Management: holden outerwear: managing change and innovation

The paper “Management: Market-Driven Approach” is a wonderful example of an assignment on management. The market-driven approach was developed because the need was felt of flexible HR strategies over different regions in which the company operates. Since people in different regions have different needs, different thought process and different mind-set, it was felt that setting up a flexible strategy would help the company save HR costs. These include the cost of recruitment and selection, the safety of employees and saving in other compensation schemes. All in all market-driven HR approach was developed in response to assist the operations, administrative and strategic roles at SYSCO. The plan was successful and the company was able to save millions of dollars after the implementation of a market-driven HR approach. The program showed that it has administrative, strategic and operational roles as it not only improve the employee’s satisfaction rate, but it also allowed the company to reduce its turnover rate. Employees became more productive and their quality improved considerably which resulted in happy customers for the company since everything performed by the happy employees was up to the mark. All of these improved operations and save the cost of training and recruitment and selection. In the past, the company paid millions of dollars for training new staff, but after the reduction of employee’s turnover rate, this cost was. Also, the cost of recruitment and selection was minimized and the company enjoyed the benefits of a market-driven HR approach which streamlined the company’s administrative, strategic and operational roles and improved the efficiency of the entire organization.

• The improvement in the safety of workers could have saved a lot of money for the company in worker’s compensation. As the company is responsible, according to the law, for all the injuries sustained on work and has to compensate workers for those injured, by improving the worker’s safety or training them about safety issues, the company could have saved a lot of money. The market has become very competitive and in order to attract new workers you have to pay premium or higher wages than what their old company is paying them, therefore by reducing the worker’s turnover rate, the company made sure that it did not have to pay this premium in order to attract new worker and here also SYSCO saved a lot of money. Similarly, recruitment and selection involve heavy advertising and other expenses which are very ostentatious. Hence, by reducing the worker’s turnover rate and reducing the need to hire new workers, the company saved a lot of money. Also, the company saved money through increased customer satisfaction. In order to maximize the customer’s utility and satisfaction, a company has to go through a lot of expenses and advertising, but improving customer satisfaction through improved performance of workers entails no cost. Hence, the company made a saving in this field also and it was able to satisfy its workers through its motivated workforce resulting from improved market-driven HR policies.