Business Finance Homework Help

R1

There are going to be pros and cons to having a diverse workforce. In an article on Forbes website, they state, “Diverse employees can bring together their different talents, experiences and various skill sets to come up with creative and inventive solutions, whereas another group made up of people with similar backgrounds and skill sets may decide to solve a dilemma in the same way they always have.” When businesses have a diverse workforce, they open themselves to new ideas and concepts. They can see ideas from different points of view and possibly develop better solutions to a problems or come up with the idea for the next big product. We live in a World where everyone is connected, and products are being sold globally. Companies need to understand how to market to different groups. They need to understand what is acceptable and what is not. When a company has a diverse workforce, they can get that information in house instead of hiring a marketing firm to do it for them. There are going to be cons as well. Our book talks about how firms have been criticized for having a diverse workforce because people think jobs are being taken away from U.S citizens and going to immigrant workers. People might not buy from that company on those principles. I do think America is in a better position to compete globally because we have a diverse population. We have a lot of different markets businesses can cater to without having to worry about shipping product overseas. They can sell products locally.

In my opinion the most important role HR managers can play are coaches who build up their employees and make them better. They should push their employees to be the best version of themselves and give them opportunities to build themselves professionally. Whether that is through continuing education programs or exposing employees to different parts of the business. They need to provide the tools and resources to the employee to become better. I do believe employees respond well when they feel like the business is investing in them and can become more productive at work.

Reference

Janine Schindler, M. C. C. (2019, September 13). Council Post: The Benefits Of Cultural Diversity In The Workplace. Forbes. https://www.forbes.com/sites/forbescoachescouncil/2019/09/13/the-benefits-of-cultural-diversity-in-the-workplace/?sh=1746734671c0.

R2

LO5 What are the pros and cons of having a more diverse workforce? Is the United States in a better position to compete globally because of its diverse population?

I think that there are multiple pros and cons with a company having a more diverse workforce. One of the biggest pros is that people in entry level positions that see people that they can relate to in positions of leadership and management can have something to strive for. As a woman in my workplace, I love when I see other women in leadership positions. The president the department I work in is a woman and that shows me that my company values her leadership abilities. Other pros would include the fact that the US is becoming more and more diverse, so if a company can mirror that and show that they are diverse as well, it will be more appealing to applicants looking for a job.

One con I think of would be difficulty with communication. Different cultures communicate in very different ways both verbally and with body language. There could be disconnects when working with different people from different cultures. Another potential con could be personal prejudices that are brought into the workplace. A common one you could see could be involving the use of more technology lately. Older generations may not be as comfortable with the use of computers and other technology and view it as a way that the company is trying to get them out of their positions for the younger generation.

I do believe that since the US is more diverse, we are in a better position to compete globally. Many companies are looking to expand their global reach and open their businesses in different countries. Foreign countries can see it as appealing to have a US company in their country if they are more diverse. I believe they would have a potential leg up on the competition if they have already learned some of the issues that might become barriers in the future, so they are able to prepare and be as ready as possible. It could be something as simple as how to greet someone in a leadership in a different country during business meetings.

LO 6 In your opinion, what is the most important role HR managers play?

I think that HR managers have a lot to juggle, and all their roles are important. I think that the most important role HR managers play is to work with the company directors, managers, and supervisors to address any concerns that are brought up. It is important for HR to be in the loop when the leaders in the company have concerns, and if an employee has any concerns as well. HR managers are well versed on the policies of the company and the legal rules and regulations that should always be followed. It is important for HR to be advised of any potential situations so that they can quickly and appropriately address the situation so that it doesn’t become a bigger issue. It is important for HR managers and company directors/managers to meet to discuss any new policies that leadership should be aware of or any employee concerns that have been brought to HR.

Reference

Snell, S., Morris, S., & Bohlander, G. (2019). Managing human resources (17th ed.). Cengage.

R3

It can be difficult for a firm to match its strategy to HR deliverables for a few different reasons. Our textbook talks about how the type of people a firm has, the culture, and the climate can be a constraint. A firm could have a strategy to expand into a new market. Which in theory can be a good move for a company, but they need to make sure they have the right people in place to make sure the business can move into a new market. It would be up to management and HR to make sure they have the right people to make a move like this. If the company doesn’t currently have the right people, they will have to go out and find the right people. This could time that the firm might not have but will be necessary in order to make this a successful move. If a company wants to promote within, it will take time for HR to pinpoint the right candidates and then get them trained in order to meet the strategy the firm has in place. This comes back to allowing time for proper training. Sometimes taking time to proper train employees for new positions might not line up with the time line the firm had in place.

Reference

Snell, S., Morris, S., & Bohlander, G. (2019). Managing human resources (17th ed.). Cengage.

R4

LO 5 Why is it often difficult for a firm to match its strategy to HR deliverables?

Typically, HR and the firm will look at and approach a situation differently. For example, say a company isn’t making any money and they want to downsize and let employees go to save money. The firm’s strategy will be to let people go in hopes of saving money, but they might not look at anything beyond the bottom line. HR will want to make sure that the firm’s decision to let people go is the best decision, and that the company isn’t going to be breaking any laws or won’t be open for legal ramifications by doing so. It is important for the firm and HR to always be on the same page, but unfortunately that is easier said than done. The perspectives of the firm’s management and HR will typically differ which could lead to issues when trying to make decisions and to formulate its strategy going forward. Therefore, it is important for HR managers to meet with the firm’s management to build relationships and get to know what the firm’s objectives are so that HR and the firm will be working towards the same end goal. This isn’t an end all be all solution, but it will help in the decision-making process, and give HR a glimpse into the objectives the firm is working towards.

Reference

Snell, S., Morris, S., & Bohlander, G. (2019). Managing human resources (17th ed.). Cen