Evaluating the Prospect of the Chinese Footwear Market - Research Paper Example

HR2 Executive Summary The prior objective of the study is to evaluate the prospect of the Chinese footwear market to recognise the scope and opportunity for the business within the specified location. This will help in recognising the prospect of the business to enhance and expand Footlocker Inc. business operation in the Chinese economy. In this regard, assessment of the external environment with assistance to PESTEL analysis has been evaluated to recognise the possible prospect of growth and expansion. Discussion highlighted the fact that there is significant prospect for the business to expand their operation in Chinese market however it is also possible that the company face considerable challenge in the domain of Human Resource Management (HRM) in effective manner. Relatively, through inducing effective Human Resource (HR) strategies including a proper reward system, enhancing the process of recruitment and selection of highly efficient workforce in the business, high level of employee’s involvement towards reaching the ultimate objective and assessment of employee’s performance will ensure business succession. On the other hand, positioning the high skill and competency amid workforce, developing reliable compensation and reward systems, maintaining good relationship with employee and society and strengthening the training as well as development among others will ensure succession of business expansion approach for Footlocker Inc. Table of Contents 1. Executive Summary 2 2. Introduction 4 3. Company profile 5 4. Industry Drivers 7 4.1 Host Country Profile 7 4.2 PESTEL Analysis 8 4.2.1 Political Analysis 8 4.2.2 Economic Analysis 9 4.2.3 Social Analysis 9 4.2.4 Technological Analysis 10 4.2.5 Environmental Analysis 10 4.2.6 Legal Analysis 11 4.3 Why to go there 12 5. HRM strategy 13 5.1 Recruitment and selection 13 5.2 Training and development 14 5.3 Reward management 15 5.4 Performance management and appraisal 18 5.5 Employee involvement 19 6. Conclusion 20 7. Recommendations 20 8. References 22 2. Introduction In the current global competitive environment, the phenomena of internationalisation have significantly influenced and led various organisations to perform business operation in within the international domain (Hill, 2006). Besides, to perform the operation in international environment the company needs to take various strategic choices and manage its operation to remain successful within the marketplace. In this regard, one of the most crucial and influential factors that ensures success of business internationally is largely dependent on the ability of an organisation to manage and utilize key resources (Walonick, 2014). Traditionally, organisational mode of operation is highly goal oriented by utilising various conventional approaches in respect of delegation of roles and responsibilities to the employees the organisations manages its business operation successfully (University of North Florida, 2014; Krebs, 2007). However, in the modern scenario business utilises various approaches to remain successful in international environment, as performing the international business is highly influenced by various aspects such as taking consideration of cultural environment, economy, and market structure among others. In this respect, joint venture agreement allows the business to work co-ordinately with the domestic business by sharing their resources to take the advantage of market opportunities in a far effective manner. Furthermore, this approach of performing business within an international marketplace enables business to utilise their resources efficiently, use the experience of domestic business as well as diversify the risk that is associated with market exposure (Rao & Guru, 2009). Correspondingly, Chinese footwear market has witnessing immense growth in the demand of footwear’s with the growing population. Besides, China’s footwear evidences a continuous growth of over 9% in the last five years and it has been anticipated the sales will be amounted to Rmb 380 billion in the year 2015 (Hong Kong Trade Development Council, 2014). However, in order to work efficiently in the new market an organisation considerably needs to consider the aspects of changing environment and thereby organisations need to hire and retain skilled resources to develop their competitive advantage in the market. In this regard, effective management of HR enables the business to develop strategic framework and support its long-term objectives as well as goals (Shaikh, 2012). Correspondingly, this paper intends to address the aspect of diversification of business operation of Foot Locker, Inc. in the Chinese market with the approach of entering in the terms of a joint venture with Belle International Holdings Limited to take the advantage of market opportunities. In this regard, PEST analysis and strategic HRM processes that business need to be consider has been discussed. 