BSS058-6 Strategy and the Global Competitive Environment Assignment Sample

Introduction

Profitability can be gained with a better strategy the global competitive environment
Consideration of human resource management has been focused on in this study
Future trends, potential impact, and different scenarios would be evaluated in the study

In this slide, a brief introductory aspect has been provided in a better understanding of the study. In order to have appropriate business profitability it is very essential that businesses should focus on having a better strategy for operating internationally. In this connection, human resource management has been considered in order to focus on the current trends and its impact along with evaluating different scenarios for the industry.

Identify key future trends in the industry

The government is planning vital events for employee well-being and safety (Tuzovic and Kabadayi, 2021)
The corporate training market size is growing at the rate of 8% from 2021-2030 (Allied market research, 2023)
Incorporating the principles of UNSDGs in human resource management such as gender equality, decent work, and economic growth (SDGS, 2023)
The hybrid model of collaboration

In this slide, an evaluation of future trends in the industry of human resource management has been identified with the support of considering the key aspect of PESTLE analysis. The entire analysis has six critical factors that are political, economic, social, technological, legal, and environmental. Referring to the political factor, the government is planning several vital events for employee well-being and safety, which are significantly one of the major aspects to be considered in the industry. Employees are the asset of a nation, which is required to be taken care of by government initiative and better practices. Moreover, in terms of an economical perspective, it has been noted that the corporate training market has significant growth with a rate of 8%. This refers that the maximum number of investment and economic aspects that are contributed to the training industry in terms of technical training, soft skill, quality training compliance, and other training programs.

The social factor is one of the most prominent aspects of an external environment referring to which it has been noted that the industry is significantly focusing on managing its human resources with the support of UNSDGs goals. For example, for decent work and environmental growth, gender equality is required to maintain better workplace conditions for human resources. Apart from this, a hybrid model of collaboration is also increasing soon after the emergence of COVID-19 has disrupted the entire workplace as well as its way of operating.

Working in the metaverse (Durana et al. 2022)
People analytics in recruitment and training
Considering labour laws such as International Labour Law (ILO) for better employee management (ILO, 2023)
Ethical and transparent business practices and policies for sustainability (Szabo and Webster, 2021)

In this slide, the remaining external environmental analysis has been justified such as technology and environmental. Metaverse is the most trending topic in human resource management, thus, working in the metaverse is a major trend in the technological sector. Apart from this, recruitment and training are being used for better management of training and human resource capability. Other than this, the technological aspect of Human Resource Management is highly increasing, which is gaining advantages in terms of building a better talent pool. Considering the legal aspect, International Labour Laws (ILO) are being considered by the organisation operating in the industry for better employee management along with avoiding a few aspects that can lead to employment protection legislation, security, human rights legislation, and better practices.

Furthermore, considering the environmental perspective of the future trend in the Human Resource Management industry the better maintenance of ethical and transparent business practices has been notified to be aligned with business practices and policies. It is very essential for an organisation to abide by these rules and regulations that can enhance the practices that can lead to a responsible contribution toward society as well as to the community. Therefore, being ethically responsible as well as maintaining transparent business practices in human resource management such as giving fair wages, and recruitment incentives. This can enhance and level of encouragement among the employees can significantly contribute to the better management of employees as well as the profitability of the organisation.

Assessment of the potential impact of the above-mentioned trends on the industry

Current situation in the HRM industry is critical in terms of employee health and safety concerns (GOV, 2023)
Government approaches and ILO would positively help the HRM industry to overcome issues related to the maintenance of employee wellness and safety (Tuzovic and Kabadayi, 2021)
Currently, 2 billion women are not afforded the equal economic opportunity (Worldbank, 2022)

The above identification of future trends indicates government support for employee wellness, incorporating UNSDGs principles in HRM, hybrid working, working in metaverse, using people analytics, considering employment laws, and maintenance of ethics and transparency are influential to the HRM industry. In particular, governments of different countries have been planning vital events to ensure employee wellness and safety. Related to this, findings indicate that the current situation of the HRM industry is critical in terms of employee health and safety concerns. This is because, in countries such as Great Britain, approximately 1.8 million workers suffered from work related illness in 2021/2022 (GOV, 2023). In addition, during the same period, approximately 565000 employees sustained an injury at their workplace as per the Labour Force Survey (GOV, 2023). Hence, government approaches related to the maintenance of employee health and safety have a great potential to impact the HRM industry in the future (Tuzovic and Kabadayi, 2021). Moreover, the maintenance of International Labour Law by ILO would also contribute to ensure sustainable growth of the HRM industry globally by ensuring a positive working environment for employees. Specifically, the impact of this future trend would be beneficial for the HRM industry in terms of providing a healthy and safe workplace to global employees.

