Strategic Human Resource Management Plan
Strategic Human Resource Management Plan
- Introduction
To ensure the success of any business entity, there is a need for an effective and comprehensive human resources management (HRM) plan. In fact, this plan is a critical component since the plan oversees the principal functions of the business entity to include selecting and recruiting personnel, training and development, relations, benefits and so on. Through creating an effective plan, the organization gains the capacity to better handle any concerns or issues that could arise for its business activities and personnel. In creating a HRM plan, there is a need to consider a range of factors. These factors include the type of organization and environment in which it operates, culture and size, budget and financial resources, market competition, and turnover rates. The plan should address a range of areas that include personnel management and relations, benefits and compensation, performance management, recruitment and training, and workforce planning. In addition, it is important to note that the successful functioning of a HRM plan is dependent upon the personnel understanding its strategic initiatives. The plan is likely to fail if personnel do not have access to it or cannot understand its content. Besides that, it should be noted that an effective HRM plan is necessary since the right personnel ensure maximum development and effective use of human resources, inculcates a sense of collaboration and team spirit, enhances personnel capabilities, offers well motivated and trained personnel, achieves and maintains high morale, and identifies and satisfies individual needs of the personnel (Kloppenborg, 2015; Yu & Cable, 2013). The present paper offers a brief overview of the key components that would present an effective and comprehensive HRM plan for Verizon Company. Strategic Human Resource Management Plan
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- Summary of the organizational description
Verizon is a communications company that was incorporated in 1983 and has its headquarters in New York City. It offers entertainment, information and communication services and products to customers through subsidiary company. It manages two business segments: wireline and wireless. The wireline segment offers video, data and voice communications services and products that include broadband data and video, networking solutions, voice services, security and managed network services, and data center and cloud services. The wireless segment offers communications services and products that include equipment, data services and wireless voice across the USA (Reuters, 2019). Strategic Human Resource Management Plan
- A SWOT analysis
Strengths, weaknesses, opportunities and costs (SWOT) analysis is an important tool that is applied when developing business strategies. In fact, SWOT analysis results are useful to support strategic development and decision making processes. This is particularly true when it is considered that information and communication technologies are rapidly advancing and analytical tools such as SWOT help in linking the internal and external factors that are notable in any business (Bojeun, 2014).
A review of the Verizon’s strengths reveals three factors. Firstly, the company offers relatively high quality of services. Secondly, it has high economies of scale that optimize efficiencies. Thirdly, it has a strong brand image that is resultant from the differentiating factors (such as quality) against its competitors. This empowers it to effectively communicate with others companies for the same market that attracts quality-sensitive customers (Bojeun, 2014).
A review of Verizon’s weaknesses reveals three factors. Firstly, the company is unable to compete based on price since it offers high quality services and products that cannot be priced lowly. Secondly, infrastructure prices are high especially in infrastructure development and maintenance. Thirdly, low diversification that exposes it to market-based risks (Bojeun, 2014).
A review of Verizon’s opportunities reveals three factors. Firstly, stronger network externalities that would increase market share and customer base to create a larger consumer base. Secondly, business diversification that addresses the weakness of low diversification to spread risks and reduce overdependence on a single industry. Finally, global expansion and growth based on widespread adoption of information and communication technologies across the world (Bojeun, 2014). Strategic Human Resource Management Plan
A review of Verizon’s threats reveals three factors. Firstly, natural disasters that could damage and destroy infrastructure such as hurricanes and tsunamis destroying network cables. Secondly, security threats through information and network technologies such as breaches into network assets that could reduce customer confidence causing a reduction in subscribers. Thirdly, competition through aggressiveness and strategies from other communication companies such as Apple, RCN Telcom Services, Google, Spectrum, Cricket Wireless, Sprint, Cox Communications, AT&T, T-Mobile and Comcast (Bojeun, 2014).
- Human resource goals and alignment with strategic plans
Three human resource goals have been identified for Verizon Company. The first goal concerns talent development to help personnel accomplish their goals. It is presented as: planning and executing four personnel training programs every year with at least 60% of the personnel attending one program along with 70% or higher providing a satisfied response on the training content. The second goal concerns performance management with the intention of ensuring that the best performing personnel are retained. It is presented as: design and implement an annual performance management and compensation process that is designed and executed to align and maximize the performance of the personnel with the company’s goals. The third goal concerns company excellence. It is presented as: over the next six months, design and administer human resource programs and policies efficiently and effectively to meet the budget constraints while maintaining customer satisfaction (Bowerman & Van Wart, 2015; Yu & Cable, 2013). Strategic Human Resource Management Plan
- Proposal for a job design initiatives
The first goal concerns talent development. Three job design initiatives have been proposed to meet the goal with regards to offering development programs that aid personnel to accomplish their goals. The first initiative is to increase the percentage of personnel who indicate satisfaction with their opportunities for training and development as measured through annual personnel surveys. The second initiative is to increase the percentage of personnel who accomplish their training and development targets every year. The third initiative is to increase the percentage of training and development programs offered by the company (Bowerman & Van Wart, 2015; Yu & Cable, 2013).
The second goal concerns performance management. Three job design initiatives have been proposed to meet the goal with regards to ensure that compensations and performance management processes are designed and executed to maximize and align organization goals with personal performance. The first initiative is to increase the percentage of personnel who indicate that their performance management and compensation processes help maximize and align performance with organization goals. The second initiative is to increase the percentage of personnel who achieve at least 85% of their targeted annual performance. The third initiative is to increase the percentage of personnel who complete and document their performance reviews before the targeted dates (Bowerman & Van Wart, 2015; Yu & Cable, 2013).
The third goal concerns company excellence. Two job design initiatives have been proposed to meet the goal. The first initiative is to achieve 90% customer satisfaction levels with human resource services as measured through yearly surveys. The second initiative is to ensure that at least 90% of annual human resource initiatives are completed within budget and on time (Bowerman & Van Wart, 2015; Yu & Cable, 2013). Strategic Human Resource Management Plan
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- Conclusion
One must accept that an effective HRM plan ensures maximum development and effective use of human resources, inculcates a sense of collaboration and team spirit, enhances personnel capabilities, offers well motivated and trained personnel, achieves and maintains high morale, and identifies and satisfies individual needs of the personnel. In addition, one must acknowledge that the scope of Verizon Company activities as well as the results of SWOT analysis creates a need for a HRM plan. An effective plan for the company should address three goals that include: talent development to help personnel accomplish their goals; performance management to ensure that the best performing personnel are retained; and company excellence. Overall, the presented HRM plan creates opportunities for linking HRM goals to the company goals.
references
Bojeun, M. (2014). Program management leadership: creating successful team dynamics. Boca Raton, FL: CRC Press.
Bowerman, K. & Van Wart, M. (2015). The business of leadership: an introduction. New York, NY: Routledge.
Kloppenborg, T. (2015). Contemporary project management (3rd ed.). Stamford, CT: Cengage Learning.
Reuters (2019). Profile: Verizon Communications Inc (VZ.N). Retrieved from https://www.reuters.com/finance/stocks/company-profile/VZ.N
Yu, K. & Cable, D. (2013). The Oxford handbook of recruitment. Oxford: Oxford University Press.
Strategic_HRM_Plan
Strategic Human Resource Management Plan
