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Unit 22 Managing Human Capital and Entrepreneurship Assignment
Unit 22 managing human capital and entrepreneurship assignment program provides an understanding of the various factors or forces which affects the new business venture and its success or effectiveness in the environment. Various concepts related to a new business venture have been discussed and the analysis of the market is done so as to analyse the feasibility of the product or service in the market. The most important aspect is to identify the requirements so as to make arrangements for them and to identify the manner in which they will be arranged. There is a need to develop plans for effectively grabbing the opportunities prevailing in the market for successful launch of the business venture.
For the purpose of establishing a new business a new idea has been developed regarding the business organisation line. A plan has been framed for the launching of a service which offers packing and unpacking services and transportation services to the customer of United Kingdom. The name of the company will be “Shifting Experts” operating its business in United Kingdom. The main motive behind selection of the business line is to offer quality services to the customers as there is an increase in the number of people shifting their homes from one place to another due to different reasons. Due to the scope in the industry this business line has been selected.
1. Explain your new business concept including the key components of the concept statement (product or service, target market, special attributes, values, scale of newly proposed business, location and who will involve)
This line of business which has been selected need consideration of various aspects which can affect the services offered by Shifting Experts as these aspects creates impact over the services offered by the business. Starting a new business venture is a tough task and it needs evaluation of the various elements of the environment so as to analyse the feasibility of the business. There are various concepts which affects the business and these concepts includes the line of business or the type of product or service offered, the targeted market or the targeted customers, features of the products or services offered, location of the business where the services or products will be offered, size of the business, principles or ethical aspects adopted by the business for the execution of the activities of the business and the requirement of the different types of resources for the business. All these concepts are discussed in detail so as to provide a better understanding for the program (Kunz & Dow, 2015).
- Product or service: packing services, unpacking services, loading services, unloading services and transportation services are offered to the customers so as to provide quality services for providing a better experience to the customers. Shifting experts focuses over providing these services with the help of technological advancements which helps in the execution of these services in a better manner.
- Targeted market: Shifting experts have targeted the people of United Kingdom who shifts from one place to another due to various reasons and faces problems related to packing the household items and shifting these household items in a safe manner without any damage. Targeted market helps in identification of the type of services so as to provide better services to the customers (La Rocca, et. al., 2013).
- Special attributes: The special attributes or features of the services offered by Shifting experts is the arrangement of the required resources on their own and shifting the items from one place to another without any damage and at the right place on right time. The staffs providing these services are trained and this has helped them in serving the customers in an effective manner and these services can be booked by the customers from the website or from the application of the business so as to reduce the burden of customers.
- Values: the values or ethical practices adopted by an organisation affect the behaviour of the organisation towards the others and towards the customers. Shifting experts have adopted fair practices and fair values so as to deal with the customers in a fair manner(La Rocca, et. al., 2013).
- Scale of operation: As a new business venture the scale or size of operation is small as for the purpose of testing the effectiveness of the business there is a need to start the business at a small level during the initial stages and expansion will be done after the effective launch of the new business venture.
- Location: these services will be offered to the customers of London, United Kingdom so as to analyse the effectiveness of the business and its success in the market.
- Involvement of the stakeholders: for the purpose of providing the services to the customers, human resource need to be involved in the business which helps in effective execution of the operations of the business of shifting experts (Herdrich, 2014).
2. an appropriate assessment of the industry, market, organisational and financial feasibility
Shifting experts need to analyse the environment so as to analyse its effectiveness in dealing with the conditions of the environment. For the analysis of the environment, there is a need to analyse the industry, market, organisation and of the financial feasibility of the business. This assessment helps in identification of the conditions of the environment in a better manner. These analyses help in the understanding of the various aspects and provide knowledge of the conditions of industry, market and other factors of the environment in which business operates its activities. The analysis or assessment of these aspects in as follows:
- Analysis of the industry: There are various other companies or organisations which are offering these types of services in the industry. For the purpose of analysis of the industry, there is a need to adopt measures or techniques which helps in the evaluation of the industry in which Shifting experts need to compete and survive. Shifting experts need to identify the various aspects including competition, economic conditions prevailing in the environment so as to analyse their impact over the effectiveness and over the performance of shifting experts (Famakin, et. al., 2012).