On the other hand, the trend of incorporating principles of UNSDGs such as “Gender Equality” and “Decent work and Economic growth” in HRM would have positive impacts on the future of the industry. This is because according to the World Bank’s “Women, Business and the Law 2022” report around the globe approximately 4.2 billion, women are not afforded the equal economic opportunity (Worldbank, 2022). The report also revealed that approximately 178 Nations maintain legal barriers that are preventing the full economic participation of women (Worldbank, 2022). Therefore, the trend of incorporating gender equality and decent work-related sustainable development goals in HRM would positively assist the HRM sector to contribute to this global issue and create equal opportunities for men and women globally.

The trend of incorporating gender equality and decent work-related sustainable development goals would assist the HRM sector to ensure a decent working environment globally (Aybas et al. 2022)
In 2019, approximately 49% of people of different age groups and gender witness discrimination in the workplace (Glassdoor, 2019)
The trend of using people analytics would positively impact the HRM industry by reducing workplace bias and discrimination

Apart from that, the trends related to hybrid working models, working in the metaverse, and people analytics would significantly impact the HRM industry. This is because the increasing rate of hybrid working models globally would ensure greater flexibility to employees, which is beneficial for employee satisfaction and wellness (Przytuła et al. 2020). Furthermore, this trend would also help to reduce the mental stress of employees as it would help them to maintain a work-life balance, which would ensure the success of the HRM sector. On the other hand, the trend of working in the metaverse would help the industry to adopt updated and advanced technology at the workplace that would ensure the quick completion of regular jobs, as this would allow a virtual reality environment. However, this can also negatively influence employee wellness because virtual reality may disrupt the mental wellness of employees by increasing issues such as loss of balance, dizziness, and sweating (Conner et al.2022). Additionally, the use of people analytics in recruitment would help HRM to deal with issues related to discrimination and bias. As of 2019, approximately 49% of people of different age groups and gender witness discrimination in the workplace (Glassdoor, 2019). This indicates the chance of having biased recruitment in HRM that would be overcome through the trend of using people analytics. Hence, this trend would also positively impact the sustainable growth of the HRM industry.

Scenario grid with 4 scenarios

With reference to the HRM industry, four different scenarios are developed below-

Fairness and transparency has emerged as an integral part of HRM
extended emphasis should be kept upon utilising advanced technologies like people analytics
Marks and Spencer has partnered with TCS in order to digitally transform their entire HR functions

Fair and transparent HR practices

Fairness and transparency has emerged as an integral part of HRM activities in the present times. Different attributes are highly preferred by HRM practices in this regard including the prospects of gender equality and others. It can be signified with the example of Microsoft where distinctive attention is kept upon the promotion of gender equality within their HR practices. 80% of the Microsoft employees had disclosed the existence of subsequent gender equality within the workplace (Comparably, 2023). Apart from that, positive examples are also promoted by the organisation towards promoting gender diversity as well as maintaining equality as an integral part of ensuring fair and transparent HRM operations. Hence, this practice would play a leading role to empower the aspects of employee engagement and satisfaction by signifying valuable HR practices.

Innovation in HR

Distinctive innovation and technology advancement has also taken place in the HRM industry with an intention to improve the overall HRM practices and operations in an organisation. Due to this reason, extended emphasis should be kept upon utilising advanced technologies like people analytics and others that has been extremely fruitful for the development of recruitment and training as well as talent management from a corporate perspective. The HRM industry must also take into account the attributes of advanced analytics and machine learning solutions in order to signify HRM transparency and flexibility (Budhwar et al. 2022). The business organisations have also been attentive to conceptualise subsequent partnerships in order to ensure innovation in HR practices. Real business evidence can be highlighted for this scenario including the context of Marks and Spencer. The organisation has partnered with TCS in order to digitally transform their entire HR functions with an intention to deliver modern digital employee experience. Simplified and harmonized business operations and nature processes would be conceptualised through this digital journey as TCS has migrated 27 million records of Marks and Spencer employees with secure and seamless data connection across the landscape (TCS, 2023).

