Expanding Technology and Dynamic Market †Myassignmenthelp.Com

Question: How to Do Expanding Technology and Dynamic Market? Answer: Introducation: Increasing competition in market, expanding technology and dynamic market are all pushing every organization forcefully to either improve or perish? Organizations are hence, under tremendous strain to alter their status quo in to something that is future ready. For every organization, thus; it is important to bring on board new leaders who as visionaries are ready to take the organization to next level. It is thus the onus of HR to build the leaders for future today. Amidst all these complex environments, the role and responsibility of HR in an organisation is very challenging as they have to deal with the policies and setups brought forward by the organisation (Dickmann et al. 2016). It is crucial for the management to recruit employees who are capable of delivering quality output that can enhance the business prospect for the organisation. HR is always on lookout for ways to build leadership capabilities. The HR initiative selected for the project is Leadership Development Programm e The project shall cover aspects like steps to creating the leadership development programme, time-period that shall be involved, what would be the necessary stages for its implementation, benefits it should provide the organization on its implementation, cost benefit analysis, ROI analysis, an evaluation plan to check its effectiveness. The Leadership Development programme or LDP will be focussed on creating a difference in capability of deserving candidates to build new skills, uncover their potential for leadership and also, take up new roles which would be instrumental in providing new direction to the functional workforce (Hong et al. 2016, p. 687) For the project, have selected a skill development organization in Singapore called G-Tec Computer Education Centre. It is an organization which provides quality education in Information Technology sector. The organization focusses on collaborating with Govt. under its various skill development programmes. Skill development programmes are an offering by the Govt. to the youth of the nation to upskill itself. There are various programmes for which skill development programmes are rolled out and for this private organizations join hand with Govt. to implement such programmes at grass root levels (Ehnert et al. 2016, p 91). Skill development organizations need to reach out to the youth, they must follow the parameters set by the Govt. in running the programme and training. Students are selected, training is conducted and finally placed into mainstream organizations. The youth gets employment at the end of the programme, sometimes even monetary benefits or other benefits when attending t he programme. The organizations receive payment from the Govt. after verifying the outcomes achieved. (To get paid for running the programme, Govt. applies certain terms and conditions to verify the outcome post which the payment is made) For such programmes, it needs to branch in to various locations with successful managers to manage the centres and its operations. There is importance of a leadership programme in the organization so that responsible heads are created for managing the operations and successful implementation and running of projects taken up by G-Tec Computer Education Centre. Currently, the organization faces challenges in getting the right people to look for good locations where youth could be mobilized, manage different centres, arrange for the day to day activities, prepare reports, trusting the designated person with money to run the business and lot of various issues to consider. Presently, there is need for constant guidance by the top management so that the centres are running appropriately. However, the fact that management people are not always available to look into such issues and indulge into them is a reality with expanding business (Chiang et al. 2017, p. 241). Hence a lot of people provided with the opportunity to run the business flee and there is high turnover ratio specifically in the centre manager positions. A proper leadership programme, if put in place for the organization, would assist the management to follow a set path to building responsibility into people and prepare them for the role (Namboothiri, 2016, p. 47). It would also assist the person designated as centre manager to be mentally and skill wise prepared for the role and the job responsibilities, would be able to conduct them and become beneficial to the organization in the long run and take up further new leadership roles. To build the case, a team was prepared which included the HR leader, Finance manager, a financial analyst from his team, a recruiter from HR team, Director of Operations and a consultant in organization development. All the team members in the committee gathered for discussion on the ongoing issue of high turnover of the position and related leadership positions at various times during a fiscal year. All agreed that the problem must be curbed and that a leadership programme if put in place would be a good platform to promote the loyal employees in the organization who have potential with mentorship as well as for new recruits with some exposure and experience into similar tasks into taking over the position with minimum time investment. The most recent HR data showed that the employee turnover ratio (voluntary) across divisions was 38%. Expense that was caused owing to the 38% employee attrition rate was calculated. It came down to basic four actions that followed post resignation from an employee voluntarily: Employee departure formalities (full and final payments, letter