Are people always a company’s most valuable asset?
Please review the doc file named ‘WEEK 8’ for 2 part question. Additional material is attached to aid in part 2.
Requirements: 8-10 pages
Part 1
In this assignment you will:
Are people always a company’s most valuable asset?
How do human resource operations impact a company’s HR business strategy?
Discuss the myriad of human resource functional areas (including but not limited to: Recruitment, Training and Development, Performance Management, Compensation, Benefits, Employee Relations, Ethics and Succession Planning) and how HR can ensure alignment with the company’s strategic priorities.
Examine how a company evaluates their strategies and HR implementation.
Discuss how companies can leverage diversity to their strategic advantage and provide specific examples/scenarios.
Describe the challenges HR professionals face today in a global environment and their evolving role.
You have options for how you may present your Capstone Project, including the following:
A written reflective essay (8-10 pages-not including the CUC cover, title, or reference pages)
PowerPoint or Prezi presentation (20 slides-not including the reference slide) (click for help in creating a PowerPoint presentation, and for creating a Prezi.)
All presentations must be submitted via Word document. For all presentations that are not in an essay format, insert your presentation slides into a Word document or paste the link to your online presentation into a Word document and submit that document as your assignment. Notes in the form of a professional-quality handout must accompany all presentations other than essay format. The handout should contain what you would say if you were presenting to a board of directors or senior leadership of an organization.
Your well-written and well-developed submission should meet the following requirements, regardless of the presentation format you choose:
Include the CUC cover page, introduction, a conclusion, and a references page.
Use a minimum of 8 credible sources that are cited within the essay or presentation.
Include proper citation of any graphs or figures that you do not create yourself.
Be formatted according to the 7th edition APA form and style. If using the essay format, please use the provided writing template.
PART 2
Discuss what you have learned in this class and how it will assist you in achieving further professional goals.
What was the most valuable concept you learned about in this class?
What enhancements could be made to this class?
Post a substantive response to the question (minimum 250-300 words).
Amazon’s Global Success and International Operations
Maaz Sheeraz Khan
Concordia University Chicago
Managing Human Resources
08/13/2023
Amazon’s Global Success and International Operations
The modern business landscape is characterized by global connectivity, transcending geographical boundaries, and capitalizing on diverse markets. Amazon, a Fortune Global 500 company, epitomizes this global reach through its innovative strategies, diverse product offerings, and adaptability in the face of multifaceted challenges. In this essay, we will delve into what it truly means for a company to be global, examine Amazon’s remarkable success in the global business environment, explore the opportunities and risks inherent in becoming a global company, analyze the multifaceted factors affecting Amazon’s operations across the world, and finally, scrutinize how Amazon adeptly manages its international operations, from recruitment to training.
Globalization goes beyond physical presence; it signifies a profound commitment to expanding across borders, adapting to cultural nuances, and engaging with many markets (Culkin, N. 2023). Amazon’s global presence is a testament to its vast reach and its capacity to resonate with diverse audiences, making it a staple in households worldwide. Operating on a global scale necessitates an understanding of different cultures, market trends, and regulatory environments. Amazon’s ability to cater to these diverse aspects exemplifies its global stature
Success in the Global Business Environment
The customer-centric strategy, creative business models, and constant adaption that Amazon has employed have contributed to its success in the global business climate. It started as an online bookstore that opened the door for expansion into e-commerce, cloud computing, and entertainment streaming (Amiri, S., & Vida, V. 2023). Amazon has stayed ahead of the curve by remaining flexible, seizing new possibilities, and remaining relevant in a world that is changing quickly.
Opportunities Risks, and Considerations in Global Expansion:
Opportunities
Market diversity is a chief advantage of global expansion. Amazon’s reach allows it to understand and cater to various consumer preferences and behaviors, tailoring its offerings to local demands. Economies of scale also play a pivotal role in its success; by operating globally, Amazon can leverage larger production runs, optimize logistics, and achieve cost efficiencies that smaller companies cannot replicate. Furthermore, its access to a global talent pool enhances its innovation and technological capabilities.
Risks
Navigating diverse regulatory environments across countries is a significant challenge. Amazon often faces regulatory scrutiny, ranging from antitrust concerns to data privacy regulations. Adhering to diverse labor laws and practices while maintaining consistent corporate standards can be complex. Additionally, fluctuating exchange rates expose Amazon to currency risks, impacting its financial performance in various markets.
