Marketing and Management
Human Resource Module
Human Resource Management
Scope of Work:
U04033028 – Section 1. Review, Compile, Edit assignment.
U04033037 & U04033038 – Section 2,3,4 and 5.
Lecturer: Mr. Christopher Lim
Student ID:U04033028, U04033037, U04033038
Table of Content
1.Stakeholder Value Relationship Model3
2.Application of the Stakeholder Value Relationship Model in Philips5 2.1.Introduction5
2.3.Working at Philips6
2.4.Listening to employees6
2.4.3.Diversity and inclusion7
2.5.1.People Performance Management7
2.5.2.Philips learning paths7
2.5.3.Employability and knowledge management8
2.5.4.Building a knowledge network8
2.6.Philip’s commitment towards employees8
3.1.Philips - Mission, Vision, Strategy, Values10
Management of HR plays a critical role in determining companies’ success in meeting compe adv. Make a study of the Stakeholder Value Relationship Model in Mello. Evaluate relevance of this model in any organization of your choice
1.Stakeholder Value Relationship Model
Human Resource is commonly treated as a supportive role which shoulders the main responsibilities of human resource planning, recruitment and selection, motivation, training and development, performance appraisal and compensation and industrial relationship and negotiation. Being a supportive role, the idea of associating competitive advantage, one that closely relates to profit and loss of a business operation, to human resource make sound awkward; indeed there is a missing link.
The link that bridges competitive advantage to human resource management is quality of employees that executes the translated business directions, objectives and strategies. Human resource was commonly seen as a cost centre, as it does not create value for the organization. However, the readings made suggestions on how the cost centre can be transformed into a strategic player of an organization, having economically significant effect on firm performance.
Below is a review on the main points discussed:
•Being a cost center which does not generate profits, in order to reduce such ‘maintenance’ expenses which in turns increase profits, companies are looking at outsourcing human resource functions which is financially more feasible.
•In order to assist company to providing competitive advantage and thus bringing success for the company, the human resource function needs to be developed in a strategic manner, one which is aligned to business and strategic initiatives of a company.
•A HRM that develops and sustains skilled, motivated and adaptable work force is important for a company’s success as these intellectual capital are one which displace key traditional competitive advantages, for example, economic of scale, access to capital, patents, etc.
•High Performance Work System (HPWS) is designed to be linked to the firm’s business and strategic initiatives, thus producing employee behaviors that are focused on key business priorities. Below is a diagram that illustrates how HPWS fits into overall strategic objectives of a firm.
•Research and surveys conducted shows that HPWS has an impact on the economical and statistical performance of a firm. Therefore, if the HRM system is a source of sustained competitive advantage, it will be hard to mimic and is tailored carefully to suit each firm’s individual situation. Best practices that worked well for other players may not be well suited in all situations....