Human resource management essay
Payroll- prompt and enough payment by the accounts department at Yahoo will also ensure that the skilled and highly trained workforce is tapped from the market and hired or recruited in the organization to assists in the production processes. For effective payroll mechanism then the finance department should work together with the human resource department (Head & Alford, 2015).
i. Costs- payment involves having an open-book system that is easy to understand and explain. The accounts and the human resource departments, therefore, need to form mechanism or software that they can easily use to determine the expected wage rate for every employee, depending on their level of education. This is an expensive process the Yahoo has to maintain (Jose & Mampilly, 2012).
ii. Risks- it is risky to keep payroll of the company in software because it can break down or fail to work and this will mean that that human resource and accounts have to do the same process again (Head & Alford, 2015). Also, system breakdown can also affect the process. Inflation may also affect the payroll mechanism of the organization by raising the value of costs and lowering the value of incomes.
iii. Benefits- prompt and enough payment by the accounts department at Yahoo will also ensure that the skilled and highly trained workforce is tapped from the market and hired or recruited in the organization to assists in the production processes (Berman et al., 2015). It is easy to tap more skilled and committed employees with good payroll system.
iv. Impacts- the natural flow of work since the employees are sure of their salaries at the end of the month. The easy flow of work improves the manufacturing process and ensures that quality products are produced by the company (Berman et al., 2015).
vi. Benchmark criteria- the internal benchmarking was used since Yahoo is an already established company with running processes and policies that the employees and the management are well aware of and can be related to the cost and outcome of production (Azis et al., 2013).
Essay on human resource management
Employee queries- human beings are people with frequent issues that need to be sorted out. In the same way, the employees at Yahoo may fail to understand some of the policies or systems that the company or they may have concerns about the management and running of the issues, therefore the company has provided them with the employee queries criteria that allow them to ask questions and seek for clarifications on anything that they may not be understanding about the firm (Jose & Mampilly, 2012).
i. Costs- this is a less costly procedure since Yahoo has created an online question-answering mode where the employees can look for answers to all their queries and concern without incurring any costs to the organization (Jose & Mampilly, 2012).
ii. Risks- it is risk-free because the employee is only given access to information that they are seeking for. Also, there are password and security requirements that ensure that only the employees of the firms can get access to such information about the firm.
iii. Benefits- Employee satisfaction is the topmost benefit. Once the employee is satisfied, then he or she can focus on being productive to the organization and giving positive results (Jose & Mampilly, 2012).
iv. Impacts- Yahoo can determine the frequently asked question by their employees and identifies ways of improving on the particular areas that the employees seem to have a lot of issues on.
v. Benchmark criteria- the internal benchmarking technique was used some of the employees were involved in the process by asking their opinions and ideas on some of the process and policies that Yahoo uses in its management and production system (Azis et al., 2013).
Turnover- this depends on quality production and market coverage. It involves processes like product promotion and advertising that encourages the people to use the goods and services offered by Yahoo organization.
i. Costs- this is a costly process because it involves processes like product promotion and advertising that encourages the people to use the products and services offered by Yahoo organization (Jiang et al., 2012).
ii. Risks- it riskier because the product promotion techniques may not be so persuasive or may fail to reach the targeted customers and hence the company may not make the expected sales to increase its profit margin (Jiang et al., 2012).
iii. Benefits- good product promotion will encourage the customers to use the goods and services that Yahoo provides and therefore the company will be able to make more sales and increase it profit margin (Jiang et al., 2012).
iv. Impacts- by engaging in this method, the company has been able to raise its capital margin and after that use the capital to expand its operations and size and cover more market.
v. Benchmark criteria- the competitive benchmarking standards provided the best approach to understanding how Yahoo controls all its revenues, profits and income and how it related to the method of production (Azis et al., 2013).
