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HRNM6201: Organizational Strategy: Management,

Leadership and Organizational Ethics

Faculty of Social Sciences, The University of the West Indies, Mona

Facilitator: Mrs. Myrtle Weir
Due Date: October 31, 2021
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Abstract

The role of the human resource business practitioner is vital to the success of any

organization. When people hear of the term HR manager, they usually think of hiring, firing, and

recruiting. However, the HR business practitioner is required to provide wholesome contributions to

the strategic management of an organization so that it can gain a competitive advantage.

Strategic Human Resource Management (SHRM), which is the link between a company’s

goals, strategies, and objectives with the company’s human resources, should be aligned with a

company’s vision, mission, and value statements. Critical development of the business strategy and

using a PESTEL analysis and a SWOT analysis are ideal for a company's strategic management

process. Furthermore, leadership plays a critical role in enabling organizations to set their goals.

Lacking this can result in business failure. While there may be challenges, having the aforementioned

suggestions will assist a company with competing. There must be, however, environmental scanning so

that when a crisis occurs, the conceptualized risk management efforts, will spring and be put into

application in a synergy-based environment.

The paper will discuss a comprehensive report on the strategic management perspective of

the Jamaica Money Market Brokers Limited. (JMMB) Group. The company was founded in 1992 by

Joan Duncan, who had an aspiring dream to create a company where Jamaicans could walk in off the

road, take a few hundred dollars from their pockets, and invest it. The JMMB Group expanded very

quickly and became one of Jamaica’s remarkable stories to date, and now they provide business

operations across Trinidad and Tobago and the Dominican Republic. While the report focused most of

its examples from the JMMB Group, critical examples were also taken from companies such as

Sagicor, Victoria Mutual Building Society, Fraser and Fontaine, and Kong Ltd. Insurance Brokers.

Using examples from these cutting-edge businesses will help advance organizational culture, which

contributes significantly to company success.

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Table of Contents

Glossary....................................................................................................................................................4

The implications of the Vision, Mission and Value statements in relation to the strategic manage-

ment process and the Human Resource Management Practitioner....................................................6

The business strategy of a Company, justification of its importance and a discussion of the impli-

cations for the Human Resource Management Practitioner.............................................................17

The purposes of a PESTEL analysis, SWOT analysis and their implications on the strategic chal-

lenges/opportunities...............................................................................................................................24

The type, role and impact of leadership required to lead a Company in today’s business environ-

ment.........................................................................................................................................................28

Idealized Influence.........................................................................................................................30

Inspirational Motivation...............................................................................................................30

Intellectual Stimulation.................................................................................................................31

Individualized Consideration........................................................................................................31

Critical current event and comprehensive discussion regarding the implications for organiza-

tions.........................................................................................................................................................34

Conclusion..............................................................................................................................................39

References...............................................................................................................................................41

Appendices..............................................................................................................................................46

Addendum..............................................................................................................................................51
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Glossary

Abbreviations:

JMMB Jamaica Money Market Brokers

SWOT Strengths, Weaknesses, Opportunities and Threats

PESTLE Political, Economic, Social, Technological, Legal and Environmental

HR Human Resource

HRMD Human Resource Management and Development Department

SHRM Strategic Human Resource Management

Definitions:

i. Business Strategy: A business strategy is an outline of the actions and decisions a company

plans to take to reach its goals and objectives (Indeed Editorial Team, 2020).

ii. Digital Age: Also known as the information age, is the time in history where incremental

advances in technology were introduced and improved the method and speed of sharing in-

formation (Biscontini, 2020).

iii. Digital Transformation: the transformation of business processes, operations, and struc-

tures to exploit the benefits of new technology, (Matt et al., 2015).

iv. Human Resource Management Practitioner: A HR practitioner is a person who works

within the human resources department in a company or organization (“HRP Practitioner

Meaning and Role,” 2021).

v. Leadership: Leadership is the process by which an individual determines direction, influ-

ences a group, and directs the group toward a specific goal or mission (SHRM, 2019).

vi. Mission: A mission statement tells an organization its reason for being/existing.
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vii. PESTEL Analysis: PESTEL is a marketing theory used to analyze how political, eco-

nomic, social, technological, environmental, and legal external factors influence or impact

an organization (“Professional Academy”, 2018; “Oxford College”, 2016).

viii. SWOT Analysis: SWOT analysis aims to identify the strengths and weaknesses of an orga-

nization and the opportunities and threats in the environment. Having identified these fac-

tors, strategies are developed which may build on the strengths, eliminate the weaknesses,

exploit the opportunities or counter the threats (Dyson, R. 2002).

ix. Transformational Leadership: Transformational leadership involves the leader changing

the values, beliefs and attitudes of followers. The leader motivates followers by providing a

vision of where the group is heading in the future and developing a work culture that en-

courages high performance activities (Riggio, 2013).

x. Value Statement: A company's value statement defines actions that validate the important

or fundamental values held by most individuals within an organization.

xi. Vision: A vision statement usually answers the question of what a company wants to be-

come.
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The implications of the Vision, Mission and Value statements in relation to the strategic manage-

ment process and the Human Resource Management Practitioner.

There are several implications of the vision, mission, and value statements concerning the

strategic management process. A company’s strategic management process means defining the

organization's strategy. Managers use this process to decide on several strategies that the organization

will use to enhance its performance. Therefore, the mission, vision, and value statements are critical to

the strategic management process as all three can be used as a guide when implementing organizational

strategies. A mission statement tells an organization’s reason for being/ existing. Furthermore, it

outlines the organization’s objectives and its approach to those objectives. Additionally, it helps with

formulating effective strategies in a company. It answers questions for a company such as, “Who are

we?” It also questions about where an organization is going. Rarick & Vitton (1995, as cited in, David,

2011) articulated that “firms with a formalized mission statement have twice the average return on

shareholders’ equity than those firms without a formalized mission statement have.”

A vision statement usually answers the question of what a company wants to become. How a

vision statement works is that it provides the foundation for a comprehensive mission statement. What

most companies should understand is that the vision statement should be established first and foremost.

While these two play a vital role in the strategic management process, valuing employees, customers

and shareholders is of utmost importance. This is how the value statement comes into play. A

company’s value statement defines actions that validate the fundamental values held by most

individuals within an organization. These values then form the corporate culture which a company will

use to win customers. The leaders in an organization have to display the values outlined by the

company and additional values that align with societal values. The values must also work within the
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organization so that they can be displayed externally. So, it also defines how buyers or customers want

to see a company operating. Using the strategic management process such as environmental scanning,

strategy formulation, strategy implementation, and strategy evaluation, the implications of the mission,

vision, and value statements will be addressed, highlighting several key HR functions. Hereinafter, the

implications for the Human Resource practitioner will be discussed.

Although not explicitly stated, formulating a mission, vision, and value statement guide the HR

business partner in expanding an organization’s business. A part of the strategic management process is

environmental scanning. This refers to a company's process of collecting, scrutinizing, and providing

information for strategic purposes. It helps an organization to analyze internal and external factors that

may influence an organization. The JMMB Group, over the years, has been doing this. In the late

1990's when Jamaica's financial sector experienced a liquidity crisis arising from trade liberalization,

the JMMB Group started searching for companies in the Caribbean, with similar cultures and mission.

