Sunday, February 2, 2020
Mark & Spencer Essay Example | Topics and Well Written Essays - 2250 words - 1
Mark & Spencer - Essay Example The analysis has been carried out using Key performance indicators (KPI), which are essential in determining the nature of performance being shown by the company, has been outlined in the appendices. The balance scorecard and the strategy map formulated can serve as an effective guiding tool for the company, which when followed in a proper way, can be utilized to predict its effective future plan. This study contains suitable recommendations based on the key parameters used for the purpose of analysis which can serve as a benchmark for the company to evaluate its performance thereby comparing them to the performance of other peer organizations. The recommendations made can contribute significantly towards the identification of the companyÃ¢â¬â¢s strength and weaknesses in the HR division and help it to bring about improvements in its financial and non-financial performances. In the end, critical discussion and evaluation has been done suggesting the usage of balanced scorecard anal ysis and strategy map. Table of Contents 1. Introduction 4 2. Vision and Strategy 4 3. Balanced Scorecard for Marks and Spencer PLC (Human Resource Division) 5 3.1. Financial Perspective 5 3.2. Customer perspective 6 3.3. Business Operations perspective 6 3.4. ... Having a worldwide presence, M&S offers varied line of products to its customers ranging from clothing; home ware and food retail (Reuters, 2013). The report will conduct a thorough analysis of the human resource division of M&S thereby identifying its vision and strategy. In addition to that, a balance scorecard and strategy map will be formulated from the Human Resource Division perspective depicting the alignment between the strategies adopted and their significance towards the companyÃ¢â¬â¢s goals and targets. 2. Vision and Strategy The HR team of M&S deals with Ã¢â¬ËpeopleÃ¢â¬â¢ side of the organization which adheres to find the right mix of talented people to join them and then ensuring their happiness & growth alongside the growth of the company (Marks and Spencer, 2013). Their vision is to employ a rigid and disciplined workforce where the leadership team along with the workforce will ensure that all their tasks are directed towards the achievement of the strategic obje ctives (Marks and Spencer, 2013). Their focus lies in making the workforce understand their strategy, embrace it and motivate them towards supporting strategy execution. In addition, they also want to ensure the integration of a competent workforce (especially people holding the key positions) and imparting them the necessary knowledge and skills through various training programs whereby, the workforce can be of significant contribution towards achieving sustainable success (Huselid, 2005b). The strategies of M&SÃ¢â¬â¢s human resource division can be best explained by the HR architecture that they follow. Employing the right mix of qualified HR personnel whose competencies can be aligned to the needs of the business (Marks and Spencer, 2013).