International HRM Strategy of Venturi Automobiles - Case Study Example

International HRM Strategy of Venturi Automobiles Executive Summary The report has detailed the HR strategies of Venturi Automobiles in terms of their likely joint venture activities with Beiqi Foton Company Ltd. in the market of China. The overall discussion of the report has evaluated the company background, human resources management of China and differences in the personnel management processes within automobile industry of China. The increased demand of automobiles and improvement in the market of electric vehicles has influenced the joint venture of foreign multinational organizations within the market of China. China has demonstrated 9% hike during the first half of 2014. As per the research report of Pike research it can be predicted that the market for BEV can display huge demand and potential within the year of 2017. Liberal government regulations, foreign trade investment policies in China and free trade zone in Shanghai are the major drivers for the joint venture activities for Venturi Automobiles. The PESTEL analysis of the China market has also detailed the market drivers and barriers in terms of entering the China market. The further discussion has evaluated HRM strategies for the organization to expand their market within China through joint venture. The overall analysis of the report has emphasized on process of hiring and selection along with training and development programs for joint venture of Venturi Automobiles in China market. It has also evaluated the performance appraisal process, reward and recognition management as well as employee involvement process for the adaption of cross-cultural differences of China market. Finally, the discussion has proposed significant solutions as per the evaluation of the HRM strategies of the organization of China market. Table of Contents Table of Contents 3 1. Introduction 4 2. Company Profile 6 3. Industry Drivers 7 3.1 Host Country Profile 7 3.2 PESTEL Analysis 7 3.3 Why to go there? 10 4. HRM Strategy 14 4.1 Recruitment and Selection 14 4.2 Training and Development 20 4.3 Reward Management 22 4.4 Performance Management and Appraisal 23 4.5 Employee Involvement 24 5. Conclusion 26 6. Recommendations 26 Reference List 28 1. Introduction Human resources management (HRM) is an essential and inevitable function of any organization which assists businesses to manage their workforces in a strategic, thorough and structured manner. The primary concern of human resources functions of any organization is to manage the workforces of different branches and locations as per the policies and systems. The globalization of businesses has provided a huge impact on the processes of employee hire and management of any multinational organization. Globalization has influenced multinational organizations to integrate their processes, strategies and operations into the diverse products, services, cultures. Therefore, proper understanding of the effect of globalization on different functions of human resource practices can significantly assist management to efficiently equip their organization with better talents while continuously monitoring and updating the work motivation, performances and productivity of the workforce. Globalization influences multinational companies to indulge in diversity recruitment in different operation locations. It also enables them to develop the professional graph of the employees by indulging in greater training processes (Wilson, 2014). Multinational organizations generally utilize different approaches in terms of global staffing which include ethnocentric, polycentric, regiocentric and geocentric staffing (Morschett, et al., 2015). EPRG Model of Staffing Approach (Source: Morschett, et al., 2015) Economical globalization has encouraged the vehicle manufacturing organizations across to explore emerging global market. Various well-known multinational automobile companies are entering in emerging markets with the help of suitable strategies for market entry. Acquiring and retaining highly skilled workforces is one of the major challenges for the automobile organizations during their expansion within new market areas. Electric vehicle industry needs highly skilled workforces. A large amount of multinational vehicle manufacturing organizations are entering the global market. Hence, it is essential for them to develop employee friendly HRM policies. This process can allow them to utilize the human resources and talents of new market area in an efficient and cost effective way to enhance their market reputation and overall productivity (Wilson, 2014). The further discussion will elaborate the effect of globalization on the business expansion procedure of Venturi Automobiles. The business operations of the organization are mainly comprises on France and few other locations of Europe. The globalization of economy has influenced a number of competitors of the organization to expand their businesses within different parts of emerging market due to the increasing market demand and decreasing cost for resources and labor. This situation has encouraged the organization to expand their business operations in different market locations such as various parts of America and other developing countries. 