Trinidad-based CL Financial emerged as their partner. Like the JMMB Group, it was involved in

insurance, banking, real estate, manufacturing, and distribution. While this partnership was successful,

it was through environmental scanning, that is collecting and scrutinizing information that allowed the

JMMB Group to “sell its shares to joint venture partner to exit JMMB just one year before the

corporate collapse,” (Parker & Lawrence, 2020). Apart from environmental scanning HR Business

Partners should manage the continuous basis and ensure that it aligns with the mission and vision of the

company. Additionally, the JMMB Group realized its failures early through constant scanning and

decided to sell its shares. When envisioning a company, crisis/risks can occur. Through environmental

scanning, the JMMB Group realized that “macroeconomic stability in Jamaica has been entrenched and

is evidenced by low inflation, a build-up of reserves and decline in the current account deficit,”

(Jamaica Money Bank [JMMB], 2020). Although the JMMB Group should have projected these risks

and formulated strategies, the company must understand that global threats are inevitable. Therefore, in
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this case, the company must have positive contributions from the mission, vision, and value statements.

It is critical because the JMMB Group can gain a strong culture against this crisis. Doing a SWOT and

PESTEL analysis at this time will give the JMMB Group leverage over companies when these

challenges occur.

Subsequently, though not stated, strategy formulation that is a part of the strategic management

process is linked to a company’s mission, vision, and value statement. When formulating the strategies

of a company, managers should always ensure that it is in alignment with the mission, vision, and value

statements. This is the process of deciding the best course of action for achieving the objectives for the

organization. After conducting environment scanning, managers should formulate strategies, such as

corporate, business, and functional strategies. The JMMB Group’s corporate strategies are linked to its

vision statement. Here is part of its vision statement:

“…Team members, therefore, envision JMMB as the premier financial institution of its kind:
successful, professionally, managed with team members giving exceptional client care and
striving to achieve excellence in all areas of life. Team members see JMMB continuing to
expect beyond Jamaica retraining its spiritual characteristics and, therefore developing all the
disciplines required for its continued success,” ("Our Promise to You | JMMB Group
Jamaica", 2021).

Here, we see how the JMMB Group uses its vision statement and links it with its corporate

strategy. This strategy is a clearly defined vision for the direction of the organization. It determines the

overall values and motivates employees to achieve goals. It also helps the JMMB Group to respond

appropriately to global changes in which the company competes. The JMMB Group has experienced

significant growth “beyond Jamaica,” as the vision mentioned. Through its vision statement, the

company uses a diversification of strategies that allows growth. These strategies could expand the

JMMB Group by adding markets, products, and other services to the existing business. The JMMB
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Group, not only offers banking services, but also real estate, money transfer, and insurance brokerage

services. The vision statement also allows the JMMB Group to fulfill its corporate strategies.

Furthermore, the value statement also helps the JMMB Group to define its business ethics. The

members want to ensure that they are banking with a trusted institution. It wants to know that while

love is at the core of the institution, honesty and integrity are also at its forefront. Clients trust the

company to enter into contracts that will make the institution better, so that the JMMB Group can offer

more attractive benefits to clients from having an account with them.

Moreover, strategy implementation has to be in alignment with the mission and the vision of a

company. When we think of strategy implementation, it implies putting the chosen strategy into action.

It includes distributing resources and developing a decision-making process. When we look at the

JMMB Group’s business strategy in action, we have to look at several things such as: Are the values of

the employees aligned to the strategies that the company wants to implement? Also, it is critical to look

at the internal resources. Let us look at the JMMB Group’s core values:

“Our core values of love, care, integrity, honesty and openness, are demonstrated in
everything that we do and everything that we are,” ("Our Promise to You | JMMB Group
Jamaica", 2021).

Joan Duncan, the founder of the JMMB Group, had a vision of love. She said, “my greatest

desire is not to take a lot of money for myself…But to have a clean heart and a pure spirit,” (“About

Joan Duncan | JMMB Group Jamaica”, 2021). To date, this is the same belief that the JMMB Group

holds. This is rather strategic because customers buy into what a company stands for. When making

decisions where to invest your money, people want to do this at a people-friendly institution and one

that has their best interest at heart. The JMMB Group through its value statement centres policies,
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scholarship foundation, and its development activities around the vision of love. When we look at the

business strategy, we can see that the mission statement is in action.

“… In serving our clients, our goal is to maximize client satisfaction through exceptional client
care and world class financial expertise…” ("Our Promise to You | JMMB Group Jamaica",
2021).

The JMMB Group, during their strategic management process, recruited people who could help

with the company’s overall mission. A part of its mission mentioned “world-class financial expertise.”

As you can see, its board of Directors comprises of people who have a wide range of strategic planning,

crisis management, leadership, law, and consultancy. All of these directors have several expertise that

will contribute to the mission statement of the JMMB Group. The Director, Patria- Kaye Aarons, for

example, holds a Master of Science in Management from the University of Edinburgh (Scotland). She

also has a Bachelor of Arts in Media and Communications, from The University of the West Indies,

Mona. The other directors and employees have a wealth of knowledge in many different areas

strategically aligning with the mission statement. Therefore, although not explicitly stated, this

company recruits people with various skills, knowledge, and abilities that are aligned with the

company’s mission and vision. The impact on the strategic management process, that is the recruiting

of people will allow the company to gain a competitive advantage. Why? The emphasis placed on

having quality employees and the care it has for its members while delivering excellent financial

solutions in investment, insurance, and so forth, will give other institutions competition.

Also, in the strategic management process of strategy evaluation, the mission, vision, and value

statement have several implications. It is the final step in the strategic management process. It includes

appraising, measuring performance, and taking remedial actions. During this time, managers assess the

suitability of the employee competencies against the requirements for the role. Here, when managers

look at the overall performance of an employee, they can now question, “Are their work ethics in line
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with our mission and vision?” “What about their values, are employees’ attitudes reflective of our

cultural beliefs?” These are the questions that should come after evaluating departments and

employees. In every organization, there should be a constant review of the department's performance.

The mission, vision, and value statement’s implication on this part of the strategic management process

that is, strategy evaluation is to assess the shortcomings in the organization. For example, managers

should assess if the company is drifting from its mission. If so, the manager should then decide on the

strategy that will be used to get the company in line with the mission for the vision to be achieved.

Also, strategy evaluation helps performance standards both internally and externally. It can be done

through measurement to see if targets are being met. A part of every company are goals and plans. For

example, Victoria Mutual Building Society’s five-year plan is to earn One Hundred and Twenty-Nine

point Seven (129.7) Billion in assets, Twenty point One (20.1) billion in capital and reserves and earn

Eight point Nine (8.9) billion in operating revenues. Moreover, in the evaluation stage, forecasting can

take place. The vision and mission help with guiding this process, while forecasting drives business

growth, to understand the workforce needs. Employees who are a part of the stakeholders’ needs are to

be met before they can serve people. By using all three as a guide (mission, vision, and value

statement) the strategic management demands of a company are being met.

The mission, vision, and value statements also have implications on the Human Resource

Practitioner. The primary goal of Human Resource Management and Development Practitioners in an

organization is to positively influence the organization's performance. The Human Resource

Practitioner helps the organization to achieve its strategic goals by employing the most skilled and

appropriate employees, improving employee’s remunerations, lowering absenteeism, staff-turnover

levels, increasing productivity and employment security. These strategic statements have several

implications for the Human Resource Practitioners, such as: recruiting, compensations, selection, and

training. Recruitment is the process of creating a pool of qualified candidates to fill vacant positions
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within an organization. This process sources candidates with the abilities and attitudes that are required

to achieve the objectives of the organization. The methods of recruitment involve; job postings

(internal advertisement), newspaper advertisements, online media and headhunting. The methods are

very objective and either can be used by an organization at any given time or all at once to attract

candidates to a particular position.

