Human Resource Management Of CregTech Assignment Sample

Introduction Of Human Resource Management Of CregTech

1. HR strategy for CregTech to adopt

a. Defining the HRM strategy which is to be applied.

Performance management and reward management is a crucial part of every organization. A strategic approach to human resource management (HRM), reward and performance management focuses on increasing worker efficiency and driving through efficient evaluation of performance and suitable rewards. It aims to establish an environment of high performance, match individual and team objectives with organisational goals, reward and acknowledge achievement. Employees receive significant knowledge of their abilities, strengths, and areas for improvement through frequent feedback and coaching discussions (Armstrong and Taylor, 2020). Adopting this kind of strategy can help the employees to improve their work performance. Motivating the employees need a reward system that can be helpful. To increase employee performance on an individual and organizational level, development and training is an essential part of human resource management (HRM). It involves intentional and systematic efforts to offer employees educational possibilities that are in line with their career objectives and job requirements. By doing assessment, it has been identified that CregTech is facing employee issues about the performance and reward management.

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Programs for development and training are designed to address skill gaps, promote professional development, increase staff engagement, and contribute to the achievement of the company. Focusing on the training and growth of the program can enhance work performance and skills. Employee development aligns with company objectives by identifying gaps in skills and offering targeted training possibilities. The business's atmosphere, procedures, rules, and job responsibilities are frequently included in training programs for new employees. A seamless transition is ensured by successful onboarding, and it also lays the foundations for further professional development.

b. Justifying the choice of strategy by complementing the analysis of CregTech

Training and development are crucial parts of the organization because of these kinds of development processes employees can easily gain knowledge. The training can be helpful to the new employees to introduce them to the organization's policies, culture and work responsibilities. This in turn ensures smooth change, and performance enhancement and sets future goals as well. This kind of instruction focuses on building specific skills and skills connected to the position at hand (Berman, et.al. 2021). It could additionally involve instruction on the technical skills needed for jobs, such as software competence or equipment management. Soft skills are essential for achievement on the job and involve communication, teamwork, solving issues, and time organization.

Employee productivity and effectiveness can be significantly improved by educational programs that put a high value on the growth of these skills. Supporting the employees in their development in their careers can inspire them to work hard. Employees that receive training are more equipped for carrying out their job responsibilities efficiently, which increases production and raises the norm of work. By offering growth opportunities, employers show their care for their staff employees' growth, which increases engagement and happiness at work. By offering opportunities for career growth and improvement of skills, offering training and development activities aids in attracting and retaining the best employees. Further, training sessions persuade personnel about how activities need to be performed. Referring to this, it can be entailed that training sessions will help in managing and enhancing employee performance to a significant level. Employees that participate in continuous education and growth are more equipped to adjust to new technological advances, changing work environments, and evolving demands from clients (Hamouche, 2021).

A skilled workforce promotes creativity, productivity, and productivity, which all contribute to the overall achievement of the company. Companies may encourage a culture of learning, engage employees, and set themselves up for a successful future by putting money into training and development. The CregTech has to work on enhancing the skills of the employees so they all can understand the area to work on. The training and development strategy can be more beneficial for CregTech to work better in the future. The training and development strategy helps achieve their goals and work at the targeted level. This strategy can be helpful in employee satisfaction and maintenance. This can help increase the corporate performance and commitment of the employees. Training and development sessions help boost the positive culture in CregTech.

c. One of Porter's competitive strategies complements the business strategy of CregTech.

CregTech has lower turnover rates and higher customer satisfaction so for this cost leadership can be more effective. CregTech's company approach can be supported by Porter's competitive strategy of cost leadership. Cost leadership focuses on turning into the lowest-cost manufacturer in the industry while maintaining appropriate standards of quality to gain an edge over competitors (Porter's Generic Competitive Strategies, 2016). CregTech as an organisation may benefit from having a cost leadership strategy. CregTech may provide its products and services at a lower cost than competitors by accomplishing cost leadership. Price-conscious customers might be attracted to the company and as a result, boost its market share. CregTech may boost its margins of profit by decreasing production and operational expenses. This allows the business to decide on pricing with greater freedom, invest in the company, or offer customers cheaper alternatives. Cost leadership can allow CregTech to increase its customer base outside of its present market segment by reducing pricing. Clients searching for cost-effective options without sacrificing quality may be lured to this tactic. By this kind of strategy, it can improve market engagement and enhance sales.

