Human resource management is the systematic process of acquiring, developing, rewarding and maintaining an organization's people resources so as to maximize performance. Organizations and companies' human resource requirements change constantly to create a better work place. Although many entrepreneurs realize that people is the key to a successful business, they still struggle to develop an effective human resource function. The article focuses on describing the human resource management challenges facing entrepreneurial organizations and to identify lessons that can be learned from successful entrepreneurial organizations in creating their HR management.
Interviews were conducted with the founders and/or presidents of over 50 high performance US manufacturing and service entrepreneurial organizations. They were asked the question:"as an entrepreneur, what are the greatest challenges you face in the human resource management area?" The president of Cube Culture Corp., Greg Papp, answered the question by saying "most entrepreneurial organizations are successful because of the efforts and sacrifices of the people working there. It is critical to get the right people on board and to successfully embed them in the culture of the organization, which is no easy task and requires time, effort and energy."
Entrepreneurs in this study identified four overarching demands that their HR functions must meet for them to create and maintain success: 1) Hiring quality people, 2) Generating immediate performance and productivity, 3) Maintaining flexibility an 4) Overall HR cost containment. The article discussed challenges that were facing each of the above headings and carried out valuable lessons.
HR Challenge #1: Attracting a large pool of high quality job candidates
HR Challenge #2: Speed in the hiring process
HR Challenge #3: Taking time to properly orient and train personnel
HR Challenge #4: Properly coaching and providing feedback for new hires
HR Challenge #5: Developing workforce/management talent
HR Challenge #6: Clearly defining job responsibilities
HR Challenge #7 Demonstrating commitment to your workforce
HR Challenge #8: Fairness in salary and rewards
HR Challenge #9: Attractive wages and benefits
HR Challenge #10: Appropriate/effective HR administrative structure
Each of the challenges above came with a lesson that was learned from the studies which would benefit businesses/organizations greatly.
Lucy Liu
Linda Zheng
Nina Wong
Kevin Do
Sunny Brar
Friday, June 17, 2011
Monday, June 13, 2011
Young entrepreneur newspaper article reflection
UBC graduate, Brian Wong who is only 19 years old is already on his way to start up his second company called Kiip. He has received 4 million dollars in financing to fuel a new ad model that gives mobile game players real rewards ranging from vitamin drinks to a $100 Sony tablet. This is offered to players who reach milestones in games on their smartphones and other mobile devices. This business idea is only offered to players in the United States but soon after, he promised it will be moved into Canada.
I am astonished that Brian Wong at 19 year old is making such a big accomplishment in his life. A 19 year old graduating from University already is a great shocker. His idea would probably widely attract customers because people play games on either their iphones or blackberries daily. If they were already to play so many mobile games, they might as well give the games that Brian Wong offers prizes for a try. Mobile devices/smartphones are so common now that people would catch on the trend very quickly.
I think Brian Wong succeeded at such a young age in the field of technology has a great reason to do with the generation that he was raised in. For our generation, we have access to all the technology that other people never had before from generations before. At his age, he combined his own personal ideas and untilized it properly into something that can make big money. Mark Zuckerberg at a very young age as well, created Facebook, something everyone possesses nowadays.
I am astonished that Brian Wong at 19 year old is making such a big accomplishment in his life. A 19 year old graduating from University already is a great shocker. His idea would probably widely attract customers because people play games on either their iphones or blackberries daily. If they were already to play so many mobile games, they might as well give the games that Brian Wong offers prizes for a try. Mobile devices/smartphones are so common now that people would catch on the trend very quickly.
I think Brian Wong succeeded at such a young age in the field of technology has a great reason to do with the generation that he was raised in. For our generation, we have access to all the technology that other people never had before from generations before. At his age, he combined his own personal ideas and untilized it properly into something that can make big money. Mark Zuckerberg at a very young age as well, created Facebook, something everyone possesses nowadays.
Thursday, June 9, 2011
Hidden Costs Can Kill Your Web Business reflection
What is an e-business?
E-business is a term used to describe businesses run on the Internet, or utilizing Internet technologies to improve the productivity or profitability of a business. In a more general sense, the term may be used to describe any form of electronic business —- that is to say, any business which utilizes a computer.
Advantages of e-business
Utilizing Ebusiness to operate your company enables you to many advantages. Such as purchases can be made 24 hours a day and 7 days a week, making it available to every place in the world, at any time; improved of speed response, improved communications, information and knowledge sharing; and improved customer service.