Victoria Mutual, during their recruitment process, not only uses applicants that come after

sending out a newspaper advertisement, but the Human Resource Managers also use LinkedIn as a

resource tool to fill positions after reviewing their educational background. To increase the efficiency

of recruiting, it is advised that the Human Resource Practitioners within a company follow the five

stages of recruitment listed below. These practices ensure successful recruitment without any

interruptions. In addition, these practices also ensure consistency and compliance in the recruitment

process:

1. Recruitment plan

2. Strategic Development

3. Searching

4. Screening

5. Evaluation and control

Human Resource Practitioners use various software in the recruiting process to ensure the

selection of the most suitable candidates, which supports the organization's strategic goals and culture.

These include software such as Manatal, Breezy HR, Jobvite, Bullhorn, Psychometric tests, and so

forth. These software packages help organizations enhance the employment process, from locating and

attracting the best candidates, and assessing resumes to send offer letters. Recruiting software is a

broader category that encompasses applicant tracking systems as well as other tools that focuses on

individual phases of the hiring process. Through aligning employee development goals with the
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company’s vision, mission, and value statements, managers ensure that candidates' current career

developments are aligned to the company’s strategic goals and particularly the needs of the department

in which they will be assigned.

Recruitment has a significant implication on the vision, mission, and value statement of an

organization. Human Resource Managers should ensure that suitable candidates are recruited. HR

Practitioners should ensure employees skills, knowledge, and abilities are in alignment with the

strategic goals and the culture of the organization. Human Resource Practitioners must ensure that

employees have the skills and aptitudes to develop products and services required for the organization

to accomplish and maintain a competitive advantage. This can be done by establishing consistent

policies and procedures for recruiting, interviewing, training, and orientation of new employees to

prepare employees to work efficiently and effectively in achieving the organization’s objectives. For

example, Victoria Mutual Building Society after recruiting individuals, they start to develop these

individuals by sending them to various branches to learn the business. During orientation, the

employees’ knowledge is being tested by a series of exams to ensure that these employees can help to

carry out the vision of the company.

The JMMB Group uses various tools, such as Strength Finder, various Psychometric tests, to

ensure that candidates are aligned to the strategic goals and culture of their organization. The JMMB

Group also embarks on headhunting, the process of finding exclusive candidates for high-level

positions within the organization. This process targets the persons with the attitude, aptitude, and skills

needed for the organization to accomplish their strategic goals while outsourcing persons that will

complement the culture of the organization.

Compensation also has a significant implication on the mission and vision of the company. An

employee who is comfortable with their compensation package will get the job done effectively and

efficiently. Getting the job done properly will aid companies in outperforming its competitors. An
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example of a company that is doing well in compensating employees is Fraser, Fontaine, and Kong Ltd

Insurance Brokers. The employee compensation includes overseas travel insurance, group pensions,

group life, personal accidents, paid sick leave, and paid vacations. The strategy that their HR

department uses to be able to give employees these outstanding benefits is divided into 3 parts: service,

approach, and expertise. For example, under expertise the company says, “we handle more than 200+

accounts with over 40,000 lives, we manage an average of 1,000+ claim requests a month, we monitor

turnaround times of insurers and try and keep a 10-working day claim settlement TAT,” ("Employee

Benefits | Fraser Fontaine & Kong Ltd", 2018). This has proven successful over the years such as being

“awarded Best Medium Size Business for 2008 & 2009 by the Jamaica Chamber of Commerce and

New Business Broker 2010, 2011 & 2012 (1st Place),” ("Employee Benefits | Fraser Fontaine & Kong

Ltd", 2018). By meeting targets, this company can perform in the market and still provide employees

with the satisfaction which would have contributed to the vision statement of the company. This was a

strategic move done by the company’s human resource manager.

Training is defined as a systematic method of improving and changing the behaviour,

knowledge, and attitudes of current and new employees to improve characteristics and employment

requirements. It can also be used to obtain the buy-in of employees on the organization's objectives,

vision, mission, and value statements. Employees’ training attempts to improve skills or add to the

existing level of knowledge, so that the employee is better equipped to do his present job or to prepare

themselves for a higher position with increased responsibilities. Continuous growth and development

of employees make an organization viable and build a superior competitive advantage. Additionally,

training helps with employee engagement, conflict resolution, and support for team members. All these

aspects are needed in a company as the mission can be challenging. Training can benefit the

organization's strategic goal by allowing employees to understand the organization's culture. When

adequate training and learning has taken place within an organization and the vision, mission, and
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value statements are distinctly and properly aligned with the strategic goals, this can channel staff

towards a collective purpose and advance an organization’s capabilities to maintain competitive

advantage.

Defining the mission, vision, and value statements help employees to understand their

organization’s culture, give them a sense of purpose and give them a true understanding of what the

company is about and what it expects. Also, it helps with employee engagement in the organization.

When employees are engaged, the company’s environment becomes lighter. The Chief Executive

Officer of Sagicor Bank, Chorvelle Johnson Cunningham articulated that lack of engagement in

companies lead to a “decline in trust between employers and team members,” ("Sagicor Bank CEO

Urges Companies to Engage Employees", 2019). There is a common sentiment that clients come first

in a company. A part of Sagicor’s strategic management, for the company to reach its vision is to note

that employees come first, and clients come second. Although this may be an unpopular opinion,

Sagicor CEO believes that if you take care of your employee, they will take care of the clients. This is

why employee engagement is critical, and this is the implication it has on the company’s vision and

mission.

Finally, training increases staff morals and alignment with the organization. Short-term gains in

terms of increased knowledge and better skills of resources to long-term gains by way of

transformation in employees’ attitudes. This ensures that employees are more loyal, committed, hard-

working, and involved in their work thereby reducing attrition, staff turnover, demotivation, and burn-

out. Coordinating training to the organization's vision and goals ensures the provision of knowledge

and skills required for the job, this also influences their attitudes and behaviours to make them more

efficient and effective; resulting in employees being empowered, involved, linked with the corporate

brand, and loyal to the organization. The more the training programs are aligned with the company

goals, the more successful the company will be. The JMMB Group uses tools such as, need
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assessments to ensure the training needs of the staff are met. This is a systematic process that is

designed to determine and address the needs of the staff, particularly the training needs. This process

contributes to continuous learning at the JMMB Group and determines what areas of skilled and

professional staff, such as financial advisers and stockbrokers need to be trained on and particularly

current economic trends that will allow them to generate the desired profits and maintain a competitive

advantage. Training is also designed at the JMMB Group to ensure the organization's needs are in

mind. In essence, all the aforementioned implications impact the strategic management process and the

human resource practitioner.

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The business strategy of a Company, justification of its importance and a discussion of the impli-

cations for the Human Resource Management Practitioner.

A business strategy is “an outline of the actions and decisions a company plans to take to reach

its goals and objectives,” (Indeed Editorial Team, 2020). The business strategy of a company defines

what the business must do to achieve its goals that will guide and help the decision-making process for

resource allocation and hiring. A business strategy comprises of actions and decisions executed by the

organization to achieve its goals and sealing a competitive position in the industry or market it com-

petes in. The business strategy is undoubtedly the foundation or backbone of the organization as it is

the pathway or roadmap which leads to achieving the business’s desired goals. Given that the business

strategy is the pathway or the roadmap of the business, if there is any fault within the business strategy,

the business will be in a disadvantageous position compared to its competitors which compete against

the business in its industry or market segment.

