HR assignment on: Effectiveness of HR in organization
1. Abstract
The following report includes the discussion about the several internal factors which contribute to the success of the emerging companies. the report includes the discussion about the justification of the study initially. The report then discusses about the introduction to the emerging companies and internal factors that have an impact on the success of the emerging companies. The report also includes the several internal factors that have a bearing on the success and failure of the emerging companies in this global era. The repot finally includes a conclusion and some recommendations related to the research done.
2. Justification
There are several internal factors that have a bearing on the success and failure of the emerging companies. The main aim of the research is to analyze the main internal factors that contribute to the success of the emerging companies. There are several internal factors that that determine the success and failure of the emerging companies and these factors are vital to be analyzed in order to determine how these can contribute to the success and failure of the emerging companies. Each factor has its own relevance and also has a bearing on the success of these companies so it is vital to understand these factors and analyze how they will add value to the company.
3. Introduction
Internal factors can be said to be as those factors that have a bearing on the business and which has come from the business itself, without any regard to the outside business factors like, competitors, customers, suppliers and so on. There are several internal factors that are vital to be managed and are more crucial for the organization to grow in this competitive market place. Internal factors in simple terms can be said as those which is related to the internal business operations and based on which the success and failure of the business organization depends. Internal factors are mostly the main business functions of the organization which is associated with the day to day activities and practices of the organizations. Internal factors are crucial for the emerging companies as their success and failure depends of these factors and will also determine the long term success of the organizations. (1) The degree to control these factors varies from organization to organization. The changes in these factors affect the business activities of the companies. a small change in these factors may have a high bearing on the company success and failure. These factors needs adequate care and precaution in handling the issues associated with them as they can make the company grow extensively. Internal factors are vital for companies in every stage of business life cycle but for companies which are at the emerging stage have more bearing of these internal factors. The internal factors mainly include management, planning, organizing, directing, controlling, production, marketing, finance, human resource and R & D and so on. All these internal factors have been discussed in detail below. (2)
4. Internal factors contributing to the success of emerging companies
There are several internal factors that contribute to the success of the emerging companies but some main factors have been discussed below:
Management:
The management of the organization is one of the most vital internal factors that contribute to the success of the emerging organization. The top management is one which determines the success and failure of any company. The strongness of the top management makes the company grow faster. The quality and efficiency of the top management of the company is vital for the success of the emerging company. The management of the organization is also vital part of the company which must be highly effective in order to bring the success to the emerging companies. (2) The company which has effective management has greater chance of attaining success than the one which has a lower level of management effectiveness. The effectiveness of the management is one of the vital factors which contribute to the success of the emerging companies. The management is the one which takes important decision related to the activities of the company and which is one of the vital factor which determines the success and failure. With effective management the organization r emerging company attaining success increases.
Planning:
Planning is one of the important parts of the organizational activity. Planning helps the organization in reviewing its resources and then aids the organization in reviewing its current operations and analyzing what factors needs to be improved in the coming period. Planning aids and helps the organization in determining the steps necessary for reaching at the intended destination i.e. success, whether it is determined in operational terms or financial terms. All the organizations whether emerging or developed have limited resources. Planning helps the emerging organization to make the effective use of resources which is vital for attaining success for the emerging organization. (1) Planning also aids the emerging organization in establishing the goals and strives for the better performance as the emerging organizations cannot satisfy themselves with the performance they are currently performing or doing. Planning also aids the emerging organizations in managing risks and uncertainty which is vital for the organizational success in long term. Planning also aids the organization in attaining competitive advantage as it determines the path the company needs to walk on and perform its activities in future. It is in simple terms forward looking activity which aids the organization to perform as per the plans and attain success. (3)
Organizational structure:
Organizational structure can be defined as the human body which has different parts through which the body operates, in the similar manner the business also has a body structure using which it operates. The structure of organization includes several departments and process through it operates. Each part is equally important. The organizing of the company and structure can also be said to be as the network of relationship in which the network is divided in several units and departments. The organization structure is vital in order to divide the jobs into different activity and defining the activities into well defined jobs. The organization structure helps the company to put the right man at the right place which is done as per the qualities, skills and experience of each man. The emerging company growth is also dependent on how effectively and smoothly an organization works. The organization structure also helps in determining the jobs and positions within the organization. (5)
Directing:
Directing is said to be as the heart of the management process. It can be said to be as the central point which accomplishes the goals of the organization. Directing is the actuating activity of the organization because it is through directing that the operations of the business enterprise take place. Direction is the function which is the initiating point of the work performance of the employees of the organization or subordinates. Direction integrates the efforts of the employees and through this the superiors within the organization instructs and inspires the subordinates to perform and work.(3) Directing is the mean to motivation of employees which aids the organization to achieve its goal. The element of the motivation is used to improve the performance of the employees by providing those incentives, compensation and so on.
Controlling:
Controlling is also one of the managerial functions like planning; organizing etc. it is also one of the vital internal factors which highly contribute to the success of the emerging companies. Controlling aids the companies and organizations in checking errors and to make corrective actions in order to decrease the deviations from the planning actions and achieve the desired goals in an effective manner. Controlling helps the emerging companies to reduce the errors in the activities performed. Controlling is also one of the foreseeing actions which include the setting of standards, measuring the actual performances and then taking corrective actions if any deviation from the standards takes place.(4) Controlling is a continuous process through which the emerging organization can check its operating activities and can attain success. It is also a managerial process through which the activities of the organization is measured and analyzed from time to time which helps in analyzing the errors and faults in the performance and thus take corrective actions and making the emerging company move towards the success path. (6)
Effectiveness of Production function:
This is one of the most important factors which are vital to be analyzed fro the success and failure of the emerging companies. The production of the product or service needs to be analyzed in order to analyze the effectiveness of the productivity function and thus contribute to the success of the emerging companies. The production function is the function through the product or service is produced and from which the revenue is generated. The effectiveness of the production function which contributes to the success of the emerging companies is vital. (4)
Marketing function:
The marketing function is also one of the most vital factors which contribute to the success of the emerging companies. In the current era marketing plays a vital role in the development of the emerging companies. By the way of marketing the products and services of the company is popularized and make them known in the eyes of the customers which is highly important in the current business environment. By the way of marketing the organization or company popularize its products as in the current period due to extensive competition the products needs to be advertised in the eyes of the customers. (4)
Finance function:
Finance is the life blood of any business activity. For performing any business action finance is required, so the effective management of the finance in the emerging company contributes to the success of the company. The effective management of finance helps the organization in managing its business activities in effective and efficient manner and thus adds to the company competitive advantage. (5)
Human resource function:
The effective management of the human resource is vital for the success of the emerging companies. The human resource function of any organization is vital as the organization is the groups of people who work for it. The effectiveness of the human resource makes the organization effective. As the more the effective the human resource of the organization the more the capable employees would be found in the organization which determines the success of the organization. (6)
5. Conclusion & Recommendation
From the above analysis of the internal factors it can be said that the more effective these factors are the more the organization will more towards the growth path. It can also be concluded that internal factors plays a vital role in the success of the emerging companies. The internal factors are those which are related to the internal operations of the companies and do not have any bearing from the external factors.
From the analysis of the above several factors it can be recommended that the emerging companies must keep a watch on these internal factors in order to grow at a fast pace. For attaining success it is vital for these emerging organizations to analyze each internal factor try to improve them for the effective operationality of the company and moving towards the success path. It can be recommended that the emerging company must manage its management functions first like management, planning, organizing, directing and controlling.
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