HR Strategies and Budget Estimates
The Company we are using is Intel
When completing the "Internal and External Analysis" assignment earlier in the course project you were tasked with creating three strategic goals for your chosen company. From this assignment forward, you will be choosing one of those goals and carrying it through the strategic management process. Feel free to rewrite and improve the goal, but make your choice wisely. It will impact many of the upcoming project assignments. This assignment will require you to develop a staffing plan to attract, develop, and retain good employees to work on your chosen goal. It's very important that you're linking all of your choices to how it will help you accomplish that goal. Everything should be custom fit to that goal and that will be a big portion of the grading. For your staffing assignment, you'll need to write a detail breakdown of your HR staffing strategies that's at least two pages in length and addresses the following:
- Clearly state which of your three goals from your previous course project assignment that you wish to accomplish.
- What are three traits that you believe employees must have in order to help you accomplish your chosen goal? Explain your choices.
- In detail, identify two strategies that you will use to attract qualified employees to hire.
- How do these strategies fit with your chosen business and chosen goal?
- How will your methods of attracting staff cater to a diverse work force?
- What benefits will your goal in particular gain from having a diverse team working together?
- Will you train your employees online or face to face?
- How does this choice fit with your chosen business and chosen goal?
- What are two areas that training for new employees should cover? Why did you make these choices?
- What are two areas that training for existing employees should cover? Why did you make these choices?
- How will you design your training to ensure that employees effectively collaborate and work as a team, while valuing diversity?
- In detail, identify two retention strategies that you'll use to keep high performing employees.
- What advantages and disadvantages does each of these strategies have?
- What aspects of these strategies address the importance of retaining a diverse team?
Now that you've selected the goal you want to accomplish in your strategic management plan, it's time to start budgeting out the costs that will be involved with its implementation. You need to create an operating budget that takes into account the strategies and choices you've already made in previous sections of the course project. It's important that you carefully consider exactly what you'll have to spend money on in order to successfully complete your goal. The numbers will be very general estimates, but you'll need to show the ability to accurately identify the major costs. The categories and subcategories for the budget should cover most if not all of the new expenses that will be present. This assignment should be at least two pages in length and complete the following:
- Clearly identify your chosen goal in an introductory paragraph.
- Create an operating budget for your goal.
- The budget should include common categories and subcategories such as general operations, HR, marketing, miscellaneous expenses, etc.
- Include all major expenses required for the goal. Common expenses include salaries, marketing channels, and inventory.
- Connect the costs/categories that you're considering to your already created marketing, management, and HR strategies discussed in earlier portions of the project.
- Identify two long-term assets from the capital budget that will play a role in the completion of your goal. These can be new purchases or existing assets.
- Briefly explain the impact that each will have.
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