3. Company profile Foot Locker, Inc. was founded in the year 1879 and instituted its first store under the name of Foot Locker in 1974. Foot Locker, Inc. is an American multinational corporation performing its business operation in and around 20 different counties. Headquarter of the footwear business is situated in Midtown Manhattan, US. The company is primarily involved in providing production and distribution of sportswear as well as footwear products through its retails stores within the international environment (Funding Universe, n.d.). Currently, there were around 44,568 employees in the company this workforce work over prior aim of strengthening the shareholders’ value. Besides, with the event of internalisation company is planning to meet the objective of enhancing the sales volume to $6 billion (3Foot Locker, Inc., 2015). Since the incorporation of business, company has recognised immense growth and expansion in their international business, during the year 2014 the company earns revenue that constituted an amount to be around $7.1 billion (1Bloomberg L.P., 2015). However, in the recent years, the company has recognised the scope to expand its business operation in various other nations apart from its current territory of operation. Thus, to capitalise the expansion opportunity Foot Locker, Inc. consider the environment of Chinese market, but likely to faces significant difficulties with respect of proper management of human resource. However, in this regard, company consider the approach of diversifying their operation by forming joint venture with Belle International Holdings Limited. Belle International Holdings Limited is regarded to Chinese top most woman footwear retail business, which also performing similar kind of business as Foot Locker, Inc. i.e. production and distribution of footwear products through its retail stores with different brand names. Besides, the company has been incorporated during the year 1978 and headquartered in Shenzhen, China (2Bloomberg L.P., 2015). During the year 2014 company earned revenue that was almost around $6.05 billion (Forbes, 2015). Besides, to conduct the operation in Chinese market effectively business needs to hire new talent to ensure its successful business operation in the market and meet the overall objectives associated with business expansion. Additionally, the company needs to implement high reform of HRM to mitigate the anticipated challenges and perform successful business operation. 4. Industry Drivers 4.1 Host Country Profile Foot Locker, Inc. is planning to expend their business operation in the market of China to capitalise the market opportunity and meet the anticipated increase in the demand of footwear in the Chinese market. Correspondingly, the assessment of market economy of China through internal and external analysis of the Chinese economy is highly important for the better understanding regarding the market structure to make considerable profitability and effectiveness of business operation. According to the report of footwear market position of Chinese market it has been highlighted that disposable income of the residents are continuous increasing year-after-year and thereby the demand of footwear is also been continuously rising steadily over the years. Moreover, it has been anticipated that the market capitalisation of footwear will increase by 10% in future, as the sales of footwear under the child, men’s and women’s is continuously increasing (Hong Kong Trade Development Council, 2014). Below the sales of the footwear from 2010 to 2013 has been reflected. Moreover, different types of shoes including leader, plastic, sport and Leisure shoes are been higher popular across the different segment of residents. Additionally, in the mainland China, domestic foot business have their dominate position over the international businesses. On the other hand, competition exist in the Chinese footwear includes three different segment that includes imported brand, Sino-foreign joint venture and local manufacturers. In this respect, it has been recognised that business units continuously make considerable efforts to increase their market capitalisation through use of innovation and technologies and use of new process of production. Besides, various international businesses having a significant position in the Chinese footwear market using there effective marketing strategies and give strong completion to domestic businesses (Hong Kong Trade Development Council, 2014). Correspondingly, in relation of distribution of footwear’s various departmental stores, shopping centres as well as retail stores remain the most attractive places of customers to buy products. However, Chinese government also provides opportunities to international trader to perform their business operation in the nation through compelling the relevant standards and code of conduct related to footwear market i.e. “Standardisation Law of the People’s Republic of China”. On the other hand, business also needed to induce the set of policies of national, local as well as corporate standards (Hong Kong Trade Development Council, 2014). 4.2 PESTEL Analysis 4.2.1 Political Analysis Foot Locker, Inc. financial report of 2014 affirms that the company is successfully performing its global operation and in various global markets including North American, European, and Asian region by establishing its retail stores at different locations. The global operation business needed to deal with various political environments to sustain their position effectively in the global marketplace. Thus, the consideration over the aspect of the Chinese political environment is deemed one of the most important constraints for performing such operations effectively in the market. In this consideration, the environment aspects that are associated with the footwear business need to be maintained within the Chinese market and must be considered for developing the business within the new opportunity. Footwear industry over the year has recognised high level of support from Chinese government with respect to currency movement and labour supply as well as wages movement. On the other hand, effective performance in the Chinese footwear industry is much likely to be affected because of different political environment as compared to the US market in terms of their legislations, tax policies, as well as the political conditions among others (Nejati & et. al., 2008). 