A business consists of several departments working together towards achieving a similar set of objectives. Human resource department is one of the important departments in an organization since it is charged with the responsibility of recruiting employees, placement, and reward in the business. Therefore, it is essential that an organization strategically manage its affairs in order to maintain its operations and increase profit margins. For an upcoming business, human capital planning usually involves developing a strategy for hiring, managing, training, developing, and retaining top performing employees. In addition, the business should align the human capital plans with the goals, objectives, and missions of the business through immense planning, analysis, and management of the human capital plans.
To start with, my business will involve retail and online store; therefore, in order to come up with the human capital goals it is important to understand the gap between the current and desired terms of this type of business. The main human capital plan for my business includes, coming with a strategy that enables recruitment, hiring and developing employees who match the skills required to perform the job assignment, that is, employees with the best talent who effectively market products and make huge sales. Further, the business aims at appraising employee performance, awarding each employee based on performance, and his or her value towards the business standard as a way of continuously developing skills of marketing and sales. Finally, the organization aims at retaining hardworking and dedicated employees who meet the customer expectations, the visions of the organization and are able to perform within the budget constraint ( Kearns, 2010) .
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In order to accomplish these goals and objectives for my business, I will design appropriate strategies and policies to achieve those goals. The business will come up with induction programs to be used in hiring and development of employees. These programs involve of long-term plans that ensure all employers are satisfied with the job and in turn, they deliver their best. This could also be accomplished through offering incentives, mentoring, coaching, and recognition. The business will also ensure that employees are paid in accordance to the business standard. Further, assign responsibilities to each employee based on their skills, educational qualification, expertise, and interests for the proper functioning of the business. In addition, it is important to divide the employees in to groups, after which delegate a leader for each team, whose work is to collect feedbacks from members of their team and monitoring their performance ( Kearns, 2010) . The leader’s duty is to interact with the employees regularly so that they establish an effective communication line that will help them understand the workers’ expectations from the company and further remind them what the business requires and expects from them. Moreover, keeping track on the growth of workers in the business is yet another way of accomplishing the goals. This is essential since the growth of the workers means a similar growth for the business as well.
The final stage involves successfully implementing the plan, which involves of three strategies. For this stage, I will allocate responsible resources for the scope of the business that involves hiring training and development officer. He will assist in hiring and developing appropriate employees who fit the business requirements and who can perform the job assignment according to the company’s requirements. This can be achieved through conducting interviews, writing appropriate job descriptions. In addition, I will set expectations for business performance and outline methods of meeting these expectations. For instance, set a sales target and ask employees to invest their time on advertising products through social media. The second strategy involves setting up a timeframe for performing the human capital plans stated above where all the activities will be allocated a time limit starting from hiring, development, and retention of workers. Finally, I will allocate the budgets required to perform the act of acquiring the workers and setting up the business ( Noe, Hollenbeck& Gerhart, 2017) .
In conclusion, in order for the company to communicate the human capital plan, meetings will be held among the shareholders and develop strategies to inform and remind employees on the goals and objectives. During the meetings, the utilization of office charts will be present to check on the business progress. Finally, the business will hold employees accountable through various ways such as addressing poor performance once noted, coming up with follow up activities, and through setting the smart goals, which stands for specific, measurable, attainable, relevant, and timely goals.
References
Kearns, P. (2010). HR Strategy: Creating Business Strategy with Human Capital. Abingdon: Routledge.
Noe, R. A., Hollenbeck, J. R. & Gerhart, B. (2017). Human resource management: Gaining a competitive advantage. New York: McGraw-Hill.
