ASSIGNMENT 2 Qualification BTEC Level 4 HND Diploma in Business Unit number and title Unit 3 Human resource management Submission date Date Received 1st submission Re submission Date Date Received 2nd.
ASSIGNMENT Qualification BTEC Level HND Diploma in Business Unit number and title Unit Human resource management Submission date Date Received 1st submission Re-submission Date Date Received 2nd submission Student Name Nguyễn Ngọc Ánh GBS210948 Student ID Class Assessor name Student declaration I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism I understand that making a false declaration is a form of malpractice Student’s signature Grading P4 P5 M4 M5 D2 D3 Summative Feedback: Grade: Resubmission Feedback: Assessor Signature: Internal Verifier’s Comments: Signature & Date: Date: TABLE OF CONTENT Introduction Company profile Digital Business Transformation plan Evaluation of internal and external factor impact on workforce (VRIO, PESTEL/PEST, SWOT) 3.1 Strength and Weakeness 3.2 Opportunity and Threat Training and development plan 4.1 Benefits of T&D 4.2 Type of T&D 4.3 Cost - benefit comparison Reward system 5.1 Financial/ Non-financial reward and Application Performance management 6.1 Definition 6.3 Application Impact of Training and development plan, reward system, performance management, and employee relations on workforce and sustainable organizational performance conclusion Introduction 1.1 Introduce about Phat Dat Real Estate Development JSC Phat Dat Real Estate Development Joint Stock Company was established in 2004, and officially became a public company in 2008 with a charter capital of VND 1,298 billion By 2010, the company's shares were officially listed on HoSE PDR's core business is residential real estate, besides, the business has officially launched the industrial real estate segment 1.2 Company profile Company name Phat Dat Real Estate Development join stock company ticker PDR Charter capital (as of May 18, 2021) Business license VND 4,867,719,160,000 Tax code 0309096681 Headquarters Floors - Viettel Building - 285 Cach Mang Thang - Ward 12 District 10 - City Ho Chi Minh City Tel (84.28) 2226 6868 Fax (84.28) 2226 8686 Website https://www.phatdat.com.vn 1.3 Organization chart 0303493756 Digital Business Transformation plan The digital transformation, specifically the ERP system, at PDR has been underway for the past three years and entered the sprint to complete in 2021 The application of information technology was an important condition to help the organizational structure and management system to be effective The initial achievements in digital transformation were especially effective in the context of social distancing, telecommuting and remote management Launch of new applications Human resource management software was officially applied to all modules, helping to control and improve the efficiency of human resource management The online document submission and approval process is also integrated with the DMS to greatly increase operational productivity and eliminate dependence on conventional methods that have revealed many limitations and obstacles in today's work environment Increased awareness of digital transformation With consistent dissemination and constant internal communication, the entire staff of PR has gained a high awareness of the digital transformation requirements Thereby, each person is aware that digital transformation is not only a duty but also a right to help them work more smoothly, quickly and efficiently That is to save time and energy and facilitate work-life balance Therefore, the majority of employees are willing to adopt, participate and learn to master new applications This is a condition for the digital transformation to attain the best results when officially completing all processes in 2022 Well aware of technology for future The IT platform is established not only for PDR but also for all units in Phat Dat Group and other related branches Therefore, the technology implementation is much more elaborate and complex to ensure compatibility and consistency The growth rate of PDR is very high now but will be even higher in the future This means that the enterprise's foundation and management system must be sufficiently prepared for such growth Therefore, the IT foundation must be built not only for the present or the near future but also for further development stages to avoid degradation PR's digital transformation is implemented in that spirit PR's hardware and software systems are heavily invested Evaluation of internal and external factor impact on workforce (VRIO, PESTEL/PEST, SWOT) SWOT ANALYST INTERNAL EXTERNAL Strength : Opportunity : -Work environment - Vietnam's economy is on a strong - Family friendly working environment development momentum, the real estate -Development opportunities industry will also continue to grow strongly - Salary and bonus - working with major customer partners -Welfare policy - Development training - Be the leading company in the industry - digital conversion app - Wide partner network, ensuring input and output Weakeness: The recruitment scale is low compared to the scale of business development Threat: - High professional work requirements - Requires high skill - Facing the epidemic situation - The market is volatile, real estate prices are at risk of falling, the market is frozen Training and development plan In 2021, a high percentage of PDR personnel exceeded the standard title and position requirements This result was