Considerations
Localization is key to Amazon’s global strategy. Adapting products, services, and marketing approaches to align with local preferences and cultural norms enhances customer engagement. To ensure supply chain resilience, Amazon must strategically diversify suppliers and distribution centers to mitigate disruptions. Upholding ethical practices, corporate social responsibility and sustainability across diverse markets is crucial to maintaining its reputation.
Factors Affecting Amazon’s Global Operations:
Political
The company faces diverse political challenges, including regulatory hurdles and legal complexities. Amazon’s expansion into new markets requires meticulous adherence to varying regulations related to e-commerce, taxation, and intellectual property rights (Beugelsdijk, S. 2023). Furthermore, trade relations and international trade agreements can influence cross-border operations and pricing strategies.
Economic
Amazon’s operations are intricately tied to the economic conditions of each market. Economic fluctuations impact consumer spending patterns, affecting demand for Amazon’s products and services. Moreover, currency fluctuations can significantly impact the company’s revenues and costs in different regions, warranting vigilant risk management strategies.
Socio-Cultural
Understanding and adapting to cultural nuances are paramount to Amazon’s success. Consumer behavior, preferences, and shopping habits differ across cultures, necessitating tailored marketing strategies. Additionally, diverse labor practices and attitudes toward work-life balance require Amazon to tailor its human resources policies to each market carefully.
Technological
Amazon’s global success is intricately linked to technological factors. Access to reliable technology infrastructure is essential for the seamless operation of its online platforms, cloud services, and delivery systems. Embracing emerging technologies such as artificial intelligence, automation, and data analytics gives Amazon a competitive edge and enhances the customer experience
Managing International Operations
How Amazon addresses employment, benefits, salary, and training shows how well it manages its global operations.
Recruitment: Amazon seeks out local candidates with a thorough knowledge of the local economies and cultural dynamics. This strategy guarantees that the business stays aware of regional developments and client preferences.
Benefits and Compensation To recruit and keep top personnel in each market, compensation packages must reflect regional norms and cost of living. Amazon’s dedication to providing fair and competitive pay reflects its commitment to its international workforce.
Training: Ongoing training initiatives improve workers’ abilities, encourage cross-cultural understanding, and encourage adherence to Amazon’s basic principles. This all-encompassing strategy guarantees a strong organizational culture and effective international operations.
The success of Amazon on a global scale is a shining illustration of how a corporation may prosper by embracing the difficulties and possibilities of the international business environment. Its capacity to adjust to various markets, deal with complicated situations, and oversee global operations demonstrates a diversified strategy that has helped it reach its current position as a globally recognized firm. The journey of Amazon serves as a reminder of the significance of customer-centricity, strategic agility, and moral integrity for attaining global business excellence.
References
Amiri, S., & Vida, V. (2023). Analysis of marketing strategic issues at Amazon. SEA-Practical Application of Science, (31), 3-13.
Banerjee, A. (2023). Amazon’s Acquisition of Souq. Com: Synergies in the GCC Region. NeilsonJournals Publishing.
Saittakari, I., Ritvala, T., Piekkari, R., Kähäri, P., Moisio, S., Hanell, T., & Beugelsdijk, S. (2023). A review of location, politics, and the multinational corporation: Bringing political geography into international business. Journal of International Business Studies, 1-27.
Simmons, R. D., & Culkin, N. (2023). A policy framework for supporting high growth potential firms. Emerald Open Res, 5(10), 10.
Evolving Total Rewards system for Company
Maaz Sheeraz Khan
Concordia University
Managing Human Resources
07/30/2023
Evolving Total Rewards system for Company
In the dynamic environment of today’s enterprises, effective management of human resources has emerged as an essential component for achieving financial and operational success. A concept first presented in 2000, “total rewards,” has seen tremendous development since its inception, expanding to incorporate the strategic aspects of the employer-employee exchange while adjusting to the external influences and the complexity of an increasingly globalized business world. This essay analyzes the fundamental components of a competitive and desirable total rewards system, its importance in achieving strategic goals, the difficulties in striking a balance between a global workforce, generational issues in 2016, and the external forces that impact such systems. To demonstrate how these ideas are implemented in real life, the paper will analyze the Total Rewards philosophy of Company X, including its components, administration, and delivery, as well as its contribution to the organization’s expansion, prosperity, and overall success.