HRM industry needs to consider green HRM practices in order to emphasize sustainability
Companies are required to focus on outlining safety and wellness standards
Companies will have to prefer adequate policy interventions as an integral part of ensuring employee safety

Sustainable HRM

Sustainability is likely to be preferred by the HRM industry as a substantial parameter to empower the HRM practices. In this regard, the HRM industry would consider the scenario of ethical HRM practices and policies. This strategy would be extremely supportive for the HRM industry to empower their accountability with a clear focus on ethical HRM strategies in order to support sustainability. The provision of fair wages as well as recruitment incentive and others have been signified in this case. Along with this, the HRM industry needs to consider green HRM practices in order to emphasize sustainability (Amrutha and Geetha, 2020). As a result of this, the industry would be able to successfully enhance it’s effectiveness to ensure ethical and sustainable HR strategies.

Focus on employee safety

Businesses are extensively looking to ensure employees safety and wellness as a fundamental attribute within their HR vision and practices. In order to signify employee wellness, companies will have to prefer adequate policy interventions as an integral part of ensuring employee safety (Saks, 2022). Apart from that, adequate focus on employees safety and wellness would also be supportive to ensure a positive workplace environment based on which the HRM industry would be able to ensure extended employee engagement by referring to safe and secure HR practices through eliminating workplace discrimination. In this regard, the companies are required to focus on outlining safety and wellness standards as an integral part of driving the overall HRM industrial operations under the shape of employee wellness (Lazarević and Lukić-Nikolić, 2021).

Describe the scenarios

Gender equality and diversity can also ensure transparent HR outcomes
Extensive dependency on people analytics, advanced technologies like artificial intelligence
The evidence of Marks and Spencer eventually highlights their motive to digitally transform HR practices

The scenario of fair and transparent HR practices are usually with providing appropriate remuneration and wages to the employees along with ensuring distinctive fairness in the overall HR operations. Consideration of HR policies and practices related to the maintenance of gender equality and diversity can also ensure transparent HR outcomes with a clear focus on employee motivation (Infante and Darmawan, 2022). Similar consequences can also be highlighted from the perspective of technology advancement in the HR operations as a valuable future trend. Extensive dependency on people analytics, advanced technologies like artificial intelligence and others would be supportive to formulate flexible HR practices by complying with the trend of creativity and innovation in the HRM industry. The evidence of Marks and Spencer eventually highlights their motive to digitally transform HR practices as an integral part of coping with future industrial trends (TCS, 2023).

Employee safety and wellness is a valuable parameter to justify the focus of corporate HR practices
Sustainable HRM allow the achievement of ecological, social and financial objectives
The scenario of sustainable HRM would positively assist the HRM industry to ensure having positive impacts on people

On the other hand, employee safety and wellness is explicitly interrelated with the HRM industrial trends. This aspect can be described as a valuable parameter to justify the focus of corporate HR practices towards ensuring the aspects of safe and secure workplace environment. Sustainable HRM can be defined as consideration of HRM practices as well as strategies that allow the achievement of ecological, social and financial objectives, along with positively impacting inside and outside of an organisation (Tortia et al. 2022). Considering the perspective of the triple bottom line theory, it is evident that along with ensuring profitability businesses should also prefer having positive impacts on the planet and people (Lock, and Araujo, 2020). Hence, the scenario of sustainable HRM would positively assist the HRM industry to ensure having positive impacts on people and the planet along with ensuring profitability that is beneficial for its further growth.

Conclusion

The perspective of innovation has been identified in Human Resource Management
All of the future trends have a positive impact over the industry due to the possibility of offering opportunities
Several scenarios such as fair and transparent, innovation, sustainability, and focus on employees safety practices have been considered

Based on the evaluation, it can be concluded that innovation is highly increasing in human resource management, as a trend, which has a positive impact on the industry. Other than this, several practices such as sustainability, innovation, and fair and transparent approaches all of these are referred to as the defense scenarios in the industry that are growing.

Reference

Allied market research, (2023). Corporate training market by training program. [Online]. Available at: <https://www.alliedmarketresearch.com/corporate-training-market-A06445> [Accessed 7 February 2023]

Amrutha, V.N. and Geetha, S.N., (2020). A systematic review on green human resource management: Implications for social sustainability. Journal of Cleaner Production, 247, p.119131.

Aybas, M., Özçelik, G. and Uyargil, C., (2022). Can Decent Work Explain Employee-Level Outcomes? The Roles of Work–Family and Family–Work Conflict. Sustainability, 14(18), p.11488.