due to the individual's self-training in consonance with the Company's training and development plans PR implemented 22 internal communication programs and 16 training programs during the year for all levels 4.1 Benefits of T&D Overall evaluation of training results 100% of training courses were fully participated by target participants Based on participant feedback, the satisfaction with training courses was over 95% According to participants, the training programs were really attractive and meaningful for personal development For intensive courses in professional knowledge and skills/soft skills, more than 80% of participants had a thorough grasp of work principles, methods and skills This satisfaction was evaluated through tests/interviews at the end of the course or after months The progress in job skills and personal capacity was clearly shown through the attitude and behavior of each individual, significantly improving the performance of departments and divisions Being well integrated into employee training and development programs in 2021, most messages of the Company and the leadership were conveyed timely to ensure adequate orientation, strengthen solidarity and spread corporate culture to all employees 4.2 Type of T&D Main contents of internal communication o o o o Positive thinking – attitude Health care Behavioral culture in the office environment Corporate culture Main contents of training o o o o Corporate governance English Personal skills Professional skills Reward system 5.1 Financial/ Non-financial reward and application Our salary & bonus policies are highly competitive in the labor market, which enables us to retain and attract talents Consulted by leading prestigious experts, we have built up a rewarding system based on performance evaluation and competency assessment, ensuring maximizing individual capabilities and recognizing valuable contributions In order to recognize employees' contributions to the Company's development for a long time, PDR has been applying a seniority bonus policy for employees of 10, and 15 years seniority with bonuses of 01, 02, and 03 months' salary, respectively There are also bonus options to buy real estate products and shares at preferential prices In addition, the Company also rewarded outstanding Phat Dat people and highly committed management personnel with bonuses ranging from 01 to 12 months' salary based on the results of the assessment on individual capacity, working efficiency, and contribution value to the Company Benefit Policies Being revised annually, the current benefit policies cover a wide range of benefits, including holiday bonuses, annual company trips, premium health insurance for management level, combined accident insurance for all employees, periodical health check-up, meal allowances, caring for illness and family’s matters, etc Especially, we offer premium policies for senior staff, including the right to buy the company’s properties at incentive prices Besides, The BOD has executed ESOP as an incentive for employees to involve further and work towards sustainable development the Company also rewarded outstanding Phat Dat People and highly committed management personnel with bonuses ranging from 01 to 12 months' salary based on the evaluation results of individual's capacity, performance and contribution to the Company Performance management 6.1 Definition Performance management is the process of creating and maintaining a productive and efficient work environment where employees can fulfill their full potential Performance management begins when an employee is hired and does not end until they leave the company or organization In contrast to performance reviews, peer appraisals or self-evaluations, performance management is an on-going practice that changes and develops as a team grows and evolves 6.2 Benefits (five reasons) improved accountability: Employees in a performance management environment are held accountable for their actions on a regular basis Due to the regular check-in system, if an employee makes a mistake or struggles to complete a task, the manager is able to quickly address the issue and determine the source of the problem Increased transparency: Implementing the performance management process often lessens the tension between managers and employees by making their relationship more transparent Because they communicate so regularly, managers and employees are more likely to be open and honest when discussing issues or suggesting improvements Encouraging mutual feedback also helps employees to feel like their opinions and feelings are heard and respected HR uses the performance management as the system for building the common corporate culture The Performance Management decreases the personnel expenses and manages them The bonuses are paid to top performers, and they are differentiated The motivation of employees increases, the fluctuation decreases and it has a hugely positive impact on the personnel expenses The performance has a positive impact on the employee engagement The visible and direct connection of goals to the company goals improves motivation and engagement The employees love to understand their goals The direct connection to the company goals is the best way to explain the personal goals 6.3 Application Strengthened operating apparatus The drastic improvements in corporate governance gave PR's operating apparatus the ability to meet the requirements of processing tasks in the past year Accordingly, the BOM was