Furthermore, an organization uses its business strategy by helping its different units or depart-

ments to work together effectively and efficiently and solidifying departmental decisions to support and

reinforce the overall direction of the business. The business strategy of an organization is also known

as the competitive strategy. The business strategy or competitive strategy of an organization targets on

making the competitive position of a business unit’s goods or services better in the distinct market seg-

ment or industry that the organization or specific business unit operates in. It has been proven that orga-

nizations which have a strong and meaningful business strategy are more competitive than other busi-

nesses which do not capitalize on their business strategy regardless of what industry those firms func -
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tion in. Wheelan & Hunger, (2011) opined that “business strategy can also be competitive (battling

against all competitors for advantage) and/or cooperative (working with one or more companies to gain

advantage against other competitors).” The business strategy would define how the organization or

business units compete or cooperate in the industry which it operates in.

Additionally, there are many reasons to justify why it is important for a company to have a busi-

ness strategy. A business strategy helps with planning, controlling, efficiency, competitive advantage

and the strengths and weaknesses of a business. According to Indeed Editorial Team, (2020) “Planning,

a business strategy helps you identify the key steps to take to reach your business goals.” Therefore,

making and incorporating a business strategy allows a business to have more control over deciding the

types of activities which will directly help the business to achieve its goals and gives you the ability to

easily assess if the business’s activities are enabling the business to get closer to achieving its goals. A

business strategy allows you to effectively allocate resources for your business activities, which auto-

matically makes you more efficient. It also helps with allocating job roles, tracking projects and plan -

ning deadlines. Having a business strategy helps an organization also by identifying a transparent and

strategic plan that shows how you are going to achieve your goals, focusing on capitalizing on your

strengths thus creating a competitive advantage which makes your business unique in the industry or

marketplace it competes in. Creating a business strategy allows a business to identify and evaluate its

strengths and weaknesses to form a strategy that allows the business to capitalize and optimize its

strengths and eliminating or mitigating against its weaknesses.

According to the (Jamaica Money Market Brokers [JMMB], (2019) report, the company’s

business strategy that it uses to gain competitive advantage focuses on talent, credibility, expertise and

providing genuine care for all clients thus establishing heart-to-heart connections. Furthermore, it

maintains genuine care for relationships, fulfilling personalized and unique solutions for banking,

investments and brokerage services as a dynamic, international and multi-faceted financial institution.
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The JMMB Group ensures upon making the quality of its services better so that the business can

distinctively accomplish the needs of their clients. Currently, The JMMB Group offers investments,

real estate, banking services, insurance brokerage services and money transfer where the organization

acts as one business catering to all of the needs of their clients over the market.

There are two “generic” competitive strategies used to have an advantage over other businesses in

a specific industry, which are lower cost and differentiation. These two competitive strategies were

proposed by Michael Porter. The word generic is used here to clarify that any business may use either

lower cost or differentiation as their competitive strategy. Lower cost strategy is “The ability of a

company or a business unit to design, produce, and market a comparable product more efficiently than

its competitors,” (Wheelen & Hunger, 2011). However, differentiation strategy is used when an

organization is providing a product which is unique and has higher value to the buyer based on the

products’ special features, after-sale service or quality. The competitive advantage of a firm in its

respective industry is established by its competitive scope which is the breadth of the organization’s or

business unit’s target market. An organization or business unit can select a broad target (mass market)

or a narrow target (market niche). Once these two target markets are combined with the lower cost

strategy and differentiation strategy, this results in four variations of generic strategies. Also, cost

leadership and differentiation are used when the lower-cost and differentiation strategies have a broad

mass-market. Cost focus and differentiation focus strategies are used when the business focuses on a

market niche or narrow target (See Appendix A for Porter’s Generic Strategies).

Cost leadership is a lower-cost competitive strategy which targets the broad mass market and due

to its lower costs, the business is able to charge a lower price for its goods or services than its rivals or

competitors and still make worthy profits. Differentiation targets the broad mass market as it pertains to

the creation of a good or service which is unique in the business’s specific industry. The organization

or business unit would then charge a premium for its goods or services that are deemed as unique. This
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type of uniqueness can be the goods or services’ design or brand image, features, technology, customer

service or dealer network. Cost focus is a competitive strategy that focuses on a specific geographic

market, buyer group or market niche, which excludes other markets. An organization which chooses to

use cost focus as its generic competitive strategy strives for a cost advantage in its target segment;

similar to cost focus, differentiation focus targets a specific buyer group, product line segment, or

geographic market. Differentiation focus is almost the same type of strategy as differentiation;

however, the main difference is that it targets a narrow target, specific market or niche. This strategy is

used by an organization when it is believed that its efforts are better able to focus on a specific market

niche in a unique way over its competitors. The JMMB Group uses the differentiation strategy. In terms

of the JMMB Group using the differentiation strategy,

“…Genuine care for clients, credibility, talent and expertise have catapulted the Group of

companies to become a dynamic, international, multi-faceted financial institution that, unlike

most, is committed to heart-to-heart connections and providing genuine, caring relationships,

while proactively delivering personalized financial solutions across banking,

investments and insurance brokerage services…” (JMMB, 2019)

Part of the organization’s differentiation strategy would be the business offering a package deal

for one who goes in the direction of taking their motor vehicle loans, hence your insurance will be split

in half; for example, instead of one paying the full price on insurance one would be paying half of the

price. This is unique in comparison to other banks in Jamaica because other banks may offer full

insurance and high interest rates on certain packages. Given that the JMMB Group uses differentiation

as their generic strategy, their competitive scope focuses on a broad target.

There are several implications for the HR Practitioner when it comes to the business strategy of

an organization. The HR Practitioner is the stakeholder of the organization who is heavily invoked in
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the Strategic Human Resource Management Process. The implications for the HR Practitioner includes

the benefits of engaging in strategic planning, developing a strategic human resource plan, assessing

the organization’s current environment, creating statements of vision, mission, and values,

implementing, monitoring, and evaluating the Human Resource strategic plan.

Strategic human resource management involves a future-oriented process of developing and

implementing HR programs that address and solve business problems and directly contribute to major

long-term business objectives (“Practicing Strategic Human Resources,” 2021). The process of

strategic planning poses both opportunities and challenges for the HR Practitioner. Globally, most HR

Practitioners are heavily involved in making strategic decisions for the organization and they

participate on the strategic team of the company. Hence, most HR Practitioners acknowledge that

strategic planning is one of their functions. Therefore, it is imperative that the HRBP collaborates with

the senior management of the organization in an effort to ensure the strategic human resource plan is

aligning with the overarching strategic business plan.

When the Human Resource Business Partner devises strategies that are in alignment with the

company’s business strategy, the company is better able to anticipate and respond to the needs of

customers and to maintain a competitive advantage. Planning and development which includes the

culture, competencies and behaviours of the workforce and rigorous research promotes and defines the

execution of the business strategy. The benefits of human resource strategic planning include

establishing a clear sense of direction to impact how work gets done in a positive manner, providing

leaders with tools to help focus and make their strategic initiatives, issuing a strategic focus to guide

training and development initiatives, fostering employee productivity and expanding organizational

success, deterring disruptive and costly nuances which disrupt accomplishing goals and addressing

critical issues in a time efficient manner to avoid calamities.

 22

The HR Practitioner’s role involves creating and developing a strategic plan of Human Resource

initiatives to accomplish and portray the culture, behaviours and competencies required to achieve the

goals of the organization. The goals which are results-oriented include developing and maintaining

competitive pay and benefits, correctly and profoundly assessing staffing and skills needs and keeping

training up to date, designing a rewards system which keeps employees highly motivated, managing

performance, being aware of the competitors’ actions in terms of recruiting and retaining talent, and

providing thorough training with ethical practices to reinforce the values of the organization. Planning

and development which includes the culture, competencies and behaviours of the workforce and

rigorous research promotes and defines the execution of the business strategy. The strategic planning

process includes assessing the current situation, envisioning and articulating a desired future,

formulating and implementing a strategy and strategic objectives, and establishing a mechanism to

evaluate progress.