4.2.2 Economic Analysis On the other hand, economical factor will also remain a major point of concern for Foot Locker Inc. to perform its operation in Chinese market because the factors are regarded to be beyond control and considerable have major impact over the cost, price, demand, as well as profitability of the business. Besides, the purchasing power of Chinese customers is aligned with increase and decreasing in the demands of product, which is determined, based on the economic condition. Moreover, the economic fluctuations have direct impact over the sales of the footwear’s that affects the growth and sales. Moreover, economy has recognised immense growth and expansion over the last few years because of continuous rise in population as well as standard of living of people (Reuter, 2014). 4.2.3 Social Analysis Social factors of the Chinese society also play a considerable role that will have a significant impact on the performance of the business. These factors majorly include Chinese lifestyle, level of education of people and living standard that has significant impact over the performance of Foot Locker Inc. According to report Hong Kong Trade Development Council, (2014) the Chinese footwear market, it has been highlighted that urban residents are the key segments who develops the overall trend of the footwear market. In the recent trends middle-income consumer are noted to be having a higher consumption of footwear and this amount to be higher than the national average (Hong Kong Trade Development Council, 2014). 4.2.4 Technological Analysis Advancement of technology is identified to be having a significant impact over the customers as well as businesses. In this regard, positioning of Foot Locker Inc. in the Chinese footwear industry by entering into a joint venture with Belle International Corporation will be significantly beneficial if the company uses advancement in technology and utilise the platform of internet to expand their business within the Chinese market. Moreover, it has also been recognised that in current scenario, various Chinese footwear business are successfully performing their business operation with the use of advance and innovative technology that has considerably allowed manufacturers to produce customisation and eco-friendly footwear (Zisa, 2013). 4.2.5 Environmental Analysis Correspondently, the international operation of the business is significantly influenced with the incorporation of the complex environmental policies as well as protection act. In this regard, Foot Locker Inc. needs to consider various environmental forces that have been established by regulatory authorities of China in order to affirm that production and operation being conducted meets with the standards of environmental stability. In this regard, awareness regarding the possible impact of business operation over the environment will be likely to ensure sustainable business operation in the Chinese market. In accordance to environmental protection law, affirms that the business is engaged in production business and needs to ensure maximum protection of environment with considerable less impact over the same. Consideration of the environmental facts is highly important for the business to ensure success of the same in the Chinese market and thereby get high level of acceptability among the people to use footwear products produced by the company (Hong Kong Trade Development Council, 2014). 4.2.6 Legal Analysis Correspondingly, in respect of maintaining sustainably of the business in the long run in Chinese market, businesses that planning to expand their business need to compel different parameters as well as polices that has been developed by the government. Thus, in relation of expansion of the business operation in Chinese market, Foot Locker Inc. needed to take effective consideration of the relevant standards and policies that footwear business needs to oblige in the economy. The standard law of China affirms that businesses of footwear industry needed to consider, national, industry, domestic as well as the corporate provision while carrying out its business in China (Hong Kong Trade Development Council, 2014). Thus, the external environment is even likely to have considerable impact over the performance of the business by ensuring that Foot Locker Inc. will be able to compel with the various rules and regulations prior to entering in the Chinese market. Moreover, ensuring the obligation of various provisions is likely to assist the business through high level of acceptability of customers as well as economy. 