Johnson Matthey Company - Essay Example

Johnson Matthey
Question 1
-PEST analysis enables the business to monitor changes in the external environment that may affect the business.
-It also provides the business with useful information that helps in drafting future strategies on how to survive in the competitive business world.

Question 2
Generally, technology developments rely on fields that are STEM-related. For businesses whose core operation touches on technology, the prime resource must be individuals who have a vast knowledge of STEM subjects. In addition, the STEM subjects normally go hand in hand, for instance, there is the immense application of Mathematical concepts in Engineering, an area that is tied to Physics.

Question 3
The economic crisis that hit the banking sector in 2008 that resulted in the failure of several banks across the world directly affected the business as it limited access to funds for investment. To counter this, the business resolved to increase efficiency in its production by reducing the use of natural resources and decreasing waste by employing lean production techniques. The result of which was a considerable decrease in the cost of production, while at the same time keeping the environment clean.

Secondly, during the 1970s, a number of governments introduced rules that aimed at minimizing air pollution from running engines. The Company noticed an opportunity and came up with efficient catalytic converters that convert harmful gasses to less harmful substances.

Harrods
Question 1
Human resource development refers to the ability to attach value to the human workforce and develop their abilities to maximize output. The process is a dynamic one that involves the proper selection of a good workforce to hire, providing a good environment for the people to work on and deliver to their full potential, as well as giving the employees an opportunity to develop themselves.

Question 2
With increased employee engagement comes improved product quality. This is because better-engaged employees understand and live up to the company’s brand, which translates to excellence in the end product.

Secondly, employee engagement also helps the workers in utilizing their full potential, enabling them to identify their strengths and weaknesses, as well as opportunities available for them to develop.

Question 3
There are three ways employed by Harrods in an attempt to involve its employees in decision-making. First, the organization has adopted a flatter and simpler management style in which responsibilities rest with the employees, which enables job enrichment and helps create opportunities for self-enhancement. Secondly, there is a delegation of responsibilities by the top managers to other employees, this means that employees directly engage with the company’s vision at different levels. Finally, good and fast multidirectional dissemination of information, which ensures that timely decisions are made.

All the above-mentioned methods work hand in hand, and maximum results are expected when all are employed simultaneously. So no particular one can be said to have the potential of giving the best results.

Question 3
-The idea of spotting talent and nurturing it has helped Harrods to come up with the most effective team of employees.
-Mentoring and coaching of young and upcoming workers have ensured that the pool of workforce at Harrods is composed of individuals who are not only trustworthy but determined as well.

-The availability of support networks ensures that managers and employees alike are at freedom to share and exchange information, which helps in developing instant solutions and making future plans.