- Analysis of the market: market consists of various aspects which are related to the functioning of a company. These aspects need to be analysed so as to evaluate the impact of these aspects over the business and over the performance of the organisation. These aspects include the pricing policies prevailing in the market, rules and regulations of the government, availability of the human resource and availability of other resources for the purpose of providing services to the customers.
- Analysis of the organisation: Analysis of the organisation includes evaluation of the various aspects related to the organisation. Shifting experts is offering various services which need to be executed with the help of various resources. Shifting experts need to analysis the different aspects of its culture and workplace so as to maintain the ethical code of conduct and to execute the activities in a fair manner (Dahlqvist, et. al., 2012).
- Analysis of the financial conditions: financial conditions or financial feasibility helps the organisation in executing the activities of the organisation in a better manner. Analysis of the financial conditions helps in the evaluation of the financial strengths or capabilities of the organisation in meeting the expenses or providing funds for the arrangements of the operations of the organisation. Shifting experts need to analyse the requirement of the funds so as to analyse the expenses which need to be met by the organisation or the manner in which funds will be arranged by the organisation for the purpose of funding its operations (Pehrsson, et. al., 2015).
4. Explain how the Human resource planning process will be done in the newly proposed business in terms of the following:
Human resource planning is an important aspect for every business as it helps the organisation to execute the activities in a better manner and achieving the objectives of the organisation. Human resource planning process is a tough and important task for every organisation which needs to be done effectively so as to gain maximum benefits. For the purpose of the new business venture shifting experts need to execute the various activities which create an impact over the functioning of the business. These aspects are discussed below:
4.1 HR audit
Human resource audit is an important aspect in this changing environment for every business. The functions or role of a human resource are vide in scope which need to be understood properly so as to conduct the activities in a proper manner. The functions of human resource includes marketing, legal and finance. Human resource audit helps in the analysis or evaluation of the activities of an organisation so as to enhance the activities of the business. It provides an understanding of the level of effectiveness of the manager in fulfilling its responsibilities towards the organisation. There is a need to review the activities of the organisation on a regular basis so as to ascertain that the activities of the organisation are moving in the right direction. This helps in analysis of the problems faced during the execution of the activities of the organisation and implementing the solutions for the problems in an effective manner for desired results. Shifting experts need to keep a check over the activities of the organisation so as to ensure that the management objectives are achieved in a proper manner. The responsibilities need to be fixed so as to ensure the operation in a proper manner. Human resource consists of analysis and evaluation of the procedures, policies and practices adopted by the organisation which helps in determining the effectiveness of the human resource management. There are various benefits of using Human resource audit by an organisation. Human resource audit helps shifting experts in the identification of the contribution or efforts of the human resource department to the company, enhancing the image of the organisation, analysis of the problems faced by human resource, ensures the compliance with the legal requirements so as to avoid the legal consequences and reduces the cost involved in human resource (Shiri, 2012).
4.2 Recruitment and selection
Recruitment and selection process is an important aspect for every business which helps in the appointment of the workforce so as to execute the activities of the organisation in a proper manner. Shifting experts need to adopt a technique or method which helps in the effectively managing financial resources the recruitment and selection process of the organisation. Recruitment and selection helps the organisation to make arrangements of the human resource who will execute the operations of the organisation. Recruitment and selection process provides an effective workforce to the organisation. Human resource plays various functions of an organisation including recruitment and selection, training and development, management of the activities of the human resource of the organisation and many more. Recruitment and selection process of an organisation creates an impact over the overall performance of the organisation. It is crucial for an organisation to manage its workforce and to manage their behaviour so as to achieve the objectives of the organisation. There is a need to identify the requirement of the human resource so as to appoint the human resource so as to meet the requirement effectively. The technique used by the Shifting experts for the purpose of selection of the employees needs to be effective so as to gain an advantage as human resource is one of the most important assets of an organisation. It can use different procedures for the purpose of recruitment and selection process. It can conduct the recruitment and selection process into different levels so as to match the required skills with the competent person. Lack of effective techniques for recruitment and selection process can adversely affect the operations of the business of shiftingexperts. It can affect the performance of the employees as well as of the organisation (Jepsen & Grob, 2015).