Strategic partnership- having a close relation with a similar business in the industry will ensure that Yahoo reaches a larger market. Also, this will assist the company to tap highly skilled personnel that can help in running its operations at relatively low costs (Armstrong & Taylor, 2014). Lastly, the process will also ensure that Yahoo has wide access to capital that it can them use to fund all its process and pay the employees promptly and encourage them to give their best in the production processes of the organization.
i. Costs- this is a very costly procedure because it may involve buying an entire business and funding all their operations (Mitchell et al., 2013).
ii. Risks- the company may fail to reach the target group of customers and make the expected sale (Jiang et al., 2012).
iii. Benefits- if the targeted group of clients is reached, then Yahoo can make more sale and improve on their profit margin (Mitchell et al., 2013).
iv. Impacts- positive results mean high income, and therefore the business will have enough capital to finance its operations (Mitchell et al., 2013).
v. Benchmark criteria- the strategic benchmarking was used to determine how Yahoo forms a linkage with other businesses in the industry and how the business has benefited from such links and partnership over the years (Azis et al., 2013).
Labor law compliance
Compliance- It the laws of the land that controls the operation of Yahoo in the market. Therefore by fully complying with the government by paying all the taxes at the correct time and keeping good updates of their financial records, then Yahoo will eventually do well and makes more profit (Jiang et al., 2012). This is because there will be minimal interferences from the government and the business can, therefore, put all its emphasis on coming up with cheap and efficient production techniques (Armstrong & Taylor, 2014).
i. Costs- it is costless procedure because it only involves updating and submitting the annual financial reports to the government. It also includes paying taxes promptly. These are part of the management and production processes that Yahoo caters for in its annual budgeting (Kerolina & Pougajendy, 2015).
ii. Risks- no risks are involved because the government has policies that it uses to ensure that Yahoo and other firms in the market comply with the law. However, high penalties may be given to the company if it fails to meet (Kerolina & Pougajendy, 2015).
iii. Benefits- it encourages employee loyalty and confidence to the company because they are sure that the government monitors the operations of the enterprise and ensure that all their products are of the required standards and are free of health risks (Jose & Mampilly, 2012)
iv. Impacts- employee loyalty and prompt payment of taxes encourage Yahoo to increase sales and make more income that it can then use to expand and improve its operations.
v. Benchmark criteria- the strategic benchmarking technique was used because Yahoo is a global business and therefore people around the world have different opinions about the functioning of the firm (Azis et al., 2013). It also involved sharing with the legal departments of the organization to help understand how the business compliance with the laws.
Branding- Branding differentiates Yahoo from other companies in the industry. It brings out the unique quality of the company and explains the advantages of the company’s products to the human resource (Kerolina & Pougajendy, 2015). Yahoo has an excellent and unique branding technique that appeals to many people around the world. Branding encourages the human resource to be creative and design more appealing brands that can improve the performance of the company (Head & Alford, 2015).
i. Costs- it is costly since the Yahoo has to identify and design a unique and attractive brand that has not been used in the market and that can attract the attention of their customers (Kerolina & Pougajendy, 2015). The company uses branding techniques to encourage creativity and innovation among the employees.
ii. Risks- it is perilous because the employees may fail to associate with the brand and therefore the company has to redo the whole process
iii. Benefits- if accepted by the employees, then Yahoo can make more sales and increase its profit margin.
iv. Impacts- more sales means high income, profits and revenues and hence the company can use the extra income to expand (Kerolina & Pougajendy, 2015).
v. Benchmark criteria- the internal benchmarking was used since Yahoo is an already established company with running processes and policies that the employees and the management are well aware of and can be related to the cost and outcome of production (Azis et al., 2013).
Top Three Benchmark Criteria
The top three benchmark criteria that were used in the analysis were internal benchmarking, strategic benchmarking and competitive benchmarking (Azis et al., 2013). The internal benchmarking involved active involvement of the employee at Yahoo and asking them questions based on what they felt needed to be improved in the human resource department (Azis et al., 2013). The strategic and competitive benchmarking criteria provided a mechanism that could be used to determine the close links between departments and how the company performs in the market in regard to its human resource management (Azis et al., 2013).