4.3 Why to go there Foot Locker Inc. plans for over expansion of the business operation in the Chinese market with the help of working co-ordinately with Belle International Corporation of China that has fuelled recognition in market opportunity and increased a growing level of demand over the Chinese customers. Additionally, in the global economy China has been operating as the largest producer and supplier of footwear business. In this consideration, it has also been ascertained over the last five years that revenue generated of the key footwear business of Chinese market has raised by 9.9% per year. Furthermore, in future it has been expected that this industry will considerably expand due to continued increase in demand of international market. On the other hand, China has the largest population within the global market and has been recognised to be administering immense growth over the need of footwear along with increase in the disposable income of the Chinese residents. Besides, the footwear has recognised immense growth because of continuous increase in the disposable income as well inhabitant considerably focuses over the personal appearance. Apparently, it has been reflected that with regard to significant rise in the disposable income, middle class people provides emphasis over the personal appearances. With the increase in the level of individual income consumers in the present era are willing to spend their investment over the premium footwear brands for the purpose of luxury. This considerable provides significant opportunity to business to utilise this opportunity and enter into the Chinese footwear market to further expand their business operation as well as profitably (Euromonitor, 2015; IBISWorld, 2014). 5. HRM strategy 5.1 Recruitment and selection In order to conduct the global operation effectively the success of any business is dependent over consideration of different factors in which management of human resource along with the external environment plays an integral role. Additionally, HR planning related to recruitment and selection is integral aspect for the business to anticipate the future business environment and select highly competitive workforce to maintain their succession and sustain in business environment. Without prior consideration of effective management of human resource, there has been difficult for the business to survive in a complex internal business environment. Correspondingly, Foot Locker Inc., which is one of the leading business unit of America and is expanding its market in the Chinese market will require highly qualified workforce to meet with anticipated needs and demands of Chinese consumers. In this regard, company needs to put their important consideration over the employees as an important aspect to cater to the needs and preferences of the Chinese customers in their geographical locations. Nevertheless, the aspect of recruitment and selection of employees will considerably incline towards selecting the appropriate and qualified workforce. Besides, it has been revealed that the current recruitment and selection of business emphasizes towards selecting candidate through online applications using company’s official website. In the other hand, based on the assessment of the profile of the candidate internal human resource team assess the candidate and the further process are then followed (Foot Locker, Inc., 2014). The approach towards the recruitment and selection process of Footlocker operation in the Chinese market need to build in the following manner, which will include enable the candidate to applying for the position through online, which instantly reaches to authority and provide confirmation to talented candidate by email. Furthermore, if the applicant’s qualification matches with the desired position then they should be called for the interview. Moreover, based on the ability and qualification the Footlocker need to properly analyse the profile of the candidate on the basis of their ability to carry out the business activities and operation. Correspondingly, conducting operation in China with joint venture with Belle International will require the business to induce the approach of retaining the quality workforce of Belle International and seek appoint the local people as an employee. Thus, appropriate changes in the process of recruitment and selection is necessary for Footlocker Inc. so that it can assist the business to achieve the level of transparency, emphasise on skill of employees, assessing leadership approach among employees in the aspect of recruitment and selection are of equal importance (Aijala, 2001). 5.2 Training and development Correspondingly, the enhancement of international business is highly dependent over the aspect of the efficiency to deal with the customer and provides value to business. In this regard, training and development of the employees to enhance their level of competence to work in effective and efficient manner is imperative part to enhance the competence level of the employees in various domains. As it has been affirmed that Foot Locker Inc. is planning to expand their business in Chinese market form joint venture with Belle International thus, training and development of employees plays considerable role to supervise the existing and new employees regarding the way of conducting the operation in Chinese marketplace (Saks, 2010). In the current context of business operation of Foot Locker it has been reveal that training and development program of business is regarded as the key player behind the success of international environment, as in accordance