Running head: MODULE 3 COURSE PROJECT Module 3 Course Project Linsey Mendoza Rasmussen College 1 MODULE 3 COURSE PROJECT 2 Improved Human Capital Management Human capital has been identified as a vital stimulus towards 1the development of the organizations. When human capital is well managed, the economic growth is made possible. The economic development of an organization does not only require substantial capital investments or innovation capabilities; human capital management is another aspect that must be taken into consideration. This essay will discuss how improved human capital management will influence the overall development of a Company. To attain improved human capital management, employees must possess the right traits. Employees2 must cooperate with the administration for achieving a consensus on what to improve in the organization. Adopting improved human resource management is very vital in ensuring that the institution is attaining a global market success. Employees should be participative regarding contributing to the decision-making process. Hiring freelancers will be one of the ways to attract employees for hire; this will encourage as many people as possible as they will be working on the contract basis (Erlenkotter, 2014). The second strategy that I will use is the use of coaching culture and training culture to tap new millennials who are just fresh from training institutions. These procedures will be the best since the Company desires to hire energetic employees that can work with a dedicated motivation. I will train my employees to face to face. Face to face, training will be best for the business. One of the advantages of this strategy is that it will cut down on the costs, which are involved in the setting up of the online training platforms. Secondly, the procedure will encourage and give room for personal interaction, which will promote explicit verification and clarification from employees (West & Ibrahim, 2015). This approach will be the best for Ford Company because the trainees will need to observe what is happening in the industry practice. The two areas where the MODULE 3 COURSE PROJECT 3 training will cover is personal relations and conflict resolution techniques. These will help them to work harmoniously with others. The preparation of the existing employees will include marketing strategies and the innovation skills. These aspects will better the trend in which work is done within Ford. I will design my training in a manner that will include an emphasis on social factors and external factors. In this case, the employees will be aware of the fundamental challenges that they are susceptible. To promote diversity, the training will be designed so that the technology advancements are included in the practice. The employees will be trained on how to incorporate technology into the production (Erlenkotter, 2014). Employee’s retention strategy is essential for any organization. Research says that employees do not quit jobs, they stopped managers and supervisors. To retain employees, ensure that the managers are in good relation with the employees. The managers must have the ability to compensate workers well as per the work is done. Compensation must go hand in hand with the amount of work the employees do. Employees must be rewarded accordingly. Rewards will motivate the employees and these acts as an excellent retention strategy. Each needs to feel acknowledged for what they do. Make it a propensity to thank your immediate reports when they go the additional mile, regardless of whether it is with an earnest email, a gift voucher or an extra three-day weekend (Erlenkotter, 2014). Demonstrate your representatives you value them and offer how their diligent work helps the organization. A few teams set up rewards frameworks that boost incredible thoughts and advancement, yet you can establish acknowledgment programs even on a little group with a bit of spending plan (Erlenkotter, 2014). In summary, improved human capital management must be taken into consideration in any organization. The managers must use the correct strategy to ensure new and existing employees MODULE 3 COURSE PROJECT 4 are trained in a manner that gears towards the goal of improved human capital management. Employee retention is also vital, and therefore best strategies must be established. 5 MODULE 3 COURSE PROJECT References Erlenkotter, D. (2014). Ford Whitman Harris's economic lot size model. International Journal of Production Economics, 155, 12-15. West, D. C., Ford, J., & Ibrahim, E. (2015). Strategic marketing: creating competitive advantage. Oxford University Press, USA. Project Overview Throughout this course your ability to draw upon current and prior business management knowledge is key. Using this knowledge, you will create a strategic management plan of an organization of your choosing, while focusing on developing an effective executive summary. Halfway through the project you will need to set original strategic goals for your chosen company to accomplish. The second half of the project will then focus on budgeting and planning for the completion of these goals. A strategic plan is really a road map for the future of a business. It provides guidance and direction for all aspects of an organization in support of the company's goals. It draws upon all areas of business including human resources, marketing, IT, and finance, and even looks at the external influences and the competitive marketplace. It requires you to pull together everything you learned throughout your course of study as well as incorporate current and relevant research. Due Date Your final project is due in Week 6. There will be individual assignments, sometimes two in a week, along the way. The week they are due is noted in the time line below. Time Line Week Assignment 01 Company Selection; Ethics and Creating a Mission Statement 02 Internal and External Analysis; Market Analysis 03 Human Resources Strategy; Budget Estimates 04 Technology Allocation; Implementation Timeline 05 Control and Evaluation Methods; Executive Summary 06 Reflection; Final Project Submission Requirements Your project is built in stages throughout the course as noted in the timeline above. As you move on to the next stage, be sure to revise your work based on instructor feedback. This is important because week 6 will require you to compile all the previous portions of the project, revise them, and then turn in a completed strategic management plan. For many stages of the project you will need to conduct additional research. As you do remember: • • Use statements and ideas that you have come up with on your own and blend these with your research. Do not plagiarize. If you want to use actual words from a source, put them in quotation marks and include the source. Follow APA format only for citing your sources. For APA guidelines, go to your college's Online Library which you can access through the Resources tab. Evaluation Each assignment leading up to the final paper is evaluated and graded independently. Your instructor will provide specific grading criteria for each step of the project prior to its due date.
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