BUSINESS PERFORMANCE

Give examples of how business performance can be evaluated 500

Business performance management entails the setting of corporate goals; close monitoring of the method used to achieve the set goals and creating avenues through which manager effectively contribute to achieving the goals. Every organization must continuously measure business performance through dedicate resources and effort in collecting and analyzing data to identify the leeway and provide the necessary measure to identify prosperous areas and non-performing areas in the organization.

Different methods could be utilized in evaluating business performance, including assessing the financial statements, checking customer satisfaction, admission of new customers, conducting performance reviews, staying current on the market and evaluate your expectations. Evaluating business performance through analysis of the financial statement entails finding out how much money the company is generating. More significantly, analysis of the financial statements provides a measure of the profitability of the business showing ether profits or losses within a specified period. The balance sheet shows the financial position of the company, providing a more in-depth understanding of what the business owes and owns in terms of assets and liabilities. The cash flow statements provide information on cash liquidity in the company. The financial report considers the profitability of the business; hence it is an essential method of measuring business performance (Albrecht et al., 2015).

Checking customer satisfaction is considered a considerable measure of business performance. Usually, where customers aren’t satisfied either by the products sold or services offered probability, the customer does not revisit the business and no referrals from family members or friends. This means loss of customers resulting in a low sale, and poor performance of the issue is not handling rightfully. Customers satisfaction could be measured through the use of surveys, reviews and customer rating on services offered. Customer feedback is quite essential and most times add new features in business software to solve their issues and concerns.

Identifying the number of new clients the business has admitted with a specified period could be a considerable measure of business performance. Through the sequence, the company would be in a position to actions success and predict growth. If the business realizes no increment of customers, it is essential to adopt better marketing strategies. Client list with emails address will serve best in analyzing the number of new admissions in the company. By averaging new customer addition, one can predict how business performance in general. Conducting performance reviews is also a better way of determining business performance. This method entrusts employee as essential elements in the organization and analyzes how the employees are performing. Performance reviews could be conducted either quarterly or yearly depending on the organizational guidelines and determine how satisfied the employees are when performing their duties and how effective they complete their responsibilities within the organization. Performance reviews highlight areas for improvement and provide greater insight into the employees’ workload.

Staying open to the current market helps the manager to stay updated on the current trends and how the market is doing in comparison with the business. Where this analysis finds the competitors doing well then your company, the managers have to devise ways to cope up with the market. However, if the business and the competitor in the market are at par, it is always advisable not to relax but rather to continue to position your business to greater heights in the market. Lastly, it is essential to assess the company’s expectations. This method depends on the manager feels. For instance, as the HR personnel, how do you think the business is doing?. achieve success, it is essential to strive and optimize the available resource.

Explain how HR supports the business to maintain performance through business planning and change management 500

HR helps Iis very crucial to maintain performance in business organizations through business planning and change management. Business planning consists of the strategies the company will put in place to achieve the set goals and company objectives. The plan focuses more on profit-making while pointing out the possible risks involved in the business undertakings. Business planning is identified as an ongoing process that anticipates and prepare the HR for changes that may occur in the process of business implementation cause. It is the responsibility of the HR in an organization to coordinate and support other senior staffs in drawing and implementation of relevant plans on the area touching the human resource involvement and participation. To achieve success, HR has the responsibility to align the HR functions with the business plan and to actualize the full potential of the workforce in the business operation. The HR professional concentrate on aligning HR strategy on the vision and mission to realize the full potential and create the value of the business that motivates the employee’s to achieve the set goals in the organization. Through business planning, HR support on the importance of business culture and how dysfunctional culture affects HR strategies (Breaugh, 2014).

The HR professional ensures performance by attracting, retaining and selection of the most talented employees centred on a culture pegged on progressive vision and strategy, especially when drawing up the business plan and enhancing better financial rewards. The HR support o resource allocation entails placing the right employees on the in the right roles and at the right time to maintain performance. The HR personnel define every aspect of hiring employees, coordinating with the management team to establish a profile of the roles and the specification of the candidate who best suits the position. The HR effort in designing and developing the design of the organization is essential in maintaining business performance. The support is channelled towards establishing new systems and processes that not affect one area in the organization but affect the whole production of the company. By developing people-based strategies, the HR Professionals guarantees consistency of alteration across the organization. The HR support on employees’ training and development ensures strategic growth in the company. Through training, employees are equipped with sufficient skills necessary for quality products, reduced work-related accidents and minimal redundancy in the work station.