to company perception learning is key to success. Besides, the company’s ‘Customer First’ training program emphasises over providing maximum value to customers of business. On the other hand, company induces the approach of providing ‘on-the-job’ training to the employees that significantly help to reinforce the core values including integrity, excellence, better service, high teamwork and performance, innovation and involvement of employees (1Foot Locker, Inc., 2012). Thus, in this context, the efficiency of the Foot Locker Inc. operation in the Chinese market is highly dependent over providing training and development, which is an important aspect of Human Resource Management (HRM) (Viljoen & et. al., 2014; Yang, 2010). Moreover, in the similar respect, company can initiate either ‘on-the-job’ or even ‘off-the-job’ training initiative to enhance the level of competence to carry out its HR activities within the peripheral of the Chinese market and attain predetermined expectation from the same. In this consideration, it can also be revealed that greater focus on training and development in the Chinese market will significantly enable the business to raise the commitment level of the employees towards providing efficient offering to the customers of China and thereby maximise the overall profitability of the business (Chow, 2005). 5.3 Reward management On the other hand, in order to conduct the business operation effectively in Chinese market business, Foot Locker Inc. also needs to put their considerable amount of emphasis over developing effective reward system. Additionally, effective reward system can be considered to be an important factor towards encouraging the employees of the business to carry out the job role with proper reward and recognition that is likely to foster the employee’s engagement as well as participation (Greene, 2010). In the current scenario business takes significant initiative to motivate the employees both in terms of monitory as well as non-monitory terms (2Foot Locker, Inc., 2015). Apparently, working effectively in the Chinese market and thereby achieves leadership position and growth company need to incorporate proper reward system. Additionally, proper rewards system will work as the mechanism of motivating the employees to enrich the productivity and maintain efficient operational workflow. The internal sources of company highlighted that company has strong reward system in the current business environment to led employees engage in collaborative manner. Thus, company need to focus of building strong reward system to motivate talented workforce in the Chinese marketplace. Furthermore, it has been advisable to the business that they should build effective reward and compensation program based on the performance of the employees or high performers and comparatively higher over the other competitors of market. Besides, in the regard, Foot Locker also needs to develop their rewarding system above market rate. On the other hand, developing an effective reward management approach will certainly allow the business to assess the employee performances and would assist the company to enhance the performance within the domain of business. Nevertheless, according to Branham (2008), rewarding management help to regularly benchmarked the growth of business activities. Respectively, in order to attain the predetermine competitive position through expending the business operation in Chinese market, Footlocker Inc. must need to significantly improve and manage the rewarding system efficiently with the help of effective strategies. Moreover, reward system will be highly based on the Chinese work environment, compensation and benefits, performance as well as recognition provided by the similar genre of businesses operating in China. Thus, Footlocker Inc. rewards management while operating business in the Chinese market will need to espouse the following aspects. Source: Source: (Boeri & et. al., 2013; Armstrong & Murlis, 2007) 5.4 Performance management and appraisal Correspondingly, regular assessment of the performance of the employees are integral for the business to work effectively in the Chinese business environment in order to ensure high level of excellence of the employees in the job and ensure success of business. In this regard, one of the effective approach of determining the excellence of employees and appraise their performances could be through assigning a challenging job role (Hickman, 2001). Moreover, this will possibly lead employees towards a prospective future growth and inspire them to remain passionate over their task and performances. Footlocker Inc. also needs continuous job rotation to make the job interesting as well as challenging. Currently, the effectiveness of business operation in the international environment has been significantly boosted with effective utilisation and assessment of employees thereby providing them adequate support to enhance their productivity (2Foot Locker, Inc., 2015). Relatively, in relation to working effectively in the Chinese market monitoring the performance of the employees will remain the key consideration of the business to ensure their success. In this regard, ‘360 degree performance appraisal’ method could be effective strategy for the business. Additionally, this strategy will enable the business to appraise the performance of the subordinates from the various