Budhwar, P., Malik, A., De Silva, M.T. and Thevisuthan, P., (2022). Artificial intelligence–challenges and opportunities for international HRM: a review and research agenda. The InTernaTIonal Journal of human resource managemenT, 33(6), pp.1065-1097.

Comparably, (2023). Gender Equality at Microsoft [Online]. Available at: <https://www.comparably.com/companies/microsoft/studies/gender-equality> [Accessed 6 January 2023]

Conner, N.O., Freeman, H.R., Jones, J.A., Luczak, T., Carruth, D., Knight, A.C. and Chander, H., (2022), November. Virtual Reality Induced Symptoms and Effects: Concerns, Causes, Assessment & Mitigation. In Virtual Worlds (Vol. 1, No. 2, pp. 130-146). MDPI.

Durana, P., Krulicky, T. and Taylor, E., (2022). Working in the metaverse: virtual recruitment, cognitive analytics management, and immersive visualization systems. Psychosociological Issues in Human Resource Management, 10(1), pp.135-148.

Glassdoor, (2019). Diversity & Inclusion Study 2019. [Online]. Available at: <https://about-content.glassdoor.com/app/uploads/sites/2/2019/10/Glassdoor-Diversity-Survey-Supplement-1.pdf> [Accessed 7 February 2023]

GOV, (2023). Health and safety at work. [Online]. Available at: <https://www.hse.gov.uk/statistics/overall/hssh2122.pdf> [Accessed 7 February 2023]

GOV, (2023). Health and safety statistics. [Online]. Available at: <https://www.hse.gov.uk/statistics/> [Accessed 7 February 2023]

ILO, (2023). Labour law. [Online]. Available at: <https://www.ilo.org/global/topics/labour-law/lang–en/index.htm> [Accessed 7 February 2023]

Infante, A. and Darmawan, D., (2022). Gender Equality: Women’s Involvement in Human Resource Management Practices. Journal of Social Science Studies (JOS3), 2(1), pp.27-30.

Lazarević, S. and Lukić-Nikolić, J., (2021). Importance of workplace wellness programmes in protection of employee health. Sport-nauka i praksa, 11(2), pp.91-98.

Lock, I. and Araujo, T., (2020). Visualizing the triple bottom line: A large‐scale automated visual content analysis of European corporations’ website and social media images. Corporate Social Responsibility and Environmental Management, 27(6), pp.2631-2641.

Przytuła, S., Strzelec, G. and Krysińska-Kościańska, K., (2020). Re-vision of future trends in human resource management (HRM) after COVID-19. Journal of Intercultural Management, 12(4), pp.70-90.

Saks, A.M., (2022). Caring human resources management and employee engagement. Human Resource Management Review, 32(3), p.100835.

SDGS, (2023). Do you know all 17 SDGs?. [Online]. Available at: <https://sdgs.un.org/goals> [Accessed 7 February 2023]

Szabo, S. and Webster, J., (2021). Perceived greenwashing: the effects of green marketing on environmental and product perceptions. Journal of Business Ethics, 171, pp.719-739.

TCS, (2023). TCS HELPS MARKS AND SPENCER REIMAGINE ITS HR FUNCTION AND ELEVATE COLLEAGUE EXPERIENCE. [Online]. Available at: <https://www.tcs.com/who-we-are/newsroom/press-release/tcs-helps-marks-and-spencer-reimagine-its-hr-function-and-elevate-colleague-experience> [Accessed 6 January 2023]

Tortia, E.C., Sacchetti, S. and López-Arceiz, F.J., (2022). A Human Growth Perspective on Sustainable HRM Practices, Worker Well-Being and Organizational Performance. Sustainability, 14(17), p.11064.

Tuzovic, S. and Kabadayi, S., (2021). The influence of social distancing on employee well-being: a conceptual framework and research agenda. Journal of Service Management, 32(2), pp.145-160.

Worldbank, (2022). Nearly 2.4 Billion Women Globally Don’t Have Same Economic Rights as Men. [Online]. Available at: <https://www.worldbank.org/en/news/press-release/2022/03/01/nearly-2-4-billion-women-globally-don-t-have-same-economic-rights-as-men#:~:text=WASHINGTON%2C%20Mar.,and%20the%20Law%202022%20report.> [Accessed 7 February 2023]

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