Elements of a Competitive and Desirable Total Rewards System
A whole incentives system that is both competitive and desired comprises monetary and non-monetary components that attract, motivate, and retain employees and engage them in their work. According to Tarigan et al. (2022), the financial details include basic pay, performance-based bonuses, stock options, and various incentive schemes such as profit-sharing and commission plans. Non-monetary features include a complete health benefits package, career growth possibilities, work-life balance efforts, flexible scheduling, employee appreciation programs, and comprehensive health benefits. Developing a comprehensive benefits package that meets employees’ requirements and expectations while fostering a sense of value and gratitude for their work is essential to success in overall rewards programs.
The total reward system can also be explained based on Company X. The Company’s entire rewards system incorporates compensation, offering a competitive base that serves as the foundation for attracting and retaining talent—additionally, variable pay structures, such as performance bonuses and incentives. According to Tarigan et al. (2022), this element’s vital role is to motivate employees to achieve individual and organizational goals. Company X also has a comprehensive benefits package that includes health insurance, paid time off, and other perks that enhance employees’ overall well-being and work-life balance. Further, the Company enhances the element of recognition and reward. Acknowledging and appreciating employee contributions through formal recognition programs, spot awards, and non-monetary bonuses fosters a culture of appreciation and reinforces desired behaviours. Regarding career development, the Company offers opportunities for skill enhancement that allows employees to grow professionally within the organization. This practice essentially increases employees’ commitment and loyalty.
Additionally, Company X commits its efforts to provide a work-life balance. Offering flexible work arrangements and family-friendly policies contributes to employees’ job satisfaction and reduces turnover rates. This strategy also creates a positive, inclusive work culture promoting teamwork and diversity (Li et el., 2023). These practices establish a healthy work environment, increasing employee engagement and productivity. Also implementing a fair and transparent performance appraisal process also ensures that employees understand how their contributions impact their rewards.
Role in Achieving Strategic Goals
On the other hand, a strategically designed total rewards system is a powerful tool for achieving a company’s strategic goals. Strategic management is a fundamental plan that creates the basis for decisions in the organization. It provides the overall decision-making guidelines by creating policies focused on attaining the organizational goals. It also assigns resources to implement the identified plans. Typically, company strategy is critical in providing organizations with a competitive edge. Firstly, it attracts top talent by offering competitive compensation and benefits, ensuring a skilled and diverse workforce. Secondly, it motivates employees to perform at their best through performance-based rewards, fostering a culture of high performance and productivity (Mio et al., 2020). By incorporating performance-based incentives, Company X motivates its employees to achieve individual and team targets, driving productivity and innovation. Besides, a holistic rewards approach, including recognition and career development opportunities, enhances employee engagement, fostering a positive work culture.
Thirdly, a comprehensive total rewards program contributes to employee retention, reducing turnover costs and retaining institutional knowledge. With a competitive total rewards package, Company X can attract top talent in the industry and retain high-performing employees. Further, Company X’s commitment to career development encourages employees to stay and grow within the organization, reducing the need for external hiring and saving on recruitment costs. This leads to a skilled, experienced, and committed workforce to the Company’s success (Tarigan et al., 2022). Lastly, aligning rewards with the Company’s values and objectives helps the total rewards system to drive the desired behaviours and promote the organization’s culture.
Perspectives and Challenges of Balancing a Global Workforce
Operating in a global business environment brings unique perspectives and challenges to balancing a diverse workforce for Company X. For instance. Company X must be sensitive to the cultural nuances of its diverse workforce and tailor rewards to accommodate different expectations and preferences. According to Bednar and Welch (2020), legal and regulatory Compliance are essential tools that must be considered while operating in a global business environment. Therefore, global workforce management requires compliance with countries’ labour laws, tax regulations, and benefits standards. Typically, compliance with these elements helps the Company to establish robust legal support. Additionally, discrepancies in living costs and currency exchange rates across countries may result in significant compensation disparities. These forms of disparities have the potential to affect employee morale adversely.
Further, effective communication and language barriers can hinder the dissemination of total rewards information and lead to understanding. Addressing these issues could also help Company X to deal with challenges related to remote teams, such as performance evaluation, employee engagement, and team collaboration. Company X adopts a localized approach to effectively balance a global workforce while maintaining its total rewards system’s core principles of fairness and equity.
