Muman resource management Assignment Example | Topics and Well Written Essays - 1000 words

Muman resource management - Assignment Example Human resource planning occurs in the broad context of strategic and organizational planning of business involving forecasting the future needs of an organization in terms of human resources and the way in which it will be met. The main perspective of this assignment is to critically analyze the human resources based function of a selected organization and the company which has been selected for the same is Toyota Inc. Toyota: A Detailed Overview Toyota is basically an auto manufacturing company, with its headquartering located in Tokyo, Japan. The name of the company has been abbreviated with the name of Toyota Motor Company (TMC). After the names of General Motors and Volkswagen, Toyota is known as the 3rd largest automobile company of the world. It was 1937, when this great company has been founded by Kiicchiro Toyoda. TMC is basically a subsidiary of Toyota Group, one of the largest conglomerate groups of the world, both in terms of size and revenue recognition as well. The share s of the company are registered on three different stock exchanges of the world, which predominantly are New York Stock Exchange (NYSE), London Stock Exchange (LSE) and Tokyo Stock Exchange (TSE). Toyota made 7,308,039 of units in the fiscal year 2011. Apart from that, the company also earned net revenue of Japanese Yen (JPY) 18.583 trillion in the fiscal year 2012 with net income of JPY 283.55 billion. The company currently has more than 300,000 employees working in around 60 countries of the world (Financial Highlights of Toyota, 2012). The shares of the company are very famous among the general public and most of the investors think that it would be wonderful choice to invest only in the stocks of Toyota merely because of its high growth rate and strategy to comply with the effective compliance with both internal and external stakeholders. HR planning in Toyota Toyota is one of those companies which bounds with ad hoc and perfect strategies both in marketing and Human Resources v iewpoint. The company complies with all the sufficient knowledge and information about the Human Resources functions and has a great knowledge about all the labor laws (Christopher & Jain, 2010, 475). Toyota Inc equips their human resources manager and heads regarding managing their workforce accordingly and effectively as according to them, it is the most important and essential function for them. The company has a perfect loyalty and promotion system for the employees from which the motivation level of the employees enhanced tremendously well. Toyota is one of those companies which have a very low turnover rate merely because of its human’s friendly strategies. By far and large, it could be said that Toyota Inc is moving with a perfect human resource policy from which they can attract the recognition of more and more employees. Human resource policies refers to the formal guidelines and rules that is put by businesses in place to train, hire, reward and assess the members o f their work force. Sound human resource policy is very essential in the growth of any business or company (Poole, 1999, 457). One of the greatest human resources policy initiated by the company is the utilization of management by objectives (MBO) in which the management gets the employees participated in