Human Resource Management Strategy- Toyota Corporation

ABSTRACT

In the competitive era of technology, the world advancement in globalization has brought the entire world to a single platform. Businesses have expanded and have increased their operations. Thus, in this competition, keeping itself on the top rank of the market, companies need to draft effective strategies. Out of these, one is the human resource that is considered as the most important one. The following research paper is conducted to evaluate the human resource management of Toyota Corporation. Table of Contents

ABSTRACTii

Introduction1

Discussions1

Toyota Corporation- Company History1

Human Resource Management2

Toyota's Human Resource Management Strategy3

Contribution of Human Resource Management in the Financial Performance4

Legal and Regulatory Environment5

Impact on Human Capital Management6

Company's Hiring and Employee Retention Strategies7

Employee Hiring Policies7

Employee Retention Strategies8

Toyota's Compensation Strategy9

Human Capital Strategy for the Company10

Conclusions11

References12

Human Resource Management Strategy- Toyota Corporation

Introduction

In the competitive era of technology and globalization, the world has done much advancement and has achieved the success beyond human imaginations. The globalization has brought the entire globe on a single platform. It has given the businesses opportunities to expand and increase their productivity and profitability. The organizations do chase their competitors in order to stand out and be the leader of the market and the economy. For this purpose, effective strategies are required that give business a planned direction to follow. These strategies are thus, bring into practice by the labor force of that organization. Labor is the most valuable asset in any company. It is the efforts and hard work of the labor that bring revenues and success to the company. Therefore, the following essay is going to analyze the human resource and its management of the publicly traded company, Toyota Corporation.

Discussions

Toyota Corporation- Company History

The history of the company can be considered Toyota in 1933, when the company Toyoda Automatic Loom Works, which had not originally related to cars and engaged in the textile industry, opened the car department. It was opened by the eldest son of the owner of Sakichi Toyoda (Sakichi Toyoda) Kiichiro Toyoda (Kiichiro Toyoda), and subsequently led to the Toyota car brand world fame. Initial capital for the development of the first cars was the money raised in the sale of patent rights for the English company spinning Platt Brothers.

One of the highlights of the 80's can be considered as the emergence of such brands as Lexus - division Toyota, created to market high-end cars. Before that, Japan was associated with small, fuel efficient, affordable cars and democratic, with the advent of a Lexus luxury sector expensive cars changed. Just one year after the founding of Lexus, 1989 were presented and on sale models such as the Lexus LS400 and Lexus ES250.

Human Resource Management

The management of human resources is a fundamental activity for all businesses. The human resource management is a business function that the management of the staff in its broader meaning. In the postwar period in the United States were launched the first studies on "Human Resource Management". In particular we outline two different approaches: - Some authors are of the ...