An eassy on HRM in John Lewis (UK Department Store) - employee owned Essay

An eassy on HRM in John Lewis (UK Department Store) - employee owned company - Essay Example Ultimately, whereas the EOB model promotes sustainable operational and financial profitability, its application to other contexts is limited to small-scale businesses since its governance model may come under pressure as the firm expands. Introduction This paper is a study of the general business and HRM of John Lewis Partnership, an employee-owned company and evaluates the various mechanisms of HRM policy and application of JLP in the context of the 4 key functions of HR which include; resourcing the organization, human resource development (HRD), employment relations, in addition to, performance and subsequent remuneration. Additionally, it also considers both the vertical and horizontal integration of JLP’s human resource component with its operations, the benefits and challenges of employee-owned business model, as well as the extent to which it can be applied in other contexts. Overall JLP’s business and HR strategy The John Lewis Partnership’s overall busin ess strategy is partners’ approach; the JLP’s approach to business entails prioritizing its clients and partner’s happiness and welfare which is achieved by placing their interests at the core of its operations (Aston, 2013). In this respect, the wellness of partners is of key importance to the business strategy of the John Lewis Partnership since the partnership believes that it yields many positive gains for the business (The John Lewis Partnership, 2013), which dedicates itself to serving customers with flair and fairness. The John Lewis Partnership’s overall Human Resource strategy, on the other hand, is employee ownership, which top management at JLP believes has a massive positive influence on the wellbeing of partners; in this regard, the John Lewis Partnership takes investing in people and seeing them as the core of the business as a fundamental Human Resource strategy. Employee ownership is built on values such as strong communication, from the b ottom upwards, and thorough consultation, both of which lead to inclusiveness and engagement of the employees in the day-to-day decision-making process at John Lewis Partnership effectively; employee ownership has a multi-plier effect on business gains since employee participation motivates high performance. JLP’s HR policy and practice The human resource is the primary source of competitive advantage to any organization today; all firms can potentially boost both their operational and financial performance through well-structured high performance human resource practices, thus the need to attract, recruit, and retain the best talents. Strategic HR management practices such as recruitment and selection, training and development, as well as performance management are fundamental aspects of John Lewis Partnership’s Human Resource policy and practice. The JLP recruits its human resources through selection and engages in effective talent management through training and dev elopment programs, as per the needs of the partnership. The task of resource recruitment goes beyond merely selecting the best people for the job; organizations must invest in human resources, which are not only valuable and

Forms of business Essay Example | Topics and Well Written Essays - 750 words

Forms of business - Essay Example There are no consultations involved in the decision making process. Moreover, tax preparation process is very easy since the business is not taxed separately and the tax rates are lowest of the business structures. According to Pride, Hughes & Kapoor (2012), owners of the business are always free to mix business or personal assets. Unfortunately, sole proprietorship involves unlimited personal liability since there is no legal separation between the owner and the business. The owner of a business can be held responsible for the debts and obligations of the business and the risk extends to any liability incurred by employee actions. Raising capital for sole proprietor is always not easy because stock in the business cannot be sold and the investors cannot invest in them. Additionally, sole proprietorship seldom survive the death or disability of the owners Partnership Partnership involves relationship between two or more people coming together on a trade and every person contributes m oney, property, labor, or skills. It is also worth noting that every partner shares in the profits and losses and as much as it is strongly recommended, it is regarded very risky to operate without. There are three types of partnership arrangements including general partnerships, limited partnerships, and joint ventures. General partnership requires that profits, liability and management issues are equally divided amongst the partners and incase of unequal distribution, the proportion set is documented in the partnership agreement (Pride, Hughes & Kapoor, 2012). On the other hand the limited partnership enables partners to have limited liability d input as far as management decisions are concerned and the limits are based on each partner’s investment portion. Finally, the joint venture work almost like the general partnership but is always active for a short period or may be for a single project. Partners include their individual share of income or loss on their personal tax returns and their taxes generally are annual return of income, employment tax, and estimated tax. Partnership involves shared financial commitment due to the advantage of pooling resources to obtain capital and this may help in securing credit. Furthermore, partnership involves complementary skills derived from the partners’ strengths, resources, and expertise. Partnership may also attract highly motivated and qualified employees due to incentives such as offering opportunity to employees to become members. However, joint and individual liability acts as a disadvantage where partners are liable for their own actions and for business, debts, and decisions made by other partners and the personal assets for partners may be used to satisfy the partnership debts. Decision making process may also not be easy exposing partners to disagreements amongst partners. Corporation Corporation is a complex form of business and is an independent legal entity that is owned by shareholders and is held legally liable for the actions and debts of the business. Incorporating corporations is very costly due to the administration fees, complex tax and the legal requirements making it suitable for established and large companies. According to Pride, Hughes & Ka