issuance, removing Employee ID from payroll etc.) Replacement recruitment Induction and training of the new recruit Conducting additional tasks by team members till the new recruit is ready There after the above four tasks were further broken down to direct and indirect tasks conducted by various team members in the process. In total, there were about 20 operations found out to be associated with an employees resignation. It was decided that a change needed to take place in TD format of HR and two types of training programs could be used. One needed to be customized as per new recruits and another for employees who are in the system. The financial analyst along with HR recruiter worked on the available data both from Finance and HR teams tried to calculate the costs associated with each resignation. They found out that the cost summed up to about 30% of the compensation of the employee. Furthermore, the review of the entire data revealed that for the 38% attrition caused, the annual compensation amounted to about $116681.02. At 30% compensation, the value stood at $35004 per year. It was then decided by the committee, the HR initiative for Leadership Development programme under TD should be introduced with the new training patterns to arrest the challenges currently being faced by the organization. That should lead to: Improved leadership with understanding of jobs and responsibilities that would be coming along Better induction and on boarding processes Better training Training focussed on sharpening skills required to fulfil responsibilities Important impartation of skills of presentation required for preparing reports and sending across suited to success of programme Human resource management of an organisation is responsible for hiring employees with appropriate skills and knowledge as it is essential or the organisation towards achieving a bigger goal. From recruitment to training, the management has to explore various segments to prepare the candidates accordingly. In addition to this, the human resource management is equally responsible to monitor the progress of the employees and track their performance. This helps them to understand the working patterns of the employee and accordingly strategize the developmental process. Cost-Benefit analysis As discussed by Boadway, (2016), the new Leadership Development programme would prove to be salient in the long run. However, training and leadership programmes implementation would incur certain cost for G-Tec Computer Education Centre. G-Tec Computer Education Centre used ROI and utility analysis to convert the benefits it would get out of implementing the leadership programme into numbers. Apart from direct and apparent cost, there would still be other costs. Costs during TNA, compensate the program designers, purchasing the training materials, media procurement like interactive training content, chart papers, handouts, computers, props etc. (Sturzenegger et al. 2016, p. 9). Apart from that, the training fees, facility cost, rental of training venue, trainer fees etc. Finally, the cost that would be incurred during training period in terms of loss of working hours, if boarding or lodging services would be required by participants, an also non-reusable training items (Sardi et al. 2017, p. 459). As stated by Nas, (2016), some of the long term and short term benefits Vis a Vis the investment/cost required in the LDP programme are, Overall improvement in behaviour of the top line More result oriented Focussed towards achieving the companys goals and objectives Leaders are better able to work on team cohesion and performance Leaders are more self-aware and work with transparency and authenticity Stability as the interventions of these sort keep them motivated and the motivation flows from them to team members Better managers, good mentorship, better prepared for job Improved governance and control on internal processes Better decision making and collaboration techniques Good documentation and suggestions in day to day operations Smoother implementation of ideas on leadership level It is important to remember, Value = Benefits-Costs. So, costs and benefits for implementing the LDP in the organization could be summarized as below: Costs Benefits Quantifiable Cost: a. Direct b. Indirect c. Initial d. Sustainment e. Procurement Benefits derived from quantifiable and non-quantifiable costs like quality, quicker response time etc. (Feuillette et al. 2016, p. 83). Non-quantifiable: a. Health b. Perception c. Opportunities d. Risks e. Political Financial benefits: a. Better ROI b. Avoidance of loss c. Faster break-even point Non-financial benefits: a. Better capability b. Faster availability with implementation of good strategies c. Improved quality d. Refreshed morale e. Better risk taking Return on Investment (ROI) ROI is calculated on the basis of : Impact on resources Time required to implement The committee agreed that LDP program was supposed to provide them with greater ROI owing to its long-term benefits. Committee discussed and expected the voluntary attrition to go down by at least by 10% for at least the coming 2 years. There would be an expected savings of $3500 annually (approx.) and $7000 over course of two years. The calculation of costs of conducting the LDP was approx. $1700. The net business impact over course of two years would be ($7000-$1700=$5300) ROI = [(Benefits-Cost)/Cost of investment] *100 Or, [$5300/$1700] *100 = 312% (approx.) Evaluation Having an evaluation plan in place to gauge the leadership development programs effectiveness both in the short and the long run is essential to keep a track on its effectiveness and bring in the essential changes by bringing in other interventions as and when