Miracles happen once in a while… and due to the funding of a generous donor, who is asking for nothing in return, you are finally able to open your dream business. Congratulations! The funding provided by this donor exceeds five million dollars and covers the expenses of three full-time employees and two part-time employees for five years each.
As a well-educated and conscious business owner, you have already developed a ten-year business plan. Your business plan is impressive and has received much praise from your mentors. While finances are now of little concern, you do recognize the importance of Human Resource Management, specifically a well-developed human resource strategy. You also know that “Strategic HR plans must be flexible enough to accommodate change. A firm with an inflexible strategic plan may find itself unable to respond to changes quickly, because it is so committed to a particular course of action” (Gomez-Meija, Balkin and Cardy, page 24).
For this assignment, you are required to present a strategic HR plan (in any creative format you choose - for example: Word, PowerPoint, video, Prezi, etc.), which examines environmental challenges, organizational challenges, and individual challenges that you need to prepare for. This strategic HR plan will need to be presented to your mentors and therefore, it is essential that you include the following components:
· An introduction to your business:
oWhat type of business?
oWhat are your goals?
oWhat are your mission and vision statement?
·A description of various HR challenges you must prepare for:
o Environmental challenges
o Organizational challenges
o Individual challenges
·Select one of each of the environmental challenges, organizational challenges, and individual challenges and demonstrate how you will be flexible to accommodate this plan given a potential change.
oFor example, if your goal is to open a factory and productivity is measured by output (300 sweaters per day), what will you do if productivity decreases? How will you prevent this from occurring?
Note: There are a number of HR plans online. Additionally, consulting Chapter 1 of your textbook will be extremely helpful with this assignment. Remember the importance of detailed answers that are rooted in HR theory