Generational Considerations in 2016
In 2016, the workforce saw a diverse mix of generations, including Baby Boomers, Generation X, Millennials, and the beginning of Generation Z (Koksal, 2029). Each generation had distinct preferences and expectations regarding rewards. Baby Boomers valued job security, retirement benefits, and recognition for loyalty. Generation X sought work-life balance and opportunities for skill development. The move helped to ensure that Generation X employees were drawn to sabbaticals, professional development opportunities, and work-from-home options.
Further, Millennials desired purpose-driven work, opportunities for career advancement, and frequent feedback. Companies had to tailor their total rewards offerings to cater to these varied needs, ensuring engagement and satisfaction across all age groups. Further, as a younger generation, Generation Z looked for growth opportunities, technology-driven work environments, and a sense of purpose in their roles. Company X addressed these generational considerations by offering benefits and development opportunities tailored to each generation’s preferences and needs, fostering a harmonious and productive work environment.
External Influences Affecting the Total Rewards System
The Total Rewards system is greatly influenced by external factors such as economic conditions, industry trends, and labour market dynamics. Economic downturns may lead to cost-cutting measures that impact rewards, while a competitive job market can force companies to enhance their offerings to attract top talent (Anwar & Abdullah, 2021). Additionally, societal changes and legislative developments, such as shifts in healthcare policies or minimum wage laws, can also affect the components and administration of the rewards system. Staying adaptive and responsive to these external influences is vital to maintain the competitiveness and effectiveness of the total rewards program.
Therefore, Company X’s total rewards philosophy fosters a culture of appreciation, engagement, and growth. In terms of administration and Delivery, Company X’s HR team efficiently administers the total rewards program. They communicate the benefits regularly through the Company’s intranet, conduct workshops explaining the program, and address employee queries. The delivery of rewards, such as bonuses and recognitions, occurs through timely announcements and public ceremonies, fostering a sense of achievement and camaraderie (Knickmeyer, 2020). Additionally, Company X’s total rewards philosophy has played a significant role in its growth, prosperity, and success. The Company’s low turnover rate and high employee satisfaction scores reflect the effectiveness of its total rewards program. The program’s alignment with strategic goals has attracted top talent, boosted productivity, and contributed to Company X’s position as an industry leader.
Conclusion
In conclusion, total rewards have evolved into a vital and strategic approach to managing human resources for modern businesses. A competitive total rewards system comprises monetary and non-monetary elements that attract, motivate, retain, and engage employees. Company X’s exemplary philosophy illustrates the importance of a well-rounded package that aligns with employee needs and fosters a sense of value. Strategically designed, total rewards are crucial in achieving company goals, attracting top talent, motivating high performance, and enhancing retention. Balancing a global workforce poses challenges in cultural sensitivity, legal compliance, and communication barriers addressed by Company X’s localized approach. Generational considerations are vital as age groups have distinct preferences. Tailoring offerings fosters a harmonious work environment. External factors like economic conditions and legislative changes significantly impact the rewards system, necessitating adaptability. Company X’s total rewards program, focusing on appreciation, engagement, and growth, contributed to its success in attracting and retaining top talent. In today’s dynamic business world, a well-crafted total rewards system remains crucial for achieving organizational success and nurturing a thriving workforce.
References
Anwar, G., & Abdullah, N. N. (2021). The impact of Human resource management practice on Organizational performance. International Journal of Engineering, Business, and Management (IJEBM), 5.
Bednar, P. M., & Welch, C. (2020). Socio-technical perspectives on smart working: Creating meaningful and sustainable systems. Information Systems Frontiers, 22(2), 281-298.
Knickmeyer, D. (2020). Social factors influencing household waste separation: A literature review on good practices to improve the recycling performance of urban areas. Journal of cleaner production, 245, 118605.
Koksal, M. H. (2019). Differences among baby boomers, Generation X, millennials, and Generation Z wine consumers in Lebanon: Some perspectives. International Journal of Wine Business Research, 31(3), 456-472.
Li, C., Duan, X., Chu, X., & Qiu, Y. (2023). Total reward satisfaction profiles and work performance: A person-centred approach. Heliyon, 9(3).
Tarigan, J., Cahya, J., Valentine, A., Hatane, S., & Jie, F. (2022). Total reward system, job satisfaction and employee productivity on company financial performance: evidence from Indonesian Generation Z workers. Journal of Asia Business Studies, 16(6), 1041-1065.
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