required (Roach and Davis-Cooper, 2016, p. 9). To evaluate the effectiveness of the planned LDP programme, analysis needs to be conducted by using quantitative as well as qualitative methods (Connell and Burgess, 2016, p. 171). A case study thereafter could also be done. It is important to apply various methods to build a stronger case to the management, of course if they yield similar results (Hamdani et al. 2016, p. 1158). Not only that, various methods would give us different types of insights to the effectiveness of the programme. Criteria incorporated were on patterns of prevalent framework used to evaluate the effectiveness: Reaction and satisfaction of trainees Learning of trainees Application of learned knowledge as skills at workplace Organizational benefits achieved ROI Data collected could be from pre-training and post training feedback forms, self-assessment questionnaires, face to face interactions, assessment questionnaires, situational behaviour/aptitude tests, and performance indicators already in place in the organizations (Jones et al. 2016, p. 266). As put forward by Garca-Carbonell (2016, p. 273), some of the long-term evaluation could be around:- Changes in attrition levels Performance ratings over time Programme success ratings Employee engagement scores Rate of promotions Attrition rates It is important to note that apart from evaluation, monitoring the programme is equally important and should be accompanied simultaneously with a lot of interventions over period so that the trainees do not lost the momentum and accept the organizations initiative. Business Case Summary The initiative of developing and implementing a leadership development programme may be just what G-Tec Computer Education Centre requires at present to create a stable environment for its success. It is always a different case to convince the top management of the importance of the programme as it has a financial cost to it. It is evident that implementation of such programme however impacts an organization fairly or heavily at three levels: Employee Retention Since G-Tec Computer Education Centre faces this as their operational challenge, implementation of such a program would assist in retaining skilled, trained and experienced employees better. The costs involved post resignation have already been discussed earlier and as we see, it is a time and money consuming process. Hence, in the long run, with the change of job markets and economy, it would prove beneficial for the organization to maintain a good talent pool. Employee productivity with the leadership levels better trained and aware, they are sure to impact their teams with better strategy, functioning and better productivity. A good leader keeps the employees motivated and engaged. It ultimately improves the morale and finally the productivity levels. Successful projects with a good workforce at play who are tuned to the organizations goals and objectives, projects shall be completed with better success rates. That along with the ROI analysis pointing out at better returns, it is better for G-Tec Computer Education Centre to sit and do-nothing. Critical Reflective Analysis The business case gave me an insight into the day to day challenges mostly faced by organizations at small or medium scale who are cash strapped and may be working lean on workforce yet are working towards building a strong and productive workforce. Some of the key challenges faced by small organizations were very evident and showed me that times are tough for them to keep up with operations. They are cash challenged and lean on size. That requires them to put in more work hours to get more. Tiredness creeps in and leads to irritations, less motivation, even taking time out for health and family becomes an everyday challenge. In such organizations, HR is entrusted the task of keeping people motivated and on- toes whereas they themselves feel retaining and bringing in new talent to the organization would help but sometimes they must give in to the resignation requests of employees citing critical reasons. Also, keeping up with the current market conditions, trends in market is a challenge and often requires further investment. I also realized that task of OD consultant and HR is so complex when the organization faces such challenges to retaining good talent among scenarios where people may be eager to leave. In such an environment poaching the issue of bringing in change in leadership level by installing a training or a development programme often is met with no. I also realized finally the importance of good leadership skills. How important it is to be mentored as a leader even if one is a born leader to learn essential skills to be a good leader to people who may be working under me. The challenge I think is convincing top management to take up programmes which may be involving cost. However, HR faces the issue of convincing with data and time based evaluation plans the effectiveness of programme. Another challenge I faced was deriving the cost. How the measures taken up by the organizations could be converted to measurable facts. My learning has been immense understanding about good leadership. It is indeed important aspect of leadership was the path to success is by enabling others to grow too! In fact, small organizations are the places which require best leaders to keep the environment productive, motivated and relaxed. The leader provides the sense of assurance to people around that their time and talent is best utilized and that they are important. Employees get a sense of direction from them and notice that every initiative counts towards their success and success of organization. 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