8 Pages
1965 Words
Introdcution To FY021 Introduction to Business Studies 2
Business studies show the management of individual to sustain productivity collectively, that can make productive goals and increase the profit. For the report chosen organization is Body shop. It offers product for skincare, cosmetic and Perfume; founded by Dame Anita Roddick in 1976, in England. The HRM strategy is about by making a comprehensible outline for hiring employees to improve the support of the organization for long term- goals. Financial Management (FM) is all about the making change on work make and share information, ideas, plan and factors about the company. It is about the management for company to attain benefits. The report will emphasise on the concept of HRM, its role in business and different types of HRM strategies. The report will shed light on information about the FM strategies of the Body shop, by reviewing the P & L and balance sheet analysis of their strategies.
1.1 Background of the organisation (Body Shop)
The Body shop is international limited company; it provides wide range of cosmetic, skin care and perfumes. The organization was started in 1976 in Brighton, England; Anita Roddick is founder of it. It has been ruining over 40 years. The main motive of the organization is to make fairer and beautiful world. The Body shop was firstly started in Berkeley, California by Peggy short and Jane Saunders, in 1970. After that Anita Roddick has opened her health and beauty shop, which is named as The Body shop in 1976 (A brief history of The Body Shop, 2023). She opened this business for simple living for her two daughters. Further, another main goal of the organization is to sell the products with the natural ingredients, cruelty free. The business becomes popular in April, 1984 in unlisted securities Marker in London. Now it is the best beauty shop in all over the world.
2.0 HRM STRATEGIES
Analysing the HRM, its role in businesses and types of HRM strategies
HRM (Human Resource management) is a practice which is about hiring, recruiting, and managing employees of an organization. HRM is also known as HR (Human resources), it is mostly responsible for supervising the policies of organization and improve relations among organization and its workers. The role of HRM is supporting, nurturing and increasing a positive work place for the employees. The main duties of the Human resource management are organizing training and development, talent management, benefits of employees and work safety (Galanaki et al 2019). HRM strategies are a clear goal to addressing the company’s issues and create solutions for it, these practices are important for developing recruitment, creating an effective culture and talent management. There are different kinds of HR strategies, which includes restructuring, outsourcing, collaboration, training & development, recruitment, employee development, success planning.
2.1 HRM Strategies of the Body Shop
Recruitment strategy: The body shop’s recruitment policy is on fist come and fist serves bases, it is a process of open hiring policy. This is fair to all applicants; they choose candidates according to the job description designed for each vacant position. The recruitment strategy focuses on applicants with the moral values, the company emphasise on sustainability and environmental friendly practices. They make sure that the candidates stick to the mission of the organization, create powerful team.
Training and development: In the training and development Body shop focuses on the sustainability training for the new employees to understand about organization’s mission about the sustainability (Lopez-Cabrales, Valle-Cabrera 2020). On-going learning as well as training sessions enables employees to enhance the skills and improve the quality of work. Along with the gaining skills it also focuses on the environmental friendly practices.
Employee benefits: The organization provides numerous of benefits to the employees such as focus on the well- being of the employees including heath care benefits. Along with this, it also offers work life balance to employees can balance their personal and professional life. By providing employees with financial benefits organization can improve its work culture and workforce motivation.
Reward and incentives: The Organizations aim is sustainable practices; they reward employees according to the environmental friendly practices. Moreover, it includes performance base rewarding program as well.
2.2 Strengths and Weakness of HRM strategy of the Body Shop
Strengths: The body shop focus on the sustainable practices which creates a good environmental friendly practice, that is beneficial for environment (Garavan et al, 2022). By giving employees benefits like focusing on their well-being, work life balance and some financial benefits, it can create positive environment on workplace.
Weaknesses: On the time of recruitment, the organization focuses on the first come first serve policy, which can create negative impact on the potential candidates. By rewarding few employees can create criticism among employees.
3.0 FM STRATEGIES
Defining FM, the role of FM in businesses and different types of FM strategies
FM is known for controlling, protecting and reporting the financial resources of the organization. The role of FM in organization is about responsibility to maintain and preserve the company’s building, make sure that the organization fulfils the legal requirement along with aspect of safety and health (What is Facilities Management?, 2023). It works through the numerous business functions, functioning in both levels operational and strategic. There are numerous kinds of FM strategies such as reactive service strategy, preventive service strategy, Proactive management strategy, User-centric strategy and risk, compliance management strategy.
