Assignment On: Midterm Questions

Course Name: Manpower Planning & Personal Policy

Course Code: HRM 601

Submitted By
KAZI MOHIUDDIN ALIF
ID: 20G10016
5th batch
Dept. of Business Administration

Submitted To
Ashutosh Roy
Associate Professor
Dept. of Business Administration

Date of submission
August 15, 2020
Question—1
“Employees are our biggest asset”. “Yes, but unlike Mickey Mouse, they can walk out
the door any time and all your investment in them will be lost.” Explain why
investments in human capital are important.
Answer—1
Human Capital:
Human capital is the measure of the economic value that an employee provides, through their
knowledge, skills, and abilities.
Human capital is the stock of habits, knowledge, social and personality attributes embodied
in the ability to perform labour so as to produce economic value. Human capital is unique and
differs from any other capital. It is needed for companies to achieve goals, develop and
remain innovative.
Importance of investing in Human Capital:
The importance is given below—
1. Greater Company Culture: Another benefit of investing in your human capital is
improving your organization’s culture. Better employee satisfaction, engagement, and
communication lead to an improved overall culture.
2. Better Recruitment: Human capital development helps you to retain your
employees. But it also helps you to recruit prospects. The importance of human
capital development in the recruiting process will only continue to grow as more
millennials enter the workplace.
3. Improved Organizational Communication: Human capital development works to
improve every facet of employee performance, including communication. This
process can help your company to discover employees who may be lacking
communication skills and assist them in remedying this situation.
4. Develop Employee Engagement: Investing in employee development can help to
grow your employee engagement. Giving your staff career advancement
opportunities, and investing in their development, gives them a reason to be engaged
at work.
5. Improve Retention Rates: Workers who are receiving professional education and
development are less likely to seek other employment opportunities. So, if an
employee can advance within the company, he or she won’t have to look for
advancement opportunities outside of the company.
Question—2
Conduct a job analysis of your current job using one of the job analysis methods as well
as through identifying relevant competencies. Identify key stakeholders with whom you
interact in order to perform your duties and interview them to derive valid information
with respect to the tasks, information, accountabilities, roles and KSAOs required to
perform your job.
Answer—2
Job Overview:
We are looking for an experienced Marketing Manager to develop and manage marketing
programs in specific channels, support business objectives, lead acquisition, foster customer
retention, execute business development, provide sales support, and advance brand building.
Job Description:
A marketing manager is responsible for managing the promotion and positioning of a brand
or the products and services that a company sells.
Typically marketing managers are employed to attract more customers to buy from the
company and to raise brand awareness through the creation of marketing campaigns.
Competences:
 Marketing managers need analytical skills.
 Marketing managers should be critical thinkers.
 He should be a Project manager too.
 Marketing managers must be able to see the big picture.
 Marketing managers need to have some technical savvy.
 Marketing managers need to be detail-oriented.
 Marketing managers need to have sales skills.
 Handle all of the “External Noise”.
Key Stakeholders:
Group 1: Your team
Your team is usually the single most important stakeholder in your project.
Group 2: Internal stakeholders
Every relevant group or relevant influential person within your organization. This could
include (but will not be limited to):
The board of directors
 Sales manager
 Project manager
 IT team
 Sales team
 Customer service team
Group 3: External stakeholders
Parties outside of the organization who nonetheless hold an essential stake in your project,
including:
 Customers (broken down into demographic segments)
 Agencies
 Suppliers
 Competitors
 Industry bodies
 Unions
 Media contacts (dealt with under condition of confidentiality)
Get all three groups down on paper in concentric circles, starting with Group 1 in the middle.
Also, note any key relationships between stakeholders (this will help later on).
Duties and Responsibilities:
 Develop multi-channel marketing plans.
 Measure the success of marketing initiatives.
 Interface with multiple departments responsible for the product - engineering,
operations, finance, sales etc.
 Proactively assess and spot new marketing opportunities.
 Manage long-term strategic goals.
Skills & Qualifications:
Bachelor's Degree in Marketing, Business, or a Related Field, Marketing Strategy, Media
Channels, Client Relationships, Creativity, Adaptability, Research, Analysis, Writing, Public
Speaking, Interpersonal Communication, Leadership, People Management, Detail-Orientated,
Budgeting, Organization, Multi-Tasking.
Question—3
Discuss the strategic importance of HR planning. What are the direct and indirect costs
that organizations incur when they experience sustained periods of labor shortages and
supplies?
Answer—3
HR Planning:
Human resource planning is a process that identifies current and future human resources
needs for an organization to achieve its goals. Human resource planning should serve as a
link between human resource management and the overall strategic plan of an organization.
Strategic Importance of HR Planning:
Strategic HR planning predicts the future HR needs of the organization after analyzing the
organization's current human resources, the external labour market and the future HR
environment that the organization will be operating in. The analysis of HR management
issues external to the organization and developing scenarios about the future are what
distinguishes strategic planning from operational planning.
Cost of labor shortage:
 Production goes slow.
 Consumer Switches.
 Effectivity declines.
 Business growth Hampered.
 Inefficiency in Management occurs.
Cost of Labor Surplus:
 Operating Cost increases.
 Order breaks everywhere.
 Full time workers go part time.
 Utilization of skills and abilities fails.