2. Company Profile Venturi Automobiles is a France based multinational automobile company which is specialized in designing, manufacturing and selling of luxury electric cars. The organization was founded by Claude Poiraud in 1984. It is currently headquartered in Fontvieille, Monaco (Venturi Automobiles, 2013). The organization possesses near about 140 employees in their headquarter location. The major business of this organization is scattered within Monaco and Columbus only. By 2012, the organization has employed near about 100 workers to enhance the production of electric cars in Columbus within the next two years (Venturi Automobiles, 2013). The organization mainly deals in innovative electric cars along with specialized battery management system for cars. The product line of the organization includes Astrolab, Volage, Eclectic, Fétish, America and Anterctica. Most of the cars offered by the organization are of two or single seated. The organization has also taken over Voxan, an electric motorbike company in Paris which has also enabled them to expand their business activities towards high performing two-wheeler automobiles. The organization also owns Monegasque Formula E team which is co-founded with Leonardo DiCaprio (Reuters, 2013). Their most renowned and demanded electric sports cars include Fetish and Venturi Volage. The objective of the organization is to become the fastest growing, high functional electric car manufacturer and marketer across the world (Venturi Automobiles, 2013). The goals and objectives of the organization had faced high challenges during 2000 due to increase in number of high performing cars in the local and global market. The other reason of this increasing challenge was the lesser known existence of the organization outside of France. During 2001, Gildo Pallanca Pastor had purchased the organization which directed them to focus on the global market with their high performance electric-powered engines. During 2006, the organization has intreoduced the limited edition of Fétish which subsequently has become one of the leading electric cars all over the world (Venturi Automobiles, 2013). The recent innovation of the organization is known as Eclectic. This is an energy-autonomous and low-speed vehicle which also possesses the facility of solar panels and built-in wind charger. Another latest model of the organization is Astrolab which can be considered as world’s leading solar-electric car. The organization has sold almost 30 Fétish model surfing 2012 and they are expecting to get more orders along with their market expansion plan. It is also planning to expand their business within different parts of the developing market across the world due to the rise in disposable income of the population as well as the demands of luxury cars. Lately, the organization has begun to expand its market to different parts of America. 3. Industry Drivers 3.1 Host Country Profile China is one of the most populated countries with 1.35 billion populations. GDP per capita of China has witnessed rapid growth within the last 8 years that is quite equivalent to 28% of the average GDP of the world. Over the last decade the unemployment rate of China has demonstrated a constant rate of approximately 4% (Ding and EM Akoorie, 2013). The Chinese traditional culture of Confucianism has influenced the family values within population. Major power of a typical China population related to their purchasing decision relies on the aged persons of family (Quer, et al., 2012). “Mianzi” is one of the well-practiced cultures in China that encourages the possession of luxury items. As per the culture, most of the population in China wants to be considered as wealthy and generous with good taste of products. “Guanxi” culture of China assists the population to believe in maintaining good and strong relationship with others in terms of personal file or business organisation (Quer, et al., 2012). Though the automobile industry of China is one of the largest markets within the world since 2008, most of the automobile products in China are hugely dependent on the joint venture within the local and multinational manufacturers. Beiqi Foton Company Ltd. has been selected for the joint venture strategy of Venturi Automobile within the market of China. The organization is indulged in manufacturing of different vehicles including eclectic sports cars. Beiqi Foton Company Ltd. also has huge employee strength i.e. 29,000 employees. This can enable Venturi Automobiles to locate skillful employees (Ding and EM Akoorie, 2013). 3.2 PESTEL Analysis Political Factors The automobile industry of China is very fragmented. The central government of the country has expressed high concern in terms of lack of restriction in the expansion of automobile sector. Hence, the China government is highly motivating joint venture of local companies with different multinational organisations. Accession of World Trade organisation has enabled the China government to attract foreign investment for their automobile sector (APCO Worldwide, 2010). Economic Factors Over a long period of time China has witnessed a shift from centrally planned system to be more market focused. ‘Open door policy’ of China has introduced rapid growth to the economy. The GDP per capita of the country has displayed high growth within the last 8 years. It has displayed 7% growth rate in the last couple of years (Trading Economics, 2015a). GDP per Capita growth in China (Source: Trading Economics, 2015a) Economic growth in China has also influenced the practice of Foreign Direct Investments (FDI). In the current scenario, the practice of FDI has displayed 12% growth (Trading Economics, 2015b). FDI growth in China (Source: Trading Economics, 2015b) Social Factors There are a number