy must also consider developing a principle those employees are being developed and supported as the employees those feel respected at work can be able to offer best services to the consumers.
The internal HR strategy has facilitated Take Solutions Ltd in ensuring its internal horizontal fit. This is ensured as the company will develop effective strategies to analyze the ways in which employees are treated in the manner that it will require an extensive training system. Moreover, the policies related with recruitment, selection and retention can facilitate in recognizing the prospective employees for the job role along with their behaviors once they were employed in that position. In horizontal strategy alignment the company will make sure that its proposed HR strategy of employee brand management that addresses business strategy that is developing a program of steadiness in internal and external candidate’s recruitment along with developing special area of expertise.
Business Opportunities and Threats for Take Solutions Ltd
New HR policies and practices must be developed and implemented by Take Solutions Ltd that can facilitate the company in dealing with its human resource management based issues and these are explained below:
The HR policies of the company must ensure developing elements of pay performance, management, career development along with rewards that will be consistent and linked (Ulrich and Dulebohn 2015). HR policies of the organization must also focus on introducing a system that can reflect the manner in which the business wants to treat its consumers through treating their employees in the similar manner. The new HR policy must also consider developing a principle those employees are being developed and supported as the employees those feel respected at work can be able to offer best services to the consumers (Slocum, Lei and Buller 2014). Knowledge management practices must also be improved in the HR policies of the company in a way that it can create, acquire, capture, share and use knowledge in improving overall employee learning and experience.
Conclusion:
The objective of the paper was to analyze certain issues faced by the company related with language barriers, employee rights, race and nationality. It was gathered from the paper that The Company is observed to face adverse impacts of wage inflation that poses treat to the financial management. Moreover, it is also revealed that the market in which Take Solutions Ltd operates evidenced high rates of youth unemployment positions within a surplus of available labor from which recruitment can be done. The company requires recruiting personnel with relevant IT knowledge along with supply chain management background in order to plan and execute certain collaborative improvements in its supply chain process.
References:
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Brewster, C., 2017. The integration of human resource management and corporate strategy. In Policy and practice in European human resource management (pp. 22-35). Routledge.
Cania, L., 2014. The impact of strategic human resource management on organizational performance. Economia. Seria Management, 17(2), pp.373-383.
Chadwick, C., Super, J.F. and Kwon, K., 2015. Resource orchestration in practice: CEO emphasis on SHRM, commitment?based HR systems, and firm performance. Strategic Management Journal, 36(3), pp.360-376.
Jackson, S.E., Schuler, R.S. and Jiang, K., 2014. An aspirational framework for strategic human resource management. The Academy of Management Annals, 8(1), pp.1-56.
Kaufman, B.E., 2015. Evolution of strategic HRM as seen through two founding books: A 30th anniversary perspective on development of the field. Human Resource Management, 54(3), pp.389-407.
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Pak, J. and Kim, S., 2018. Team manager’s implementation, high performance work systems intensity, and performance: a multilevel investigation. Journal of management, 44(7), pp.2690-2715.
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Take Solutions.com, 2018. Take Solutions has been named as a Leader in IDC Marketspace: Worldwide Life Science R&D BPO Services 2018 Vendor Assessment, viewed 30 September 2018, https://www.takesolutions.com/take-solutions-has-been-named-as-a-leader-in-idc-marketscape-worldwide-life-science-r-d-bpo-services-2018-vendor-assessment.
Ulrich, D. and Dulebohn, J.H., 2015. Are we there yet? What’s next for HR?. Human Resource Management Review, 25(2), pp.188-204.
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