supplemented with two new Vice Presidents in charge of construction and investment At the same time, the middle management was also augmented with suitable people according to actual requirements With this addition of personnel, the operating apparatus was much more professional to ensure close monitoring and the workflow under strict management Management and control capacity improvement The risk management process is established more closely to communicate risk management to all levels That helps PDR meet both the speed and quality of growth, committing to complete projects not only on schedule but also with high value In addition to the above results, PDR also improves forecasting capacity, builds solutions to handle unexpected situations and always prepares contingency plans The strong fluctuation of the market in the past year required the enterprise to constantly observe and promptly react PDR minimized passivity by always forecasting closely, accurately assessing developments and being well-prepared for contingency situations A flexible but valid approval process In response to the need to transform working methods under epidemic prevention regulations, PDR adopted a more interactive approach and a more flexible approval process As a result, no significant interruption or stagnation slowed the work processing speed Furthermore, flexibility, accompanied by compliance, ensured that PDR always fulfilled all obligations to the State without violating the law in all operation stages Openly accepted and professionally oriented restructuring Well aware that the resources and apparatus are sufficient for current needs but need to be changed for the future, PDR has chosen KPMG as the consulting partner even when the apparatus is still in smooth operation at high speed Accordingly, KPMG conducts reviews of the current status and recommends solutions for restructuring Thereby, the Company clearly shows its willingness to receive any fair and objective evaluation from professional consultants to understand and improve its strengths and weaknesses based on global standards Impact of Training and development plan, reward system, performance management, and employee relations on workforce and sustainable organizational performance Well-disciplined Despite having to work from home during the period of strict social distancing, PDR staff was welldisciplined and adhered to the time and quality requirements There was no distraction demoralization or lack of connection among the PDR staff, thanks to the positive leadership and a proactive, confident attitude from the superiors Increased awareness of compliance Due to the deployment of activities on an increasingly wide scale and at an increasingly high speed, the leadership of PR always focuses on reminding all executives about the spirit of compliance with the law, culture - business ethics and code of conduct in accordance with the Company's standards Therefore, PR hasn't made any significant mistakes throughout its operations and interactions with stakeholders Increased internal interaction Collective interaction and teamwork were often lacking in the working environment of PDR However, many improvements have been noted in recent times This result comes from restructuring the company's organization and management system Besides, PDR has also shaped a solid IT application platform As a result, higher and more frequent interaction has taken place from departmental to individual levels Teamwork, sharing and solidarity skills are therefore also greatly improved Additionally, in the context of facing significant challenges from the objective environment in the past year, the entire staff of PDR shared the same vision and determination to complete all plans That makes PDR members well aware of the need to support and help each other Sharing difficulties with family vibe The family vibe in PDR's culture was most evident in the context of the pandemic when both social welfare and business activities were threatened From the general policy, PR did not cut any employee's salary, bonus or allowance In contrast, the Company's income growth rate was twice the average of the labor market in the past year In addition, PDR also had a policy to support medical expenses for members subject to Covid-19 treatment In order to promptly support members and families infected with the disease, the Company also established a quick response team from the internal staff This quick response team was active in assigned areas and provided practical assistance during the most stressful Covid-19 outbreak The spirit of solidarity, mutual support and sharing helped the entire PR staff to overcome the Covid-19 "storm' safely to continue working confidently and energetically reference list Phat Dat Annual report (2021), availabled at https://www.phatdat.com.vn/wpcontent/uploads/2022/04/PDR_Annual-Report-2022.pdf ... (VRIO, PESTEL/PEST, SWOT) 3.1 Strength and Weakeness 3.2 Opportunity and Threat Training and development plan 4.1 Benefits of T&D 4.2 Type of T&D 4.3 Cost - benefit comparison Reward system 5.1 Financial/... Headquarters Floors - Viettel Building - 285 Cach Mang Thang - Ward 12 District 10 - City Ho Chi Minh City Tel (84.28) 2226 6868 Fax (84.28) 2226 8686 Website https://www.phatdat.com.vn 1.3 Organization... is not only a duty but also a right to help them work more smoothly, quickly and efficiently That is to save time and energy and facilitate work-life balance Therefore, the majority of employees