FACULTY OF MANAGEMENT SCIENCES

DEPARTMENT OF HUMAN RESOURCES

MANAGEMENT
Subject : Human Resources Management
2.1
Module Code : BHFHZ2A
Lecturer : Mr TK Tsepetsi
Moderator : Mr M Mampuru
Year : 2024
 ASSESSMENT 3: GROUP ASSIGNMENT
Assignment
Topic: ...........................................................................................
............
Submission Date : 07th May 2024
Submission Time : 06H00 AM – 12H00 PM
Submission Mode : Online submission via VUTela
Platform
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Surname and initials ●
Student Number ●
GROUP NUMBER

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N MATHEBULA ●
223215678 ●
R1

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ZN MOSENA ●
223550981 ●
R1

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LL SIKEYI ●
223176877 ●
R1

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RG MOLOI ●
220159084 ●
R1

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K Matsebane ●
223095923 ●
R1

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G Makhubele ●
223827894 ●
R1

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M.M MAHASHE ●
221921419 ●
R1

T . MKHONTO 222521619
R1
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OUTLINE

1. Strategies and practices impacts on the financial well-being of organization

a) Training And Development
b) Performance Management
c) Financial Awareness & Human Capital
2. Ways In Which hr can enhance the financial well-being of an organisation
§ Cost Management:
§ Retention:
§ Succession planning:
§ Compensation and benefits:
§ Compliance and risk management:
3. Talent Acquisition And Retention
4. Case Studies
HRM PRESENTATION

THE ROLE OF HR IN DRIVING THE FINANCIAL SUCCESS OF AN ORGANISATION

INTRODUCTION

• Human Resource plays an important role in shaping the organizational culture, developing talent and driving the
overall success of organizations.

• HR also involve coordinating, managing and allocating employees in ways to move organizations goal forward

• In this presentation will be looking at how HR strategies and practices impact the financial well-being of an
organizations.

•
1. A.TRAINING AND DEVELOPMENT
(NOE,HOLLENBECK,GERHART,WRIGHT.2019)

• Identifying the training needs of employees and developing training programs to enhance their skills and competencies is an important
task for any organisation

• HR is therefore responsible for designing, implementing and overseeing training and development programs. These programs can
include workshop, online courses and mentorship opportunities aimed at enhancing employees’ skills and knowledge

• It plays a crucial role in keeping employees engaged and motivated, by offering opportunities for growth and development.it helps
employees to be valued and invested in their careers, which can lead to high levels of job satisfaction and retention

• HR foster a culture of continuous learning within the organisation by promoting the importance of ongoing development and providing
resources support for their employees to enhance their skills and knowledge

• It also manages the process of promotions and internal mobility within the organisation, by identifying the right skills and potential for
advancement, HR ensures that the promotions are based on merit and that employees are given opportunities to grow within the
organisation
B. PERFORMANCE MANAGEMENT
(AGUINIS,2019)

• HR professionals are responsible for developing and updating performance management policies and procedures. They ensure that
these policies align with the organization’s goals, values, and legal requirements.

• It helps establish clear and measurable performance goals for employees. They work with management and employees to ensure that
these goals are realistic, challenging and aligned with the organisation’s objectives

• HR identifies training and development based on the performance evaluations. They design and implement training programs to help
employees improve their skills and capabilities, which ultimately enhances their performance

• HR facilitates the feedback process between managers and employees

• It develop recognition and rewards programs to acknowledge and incentive high performers. They ensure that rewards are held tied to
performance outcomes and contribute to employee motivation and engagement

• Performance improvement plans, where employees are not meeting performance expectation, HR assist managers in developing
performance improvement plans. These plans outline specific actions and timelines for improvement
 C. FINANCIAL AWARENESS & HUMAN CAPITAL

• HR professionals need to have a good understanding of finance to effectively manage the organization’s human

• This includes understanding the financial implications of hiring, training and retaining employees, as well as the
impact of the staff turnover on productivity and costs

• Human activity refers to the economic value that employees bring to an organization through their skills, knowledge
and motivation. HR professionals need to understand how to measure human capital to its value and contribute
to the organization financial success.
2. WAYS IN WHICH HR CAN ENHANCE THE FINANCIAL WELL-BEING OF AN ORGANISATION

• Cost Management: HR control the cost related to staffing, training and other HR functions. By reducing these costs
and creating more effective ways of doing things, HR can contribute to the organizations overall financial health.
• Retention: Retaining top talent is essential for financial stability. HR implements retention strategies such as career
development opportunities, competitive compensation packages and a positive work culture to retain skilled
employees. These reduces turnover costs and maintain high-performing workforce.
• Succession planning: HR develop successions plans to ensure that selected positions are filled efficiently. This
decreases the cost impact of unexpected vacancies and ensures continuity in operation.
• Compensation and benefits: HR creates competitive wage and benefit packages to recruit and retain outstanding
people. By providing competitive compensation, incentives, and perks, HR may guarantee that employees feel
appreciated and encouraged to contribute to the organization's financial success.
• Compliance and risk management: HR is crucial in maintaining compliance with labour laws and regulations, so
avoiding legal complications and financial fines. HR also controls risks associated with employee relations, health
and safety, and other areas that may have an impact on the organization's financial health.
3. TALENT ACQUISITION AND RENTENTION

• Attracting and retaining the right talent is essential

• HR provides effective recruitment strategies which leads to
better employee fit improved productivity and ultimately,
financial gains
• HR provides and implements retention strategies to reduce
employee turnover and maintain a stable workplace.
This involves analysing turnover data and implementing
measure to address retention challenges
4. CASE STUDIES

• Google is renowned for its innovative HR practices. They prioritize hiring the best talent, offering perks and benefits,
and fostering a culture of creativity and collaboration. Google’s strategic HR approach has helped it maintain a
competitive edge in the technology industry and attract top talent from around the world.

• Netflix has a culture that prioritizes freedom and responsibility. They offer employees unlimited vacation time and
focus on hiring self-motivated individuals who can thrive in a fast-paced environment. Netflix’s strategic HR
practices support innovation and risk-taking, which have been instrumental in the company’s success in the
steaming industry

• NB: these examples demonstrate how strategic HR function can contribute to the success of an organisation
CONCLUSION

• HR function can significantly affect the financial success of an organisation

• The role of HR cannot be overstated

• Organisations that prioritize and invest in their HR function are better positioned to thrive on today’s dynamic
business environment
ANY QUESTIONS??
 REFERENCES

• Aguinis, H. (2019). Performance management (4 th ed)

• Noe, R. A., Hollenbeck,. J. R., Gerhart, B., Wright,.P.M(2019). Human resource management: gaining a competitive advantage