Organizing Human Capital Business Strategy

Organizing Human Capital Business Strategy

Human Resource Plan

Executive Summary

Biotech Health and Life Products is an expert food company, which has a variety of products, and services. The company embraces green technology for environmental sustainability since the Geraldine Barney started it. The company is on the competitive world of business and working on launching a new product name Infant Formula. The Company is headed by Maximillian Barney, the President, and CEO of Biotech. The company embraces a lot of research in food technology by engaging several foods consultants. Acceding to the global demands, the company is considering opening up branches in Malaysia, Philippines, Cambodia, and Indonesia. Biotech uses various analytical tools, such as PESTEL analysis, SWOT, the Porter’s Five Forces Analysis, to anchor itself to the global market considering its goals and objectives. Biotech management engages the stakeholders in the competitive analysis for understanding the market structure.

Biotech hires new staff with the help of food consultants. Biotech’s plan is to be headed by an Executive Director who is assisted by two Assistant Executive Directors. The communications director, Resource Manager, Operations Officer, and the business Management Officers are lined up in the future portfolio. Biotech adheres to effective communication plans, which act as the key to its success. The company is looking forward to anchor itself in the market using the new Infant Formula Product in places like hospitals. While looking forward to launching the new product, the company needs a comprehensive HR plan which is strategic. The company has developed a strategic human resource plan, which will see it through the future resource planning process.

Organizing Human Capital Business Strategy

Human Resource Plan

Human Resource is a crucial component for the success of any company. Successful companies have in place robust Human Resource Management (HRM or HR), which organizes the workforce, and manages human resources through effective planning (UMUC, 2019). Human Resource planning is a step, which involves the identification of the current, and future human resource needs in an organization. The planning process is paramount in ensuring the organization achieves its objectives. The human resource plan links the human resource management, and the overall strategic plan of an organization. Biotech also follows the practicable procedures of securing the useful human resource since its establishment (Noe et al, 2017). Biotech Industry uses various strategies in achieving its human resource personnel. The high number of ageing workers in the multiple industries has led to the increased demands for qualified workers in developing nations. Biotech faces similar fluctuations in the human resource engagements.

The human planning process at Biotech also follows the method of ensuring the human resource requirements of the company are identified, and the plans put in place to satisfy these requirements. Biotech defines workforce plan as a process through the organization tries to define labor by its demand. The management of Biotech recognizes the fact that the evaluation of the size, nature, and sources of human labor supply will ultimately determine the required levels of demand. Human planning process encompasses the following:

• Retention strategy
• Creating an employer brand
• Absence management techniques
• Flexibility strategy
• Recruitment and selection strategy
• Talent management strategy

Biotech Human Resource Strategic Plan

The planning process at Biotech defines what will be accomplished within a given set time frame as well as the numbers, and the common human resource needed to achieve the set objectives. Within the plans of the company are the number of human resources, the required levels of competencies, and the time when the resources will be required for the full functionality of the company.

Competency-based Management Style for Future Biotech

This strategy in human resource plan enables the company to integrate the available human resource planning with business planning paradigms (Wright, 2018). The method is achieved by permitting the company to access the current condition of the human resource capacity considering their competencies against the level of the required capacity for the company to achieve its vision and mission statements (UMUC, 2019). The management of the company then designs the targeted human resource strategies to address the existing gaps if any. The identified plans, and programs can then be implemented to close on the gaps existing within the human resource as a capital. The management of Biotech can then evaluate the strategies, and plans regularly to ensure the organization is headed in the right direction in terms of planning, and managing the human resources. The HR of Biotech is in the constant systematic planning process, which allows the organization to achieve the best the best out it human capital (UMUC, 2019). The HR planning at Biotech aims at realizing the best fit between jobs, and the employees while evading the workforce shortages. The forecasting on the labor demand by the Biotech HR enables the company to analyze the present condition of the company, and thus, balancing the demand and supply of the projected labor.