The HR support on training programs as part of business planning enables the business to achieve set goals and objectives. HR professionals have access to objective data. Therefore they got the privilege to offer insightful ideas and advice on how to support employees to achieve a competitive edge in the market. The HR plays a vital role in managing change in organizations, including implementing internal changes as required by the stakeholder or even changes in favour of outside forces. To maintain performance, the HR ensures change identification, development and implementation in the most respectful way. The difference is an ongoing aspect in the HR profession, and the organization needs to consider any change initiated by the HR to achieve a competitive edge in the market (Mone, London & Mone, 2018).

BUSINESS DATA

Assess three different sources of business data and how this can be assessed and used for planning purposes 500

There are two major sources of business information; internal information and external information. The Internal information within the organization consists of data collected from within the organization fed on the Human resource information systems (HRIS). HR metrics is one of the great sources of private information in an organization. The metrics consist of information pertaining time to hire, cost per hire, performance and employees’ potential and employee engagement rating. From the Humana resource information system, it is possible to gain sufficient data or information on the common HR functions, including employee recruitment, performance management and talent management. The HRIS supports the Applicant Tracking System (ATS) which provide basic information on the number of employees who applied, their CVs, among other details. It also provides recruitment procedure, source and selection.

Demographic data is a key source of internal data obtained from the HRIS employees’ record. The information found here includes the number of employees present, their gender, names, IDs, residence, dates of birth, position held, contract termination dates, departments and cost centre specification among other details. The demographic information is essential during analysis as a control value. Performance information systems (PMS) forms part of the private information found in the HRIS and consists of performance management information, including employees’ reviews and performance ratings. Learning management system provides the source of HR information which entails registering employees’ progress mainly used by the finance department for expenditure and other external courses. Company’s customer management systems ( CRM data) provides various information regarding customers including customer tastes and preferences, buying habits and tendencies, customer behaviours and customer bargaining power among others (Cleary & Quinn, 2016). Company’s financial data is the greatest source of information in any organization. Through various financial documents, including the balance sheet, the income statement and cash flow statement, it possible to get sufficient information for analysis in the organization. Production management data is also a remarkable source of private information, including information on service calls, delivery speed, and delivery rate, among others. Sales data from the company records are the key source of private information, including sales per day or per specified duration of time.

External information is essential in every organization that aims to stay relevant and competitive in the market. The information is concerned with what is happening beyond the company boundaries such as trends in HR, competitive information and government information. Trends in the HR, including the adoption of artificial intelligence and creating innovative HR solution, provide the HR with trending information in regards to technology uptake in the HR department. The information gained from the HR trends promote employee engagement, provide measures to reduce sexual harassment, conflict handling procedure, expand corporate willingness and diversify company operations. The trends information are readily available on the internet, social media platforms, newspapers and other telecommunication devices, including the television. The information readily available on the internet, journals, newspapers and magazines provide sufficient data for a company to enhance competitive advantage in the market. Government publications are a major source of business information. The government gazettes new laws, programs and procedures that govern business operations within the country territories. The government also requires all publicly held business organization to gazette their financial documents in the government paper for the public to gain insightful information when deciding on the company to invest.

Comment on how you will transfer the new knowledge and skills gained during this assignment into working practices 200

Human capital is an essential term that talks volumes around cutting edge commerce. In the right two words, it epitomizes a whole financial worldview that looks upon representatives as an asset to be utilized. At the same time, organizations compete to command theirs out of line share of their markets. If employed as the HR in an organization, I am in a position to determine how well the company is performing by applying the insightful information gained through this study. I am in the position to compare the results of the initiatives to objectives and evaluating how the company managed to meet its target. I will also transfer the skill gained on financial indicators in evaluating business performance in the company. From different sources of information, I am in a position to identify both external and internal sources of information in a company. As the HR, I will be in a position to ensure customer satisfaction to increase the customer base and achieve a completive edge over the company’s rivals in the market. To ensure effective product quality and returns, I will consider different product quality indicators. Lastly, I will ensure employees job satisfaction and training through establishing training programs and motivations products to retain the most talented and focused employees

Reference

Albrecht, S. L., Bakker, A. B., Gruman, J. A., Macey, W. H., & Saks, A. M. (2015). Employee engagement, human resource management practices, and competitive advantage. Journal of Organizational Effectiveness: People and Performance.

Breaugh, J. A. (2014). Relationships between recruiting sources and employee performance, absenteeism, and work attitudes. Academy of Management Journal, 24(1), 142-147.

Cleary, P., & Quinn, M. (2016). Intellectual capital and business performance. Journal of Intellectual Capital.

Mone, E. M., London, M., & Mone, E. M. (2018). Employee engagement through effective performance management: A practical guide for managers. Routledge.

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