Focused on cost leadership requires careful resource management, streamlining processes, and expenditure savings. Putting an emphasis on efficiency can increase efficiency in operations generally and decrease corporate waste. Solid relationships with suppliers are often necessary for a cost management strategy in order to secure favourable conditions and prices (Johnstone, Rodriguez and Wilkinson, 2023). CregTech could build its position as a cost leader by working closely alongside vendors to take advantage of cost like bulk discounts or unique partnerships. CregTech can get an advantage over rivals by consistently offering products and services at lower costs without losing out on quality. This advantage could discourage new entrants while avoiding price competition between current competitors.

2. Developing a solution for people/employee issues that achieves the stated outcome and fit in the HRM strategy

Overview

By using training and development tasks, this concept aims to improve the success of the company and encourage leadership. We may enhance worker efficiency, motivation, and overall organisational effectiveness by aligning the chosen HRM strategy of development and training with the focus area of reward and performance planning. For the CregTech the training and development strategy is a must because the organization has to improve the skills of the employees. Further, fair performance monitoring and evaluation system will also help organization in acknowledging high performers. Thus, by providing personnel with suitable rewards organizations can

Actions

To identify skill gaps, opportunities for enhancement of performance, and growth opportunities, do a thorough assessment of training requirements. To guarantee that there is recognition of pertinent training requirements is successful, gather feedback from supervisors, managers, and staff members (Meijerink and Keegan, 2019.). Evaluate feedback along with evaluation data to find frequent areas that need improvements. Create a training program that seeks the skills missing or opportunities for performance enhancement that have been identified. Create instructional resources and modules that support CregTech's goals for achievement and reward administration. Make sure that the course includes engaging and captivating methods of learning, such as training sessions, models, and practical instruction. These can be more effective in improving the skills of every employee and beneficial for development.

Resources

• HR Manager- For the Supervision of the staff and development of the program the HR manager or any specific person is needed.
• Well-qualified trainers- qualified trainers and who are experts in training and development. They can easily develop the employees.
• Concert evaluators or managers- Those who carry out reviews and offer comments are performance testers or managers. This is the best way to concern about the feedback.
• Training Resources and Tackles- Develop educational materials, such asguides and instruction programs. access to appropriate instructional materials, tools, and technologies.

Budget

Timeline

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Conclusion

By summing up the report, this thorough plan offers a tactical approach for addressing the company's employee/people issue through the creation of a training program. The recommended mentoring program is in accordance with the HRM approach of performance and reward management, putting more of the focus on fostering staff development, work happiness, and involvement. The company can foster a welcoming environment that encourages sharing of knowledge, the growth of skills, and possibilities of career progression via utilizing coaching connections. Porter's cost leadership can improve CregTech's market structure. By focusing on the lowest production cost with maintaining the quality standard, Cregtech can have numerous benefits in terms of high market share, sales & profitability. Allocated budget, resources and timeline motivate CregTech to invest in employee development. Implementing the training and development strategy enables to CregTech to address the employee's issues and enhance the supportive environment at the workplace.

Recommendations

• Develop an official mentorship program within Cregtech to offer employees chances for advancement in their careers, exchange of knowledge, and growth in their careers. This program will enhance employee engagement and build an environment that is welcoming.
• To identify particular areas for development, skill gaps, and career goals amongst staff members, conduct a thorough needs assessment. The outcome of this assessment will assist in customizing the mentoring programto meet the particular needs of participants and be consistent with the overall HRM strategy.
• Company is advised to provide mentors withcomprehensive instruction to give them the skills and understanding needed to effectively mentor and support their mentees. For the mentorship program to have a maximum effect, training should emphasize setting objectives, active listening, and mentorship practices.
• Regular monitoring programs can be more efficient for employees' work performance. By having the feedback employees can easily understand the areas in which improvement is needed.

References

Books and journals

• Armstrong, M. and Taylor, S., 2020.Armstrong's Handbook of human resource management practice. Kogan Page Publishers.
• Berman, E. M., Bowman, J. S., West, J. P. and Van Wart, M. R., 2021.Human resource management in public service: Paradoxes, processes, and problems. CQ Press.
• Hamouche, S., 2021. Human resource management and the COVID-19 crisis: Implications, challenges, opportunities, and future organizational directions.Journal of Management & Organization, pp.1-16.
• Johnstone, S., Rodriguez, J. K. and Wilkinson, A. eds., 2023.Encyclopedia of human resource management. Edward Elgar Publishing.
• Meijerink, J. and Keegan, A., 2019. Conceptualizing human resource management in the gig economy: Toward a platform ecosystem perspective.Journal of managerial psychology.34(4). pp.214-232.

Online

• Porter's Generic Competitive Strategies. 2016. Online. Available through < https://www.ifm.eng.cam.ac.uk/research/dstools/porters-generic-competitive-strategies/ > Accessed on 05/07/2023.