The Implementation the Stages of Biotech Human Resource Strategic Plan

The implementation Stages are as follows;

• Assessing the Current HR capacity– For the amicable strategic plan, the company needs to develop the skills catalogue for the employees so that the structure of the staff, and what each one of them holds become clear (Vargas et al, 2016). This catalogue should be robust enough to contain every information from the certifications of all degree to the volunteer activities. From these catalogues, the management, and the HR can identify whether an employee is ready to task himself with additional responsibilities, or the company should focus on the future development plans for the employee.
• Forecasting HR requirements– forecasting the conditions includes projecting the needs of HR for future strategic goals. While predicting the HR requirements, the management needs to accommodate both the external, and the internal environments of the company, and how those factors affect the company (Noe et al, 2017). The forecast on the HR requirements includes demand forecasting, and supply forecasting. Demand forecasting will detail the process of determining the needs in human resources. The needs can be in terms of the quantity, and quality. Supply forecasting identifies the currently available resources, and whether they can meet the required threshold of demands.
• Gap Analysis– the management of the company during this step, will make current observations about the company, and what the future holds for the company. In this step, the management of a company, and the HR will identify the skills evaluation, the employee count, and make comparisons to what will be needed to achieve the set objectives (Vargas et al, 2016). When doing the gap analysis, there are pertinent questions the management must ask. Such question includes:
• What new skills will we need?
• What new jobs will we need?
• Are the current HR practices enough to meet the future aims?
• Are employees in the company aligned to their strengths?
• Do the current employees have the necessary skills?
• Developing HR strategies in line with the overall strategies of the company– this step is very important to any company, which want to achieve competitive advantages like the Biotech Asia. To develop the HR strategies to support the strategies of the organization, the management and the HR are required to meet five HR strategies.
• Recruitment strategy

This strategy involves recruiting new personnel who already have the skills the organization will require in the future.

• Training and development strategy

The current staff should be trained, and exposed to development opportunities so that they can take up new roles in the company.

• Collaboration strategy

Collaboration strategy includes learning from other organizations how they do things. This strategy allows the employees to gain skills, and knowledge, which perhaps was not available in their company.

• Restructuring strategy

This method is meant to regroup tasks, and reduce the staff to create jobs, which       are well designed. The reorganization of the work groups is also meant to enable the remaining employee perform their work efficiently.

• Outsourcing strategy

Outsourcing is a common strategy used by international companies. The strategy is seemingly working well for organizations with international competitive advantages. Achieving more outsourcing at Biotech will require the HR to outreach the external individuals or even agencies to complete certain tasks in the company. Outsourcing is a positive exchange program among the employees.

Recruitment Strategies

The HR of various companies work tirelessly to ensure the various recruitment process, and the new employees are successful for the benefits of the organization (Vargas et al, 2016). The Biotech Company is one of the companies, which considers hiring process an integral part in running its daily businesses. Hiring process is cumbersome owing the fact that the company is trying to engage new employees in a new environment. There are employee recruitment strategies which help HR in arriving at competent recruits. The strategies for improving the hiring process include;

• Creation of job post that reflect the company
• Develop a clear employer brand
• Use technology such as social media
• Explore the niche job boards
• Consider the college recruiting
• Invest in the Applicant Tracking System
• Conduct quality interviews

Factors Governing Recruitment

Factors governing recruitment are categorized into external and internal factors. The internal factors are those that can be controlled by the organization. The external factors are those, which the organization has no control over.

Lucid Chart for a Strategic HR Plan

Companies have gone high-tech in the past decades following the invention of cloud computing, and storage services. LucidChart is one technology every company must be thinking of investing for the documentation process. The strategic human resources plan should be documented for various purposes. Biotech Company records its strategic HR plan to standardize the process of planning for repeated success. Better evaluation techniques also require documentation so the company can know which sections of the plan needs work. A properly documented plan also allows the HR to communicate the plan the organization so every person in the company can ensure the plan works for the benefit of the company. Lucid Chart templates provide amicable documentation solutions for many companies. The Chart contains an interface, which makes the complicated process of explaining HRM easy. The Chart provides better solutions for cross-platform collaboration, and visual communication. The application is also a cloud-based web platform where every person can develop the interests to learn, and collaborate in real-time.

References

Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Human resource management:          Gaining a competitive advantage. New York, NY: McGraw-Hill Education.

UMUC. (2019). Communicating in the Workplace. Retrieved from Improving Communication     effectiveness:

Vargas, N., Lloria, M. B., & Roig-Dobón, S. (2016). Main drivers of human capital, learning and performance. The Journal of Technology Transfer, 41(5), 961-978.

Wright, P. (2018). Fundamentals of human resource management. Management, 5, 27.