Analysing The strengths and Weaknesses Assignment Sample

Introduction To The Strengths and Weaknesses Of The Human Resources And Financial Management Strategies Of The Body Shop

The following report will discuss the significant strengths and weaknesses of the "Human resources (HR)" and Financial management strategies of "The Body Shop". Therefore, the following report will analyse and discuss the different "Human resources (HR)" and Financial management aspects of "The Body Shop" to provide efficient information regarding the effective strategies used by the company.

Human resources (HR) and Financial management

Initially, Human Resources oversees the different aspects of the business through different operations such as training job applications, recruiting, screening, and findings of the business (Atmadja et al., 2021). Furthermore, Human Resources also administrates different programs such as employee benefit programs within the company.

Financial management is one of the crucial aspects of the business to efficiently handle the financial resources of the business such as controlling, monitoring, reporting and protecting the financial resources of the company (Cherif, 2020). Furthermore, the financial teams and accountants play a crucial role in managing the finances of the company.

"Human resources (HR)" and Financial management both are crucial for any company or business to develop value for the company or business with effective decision-making and training programmes with the help of Human resources (Garengo, Sardi and Nudurupati, 2021). On the other hand, Financial management is crucial for the company to enhance the overall profitability of the company as well as to enhance the overall value of the company (Boselie, Van Harten and Veld, 2019).

Furthermore, Financial management plays a crucial role within the business by organising and planning the financial activities of the business (Shaukat, 2021). In addition, it also plays a crucial role in managing the financial resources of the company. On the other hand, Human Resources plays a crucial to efficiently handling the screening, recruiting, and training programmes of the businesses.

Purpose of the report

"The Body Shop" is a British cosmetics and skincare company that was innovated by Anita Roddick in 1976 (thebodyshop.in, 2023). Additionally, the company's aim is to be the world's most ethical and sustainable global business, while its charge is to devote its business to the pursuit of social and environmental revisions. The purpose of the following report is to analyse and discuss the different "Human resources (HR)" and Financial management aspects of "The Body Shop" to provide efficient information regarding the effective strategies used by the company.

Human Resources Analysis of "The Body Shop"

"The Body Shop" 's mortal resource dissection focuses on several crucial areas, involving its reclamation and election processes, training and evolution programs, interpretation operation systems, and hand engagement enterprise (Adam, 2018). Furthermore, the company has been resounded for its emphasis on hand well-being and its engagement to produce probative and inclusive plant cultivation."The Body Shop" approach to remuneration and advantages, as well as its devotion to gender equivalency and diversity, have been examined in the terrain of mortal resource operation( Boon, Hartog and Lepak, 2019). Overall, the Human Resource aspect of" The Body Shop" covers the company's commitment and effectiveness to maintain its sustainable and ethical practices to develop effective practices for the guests as well as for the workers.

Human Resource Strategies of "The Body Shop"

The strategies used by "The Body Shop" are divided into colourful aspects of the business including hand engagement, training and development of the workers, and performance of the workers( Wallo and Coetzer, 2022). Similarly, "The Body Shop" invests in the training and elaboration of its workers to ensure that the necessary information and knowledge to delivered in their places( Rubel et al., 2018). In addition, the company provides openings for nonstop literacy and excrescency, offering colourful training programs to enhance workers 'capabilities. On the other hand, "The Body Shop" also places a strong emphasis on furthering a positive work terrain to feel workers appraised and enthralled. In addition, the company encourages open messages, feedback, and collaboration, aiming to produce probative and inclusive workplace cultivation.

The strengths and weaknesses of Human Resource strategies of "The Body Shop"

Strengths

Ethical Employment Practices for "The Body Shop" has been known for its devotion to ethical employment practices, involving fair trade and community trade enterprise (Garengo, Sardi and Nudurupati, 2021). Furthermore, it has also helped the company in attracting and retaining workers who are aligned with its valuations (Guest et al., 2020). On the other hand, employee empowerment has helped the company to develop a history of empowering its workers by furnishing training and evolution openings, to conduct advanced job satisfaction and provocation. Furthermore, the diversity of "The Body Shop" has enhanced the overall work engagement of its employees as well as it also provided a flexible work environment to the employees.

