N300 Finance : Productivity and Profitability of the Organizations
Students must analyse the John Lewis UK Talent Management strategies, thinking about why they are effective for their chosen organisation and underpin this with a theoretical justification. Therefore, in-depth research is required. The portfolio should include:
1 John Lewis UK current Talent Management strategy including recruitment, selection, performance management, reward, training and development and equality and diversity
2 Identification of the relevant regulatory factors that impact this organisation and HRM practice in general; for example, Equality Legislation and Diversity
3 Identification of any environmental factors (e.g. societal views about socially responsible behaviours/practices or industry specific conditions) that might impact on HRM practices in your chosen organisation.
4 Identification and analysis of a core position(s) within the business unit/organisation (justify this choice) and make sure you develop detailed information about desirable job behaviours, knowledge, skills and attitudes that you consider key to effective performance in this role. This should include:
4.1 Job description
6. Recommendations on how these strategies could be operationalised.
Answer:
1. Consumer commerce standards
The commerce standards are the authorities who check whether the trading is done in a fair way and make sure that the consumers are not getting cheated on.
2. How can the research support the business to improve?
Researching and surveying the market would gather important information regarding the trade practices and the preferences of the consumers and that would directly help the organizations to enhance their profitability and productivity (Lonsdale et al., 2016).
3. Environmental factors that influences the HRM practices
A human resource strategy, that is successful that supplements the targets of the organization and environmental factors like competition in the market, the remunerations the labors get, the management of the workforce directly influences the HRM practices in a positive manner.
4. 1: What are the Standards of fair trading?
2: What are the factors that provides a boost to the productivity and profitability of the Organizations?
5. Main Aims
The chief target is to enhance the productivity and profitability of the organization.
6. Literature review
The trading standards decide how to investigate the issues of the consumers while trading and buying products. For an example, it can be said the organizations must educate the customers in order to stop the traders from cheating on them (Aspara, Chakravarti & Hoffmann, 2015). The organizations have to ensure that the customer does not get cheated on by dishonest traders. In UK there have been many rules and regulations regarding the safety of the both consumers and for the sellers. According to the rules and regulations the sellers should not use bait advertising technique or misguide the customers at any cost s that would be a punishable offence (Elshandidy & Neri, 2015). There should be no hidden cost or any type of hidden terms and conditions at the time of purchase. The sellers or the manufacturers has to ensure that they are not providing any product that is defective, if the customer gets any defective product, the concerned organization will have to change it as soon as possible to avoid any legal consequences (Lonsdale et al., 2016). The sellers also have to ensure the customer service after the purchase of the product. Apart from these, the manufacturer or the seller organization along with the buyer has to conform to the norms of trading implemented by the federal government (Wijen, 2014). The organizations who breaks these norms and the purchasers too if they violate any of these regulations will have to face the legal consequences. These regulations were implemented by the government in order to keep the trading free of any unfair activities or schemes that might harm the reputation of the commerce of the nation.
Thus to conclude, it can be said that the commerce standards actually protects the customers from the organizations who are inclined towards misleading the consumers and have a tendency to do business using unfair tactics. The regulations also protect the sellers from the customers who raise false concerns and make it difficult for the seller organization to keep their reputations intact. Thus the importance of Consumer commerce standards is undeniable.
References:
Aspara, J., Chakravarti, A., & Hoffmann, A. O. (2015). Focal versus background goals in consumer financial decision-making: Trading off financial returns for self-expression?. European Journal of Marketing, 49(7/8), 1114-1138.
Lonsdale, J., Schweppenstedde, D., Strang, L., Stepanek, M., & Stewart, K. (2016). National Trading Standards—Scams Team Review.
Wijen, F. (2014). Means versus ends in opaque institutional fields: Trading off compliance and achievement in sustainability standard adoption. Academy of Management Review, 39(3), 302-323.
Elshandidy, T., & Neri, L. (2015). Corporate governance, risk disclosure practices, and market liquidity: comparative evidence from the UK and Italy. Corporate Governance: An International Review, 23(4), 331-356.
