Takeaways

Human Resources

The Human Resources Department is the pinnacle of any successful business. It is often charged with the duties of hiring, placement, payroll, firing of employees, and compliance with legal regulations. All members of an organization are required to comply with regulations; however, in most advanced organizations, the department indulges in skills development and tracking alongside compliance with relevant government regulations.

Since my business is at the elementary stage, most of the Human Resources (HR) needs will be outsourced. According to Entrepreneur Staff (2017), HR outsourcing services primarily fall into four categories: Professional Employer Organizations (PEOs), Business Process Outsourcing (BPOs), Application Service Providers (ASPs), and e-services. Preferably, I want to adopt the one that offers more benefits at a low-cost, which is the BPO. I am using the BPO because I want furnish my company’s HR system with the latest technologies, like HR data warehousing and self-access. Also, I want to ensure that I employ experienced employees, incorporate opportunities for continuous professional training, and make sure that my employees’ immediate needs are met. With that said, I am not hesitating to hire an HR manager who will manage the HR department effectively.
PEOs often assume full responsibility for the business’ HR administration. This means that the organization becomes a co-employer of the business’ workforce by been accountable for the employees’ legal issues. ASPs, on the other hand, are software programs that can manage payroll system and benefits. To hire the right outsourcing firm, it will be important to know what services the business needs so that I can find an outsourcing organization that can provide them.

Three Takeaways from Last Week Lecture

During the lecture, it was obvious that running a business is a challenging task. Starting up a business requires determining the equilibrium point, cost of production, and selling price. This last week’s lecture made me understand that purchasing power drives prices, and price of product could vary based on locations and stores. With this information, I know I will have to conduct extensive research regarding the consumers’ ability to purchase or patronize my products before fixing prices, considering the equilibrium point.

Furthermore, I learned that business secrets are highly significant to business survival and growth. Exposing these secrets to potential competitors can be detrimental, since they can easily use them to gain competitive edge. On the other hand, I will always be interested in knowing why consumers are interested in my products, so that I can significantly tailor my services to their specific demands. I do not mind if customers know the basics of my business, but exposing the full details is what I will not do.
Another takeaway was that a business should focus on target customers, and others will be influenced. Covering a wide population of customers can be hectic and non-strategic. I want to focus on my target customers, as they will help influence other customers. Specifically, my targets are those that cannot afford to send their children to school. Having some percentage from the yearly profit go towards community development, like schools, and to those that are poor, will help influence others to patronize my company. Giving back to the community is also one of the purposes of establishing my company.

Reference

Human Resources. (2017). Retrieved from https://secure.colostate.edu/encyclopedia/,DanaInfo=www.entrepreneur.com,SSL+human-resources