3.1 FM strategies of the Body shop
The organization is aiming on the sustainable practices because company focusing on the preventive and proactive maintenance. The proactive maintenance strategy aims to fix the failure of environmental friendly practices before it happens, which can create an eco-friendly brand image of the organization (Terreno, Asadi and Anumba, 2019). The Preventive maintenance strategy aims to perform scheduling regular activities which will help to avoid failure in the future. It develops new technologies and decreases the impact on the environment. The FM strategies of FM create an environmental friendly work environment, which ethics the social responsibilities. The strategies help in reduce future failure so organization can run smoothly without big hurdles, which can improve the organization revenue. According to the research, revenue of Body shop in year 2022 was around 408 million British pounds. The turnover of the organization in 2022 is (408), the gross profit was (221) and the loss (76), the total equity was (284) (The Body Shop, 2023). The sales strategy for the segmentation it follows the demographic segmentation, for targeting the women who need to look beautiful on the work place. In the positioning, people focus on to use organic products on their skin. The organization is been strategically positioned to fulfil the requirement.
3.2 Assessing the strengths and weaknesses of FM strategy of the Body shop
The strengths of the Body shop start with the sustainable practices which create an eco-friendly environment and motive others to develop the concern about eco-friendly practices. The strategies preventive and proactive strategies are aligned with the sustainable practices, which creates a good brand image (Støre-Valen 2021). On the contrary hand, the weaknesses about the strategies are comes with the unnecessary costs due to over sustainable practices, the promise about the sustainable practices can create a huge amount of investment. These can create unnecessary waste of money or money in name of eco-friendly practices. These makes ethical values more complicated and reduce the effectiveness of cost.
4.0 : Evaluating Hrm And Fm Strategies Of The Body Shop
For the Body shop HRM and FM both strategies play a crucial role but the HRM strategy put a hand full of impacts on the organization, that is better for the organization for achieve the goals. The HRM strategies such as recruitment, training and development, employee benefits and reward and incentives focus on the employees (Alzahrani et al 2021). The company has concern with its employees, this motivate the employees and create positive working environment. This put the positive impact on the employees this can leads employees to work more with the good quality. The employees are the main part of the company and their happiness should be taken granted. On the other hand FM strategies for the future protection, if the workers work well there is a small chance for the failure in future.
CONCLUSION
By concluding the report the put deeper insight into the background of the Body shop, it was founded in the 1976. The meaning of HRM and the role of HRM in business and its strategies, the HRM has numerous of role in the organization such as recruiting and hiring, organizing training and development sessions. It is responsible for nurturing and creating positive and healthy environment for the employees. The HRM strategy of the Body shop is Training and development, recruitment, outsourcing, collaborating. The report delve into the FM role in the Body shop and its strategies such as proactive and preventive service strategies, user centric strategies etc. The profit and loss and sales strategy of the organization has shown case the position if it. The FM strategies and its strengths and weaknesses, which have put the positive outcome in eco-friendly manner and on the other side, increase the cost of practices. The comparison of the strategies, HRM plays a crucial role in the organization success.
References
Books and journals
- Alzahrani, B., Bahaitham, H., Andejany, M. and Elshennawy, A., 2021. How ready is higher education for quality 4.0 transformation according to the LNS research framework?. Sustainability, 13(9), p.5169.
- Galanaki, E., Lazazzara, A. and Parry, E., 2019. A cross-national analysis of e-HRM configurations: integrating the information technology and HRM perspectives. In Organizing for Digital Innovation: At the Interface Between Social Media, Human Behavior and Inclusion (pp. 261-276). Springer International Publishing.
- Garavan, T., Grant, K., Darcy, C., O'Brien, F. and Clarke, N., 2022. Human Resource Management, Leadership and Knowledge Management: Never the Twain Shall Meet. In The Emerald Handbook of Work, Workplaces and Disruptive Issues in HRM (pp. 129-147). Emerald Publishing Limited.
- Lind, D.A., Marchal, W.G. and Wathen, S.A., 2019. Basic statistics for business & economics. McGraw-Hill.
- Lopez-Cabrales, A. and Valle-Cabrera, R., 2020. Sustainable HRM strategies and employment relationships as drivers of the triple bottom line. Human resource management review, 30(3), p.100689.
- Støre-Valen, M., 2021. FM and clinical employees' involvement in the design of eight Norwegian hospital projects. Facilities, 39(11/12), pp.778-801.
- Terreno, S., Asadi, S. and Anumba, C., 2019. An exploration of synergies between lean concepts and BIM in FM: A review and directions for future research. Buildings, 9(6), p.147.
- Online
- A brief history of The Body Shop, 2023. Online. Available through https://www.theguardian.com/fashion/fashion-blog/2011/nov/21/brief-history-of-body-shop
- The Body Shop, 2023. Online. Available through <https://www.scribd.com/document/428954719/The-body-shop>
- What is Facilities Management?, 2023. Online. Available through <https://www.rfm-group.com/what-is-facilities-management-defining-fm-the-expert-guide/>
