Strategies of the HRM and Cost Leadership
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Strategies of the HRM and Cost Leadership
Running head: STRATEGY, PLANNING, AND SELECTION 1
STRATEGY, PLANNING, AND SELECTION 10
Strategy, Planning, and Selection
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Introduction
As a director-level, Human Resource (HR) manager for the best-in-class “Holman Incorporation Company” this proposal will provide guidance and clarity regarding the current interview process regarding the strategy, planning and selection of new hires for the company. As a director-level HR manager, the aim is to build and sustain a competitive and profitable organization. Therefore, the focus as an HR manager is to emphasize on personnel, systems, and policies. They determine the benefits enjoyed by the workers in the firm, manage the recruitment process, development, and training of the new hires (Noe, Hollenbeck, Gerhart, & Wright, 2008). An additional focus for an HR manager is ensuring the company can achieve success utilizing highly qualified personnel. HR professionals organize the human capital for a specific firm and focus on the implementation of processes and policies within the firm (Noe et al., 2017).
Strategies of the HRM and Cost Leadership
Cost Leadership
An HR manager should ensure that all operations within the organization are performed at the lowest cost possible. The production cost for goods or services within an organization should be reduced as much as possible. However, despite the reduction in production costs, the products may be provided to the customers at favorable and profitable prices. Thus, increasing sales and buffering organizational gains. In some cases, they may opt to keep costs low to ensure they maintain a competitive edge over the others in the market. Charging better rates or similar pricing for products as competitors implies that the profit margin of the firm will improve, whereas the competitors gain limited income/profit depending on their production cost incurred for products.
However, things can be tricky if targeted customers question the low price of a given product compared to those of its competitors. Some people may even consider the goods and services as sub-standard, assume that the products are not reliable or legit and may not buy them. Thus, before considering this strategy, HR managers should be aware of the pros and cons of the idea (Noe et al., 2017). Therefore, HR managers should advise the organizational leadership on the proper measures to take when managing changes to avoid activities that may reduce profit for the company.
Differentiation
In this strategy, a firm puts in place measures to create an impression of difference in the mind of the potential consumer concerning the services and goods of a given organization. The customer is made to believe that the products are superior compared to those produced by other organizations. The feature of a particular product should be striking to all potential consumer. Potential buyers can identify these items quickly and perceive value each time they sight the logos and description of the products (Lussier & Hendon, 2019). For instance, Apple and Coca-Cola products are renowned all over the world, and customers consider their products to be of high quality. Product names should be strategically considered for easier identification and distinction to stand out from competitors’ products. Customers are willing to pay higher prices for products that they believe to be superior compared to those of the competitors.
As an HR manager, differentiation may prove as a more viable option compared to the cost leadership. If strategically presented, differentiation can lead to continued success within an organization. However, inappropriate planning will decline any progress if the products appear as similar products being produced and made available in the industry. The perception of the customers about specific products can be changed without significantly changing the features as they can be persuaded that the products have what they desire and do not differentiate. Thus, assisting the sales and profit margins of the organization.
Niche or Focus
This strategy involves focusing on a given portion of the potential buyers within the market. The focus could be on an individual product line, regional market, or buyer group. After a particular section of the market is identified, the organization may then decide on a strategy to adopt either the cost leadership or differentiation. With acquiring the right approach, an organization can make massive gains in particular regions. Before a firm can focus on the global market, they have to conquer the local market and ensure that its products are renowned in the immediate area (Noe et al., 2017). Partaking in different strategies and approaches, HR managers may select, recruit, interact, and evaluate the employees depending on the policy used within the organization.
The competitors, objectives, and goals of the organization determine how the organization will operate. Human resource managers determine the personnel and required skillsets the organization will need to hire based on the goals and objectives of the organization. Besides, they should make arrangements for the measures to be used for maintaining the workers who are aware of the companies’ targets (Lussier & Hendon, 2019). These employees are a vital part of the organization, and keeping them would save tremendously on the cost of hiring and training new employees. Therefore, the HR managers should be fully aware of the demands in the market so that they can enlighten management on the necessary strategies and the roles required of them. It is also the role of the HR managers to ensure that the right employees are hired in the organization with the motive to achieve the mission and purpose of the company at all times (Huselid, 2015).
RUBRIC
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