of significant differences in the culture and lifestyle within the populations of Western countries and China. Over 70% population of China is covered with young people who are within the age limit of 18-30 years. This data describes the employability of the population of China. Similarly, 92.8% of China population demonstrate high literacy rate (Niu, et al., 2012). Legal Factors The legal system of China has allotted different minimum wages structure for different locations. Each province or region has allocated their own minimum wages as per their local condition. As per Employment Promotion Plan of china the minimum wages can change by at least 13% according to the local living standards. On the other hand, this change is only possible till 40%. The hourly minimum wages of Beijing, Tianjin and Shanghai has increased by 11.2, 12 and 21.4 percent respectively (Cai and Liu, 2015). Technological Factors The automobile sector of China has adopted “China IV” standard. As per this policy, China can influence their local as well as international automobile organisations to revise the technologies of automobile in accordance to legitimate emission level (APCO Worldwide, 2010). Environmental Factors The innovations of different vehicles and automobile technologies which are designed and developed to utilize renewable energy have assisted the automobile sector of China to reduce the overall emission rate. It has also enabled the country to drive green energy technology through their initiative of “Green Car” (Ding and EM Akoorie, 2013). 3.3 Why to go there? The demand of automobiles has shown huge increase in the market of China. Along with the disposable income and lifestyle of the China population the demand of luxury product has also enhanced while the local production unit still struggling to match the requirement. This situation has encouraged a number of leading multinational automobile companies to enter in the market of China (Ding and EM Akoorie, 2013). US vs. China New Car Sales (Source: Young, 2014) The above figure has demonstrated the increasing demand of automobiles within the market of China. The demand and purchasing capacity of new vehicle is increasing rapidly within the market of China while it has shown very small advancement in the market of the US. In comparison to the sales of automobiles in the first half of 2013, China has demonstrated 9% hike during the first half of 2014 (Young, 2014). Battery Electric Vehicle Sales (Source: Electric Cars Report, 2015) As per a recent report of Pike Research the demand and sales of electric vehicle is also increasing within China. As per the research report it can be predicted that the market for BEV can display huge demand and potential within the year of 2017. The future estimation has displayed huge growth in the sales of battery electric vehicles in China in comparison to the plug-in hybrid vehicles (Electric Cars Report, 2015). Electric Vehicle Sales Prediction in China (Source: Electric Cars Report, 2015) Rationale for selecting China automobile industry 4. HRM Strategy 4.1 Recruitment and Selection Recruitment Recruitment can be described as an important step of HR strategy that enables the management to evaluate and hire prospective employees. The process of recruitment assists any organization to analyze the skills, talents and competencies of employees and candidates (Carlson, et al., 2002). While expanding their business in China through joint venture, Venturi Automobiles needs to recruit new members for different positions of the organization. They will mainly require new candidates for five categories such as top management, middle management, vehicle technician, manufacturing workers and sales and marketing executives. The organization needs to consider expatriate from the parent company for the top management positions in the joint venture initiatives between Venturi Automobiles and Beiqi Foton. Expatriates can be defined as the employees who are working as well as residing in a foreign country. Therefore, it can be suggested that top management for the joint venture program should be selected and appointed from their head office in Fontvieille as this these expatriate from parent companies will be well-aware about the core operations of the organization. For the other categories of employees the organization will mainly adopt the polycentric approach which will enable them to hire employees from host country for different positions. This selection process will assist the management to eliminate cultural myopias in new geographical location. This polycentric staffing policy will also allow them to cut their overall cost as hiring local employee will cost less than moving expatriate employees to new location. Employees for the middle management, technician and manufacturing workforce will be selected through internal as well as external recruitment procedure. Recruitment Process Recruitment Sources Recruitment Details Internal recruitment: This strategy involves recruitment of candidates from within the organization to fill upcoming positions and vacancies of the organization (Carlson, et al., 2002). Internal advertisement (Online, newsletters etc). Promotions. Internal employee referral (Carlson, et al., 2002). The organizational culture of China provides immense importance to the personal relationship within the employees of any organization. Hence, internal recruitment process will enable the management of Venturi Automobiles to hire the skilled employees from the joint venture company. This