Question 1
Guthrie (2001) mentions that for the sustainability of an organization, having appropriate level strategies that are coherent to the mission, aims, vision and its niche is significant for the attainment of the entity's objectives. Various enterprises such as the Latitude Financial Services utilizes the strategies in planning and creating yearly operational plans. A notable organizational level strategy for the company would be to assess the existing external environment that the company conducts its operations. Here, strategizing the manners in which the trends and opportunities of the company can be harnessed and, on the other hand, finding ways of mitigating the threats available is fundamental for the achievement of the aims of the organization. ("The Seven Components of Organizational Stability", 2016)
Another organizational level strategy would be to revisit the entity's mission, vision together with its niche. This is for the assessment of whether they still hold the intended relevance. In case, they have become irrelevant; then the strategy would dictate that they be revised. This is because well-crafted concepts mentioned above have the propensity of sufficiently serving the business in the best manner possible into the future. Lastly, a viable organizational level strategy would be the development of benchmarks that can be used in measuring progress in light of the accomplishment of the organizational objectives. The benchmarks identify the ways in which the objectives can be attained.
Appropriate HR functional level strategies
Most profitable entities have pointed out that their successes have emanated from the efficient management of the human resources in the firms. As a result, managing the workers encompass finding a balance between their aspirations, as well as, the goals with those of the organization. By ensuring that employees perform their work in the most productive manners, the human resource will ensure the prosperity of the business. Therefore, having functional HR level strategies is significant because of the support offered to the organizational objectives.
A significant strategy on HR would be based on staffing. The strategy ensures that an organization would be properly staffed and thus pulls the human resources it requires. This strategy encompasses performing a design of the structures of the company in order to identify the form of contract that every employee can work under leading to the recruitment and development of the right people. Once the above strategy is accomplished, a second strategy of ensuring that the workers are effectively motivated would be put to place. An emphasis should be put on this strategy for the maximization of performance levels of the workers.
Recommendation of wide organizational programs.
Setting up of human resource policies is necessary for the provision of support to various administrative functions, management of performance, workers relations and also resource planning. The wide organizational programs are as a result significant in providing the guidelines that Latitude Financial Services can put in place in hiring, training, assessing and rewarding its workforce. As a recommendation some of the policies that can be applied for the attainment of the strategies mentioned above includes the following:
Employment practices, as well as, placement- this policy should include such factors as working hours, performance reviews, rules detailing work safety and lastly disciplinary actions to be undertaken in case of irresponsible behavior.
Compensation and benefits- this is a policy that should put proper channels of compensating the workers upon completion of the available work.
Question 2
Major implementation issues.
Organizations are often massively powered by their workers. It is because of this that effective human resource strategies are fundamental for ensuring productivity, as well as, maximum success for the organization. As a result, identifying the areas that would only culminate to high-level success is important for any human resource professional. In light of this, significant implementation issues often arise regarding the human resource strategies that have been mentioned above. Some of the implementation issues touching not only on the human resource strategies but also the organizational strategies are as mentioned below.
A significant issue here is the leadership development that has been witnessed in several organizations in the world over. ("Human Resources Management in New Zealand", 2016) Because of the magnitude of the issue, some quarters have made steps towards ensuring that it becomes an essential strategic initiative in companies. As an issue, different entities have experienced the challenges regarding the provision of fundamental structures, tools, organizational processes and the points of view for making only the best selections and also developing future leaders of the entity. Therefore, critically looking at this issue of implementation would largely boost the prospects of Latitude Financial Services.
Another issue of implementation of the above strategies touches on the issues of keeping up to date with the regulatory frameworks, as well as, the safety of the employees. It is important to keep up with the requirements of such regulations as per the governing laws dictate. (Mayhew, 2016) This has been a contentious issue because some companies have blatantly disregarded the regulations leading to several consequences such as deregistration. This thus proves the fact that organizations should at all times pay adherence to the set stipulations. In conclusion, the above article has presented a discussion on the issues centering on human resource management. This has been in relation to the Latitude Financial Services.
References
Guthrie, J. (2001). High-Involvement Work Practices, Turnover, and Productivity: Evidence from New Zealand. Academy Of Management Journal, 44(1), 180-190. http://dx.doi.org/10.2307/3069345
Human Resources Management in New Zealand. (2016). Hrinz.org.nz. Retrieved 4 June 2016, from http://www.hrinz.org.nz/Site/Resources/hrm_in_nz.aspx
Mayhew, R. (2016). Purpose of HR Policies & Procedures. Yourbusiness.azcentral.com. Retrieved 4 June 2016, from http://yourbusiness.azcentral.com/purpose-hr-policies-procedures-2055.html
The Seven Components of Organizational Stability. (2016). Advocatesforyouth.org. Retrieved 4 June 2016, from http://www.advocatesforyouth.org/publications/publications-a-z/612-the-seven-components-of-organizational-sustainability-
