Samsung group is one of the fastest-growing multinational corporations in the world. The company has various affiliated businesses across the world that operates under the Samsung brand ( Zhou, 2020 ). In recent years despite the company being a front runner in the tech industry, it has faced considerable competition from fast-growing competitors. There is a need to develop a human capital management plan that will help revitalize its output in line with its mission.
Mission/Vision
There is a need to analyze the company's mission statement to understand its values and goals. The company's mission is to devote human resources and technology to creating superior devices ( Zhou, 2020 ). The vision of the company is to create a future by inspiring the world.
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Human Capital Plan and Goals
First, there is a necessity to analyze the existing human capital plan to understand the current problems or strengths that can be worked on. The project will analyze the plan according to the company goals, which are focused on people, compliance, and human rights ( Hage & Damayanti, 2019 ). The aim is to learn the gaps in the current plan.
Developing a Human Capital Plan
Recruitment Strategy
There is a need to develop a recruitment plan that ensures there is a focus on talent. The project will analyze the ability of the company to recruit yearly. Additionally, the plan chosen should be economical and sustainable.
Evaluation of Employee
Employee assessment includes an evaluation of the performance of the existing labor force. The assessment methods that will be evaluated for use in the new plan are peer to peer and management assessment.
Employee Life Cycle
The plan should address the needs of the workforce, such as promotions. Essentially there is a need to establish how long employees remain in the company before retirement. The plan will determine the stages of the life cycle.
Workforce Trends and Challenges
This section of the plan will analyze the human capital data on factors like the workers' education level, additional skills, and age. The data will help to discover challenges in the environment or the external challenges such as attraction to other companies due to remuneration ( Muthuku, 2020 ). Internal challenges may include a decrease in workforce size due to external factors such as the corona pandemic.
Action Planning
This planning will analyze the implementation process. There is a need to develop strategies for implementation. The strategies should consider the time frame and the goals of the company.
SWOT Analysis
It is essential to catalog factors that might influence the performance of the workforce. This cataloging will be done by analyzing the strengths of the workforce as currently constituted and those of the human resource department ( Boon et al., 2018 ). The plan will also analyze the existing weaknesses, threats, and opportunities.
Strategic Outcomes
This section will address the new standards of performance for the employees. There is a need to analyze the expected human capital outcomes against the mission statement of the company ( Muthuku, 2020 ). The outcomes must be in line with the goals of people, compliance, and technology.
Implementation and Follow Up.
The last section is the implementation of the strategic plan. The implementation should be informed by the company's ability and the set long term goals. The follow-up will help to evaluate the outcomes and the performance of the workforce based on the plan.
Conclusion
It is necessary to analyze how the project will advance the performance of Samsung. This section will address the workability of the plan. Also, the section will address changes in human resources, including new standards.
References
Boon, C., Eckardt, R., Lepak, D. P., & Boselie, P. (2018). Integrating Strategic Human Capital and Strategic Human Resource Management. The International Journal of Human Resource Management , 29 (1), 34-67.
Hage, A. A., & Damayanti, E. (2019). The Effect of Work Discipline and Work Productivity through Organizational Culture on Employee Performance in Samsung Wtc Surabaya Apollo. IJESS: International Journal of Education and Social Science , 1 (1), 67-74.
Muthuku, M. (2020). Soft HRM Model: Human Capital as the Greatest Asset for Organizational Performance. Journal of Human Resource & Leadership , 4 (2), 14-29.
Zhou, Y. (2020). The Samsung Story.