The HR Practitioner is tasked with accomplishing human resource activities in alignment with the

long-term goals and objectives of the organization in mind. This individual should comprehend how

the different organizational components, coincide with the long-term implications of human resource

resolutions and the results of the human resource decisions which need to be profoundly analyzed and

researched before these changes are put into place. Therefore, the employees will hone the skills in

marketing, sales, finance, information technology and operations which aid with budgeting and having

a combination of skills in the workforce. Furthermore, the employees will gain analytical skills

pertaining to translational work which include planning and implementing practices of HR, coaching

business leaders and helping teams manage change, over transactional work which include training,

recruitment and other traditional Human Resource functions.

A strengths, weaknesses, opportunities and threats (SWOT) analysis should be conducted where

this analysis shows a broader picture of the organization’s internal and external environment. For the
 23

HR Practitioner, aligning the human resource function to the organization’s business strategy is highly

significant. The Human Resource Manager is integral to the success of the strategic plan as

intradepartmental strategic planning is necessary to commence the functional alignment process. This

process is heavily dependent on the actions of the HR Practitioner. The issues of workforce

composition inaugurates the human resource alignment process. The staffing of organizations has a

thorough impact on the business strategy of the organization in terms of its execution.

There are three (3) factors which may have effects on workforce composition that the HR

Practitioner should watch over and respond to; these factors are age, globalization and current

economic conditions. The age of employees who are already in the organization, the age of the

available workforce, the retirement patterns for elderly workers and the inclusion of younger workers

can profoundly impact workforce availability.

Aspects of globalization which will impact most organizations are the increasing diversity of the

workforce, legal and illegal immigration, and the economic incentive to outsource labour and

production activities where costs are lower. Current economic conditions which include natural

disasters, political changes and unemployment rates will also have an impact on the availability of

workers. The HR Practitioner must take these factors into consideration as these factors will impact and

be a part of the organization’s business strategy.

 24

The purposes of a PESTEL analysis, SWOT analysis and their implications on the strategic chal-

lenges/opportunities.

When creating a strategic plan for your organization, it is imperative to evaluate the external and

internal environment that may impact the outcome of various strategic initiatives. The evaluation will

create a guide for the company to better identify the areas for which greater concentration will be re -

quired and those areas which already have given the company a competitive advantage. The use of the

PESTEL and SWOT analysis tools provide a very effective machinery that is essential in the develop-

ment stages of a company’s strategic plan. When combined, the PESTEL analysis provides the ideal

framework to affect an accurate SWOT analysis.

The PESTEL analysis looks at the large-scale picture impact of an industry that may affect the

planning and strategic decision-making process. These impacts include the country’s political land-

scape, the economic climate, social factors, technological developments, legal considerations and envi-

ronmental possibilities. In identifying the large-scale impacts, the SWOT analysis allows you to iden-

tify your core internal strengths and weaknesses, and the possible external opportunities and threats.

This then provides fact-based analysis and a fresh perspective, resulting in new ideas that the company

can centre its strategic discussions around. An evaluation of a typical organization’s strategic chal-

lenges/opportunities is shown in this report (See Appendix B for the evaluation of the PESTEL Analy-

sis and see Appendix C for the evaluation of the SWOT Analysis). To better understand the possible

strategic challenges/opportunities the JMMB Group may face in today’s business environment, we con-

ducted an evaluation using the PESTEL analysis and SWOT analysis (See Appendix D for the evalua-

tion of the PESTEL Analysis and see Appendix E for the evaluation of the SWOT Analysis).

As a part of its vision and mission, the JMMB’s aim is to have a team that is committed to a long-

term ongoing process of holistic improvement and development of both its internal and external stake-
 25

holders. As such, they have improved on the group’s online trading platform and money-line to facili-

tate their client’s daily experience. This move also aided in the transition of a virtual platform for

clients who are actively trading, which has become the new norm of operations, especially for traders

who wish to have active and live feed of their statements and transactions as they strive to continuously

improve their user experience. This goes to show that they are ahead of the game in market research

and analysis.

Also, a noteworthy weakness that was mentioned in their 2020 Annual Report was that there are

limited branches and automated banking machines currently compared to their competitors. This can

pose a challenge for the company, given the current climate where individuals prefer convenience and

accessibility. The Strategic Human Resource Practitioner can utilize online surveys for data collection

from both internal and external stakeholders, this is to ascertain the need of the most suitable locations

for these machines, to better cater for the clients in those areas. To ensure adherence to regulatory laws,

the company hosts seminars to develop and train team members in legal policies and human resource

management information systems. This is an effort to assist team members to be more knowledgeable

of phishing items and the protection of customer information.

Another point to note about the JMMB Group is that they have taken into consideration the

change in the financial market where inflation depressed economic growth. Due to the rise in inflation,

it has posed an unfavorable impact on the lives of its customers both in their income and the means of

how the company can maximize profit. However, even with this economic crisis, they were still able to

be profitable through their innovative and attractive marketing strategies to keep their customers en-

ticed to investing and saving their funds. This is commendable in such a time where most individuals

were nervous and indecisive based on their risk appetite in an unstable economy due to the pandemic.

Also, with the strict protocols and other lock down times which were not 100% detrimental since they

were well prepared for the virtual realm as their employees were fully equipped with tools to work re -
 26

motely. Their clients also transitioned smoothly in this period, since the JMMB Group’s online plat -

form which was fully equipped to maintain daily transactions since 2018 as they were planning ahead

of the pandemic. From this, we can see where the PESTEL analysis was utilized in managing the eco -

nomic crisis which complemented the human resource department in disbursing and making available

resources for the team members to operate in the future.

Despite the COVID-19 pandemic, the JMMB Group was still able to make a historic perfor-

mance, this was highlighted in their most recent Annual Report. It was also evident in their perfor-

mance in the stock market when compared to their competitors who either plunged or remained stag-

nant. Whereas the JMMB Group performed exceptionally well for the last fiscal year, there needs to be

some level of re-evaluation of their strategic challenges/opportunities in some key areas and in re-eval-

uating, the following areas need to be addressed:

1. How can we form horizontal integration alliances with companies regionally, and internation-

ally instead of competing?

2. How can we have a better, and more efficient control of the market through these alliances?

3. What marketing initiatives can we deploy to the growing market for persons who are seeking

loans for various reasons?

4. How can we further expand branches into neighbouring communities, and on university cam-

puses to better capture a wider population, and be more accessible to the growing market of

clients?

5. If we utilize entrepreneurial and strategic thinking to calculate and respond to the pressure on

the local market, will this have an adverse effect on customers?

6. Should we evaluate the currency and liquidity risk before diversifying and expanding in the

market?

7. How can we offer better and stricter payment solutions to customers to limit the US Fed Fund?
 27

8. How can we limit the amount of funds a bank can lend to its clients?

Having considered the aforementioned questions, and with the implementation of a carefully

crafted strategic plan, with the support of the Strategic Human Resource Practitioner as a Business

Partner, the JMMB Group will be well on their way to not only having a competitive edge over their

competitors, but one that is sustained in today’s business environment.

 28

The type, role and impact of leadership required to lead a Company in today’s business environ-

ment.

