MMH701: Assess The Relationship Between The Business Environment And The Function Of Human Resourcing: Human Resource Strategy Assignment, DU, Australia
|Subject||MMH701: Human Resource Strategy|
Learning Outcome Details
ULO 1: Assess the relationship between the business environment and the function of human resourcing to interpret factors that impact the formulation of Human Resource Strategy.
ULO 2: Critically analyze HR practices within organizational contexts.
ULO 3: Apply human resource management principles and theory to practical situations to provide reasoned and justified solutions.
Assessment Task Requirements:
Individually, research and write an analytical discussion paper that uses relevant human resource management theory, models, empirical research evidence and other authoritative sources, based on the following scenario:
You are the newly appointed HR Director in a financial services provider named ‘Epsilon Financial’, operating in the five mainland State capital cities of Australia. Epsilon Financial is a for-profit company, providing a range of financial services, including financial planning, advice and mortgage broking services. The company currently employs around 190 professionals (65%) male, including financial planners, mortgage brokers and risk advisers. There are also around 110 support and administration staff (65% female). The CEO and Board are looking forward to your written discussion paper on future HR strategy for the organization, based on your research and understanding of HR theory and models. The Board has announced that its business strategy for the next three years is:
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(1) to continue to provide quality financial services;
(2) to grow the business by 10% per annum via a combination of new business and takeovers; and
(3) to ensure that all professional staff are fully qualified under the FASEA legislation.
Specifically, you have been made aware that around 30% of professional staff are not yet fully qualified (around 65 staff), split between 17 staff who have not yet passed the ethics exam plus have further tertiary study to do to complete their qualifications and the others who have completed the ethics exam but still have further study to undertake. The Board is concerned that the company’s reputation will suffer unless this is addressed urgently and has requested that the ethics exam must be completed by the end of June or those 17 staff will be replaced with people who have passed the ethics exam. It also wants all staff fully tertiary qualified by the end of 2022.
Currently, there is a central HR function of seven people based in Melbourne and one local HR Business Partner in each capital city. Payroll services, recruitment services and compliance training services are provided by external agencies. In discussions with your new HR team, the HR Business Partners have raised the following issues with you:
1. Capability status. 16 of the 17 people who have not yet passed the ethics exam are men who have worked for the company for more than 20 years and all have good performance records. Many of these employees are extremely anxious about the exam due to previous fail results and this is impacting their overall wellbeing. HR Business partners believe not enough is being done to support their capability development or wellbeing.
2. Reward management. There is a focus on standard pay rates at the market rate for professionals plus bonuses for work achievements, with award rates for support and administrative staff. HR Business partners are concerned that there is a lack of flexibility in the current system and that it doesn’t reward collaborative behavior.
3. Employment and Diversity. HR Business partners have also raised the issue of diversity, with no plan in place to address the gender imbalance or to employ disabled or indigenous staff. HR Business partners have expressed the need to address this as the company has struggled in finding suitable qualified professional staff, especially in Sydney where turnover is around 20%.
4. Growth strategy. You have heard there is a lot of disruption in the industry, with many financial advisers retiring or selling their businesses due to the FASEA requirements. This should be an opportunity for expansion, but HR Business partners have warned that integration of staff from other companies has previously been problematic, with clashes of culture and divergent views.
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