process will not only strengthen the relationship between two organization it will encourage them to utilize local talents who are well-versed with the electric vehicle market of China. The major part of the middle management and vehicle technicians will be selected through internal recruitment process. Through this procedure management can blend talents from Beiqi Foton and Venturi Automobiles. To share their talents and knowledge for betterment of production and marketing process. External recruitment: this strategy allows the management to look for new employees for the organization from the outside market (Carlson, et al., 2002). Job portals. Third-party recruitment agencies. Walk-in. Internal or external employee referrals (Carlson, et al., 2002). The external recruitment process will be mainly focused on hiring the manufacturing workers and sales and marketing executives. This process will enable the management to utilize the low cost human resources of China. This process will also reduce the cost regarding remuneration and accommodation for these employees. The recruitment of the external candidates for the sales and marketing positions will assist the management to utilize the knowledge of local businesses and culture. Process Flow Chart for Recruitment (Source: Schuler, et al., 2015) The provided flow chart has detailed the steps for the recruitment procedure for the internal and external candidates. The application of internal recruitment will be accepted through online portal or forms. The external recruitment applications will be collected through walk-in process, references and third party hiring agencies. A panel of human resources management will be structured with personnel from the parent as well as host country company to conduct the entire process of recruitment and selection. Selection The process of selection describes the methodologies of interviewing and evaluation of the appeared candidates in any recruitment process to analyze their suitability as per the job vacancies. This process requires the screening of candidates and their applications, client candidate meeting, background check and thorough review of all the qualified documents (Carlson, et al., 2002). The seven-point plan of Alec Rodger has also elaborated different required attributes for the selection of the suitable candidates. The proper analysis of the seven points of the recruitment plan of Alec Rodger will assist the organization to significantly match the candidates as per the vacant positions (Shouksmith, 2014). The Seven Point Plan Features Middle management Vehicle technicians Sales and marketing Manufacturing Physical make-up Age within 35-45 years. Good health with or without minor disabilities. Clean appearance. Age within 24-35. Good health with strong eye sight. Clean appearance. Age within 24-35. Good health with no physical disability. Clean Appearance. Age 21- 30 years. Good health. No physical disability. Attainment Minimum post graduate or masters in technical education or management. Minimum experiences of 10 years within the industry. Work experience with the Beiqi Foton Company Ltd will be preferred. Graduate or post graduate with electrical engineering or vehicle technician course. Strong academic record. 5-6 years experience in the recommended field. Minimum graduate. In-depth knowledge of sales and marketing. Minimum experience of 3-5 years within the sales and marketing field of vehicle industry in China. Minimum graduation on vehicle technologies. Minimum 2 years of work experience within the vehicle manufacturing industry of China. General intelligence Decision making capacity. Good team management. Knowledge of electric vehicle market in China. Strong leadership potential. Strong technical knowledge. Understanding of electric vehicle manufacturing processes. Innovative bend of mind. Ability to solve vehicle technical problems efficiently. Strong interpersonal skills. Good knowledge about local languages and culture. Workable knowledge about the electric vehicles and its market in China. Moderate technical knowledge. Workable understanding of electrical vehicle manufacturing. Special aptitude Strong management skills. None. Good communication skills. Strong bonding skill. None. Interests None Technological innovation. Composition of electric cars. Travelling. Physically active. Ability to work long hours. Disposition High self-esteem. Ability to remain calm during emergency. Ability to handle diverse culture team. Strong performance record. Technical bend of mind. Capability to work in pressure. Capability to adhere to deadlines. Friendly personality. Capability to work in pressure. Capability to adhere to deadlines Steadiness. Dependability. Ability to handle long shift hours. Circumstances Must be willing to allocate in China or currently living in China. Must have basic knowledge about business culture in China. Must be willing to allocate in China or currently living in China. Must have basic knowledge about business culture in China. Must be willing to allocate in China or currently living in China. Must have basic knowledge about business culture in China. Must have basic knowledge about business culture in China. Resident of China. 