Weaknesses

The retail industry, in general, has high development classes, and "The Body Shop" is no different from that factor. However, the high development can be a weakness as it leads to a significant amount of reclamation and training charges (Kuo et al., 2022). Furthermore, the limited Career advancement openings for some workers have also restricted career enhancement openings within the company (Wallo and Coetzer, 2022). Therefore, it has caused dissatisfaction and development, indemnification among the employees. Furthermore, The company's indemnification and advantages packages may not be as competitive as those offered by larger challenger firms and brands, which could impact overall employee retention.

Financial Management Analysis of the "The Body Shop"

The financial management spectrum of "The Body Shop" has helped the company maintain its financial performance while following its initial ethics and goals as well. Furthermore, the competitive financial management of "The Body Shop" has allowed the company to develop effective strategies to maintain its long-term sustainability (Jackson, 2021). In addition, it has also helped the company to efficiently identify the potential financial risks and cost benefits strategies as well. Additionally, the efficient financial management programmes and procedures of "The Body Shop" have also helped the company set appropriate prices for its products as well.

Financial Management Strategies of "The Body Shop"

There are various financial management strategies implemented by "The Body Shop". In addition, one of the effective financial management strategies implemented by "The Body Shop" is the efficiency and cost control management strategy (Zang, 2022). Furthermore, "The Body Shop" has also enforced measures to streamline its missions and reduce gratuitous charges, thereby perfecting its common fiscal interpretation (Fridson and Alvarez, 2022). In addition, this approach has the helped the company to align with "The Body Shop"'s devotion to sustainability, as well as it also allows the company to minimize waste and resource consumption while maximizing profitability.

The strengths and weaknesses of Financial Management Strategies of "The Body Shop"

Strengths

The significant financial management strategy implemented by "The Body Shop" has provided a significant amount of the strength to the overall financial aspects of the business (Garengo, Sardi and Nudurupati, 2021). The cost control strategy implemented by the company has helped "The Body Shop" to efficiently manage the overall costs of its operations as well as it has also helped the company to develop effective cost-efficient frameworks to enhance the overall financial stability of the company. In addition, it has also helped the company to enhance its overall profit significantly. Furthermore, "The Body Shop" has also been committed to ethical business practices, including fiscal operation. Therefore, this approach enhances the company's character and fosters trust among stakeholders, leading to long-term sustainability. Furthermore, the company has made strategic investments in exploration and development, marketing, and expansion into a new spectrum of business (Kuo et al., 2022). Therefore, these investments have contributed to the growth and competitiveness of "The Body Shop" in the beauty market.

Weaknesses

As a global brand, "The Body Shop" is exposed to foreign exchange risks due to currency oscillations. Similarly, these risks can impact the company's financial performance and affect the overall profitability of the company( Wallo and Coetzer, 2022). Furthermore, despite its ethical commitments and sustainable practices, "The Body Shop" faces pressure on profit perimeters due to competitive pricing in the beauty assiduity. Therefore, maintaining healthy profit perimeters while staying true to its values remains a challenge for "The Body Shop" in the beauty industry.

Financial Analysis of "The Body Shop"

Profit and Loss Statement of "The Body Shop" (in millions)

Balance Sheet of "The Body Shop" (in millions)

Conclusion

In conclusion, the following report has discussed the significant strengths and weaknesses of the "Human resources (HR)" and Financial management strategies of "The Body Shop". Furthermore, the following report has also analysed and discussed the different "Human resources (HR)" and Financial management aspects of "The Body Shop" to provide efficient information regarding the effective strategies used by the company. Furthermore, the following report has also provided an income and loss statement of "The Body Shop".

References

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