Delivery in day(s): 5
Diploma in Business
Unit Number and Title
Unit 3 Human Resource Management
Brexit is an abbreviation for the British exit in which the British citizens have voted to exit or leave the European market. Brexit has acted as an uncertainty which has resulted into slow process in the recruitment and selection practices for the multinational companies which are working in Canary Wharf. It has created huge impact over the working environment of the organisations and future marketing planning within the organisations. It has resulted in to reduction in the profits of the multinational companies working in Canary Wharf.
Recruitment and selection sector has affected at large due to the Briexit. Brexit has created risk for thousands of jobs in United Kingdom as the multinational companies have warned the employees. It has affected the recruitment and selection practices of the multinational companies as the investment opportunities of the companies got affected by Brexit (Vojtíšková, 2014). It has affected the recruitment and selection process on the part of the companies as well as on the part of the work force.
On the part of the companies, their profitability and investment opportunities got reduced which resulted into less job opportunities in the companies and risk to the existing employees of the organisations. On the part of the work force, the exit of British citizens from the European market has affected the quality of the work force required by the multinational organisations operating their business in Canary Wharf and this has resulted into withdrawal of the qualified work force from the organisations due to the exit.For the purpose of retaining the staff by the multinational companies which are working in Canary Wharf there is a need to adopt few measures.
These measures or recommendations are discussed as follows:
For the purpose of resource planning and retention function for aligning with human resource management and business objectives, Harvard model of human resource management has been used. There are six components in Harvard model of human resource management. These components include situation factors, interest of stakeholder, human resource management policy choices, human resource outcomes, long-term consequences and feedback loop with the help of which the output directly flows into the organisation and to the stakeholders.
For the purpose of resource planning and retention, there is a need to use these six components of the model. Human resource management need to analyse the situation of the internal as well as external factors of the organisation so as to analyse the requirement of the workforce and availability of the human resource for the execution of the activities of the organisation (Brunetto, et. al., 2011). It helps in analysing the present as well as future need of the employee relationship in the organisation and estimating the ways through which the need of the human resource of the organisation can be met. Stakeholder interest need to be evaluated for the resource planning and retention as the stakeholders of an organisation includes employees, management, shareholders, investors or creditors.
Organisation need to choose the human resource management policies which helps in proper and effective planning of the human resource for the organisation and retention of the employees which enhances the performance of the organisation. The main motive behind using this model of human resource management is to improve the performance of the organisation by the development of the different aspects of the organisation. Humanresource management of the organisation need to evaluate the human resource outcomes of these steps over the human resource planning and retention. These outcomes show the results of the human resource policies or of the other steps of the Harvard model (Schutte, et. al., 2015). These steps have a long-term impact over the performance of the organisation as well as provide support to the organisation and reduce the cost, time and efforts of the organisation as it helps in the retention of the human resource. Resource planning and retention helps the organisation to deal with the uncertainties or the adverse situations arising in front of the business.
This model helps in establishing a healthy relationship between the organisation and the employees as the communication between both the parties get increased. Organisation focuses over the issues faced by the employees at the workplace and finding the measures which helps in the retention of the employees in the organisation. And it also helps the organisation to collect feedbacks from the employees about the policies of the organisation (Schutte, et. al., 2015).
Brunetto, Y., Farr-Wharton, R. & Shacklock, K. 2011, "Using the Harvard HRM model to conceptualise the impact of changes to supervision upon HRM outcomes for different types of Australian public sector employees", The International Journal of Human Resource Management, vol. 22, no. 3, pp. 553-573.
Hetzner, C. 2015, Execs oppose a British exit from EU, Crain Communications, Incorporated, Detroit.
Schutte, N., Barkhuizen, N. & Van der Sluis, L. 2015, "The validation of a human resource management professional competence model for the South African context", SA Journal of Industrial Psychology, vol. 41, no. 1, pp. 1-e9.
Vojtíšková, V. 2014, "The prospect of a British exit from the EU", European View, vol. 13, no. 2, pp. 309-317.