4.2 Training and Development Training and development focuses on different activities that are concerned for the betterment of the performances of the existing or the new employees of any organization. This process reduces the randomness of organizational operations. It also influences learning capacities of the employees (Wilson, 2014). The training process for the joint venture of Venturi Automobiles will consider on-the-job and off-the-job methods. Apart from the middle level management all the other recruits such as vehicle technicians, sales and marketing executive and manufacturing workforce will undergo different of the job training process. The of the job training process for the sales and marketing division will last for 1 weeks while the vehicle technicians will undergo a 3 weeks training process and manufacturing workers will undergo 2 weeks training process. The workforce in different division will also be provided with on-the-job training through constant coaching, monitoring and job rotation processes. The on-the-job training of the organization will be designed as per the ASK model of training and development. This process will emphasize on developing acquired skills of the workfare while incorporating new skills as per job requirement. The ASK model also influences in changing the attitude of the workforce towards different tasks and challenges of the organization. International rotational development program will also influences overseas training for the employees. The overseas training will not only utilizes as a mode of knowledge acquisition, it will also encourage the management to retain their employee (Siebers, et al., 2015). ASK Model (Source: Salas, et al., 2012) The process of coaching will increase the practices of one-to-one training and it will assist the management to enhance the skills of the workforce. The joint venture policy will assist the management of Venturi Automobiles to appoint trainers from the host country company as well as from headquarter. Therefore, it will be helpful to develop the skills of the employees as per the technological knowledge and innovations of both the companies. The constant mentoring process will enable the management to change the attitude of the workforce towards the challenges. The joint venture approach will allow the local and expatriate employees to interact through different training and development programs. Therefore, it will enable them to develop their interpersonal skills as per the requirement of the local market of China. It regular communication and proper team building with employees from different cultural background will also assist them to develop their emotional intelligence. Rotational job profile will enable the employees to increase the flexibility of their knowledge. The joint venture activity will allow the management to rotate the job profile of the employees of their host country and provide them training in the international work environment of the organization. This process can highly contribute to develop the knowledge of the host country employees in terms of international business environment. The development process of employees will also need to adequately evaluate the impacts of training. The development policy of the organization needs to encourage the management to follow the training and performance evaluation report to development programs for each employee. 4.3 Reward Management The reward and recognition process in any organization influenced the management to enhance the motivation and job satisfaction of the employees which subsequently influences the performance and productivity of the employees (Aksakal and Dağdeviren, 2014). The total reward strategy of the organization will focuses on fixed compensation, variables/ performance reward, benefits and work-life effectiveness. The fixed compensation will be paid to the middle level management, vehicle technicians and sales and marketing executive on a monthly basis while it will be paid to the manufacturing workers on hourly bases. The payment scale of these employees will be based on age, experience and position. The variables/ performance reward will be based on incentive plan, profit sharing plan and performance sharing plan. The incentives will be dependent on the performances of each individual in comparison to their monthly targets. The incentives of the middle level management will be dependent on the performance of the entire team they are managing. The health care welfare and retirement benefit plan will be structured as per the regulation of China. The management needs to introduce monitory as well as non-monitory reward process for their employees. The population in China is more inclined towards the non-monitory rewards and recognitions such as award and praise within public and promotions (Warner, 2014). Hence, along within the incentives and performance rewards the management needs to focus on the promoting the employees as per their performances. They also need to organize award ceremony each year to provide honor to the best performers of each departments. The online portal needs to be used to publish the picture and achievement details of each performer. 