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Finance assignment - Case Study Example

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The labour force is as important as any other resources of the organization. Just as the management spends financial capital to purchase assets, likewise it also spends a considerable amount of money as the…
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Finance assignment

Download file to see previous pages... Often times, the human resource management (HRM) department is considered inferior to other departments like finance and marketing, as it does not contribute to the revenue generation of the organization directly (Davis, 2011). This paper focuses on the financial aspect of the human resource management as it discusses its importance in the organization. It highlights the fact that HRM department is wrongly underrated, because it also contributes to the revenue of the firm. In this study, the case of John Lewis Partnership has been highlighted to point out the financial importance of the HRM in an organization.
The human resource management (HRM) is described simply as proper allocation of human capital in the right time and in right place. By the proper allocation of the work force in all the departments, an organization is able to increase the overall efficiency of the firm (Lundy, 2008). The increased efficiency eventually leads to higher revenue generation and avoids resource wastage by inefficient usage. Thus it is clear that the financial importance of the HRM lies in the efficient use of human resources in such a manner that the financial investment made in the HR department gives proper return. The return on investment of the HR department is determined by the financial output of all the other departments and the organizational output as a whole (Price, 2011).
According to Woods (2012) John Lewis partnership (JLP), unlike any other retail firm, is run by the employees who pose as the partners of the business operation. The management is run by a trust which operates on behalf of the employees. JLP has put the HR department in the in the centre of the management decision making. The HR department is prioritized so much that Andy Street, one of the personnel director made his way to the position of Managing Director (Cunliffe and Craik, 2014). The concept of partnership allows the employees or partners to enjoy benefits from the ...Download file to see next pagesRead More
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