Disadvantages of e-business
Even though there are many advantages to Ebusiness, there are also many disadvantages that come along with it. Such as you may not recieve what you believe you have purchased; and things such as viruses could mean losing the site or affecting your customers computers while on your website.
Source:
http://www.wisegeek.com/what-is-ebusiness.htm
http://www.cheshirehenbury.com/ebusiness/ebbenefits.html
http://wiki.answers.com/Q/What_are_the_advantages_and_disadvantages_of_e-business
E-business is a term used to describe businesses run on the Internet, or utilizing Internet technologies to improve the productivity or profitability of a business. In a more general sense, the term may be used to describe any form of electronic business —- that is to say, any business which utilizes a computer.
Advantages of e-business
Utilizing Ebusiness to operate your company enables you to many advantages. Such as purchases can be made 24 hours a day and 7 days a week, making it available to every place in the world, at any time; improved of speed response, improved communications, information and knowledge sharing; and improved customer service.
Disadvantages of e-business
Even though there are many advantages to Ebusiness, there are also many disadvantages that come along with it. Such as you may not recieve what you believe you have purchased; and things such as viruses could mean losing the site or affecting your customers computers while on your website.
Source:
http://www.wisegeek.com/what-is-ebusiness.htm
http://www.cheshirehenbury.com/ebusiness/ebbenefits.html
http://wiki.answers.com/Q/What_are_the_advantages_and_disadvantages_of_e-business
Wednesday, May 18, 2011
Motivation Package Assignment
What is the new minimum wage?
The new minimum wage is $8.75.
What are the effects of a raised minimum wage and cancelling of the training wage? Please answer from both an employer and an employees point of view.
From an employer's point of view, the raise of the minimum wage probably took a toll on their hiring processes. They won't be hiring as much new employees because of the higher wage being required to pay the employees. At the same time, they won't have as much money to distribute.
From an employee's point of view, the raise of the minimum wage was definitely a good thing. It will certainly benefit their quality of living and allow them to make purchases of more luxary materials. But that's only from the point of view of people who already had a job that pays lower than 8.75 and now able to earn that much. For the people who are not employeed, it became even harder for them to find a job, therefore the unemployment rate will definitely increase.
The new minimum wage is $8.75.
What are the effects of a raised minimum wage and cancelling of the training wage? Please answer from both an employer and an employees point of view.
From an employer's point of view, the raise of the minimum wage probably took a toll on their hiring processes. They won't be hiring as much new employees because of the higher wage being required to pay the employees. At the same time, they won't have as much money to distribute.
From an employee's point of view, the raise of the minimum wage was definitely a good thing. It will certainly benefit their quality of living and allow them to make purchases of more luxary materials. But that's only from the point of view of people who already had a job that pays lower than 8.75 and now able to earn that much. For the people who are not employeed, it became even harder for them to find a job, therefore the unemployment rate will definitely increase.
Sunday, April 24, 2011
The Costs of Employee Turnover Summary
Employee turnover is a frustrating problem that's been bothering the hospitality industry for many years. Turnover is the rate at which an employer gains and loses employees. A simple way to describe it is "how long employees tend to stay" at a job position. Not only does it cost a fair amount of money to replace the employees lost, but it also comes with many inconveniences for the employer. For instance, turnover may compromise the consistency and quality of customer service, resulting in reduction of profitability. Employees who are already planning to leave their job position may not be as motivated to do their job, as well as the amount of time it requires for newly hired staff to acquire knowledge and learn skills.
Other than the inconveniences, the direct costs and indirect costs also become very bothersome for employers. They vary between hard costs, soft costs, and opportunity costs. Hard costs include paying for help-wanted advertisements. Soft costs include the time it takes to interview applicants. And opportunity costs includes the sales missed due to employee reduction (turnover).
Research has identified five major cost categories that contribute to the total cost of replacing an employee. Each being pre-departure, recruitment, selection, orientation and training, and lost productivity. Studies delivered several interesting results. Overall, the cost of lost productivity was the highest item among all of the costs associated with the turnover, and the least came upon the cost of orientation and training.
Employee turnover will continue to be a critical concern in the hospitality industry for the near future. To develop in the competitive hotel environment, it is necessary to understand the nature and consequences of employee turnover.