4.4 Performance Management and Appraisal The process of performance management assists organization to identify measure, manage and develop performances of the workforce in an organization. In this area organizations basically try to figure out the performance level of employees which can assist the management to improve that performance level. Alternatively, performance appraisal is the ongoing process to evaluate performance of workforce. Performance appraisals are reviews of employee performance over time. Hence, appraisal can be considered as one part of performance management (Varma, et al., 2015). For the performance management of the employees organization needs to focus on gathering the feedbacks through 360 degree feedback process. This process will enable the management of Venturi Automobiles to gather the performance feedback of any individual or group from different sources such as top management, middle management, colleagues, subordinate and customers. Though, the power distance culture of China will mostly emphasize on the top down performance evaluation process, the rapid westernization of the business sectors in China well also encourage the performance evaluation process through the subordinates and peers. The 360 degree performance feedback will also encourage the employees to indulge in self-assessment. According to the organization’s policy, the feedback will be provided through a close end questionnaire and the details of feedback providers will not be disclosed. The feedbacks of each employee will be collected from the subordinates, peers and superiors of the same team for the purpose of collecting proper data (Campion, et al., 2015). 360 degree Performance Feedback Model (Source: Campion, et al., 2015) 4.5 Employee Involvement Employee involvement emphasizes on human resource management (HRM) policies which influence different levels of employees to take part in organizational decision making procedure. This process assists organization to provide empowerment to the employees which subsequently increases the sense of worth within the workforce as well as the employee employer relationship. The active contribution of the employees in the decision making process also influence the management to utilize diverse opinions for the future steps of the organization (Goetsch and Davis, 2014). Employee Involvement Drivers (Source: Goetsch and Davis, 2014) According to the chart the employee involvement in any organization depends on the 6 factors which provide satisfaction to the employees. Joint venture of Venturi Automobiles and Beiqi Foton Company Ltd needs to incorporate a number of policies that will increase employee engagement. These policies will include: Encouraging Team meeting to gather the opinion of the subordinate. Each team will possess a team representative who will be responsible for the communication of the opinions, ideas and complaints of each team. Before implementing any change or new process the management should conduct an online feedback process to gather opinions from different departments. Rewarding innovative and constructive ideas to welcome more participation of the subordinates. This process will assist the management to properly handle and manage the diverse workforce of the joint venture. It will enable them to gather knowledge about any favoritism practices and conflicts within organization. Therefore, it will allow them to take quick action. 5. Conclusion The human resources management process is one of the vital programs of any organization. The importance of this process in inevitable while expanding the business within new market with different cultural views and lifestyle. Human resources management not only emphasizes on the allocation and appointing of suitable workforce, it also evaluate the proper management and development of the workforce while continuously updating the employment relations. The overall discussion of the study has evaluated the cultural aspects of the China market and its advantage and disadvantages to initiate a joint venture within the automobile sector of the market. The recruitment and selection process of the joint venture has focused on the polycentric approach which influences the management to focus on hiring local employees. The recruitment process has also concentrated on the Rodger’s 7 point plan to properly assess the skills and capabilities as pet the requirement. It has also described the proper training evaluation process to gauge the knowledge and development of the employees. Apart from the training process the monitory and non-monitory rewards are also essential to plan and implement for the improvement of performance and motivation. Finally, the study has detailed the importance of 360 degree appraisal and employee involvement process to develop the sense of worth of the diverse employee strength. 6. Recommendations The recommendations for the effective HRM policies for the joint venture of Venturi Automobiles within China market are as follows: Proper utilization of polycentric staffing approach to gather significant skills and talents from the local market as per the demand of the China automobile sector. Recruitment of selection of the workforce through internal as well as external recruitment process which will enhance the proper blend of fresh talents as well as organizational knowledge. The proper utilization of Rodger’s 7 point plan to maintain a uniform standard for the recruitment and selection process. Emphasizing on the work experiences of the candidates to accumulate employees with proper knowledge about China market. Providing international rotational training programs which will emphasize on on-the-job as well as off-the-job training process. Establishment and proper abidance towards the monitory and non-monitory reward strategies for the assurance of employee motivation and job satisfactions. Effective usage of 360 degree performance feedback program can efficiently analyze and assess the performance of the workforce. Constructive and planned employee engagement processes to influence the employee motivation and participation on organizational functions. 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