prospective and measure the effectiveness and proficiency of the employees to ensure success in the new business environment. Besides, such strategies will possible enable the business to measure the performance of the employees from broader prospective and form proper coordination among the workforces (Rao, 2004). Correspondingly, regular assessment over the performance of the employees is highly important for the business with respect to effective working in the Chinese market. This aspect is integral for the business because there were significant differences in the cultural as well as marketing and business environment of America and China, which considerable needed to be adopted by the company to ensure high level of success in Chinese market. Thus, in relation to the approach of proper and regular assessment of the performance that will enable the business to anticipate the employee’s challenges and problems. This in turn assists the business to ascertain the level of support and motivation that is needed by the employees to work efficiently in the changing business environment and thereby ensure business succession (Attorney, 2007). 5.5 Employee involvement On the other hand, employee’s involvement is also regarded to be an effective approach of business to ensure highly level of coordination and involvement of employees towards the ultimate goal and objective of business. In theoretical prospect, employees’ involvement is regarded as the business philosophy of empowering the employees to take some decision that significantly assist the business to enhance their performance in the marketplace and thereby ensure high level of profitability to conduct the business operation within the new market opportunity. In accordance to Konrad (2006) employee’s involvement and engagement is regarded to be one of the crucial aspect for any business to sustain the competiveness in the current business environment. Thus, to ensure success of business in Chinese market should be highly dependent over ensuring the employees involvement. Besides, the employees’ involvement can be ensured with proper management, providing regular feedback to the employees, developing the employees’ suggestion program, illustrating proper reward system (Kauffman, 2010). 6. Conclusion Based on the above discussion, it can be comprehended that Footlocker is one of the successful American based business conducting their business operation in international market place efficiently. Besides, the business has been recognised with the scope of expending their business operation in the Chinese market with respect to immense growth and expansion of the demand for footwear. In this respect, business considerably focuses towards utilising the approach of joint venture business with Belle International to conduct their operation within Chinese market. In the regard, the discussion affirmed the fact that performing the operation effectively and efficiently in the China is regarded to be highly challenging for the business especially in the domain of HRM. In this regard, it has been affirmed from the discussion that Footlocker needs to consider Chinese work environment, compensation processes, performance as well as prospect of career development opportunity for the employees are to be ensured for success in the market. It has been further observed in the discussion that Footlocker Inc. in order to develop effective HR activities need to conduct proper assessment of external forces that may have a hindering impact on the overall system. Thus, it can be concluded that the approach of HR with the assistance of integration of strategic management is highly important to capitalise the business opportunities accordingly and ensure profitability. 7. Recommendations Based on the above discussion it can be affirmed that in order to conduct the business operation efficiently within Chinese marketplace is important for the business to strengthen their core capabilities as well as strength in respect of working effectively in the market and minimise the issues. Additionally, in order to identify and meet the possible challenges that may accumulate during the process of business is recommended to emphasise over improving the existing leadership. Moreover, Footlocker in order to ensure the efficiency needs to emphasize over development as well as improvement of workplace environment by developing strong interconnection with cultural foundation of China and develop strong employee-employer relationship. On the other hand, it the context of attracting highly efficient workforce, Footlocker should focus over developing proper policy of retaining efficient staff of the business and transferring them into new business unit. This is likely to ensure successfulness of operation and preventing loss of skilled work force. Similarly, it has been recommended to the business that by to ensuring strategic HR plan as well as well-defined mission (Pitt-Catsouphes, 2007). Correspondingly, proper management ensure business must maintain HR requirement to work effectively in the Chinese market and ensure efficient business operation. Moreover, providing appropriate opportunity to the prospective employees for their career development will significantly assist the business to attract talented and skilled workforce in the business and thereby ensure business success. 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