4.3 Training and development
Training and development plays a vital role in every organisation as it helps in the development of the knowledge and skills of the workforce of an organisation. Training and development is a function of human resource which is focused towards the development of the employees so as to enhance their performance which will help in improvement in the performance of the employees. It is an integral part of every organisation. Organisations need to review the performance of the organisations so as to identity the issues or aspects which need development so as to provide training for those aspects. Performance of the organisation is dependent over the quality of the human resource of the organisation. Training and development both are different from each other but they are related with each other.Development helps in the growth of the employees or the workforce of the organisation. Shifting experts need to train and develop the workforce for the purpose of executing the activities of the organisation in an effective manner. Training helps in the change in the behaviour of the employees towards the work and towards the organisation. Shifting experts need to analyse the need of training to the human resource of the organisation and the base of the training must be the organisational objectives. Training helps the employees to develop the skills possessed by the organisation. These aspects help the organisation in reducing the gaps between the objectives of the organisation and performance of the workforce of the organisation. Shifting experts need to keep a check over the performance of the workforce on regular basis so as to analyse the gaps between the actual performance and the desired performance of the organisation and of the workforce of the organisation (Saks, et. al., 2011).
4.4 Performance evaluation
The main motive of evaluating the performance of the employees is to analyse the effectiveness of the employees or workforce of the organisation in fulfilling the roles and responsibilities assigned to them. It shows the actual position or effectiveness of the employees in execution of the activities of the organisation. Every organisation decides the objectives which it need to achieve and for this purpose standards are set so as to compare the actual performance of the organisation with the desired performance. It helps in the identification of the issues faced by the employees while performing the activities of the organisation. There are various methods available for the purpose of evaluation of the performance of the employees which helps in maintaining effectiveness in the performance of the employees as well as of the organisation. Performance evaluation can be done of the performance of the employees which helps in evaluation of the performance of the organisation. There are various benefits of performance evaluation to an organisation. Shifting experts need to implement the techniques or methods of performance evaluation which will help in the evaluation of the performance so as to maintain the level of effectiveness of the organisational performance. Monitoring and providing feedbacks is an effective methods which helps in the evaluation of the performance as monitoring helps in keeping a check over the performance of the employees and over the activities performed by the employees and providing feedbacks helps in making changes in the performance of the employees and organisation with a motive to improve the performance by applying variety of methods or techniques. Shifting experts need to identify the performance measures, decide guidelines for the feedbacks, application of the measures which helps in making corrections in the performance and setting an evaluation schedule (PERFORMANCE EVALUATION, 2014).
4.5 Motivating and rewarding
Motivation is the most effective method which can be used by an organisation for the purpose of encouraging the employees for enhancing their performance so as to enhance the performance of the organisation. Motivation can be in monetary or non-monetary forms. There are various theories given by different people over motivation which states that there are various needs of a person which need to be satisfied so as to motivate or encourage the employees. When one need of a person is satisfied it moves towards the satisfaction of the other needs. All these needs are arranged in a sequence depending upon the priorities of a person. Shifting experts need to adopt various forms or methods for the purpose of boasting the employees for achieving the objectives if the organisation. Rewards and motivation encourages the employees for performing better. Monetary form of motivation can be understood as the form of motivation in which monetary benefits are offered to the employees which satisfies their various needs. Non-monetary form of motivation can be understood as the form in which non-monetary benefits are offered to the employees which includes Promotion, appraisal or appreciation. Motivating the employees is also a function of human resource which needs to be executed in an effective manner so as to achieve the objectives of the organisation. Motivation is an important aspect which leads the organisation towards the right path by motivating the employees for the purpose of execution of the activities of the organisation. Shifting experts is offering various services to its customers which need human resource for the purpose of providing these services to the customers. Motivation is an effective measure which boasts the morale of the employees by providing them monetary or non-monetary benefits for encouraging them (Smith & Galbraith, 2012).
This report provides an understanding of the various factors or forces which need to be considered by a businessman while selecting a line of business and which create huge impact over the business. Various aspects related to the new business venture have been discussed which includes product or service, target market, analysis of the industry, market, financial feasibility so as to form a business venture plan which helps in the development of a new business in an effective manner. Various Human resources planning process have been considered which helps in the management of the business and its aspects in a better manner. It also covers the discussion of the key components of the business model canvas in relation to the new business venture.
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