Group:
Linda Zheng
Nina Wong
Lucy Liu
Jenny Wong
Other than the inconveniences, the direct costs and indirect costs also become very bothersome for employers. They vary between hard costs, soft costs, and opportunity costs. Hard costs include paying for help-wanted advertisements. Soft costs include the time it takes to interview applicants. And opportunity costs includes the sales missed due to employee reduction (turnover).
Research has identified five major cost categories that contribute to the total cost of replacing an employee. Each being pre-departure, recruitment, selection, orientation and training, and lost productivity. Studies delivered several interesting results. Overall, the cost of lost productivity was the highest item among all of the costs associated with the turnover, and the least came upon the cost of orientation and training.
Employee turnover will continue to be a critical concern in the hospitality industry for the near future. To develop in the competitive hotel environment, it is necessary to understand the nature and consequences of employee turnover.
Group:
Linda Zheng
Nina Wong
Lucy Liu
Jenny Wong
Friday, February 4, 2011
2 Venture Ideas
Idea #1:
Wardrobe specialist
My idea of a wardrobe specialist is basically choosing wardrobes or outfits for people who either don't have the time to dress themselves according to the different events that they need to attend or don't have a very good fashion sense and needs someone to help them out and keep up with the trend.
My target customers would mostly be business women who need to dress themselves professionally and effectively. I do personaly services, such as going to their houses and choosing outfits from their own closets.
This is a good idea because first of all it doesn't require that much start up cost. The only start up costs that would be costing me money is advertising for my "company" which is for people to be aware of the service that i'm offering to them. It is easy to operate, i don't really need office space because i will be going to other people's houses and choosing their wardrobes from there. Or the other option is to do personal shopping with them.
Idea #2
lawn mower/leaf cleaner/snow shoveller
This is a year round job that could keep the business in check depending on the season and what we have to offer. It will be a small business because you are offering services to only near neighbours. The startup cost may be a bit or not at all depending on what kind of things you already have in your house hold. You could utilize the lawn mower at your house if you have one to mow lawns for neighbours in the summer, clean leaves in the autumn, and of course, shovel snow in the winter.
This is a good idea because these are the jobs that people don't enjoy doing or just simply wants to do it but either too lazy or don't have time at all to get them done. Therefore, it would be perfect to hire a neighbour, someone who you can rely and trust, and will get the job done fast and well. They don't need to worry about anything.
Wardrobe specialist
My idea of a wardrobe specialist is basically choosing wardrobes or outfits for people who either don't have the time to dress themselves according to the different events that they need to attend or don't have a very good fashion sense and needs someone to help them out and keep up with the trend.
My target customers would mostly be business women who need to dress themselves professionally and effectively. I do personaly services, such as going to their houses and choosing outfits from their own closets.
This is a good idea because first of all it doesn't require that much start up cost. The only start up costs that would be costing me money is advertising for my "company" which is for people to be aware of the service that i'm offering to them. It is easy to operate, i don't really need office space because i will be going to other people's houses and choosing their wardrobes from there. Or the other option is to do personal shopping with them.
Idea #2
lawn mower/leaf cleaner/snow shoveller
This is a year round job that could keep the business in check depending on the season and what we have to offer. It will be a small business because you are offering services to only near neighbours. The startup cost may be a bit or not at all depending on what kind of things you already have in your house hold. You could utilize the lawn mower at your house if you have one to mow lawns for neighbours in the summer, clean leaves in the autumn, and of course, shovel snow in the winter.
This is a good idea because these are the jobs that people don't enjoy doing or just simply wants to do it but either too lazy or don't have time at all to get them done. Therefore, it would be perfect to hire a neighbour, someone who you can rely and trust, and will get the job done fast and well. They don't need to worry about anything.
Wednesday, January 12, 2011
Sustainable business - Starbucks
A sustainable business, or green business, is enterprise that has no negative impact on the global or local environment, community, society, or economy. The business that i have chosen is probably a very common place everyone visits daily - Starbucks.
Ever since Starbucks opened their first store in 1971, they've been trying to earn the trust and respect of our customers, partners and neighbors by being responsible and doing things that are good for the planet and each other. Such as: recyling, energy saving, water saving, and building green starbucks locations.