The colonial heritage of the Caribbean has impacted the management and leadership practices

in various ways. Colonies were subservient and had to be instructed by the European powers or colo-

nial masters in issues of government, economies and business. A top-down decision-making process

was imposed and accepted. Decisions were made at the master’s level, with minimal or no input from

the lower-level subordinates. Information was kept a secret and was not shared. It was assumed that the

European masters knew what was in the best interest for the colonies (Punnett, 2006). Remnants of this

kind of leadership style still exist in organizations within the Caribbean today.

Theories on leadership and leadership styles is one of the most researched fields in Industrial

and Organizational Psychology and Management. Leadership theories postulated are intertwined, with

later theories building on components from their predecessors or using them in a new way. Riggio

(2013), argued that the earliest leadership theories proposed was the great man/woman theory and trait

theory. This later transitioned to the behavioural theory, then to the situational theory, contingency the-

ory, transactional theory and finally transformational theory. The great man/woman theory supported

the maxim that great leaders are born and not made. Similarly, the trait theory assumed that leaders are

born with special attributes that makes them great leaders; as opposed to the behavioural approach

which considered leadership in relation to the behaviour of the individual. The situational approach fo-

cused on the leader in concurrent to situational factors before deciding whether an individual was a

leader or not. In contrast, the contingency theory concentrated on identifying situational variables

which best predicts the most effective leadership style. The transactional theory emphasized an ex-

change relationship between the leader and the followers through a contract, where the leader rewards

or punishes a certain behaviour. Lastly, transformational theory focused on the leader’s ability to pro-

vide shared values and a vision of the future for his followers. To discuss the type, role and impact of
 29

leadership required to lead an organization in today’s environment we will be centring our focus on the

transformational leadership style within the JMMB Group.

In contemporary societies, business markets are becoming more demanding, and organizations

are forced to constantly navigate how to improve in order to compete in the world of business. One

successful way for an organization to obtain and maintain their competitive advantage is through their

leadership style. SHRM (2019), stated that leadership is the process by which an individual determines

direction, influences a group, and directs the group toward a specific goal or mission. Effective leader-

ship is one of the most vital components to building a great organizational culture. Leaders can rein-

force values and beliefs while holding employees accountable at the same time. This influence over

others can be either positive or negative based on the leadership style portrayed.

Transformational leadership was first introduced by James Burns and further developed on by

Bernard Bass. Riggio (2013), stipulated that transformational leadership involves the leader changing

the values, beliefs and attitudes of followers. The leader motivates followers by providing a vision of

where the group is heading in the future and developing a work culture that encourages high perfor-

mance activities.

The JMMB Group has been known to inspire their workers to be the best version of themselves,

since their inception. They have created an environment where both workers and customers feel valued,

and their opinions are considered. Daft (2010), highlighted the challenges identified by Henry

Mintzberg, present in today’s dynamic environment. Mintzberg recognizes that companies are unstable,

and they operate in a world full of uncertainties. Therefore, managers are unable to utilize traditional

ways to measure, predict, or control the challenges inside or outside of the organization, resulting in the

need for a more fluid type of leadership.

The JMMB Group’s leadership was ahead of its time, and it was built on the core values of

love, respect, compassion, honesty, and integrity. The strategic objective of the JMMB Group helped in
 30

shaping their style of leadership. The four components that demonstrate transformational leadership

roles within the JMMB Group are: idealized influence, inspirational motivation, intellectual stimula-

tion, and individualized consideration.

Idealized Influence

Transformational leaders are viewed as positive role models by their followers. They behave in

a manner that is consistent with the values and beliefs they promote within the organization, thus

providing a sense of vision and mission. As a result of this behaviour, these leaders are highly revered

and trusted by their followers. Additionally, a certain type of culture is established, and the leadership

becomes a part of the employees’ disposition. This is reflected in their interaction when satisfying the

need of clients. Upholding this type of leadership culture will result in loyal clients, as was evident with

the launch of the JMMB Express Finance in Trinidad. (JMMB, 2019) stated that it took only six and

half months of operation for the JMMB Express Finance to accumulate a client base of over two thou-

sand (2000) members and had secured just under Thirty ($30) million Trinidadian Dollars in loans.

Inspirational Motivation

Transformational leaders within the organization can inspire and show optimism about follow-

ers’ abilities by providing an enthralling vision of a positive future by creating a sense of purpose and

promote team spirit. The JMMB Group’s mandate in creating inspirational motivation within its orga-

nization was demonstrated by creating a learning culture which supports team leaders to recognize their

true abilities. (JMMB, 2019), celebrated with one hundred and eleven (111) of its team leaders across

the group who successfully completed the first in-house Leadership Development Programme. The

programme allowed them to use tools needed to boost their leadership competencies and fulfil their

leadership obligation. It included components aimed at building the skills necessary to support personal

growth and mindset shifts.

 31

Intellectual Stimulation

Transformational leaders stimulate followers’ interests and their innovative skills. This is done

in an intellectually challenging way by enabling followers to have input into brainstorming and the de-

cision-making process. The JMMB Group embraces their exceptional way of being one of the few

gurus that openly encourages their team members to pursue entrepreneurial endeavours outside of their

full-time job. This puts a unique spin on leadership development in that it inspires team members to

pursue additional dreams. (JMMB, 2021) stated that an intellectual atmosphere coexists in a dynamic

process that eventually leads to higher levels of self-actualization and thus the attainment of organiza-

tional mission.

Individualized Consideration

This involves the application of emotional intelligence for each follower, provide support, as

well as attending to their needs and concerns. The JMMB Group has organized themselves to capitalize

on this resource. This is done by investing in human capital and nurturing an innovative environment.

They have implemented a strategy at every step of a team member’s journey to facilitate personal de-

velopment. In a newspaper article written by Williams (2017), he stated that the JMMB Group facilit-

ated the avenue for entrepreneurship of employees beyond economic interest while expecting them to

continue to meet their deliverables.

In 2018, the JMMB Group held a promotional expo, where the company offered approximately

thirty (30) employees the opportunity to display their personal entrepreneurial projects, ranging from

retail to pastry-making and other professional services without a financial cost being attached. In addi-

tion, all employees and attendees were also given the opportunity to participate in a free financial plan -

ning conversation with a financial advisor on site. This approach which was facilitated gave individuals

more time to conceptualize strategic planning in accomplishing their goals.

 32

Several research have confirmed that the transformational leadership style has positive impacts

on employee retention, self-efficacy, organizational commitment and job satisfaction of followers.

Employees should feel a sense of motivation or drive when working within an organization, so

that they can voluntarily want to be a part of the organization. If employees lack motivation, this will

be reflective in their performance which will have a negative impact on the organization. Das and

Baruah (2013), claimed that employee retention is vital for organizations to achieve and maintain suc-

cess. In addition, it is in the best interest of an organization to reduce staff turnover; as employees may

possess valuable knowledge, skills, and abilities that would contribute to the organization’s success.

An environment that encourages self-efficacy among workers increases their involvement with

their work. Gumsluoglu & Illsev (2008), stated that transformational leaders increase self-efficacy,

raises intrinsic motivation and contributes to psychological empowerment.

Another impact of this leadership style is greater levels of job satisfaction. Transformational

leaders create an inspiring and safe environment for their followers and support them in making indi-

vidual choices. Employees who are satisfied, are more likely to show up for work, have higher levels of

performance and will stay longer with an organization (Robbins et al., 2010). The positive job satisfac-

tion results in goal achievement and organizational effectiveness.

It is often argued that employees with high organizational commitment are willing to take on

greater responsibility for their organizational interest and make the extra effort to attain these goals.