Starbucks recyle 70% of their instore wastes but this usually happens behind the counters and customers are unable to see it. Recycling is dependent on the availability of commercial recycling services where the stores are located. Unfortunately, some communities don't offer any commercial recycling services.
Energy use in Starbucks stores makes up roughly 80% of their entire carbon footprint. By end of 2010 Starbucks aim to reduce energy use in new stores by 25% and to obtain 50% of energy from renewable sources in all of their company-owned stores.
In order to save water, Starbucks started implementing new alternatives to the dipper well system used to clean utensils that we believe will significantly reduce our water usage across the globe in 2009. They continue to include water-saving technology in equipment specifications. For example, in U.S. company-owned stores, mechanical dishwashers use less than one gallon of water per cycle through high pressure spray arms.
Overall, Starbucks seem like a very sustainable business. I am glad to be one of starbucks' drinkers!!
Ever since Starbucks opened their first store in 1971, they've been trying to earn the trust and respect of our customers, partners and neighbors by being responsible and doing things that are good for the planet and each other. Such as: recyling, energy saving, water saving, and building green starbucks locations.
Starbucks recyle 70% of their instore wastes but this usually happens behind the counters and customers are unable to see it. Recycling is dependent on the availability of commercial recycling services where the stores are located. Unfortunately, some communities don't offer any commercial recycling services.
Energy use in Starbucks stores makes up roughly 80% of their entire carbon footprint. By end of 2010 Starbucks aim to reduce energy use in new stores by 25% and to obtain 50% of energy from renewable sources in all of their company-owned stores.
In order to save water, Starbucks started implementing new alternatives to the dipper well system used to clean utensils that we believe will significantly reduce our water usage across the globe in 2009. They continue to include water-saving technology in equipment specifications. For example, in U.S. company-owned stores, mechanical dishwashers use less than one gallon of water per cycle through high pressure spray arms.
Overall, Starbucks seem like a very sustainable business. I am glad to be one of starbucks' drinkers!!
Business Ethics and Social Responsibilities
Business ethics is the examination of a variety of problems that can arise from the business environment, and how employees, management, and the corporation can deal with them ethically. Problems such as fiduciary responsibility, corporate social responsibility, insider trading, bribery and discrimination are examined in business ethics.
In the handling of money and when one acts as a corporate, there is a fiduciary responsibility owed to the principal party. It is defined as a relationship imposed by law where someone has voluntarily agreed to act in the capacity of a "caretaker" of another's rights, assets and/or well being. The fiduciary owes an obligation to carry out the responsibilities with the utmost degree of "good faith, honesty, integrity, loyalty and undivided service of the beneficiaries interest."
Corporate social responsibilty's goal is to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere. Furthermore, corporate social responsibilty focused businesses would proactively promote the public interest by encouraging community growth and development, and voluntarily eliminating practices that harm the public sphere, regardless of legality.
Thirdly, insider trading. This is a very serious issue and it occurs when an individual with special knowledge of a corporation uses this knowledge to buy and/or sell securities such as stocks and bonds to make a profit.
Last but not least, bribery and discrimination are considered to be very unethical in business workplaces. To discriminate someone is to distinguish one from another usually due to social, culture, or political reasons. To bribe someone is to give beneficial items to someone else in order to obtain a certain goal.
Business ethics and social responsibilities are very important to a business.
In the handling of money and when one acts as a corporate, there is a fiduciary responsibility owed to the principal party. It is defined as a relationship imposed by law where someone has voluntarily agreed to act in the capacity of a "caretaker" of another's rights, assets and/or well being. The fiduciary owes an obligation to carry out the responsibilities with the utmost degree of "good faith, honesty, integrity, loyalty and undivided service of the beneficiaries interest."
Corporate social responsibilty's goal is to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere. Furthermore, corporate social responsibilty focused businesses would proactively promote the public interest by encouraging community growth and development, and voluntarily eliminating practices that harm the public sphere, regardless of legality.
Thirdly, insider trading. This is a very serious issue and it occurs when an individual with special knowledge of a corporation uses this knowledge to buy and/or sell securities such as stocks and bonds to make a profit.
Last but not least, bribery and discrimination are considered to be very unethical in business workplaces. To discriminate someone is to distinguish one from another usually due to social, culture, or political reasons. To bribe someone is to give beneficial items to someone else in order to obtain a certain goal.
Business ethics and social responsibilities are very important to a business.
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