Piccolo and Coloquit (2006), stated that employees who work with transformational leaders are more

likely to perceive their work as meaningful and as a result have a higher level of commitment.

Leaders today are faced with adverse challenges as they continue to navigate the impacts of the

Covid-19 pandemic. This pandemic has made us completely aware of how much work needs to be

done in evaluating the overall organizational strategy. Leadership plays a critical role in every organi-
 33

zation and especially in times of crisis. They have to re-think and adapt innovative techniques for the

organization to succeed and maintain its competitive advantage.

The JMMB Group maintained a solid performance despite the numerous challenges experienced

throughout the pandemic. The board reacted immediately to preserve the sustainability of the JMMB

Group and its business operations. They employed the usefulness of risk management and compliance

processes in support of their clients, shareholders and team members. In a newspaper article published

by Miles (2021), the chief financial officer at the JMMB Group, Patrick Ellis stated that the company’s

core earning remains positive as outlined by the 8% increase in the net interest income consecutively,

totaling J$7.58 billion. Organizations could adapt the JMMB Group’s leadership style in response to

the pandemic and implement an action review which will enable them to collect data and provide an in-

sight of lessons learned that can be used to add value to the organization.
 34

Critical current event and comprehensive discussion regarding the implications for organiza-

tions.

In various literature, the 21st century has also been referred to as the digital age (information

age) which describes the time in history where incremental advances in technology were introduced

and improved the method and speed of sharing information (Biscontini, 2020). As these innovations

progress over the years, businesses have made revisions and continue to adjust their strategic approach

in how they compete within their respective industries, while meeting the needs of their client base. In

doing so, the requirement to partake in digital transformation of business operations, both internal and

external in the present day has been identified as a critical current event. Digital transformation is the

transformation of business processes, operations, and structures to exploit the benefits of new

technology, (Matt et al., 2015).

Though not directly related, the advent of the pandemic and the increasing demands for

organizations to be more agile and dynamic have created a need for the incorporation of technology. To

remain viable or even salvage their competitive advantage, many companies such as financial

institutions and the quick service food industry incorporated digital strategies and swiftly leveraged

artificial intelligence and other digital tools. This digital strategy required these organizations to focus

on the use of technology to improve output and performance. For example, the Jamaica Money Market

Brokers (JMMB) Group introduced a digital suite of solutions including smart automated teller

machines and enhancements to its online platform to accommodate a wider variety of contactless

banking transactions. The players in the local quick service food industry have responded to the global

crisis with several mobile applications and online platforms to facilitate the order and payment of

meals. Victoria Mutual Building Society implemented its online banking so that overseas clients are

now able to conduct a variety of financial transactions. These include the mortgage payments, wire

transfer and other payment services.

 35

It should be noted however, that these bright and innovative approaches are not without

challenges. The introduction of digital transformation as a competitive strategy and critical current

event has presented a gap in the competence of staff to support this vision. A study by

PricewaterhouseCoopers (PwC) in 2020 sought to examine the implications of digital transformation

across nine (9) Caribbean countries, revealed that approximately 46% of the respondents believed that

their organizations were behind in equipping the staff with the skills needed to perform in this digital

era. The researchers further cited that the lack of time and budgetary support were the two commonly

identified barriers to upskilling the respective workforce of the participating countries. The inadequacy

of the human capital to maneuver the new digital spaces caused a great disparity between alignment of

the roles and responsibilities relating to renewed digital business processes, and the available

competencies; this being the biggest challenge to digital transformation efforts.

In addition, organizations who undertook the digital transformation process later found it

necessary to revise their organization structures, thus leading to high levels of redundancy. (World

Economic Forum, 2020) has named Bank Tellers, Client Information and Customer Service Workers in

a list of top twenty (20) jobs with decreasing demand. On the other hand, roles such as Digital

Transformation Specialists, Process Automation Specialists, Artificial Intelligence and Machine

Learning Specialists were listed amongst those expected to increase in demand within the next five (5)

years.

Furthermore, it is estimated that the financial burden to execute a seamless digital

transformation presents yet another implication for an organization. As presented in the research

conducted by PwC in (2020), the financial constraints to meet the expected performance levels as well

as to develop the competencies needed to modify the mindset of the employees have been obstructed.

This presents a barrier to productivity. In addition to the expectation of roles becoming obsolete as a
 36

result of the transformation process, a further cost to support these redundancies are implied, which

further depletes any fiscal savings.

Moreover, there exists system errors that stem from the digital transformation process that poses

challenges for companies. Recently, as a result of these errors, the Victoria Mutual Building Society

experienced a major disruption of their service, which lasted for approximately two (2) months. This

caused a significant inconvenience to the institution’s overseas clients, who were unable to make

mortgage payments using their online portal without difficulties. Similarly, clients overseas who used

Metro PCS as their phone service provider were not able to log onto their online banking account nor

receive the one-time password (OTP) which would allow them to complete their transactions.

Consequently, many of its members were behind on their mortgages for two months. Marion Lewis,

manager at the member engagement centre stated, “she was worried that members may want to move

their mortgage to another institution or would leave bad reviews which would prevent new business”

(Lewis, 2021).

On a positive note, the digital transformation process has been linked to advances in data

collection due to the diffusion of technology. Organizations such as the JMMB Group are better able to

anticipate customer needs and meet with them regarding proactive solutions; along this same line, the

influx of data that the company is now able to generate, presents an increased risk of data breaches. In

early 2020, the Passport Immigration and Citizenship Agency (PICA) underwent a digital

transformation of their border management processes. This initiative was expected to increase the

operational efficiency during the processing of passenger declaration forms and online passport

renewal requests. However, a little more than a year after its implementation, a weakness in access

control and cyber security in the Agency’s system exposed the COVID-19 records of hundreds of

thousands of travelers to the island. The implications of such a challenge on the organization may bring
 37

about financial loss, legal actions by those who’s information was disclosed and even reputation

damage (Sumner, 2021).

The human resource function can be leveraged as a strategic asset to any organization

specifically as it relates to contributing to its competitive advantage (Schroeder, 2013). As such, it is

incumbent on a Human Resource Management Practitioner operating in a digital space to align the

organization’s human capital with the strategic needs. This point of view further reiterates the beliefs of

Miles & Snow (1994) which emphasized the need for an organization to meet the demands of their

stakeholders with the appropriate capabilities of their human capital to achieve a competitive

advantage. Considering this, the following recommendations are being put forward as a Human

Resource Practitioner of an organization faced with the impending challenges identified above:

1. Create avenues to accommodate the disruptions of the transformation process by

proactively identifying the roles to be affected by possible redundancy and designing

appropriate transition or adoption measures. These may include utilizing other existing

skills and competencies in different areas of the organization. These actions should

promote in-house capacity building and skills training especially in cases of financial

constraint. The opportunity for internal mobility is likely to boost staff morale in a time of

uncertainty and change, strengthening employees’ loyalty and commitment to the

organization’s goals.

2. We must acknowledge that the aggression with which Caribbean businesses and the

world have pursued, digital transformation ought to be considered as a paradigm shift.

The predominant challenge with its successful implementation in some companies has

been identified as the significant gap in skills and competencies with the available human

capital. As such, the recommendation to make adequate budgetary allocations during the
 38

planning of the transformation process to solve this imbalance is being proposed.

Sizeable investments and great focus should be placed on preparing the staff to operate

with new systems. The ability to understand and adapt to new roles will be a critical

factor in the success of this digital strategy. Furthermore, with constant upgrades and

changes in technology, digital transformation is expected to be a continuous process.

Sufficient resources will be required for the continuous learning to be anticipated. The

quality of the human capital will be critical to the sustenance of all aspects of digital

transformation.

3. As it relates to the issues surrounding systematic errors as identified with the case of

VMBS above, a strategy that can be used is to strengthen the relationships with all

stakeholders during the planning phase, which may mitigate some of these challenges.

This relationship will allow both companies’ clients to do their business without

challenges. If challenges should occur, a clear line of communication will facilitate timely

resolution of these matters. Having a relationship with companies which can affect your

business is key especially when companies want to gain a competitive advantage.

4. Just as with any other need of an organization, it is critical for the HR Practitioner to have

a clear understanding, in order to assess and recommend the appropriate strategies. In the

case of weaknesses identified in cyber security, as an HR practitioner it is being

recommended that detailed research of international standards are conducted. Subsequent

to this approach, the further training of staff directly responsible for the cyber security

portfolio will become necessary. As another option, a cost analysis may be conducted to

determine the most cost effective approach in obtaining the required technical support.
 39

The organization may contemplate engaging a consultant to address the immediate needs

and prevent any further loss, while incrementally training staff in an effort to retain the

required knowledge and skills in-house.

Conclusion

In essence, the Human Resource Management and Development executive team in any

organization is tasked with achieving the success of the business. This can only be achieved through

developing a comprehensive strategic management analysis for the business. This will allow a

company in any industry to gain and maintain a competitive advantage.

It is critical when developing the strategic management process that the mission, vision, and

value statement are aligned to the strategic management process. This has several implications on the

company's business operations as one affects the other. When an HR Practitioner is doing

environmental scanning for a company, he/she should ensure that threats and opportunities are

highlighted as this greatly affects the company's vision. It is also important that during the strategic

management process of strategy formulation, strategy implementation, and strategy evaluation, the HR

Practitioner considers its stakeholders, employees, and customers as well as the business culture.

The business strategy of a company has proven that it is vital for an organization's competitive

advantage. Porter's Generic competitive strategies which include cost leadership, differentiation, cost

focus and differentiation focus are used by businesses for their objectives and strategic plans. In the

JMMB Group's case, they used the differentiation strategy as it targets a broad mass market. Several

implications of the business strategy were elaborated for the Human Resource Management

Practitioner as he/she is an essential stakeholder when it comes to the business strategy of an

organization.

Moreover, the use of the PESTEL and SWOT analysis were very effective in evaluating the

strategic challenges and opportunities of the companies, and more specifically, the JMMB Group.
 40

Since these are useful analytical tools, they will assist in the development stages of a company's

strategic plan with the help of the SHRM’s guide to make a valuable contribution in achieving

sustainable goals in a time efficient manner.

After all, leadership in any organization is critical to the functioning of the business. The

transformational leadership style was highlighted in the body of this paper, and it showcased its

effectiveness in its role and impact on the JMMB Group. The JMMB Group has been known to

encourage their workers to be the best version of themselves, as well as they have created an

environment where stakeholders feel valued. The four elements that demonstrated transformational

leadership roles in the JMMB Group that were discussed in detail were idealized influence,

inspirational motivation, intellectual stimulation, and individualized consideration. Many research has

proven that the transformational leadership style has positive impacts on employee retention, self-

efficacy, organizational commitment, and job satisfaction of followers. The COVID-19 pandemic has

shifted the focus of our awareness in the business market; therefore, leaders are to ensure that they

establish a productive and communicative organizational culture by developing strategies to ensure

high performance, productivity and ensuring employee-related grievances are suitably resolved.

Finally, the arduous challenge of digital transformation was highlighted. It discussed the

implications it has on Victoria Mutual Building Society and gave an example of how it affected the

company. There exists, however, workable solutions for such challenges. It is for this reason why the

HR Practitioner is important, to develop ideas to address these challenges.

 41

References

About Joan Duncan | JMMB Group Jamaica. Tt.jmmb.com. (2021). Retrieved 30 October 2021, from

https://tt.jmmb.com/about-joan-duncan.

Altıok, P. (2021). Applicable vision, mission and the effects of strategic management on crisis resolve.

Procedia Social And Behavioral Sciences, 24(61), 66,67. Retrieved 30 October 2021, from

https://www.researchgate.net/publication/251714515_Applicable_vision_mission_and_the_effects_

of_strategic_management_on_crisis_resolve.

Biscontini, T. (2020). Information age (Digital age). Salem Press Encyclopedia

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 46

Appendices

Appendix A

Figure 1 Showing Porter’s Generic Strategies (Friesner, 2014).

 47

Appendix B

Table 1 Showing the evaluation of the PESTEL Analysis for an organization

PESTEL ANALYSIS
Areas of Focus

Political Government influence on the economy and businesses such as legislation or economic policy.

Influences such as inflation rates, interest rates, economic growth, exchange rates, and disposable in-
Economic come.

Population growth rates, cultural aspects, age distribution of population, and changing social behav -
Social iours.

Technolo- Automation, technological development licensing, patents, and communication.

gical

Legal Customer protection, industry specific regulations, and regulatory bodies.

Environ- Global climate change, geographical position, weather, and sustainability.

mental
 48

Appendix C

Table 2 Showing the evaluation of the SWOT Analysis for an organization

SWOT Analysis
Areas of Focus

-Your business’s competitive advantages.

Strengths -Unique product offering.

-What could you improve?

Weaknesses -What should you avoid?
-Where is the business lacking resources?

Opportunities -Can you expand core operations?

-What new market segments can you ex-
plore?

Threats -What are the advantages of your competi-

tors?
-What new regulations threaten operations?
-What trends threaten the business?

Table 3 Showing the evaluation of the PESTEL Analysis for the JMMB Group
Political
- Difference in regulation from regulatory
bodies within countries of operation.
- The impact on GDP growth and revenue
flows.
-Reduction in fiscal deficit through to tax
amnesty.
- The negative impact on trading partners.
Social
-Focus on socio-cultural trends.
-Implement virtual corporate social gather-
ing/networking.
-Focus on customer satisfaction and orienta-
tion.
Environmental
-The negative impact of drought like condi-
tions on some sectors.
- Reduce paper-based transactions.
- Publishing of annual reports in soft copy
format.
49
Appendix D
Economic
-Increase in inflation.
-Fluctuation in foreign exchange rates.
-Challenges in the global economy.
-Underperformance in some sectors.
- Slow-down of work in the private sector.
Technological
-Invest in up-to-date IT infrastructure.
-Challenges with internet providers.
-Improve on online transactions.
-Conduct reviews of networking systems for transitioning to online.
Legal
-Implement a Legal Committee to ensure legal matters are thoroughly ad-
dressed, and that the company is fully compliant with the law.
 50

Appendix E

Table 4 Showing the evaluation of the SWOT Analysis for the JMMB Group

Strengths Weaknesses
-Regional and business line diversification. -Limited payment solutions and ABM services.
-Constant improvement and development of service and offerings.
- Strong marketing initiatives in each country. - Limited branches in the Caribbean.
-Partnership with clients.
-Foster a culture of human development.
- Extraordinary leadership and entrepreneurship thinking.
- Horizontal growth.
Opportunities Threats
-Acquisition of minority stake in Sagicor and other established busi- -Changes in the rules that govern the financial
nesses. sector.

- Capitalizing on the growing market for loans. -Increased pressure on the local market.

-Advancement in market infrastructure. - The US Fed funds are increasing at a gradual

pace.

- Evaluation currency and liquidity risk.

 51

Addendum

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