RESOURCING AND TALENT MANAGEMENT

Resourcing and Talent Management Assignment



Resourcing and Talent Management Assignment

Case Overview: Finmultico

Finmultico is a finance company encountering management and financial problems since 2008. It encountered a loss of £980 million, making it restructuring and cost cutting to be the key survival strategies. By 2010, the company planned to cut its cost bases by £300m. It also proposed selling some of its non-core business units, thereby calling significant workforce redundancies in parts of Europe and India. Pam Woodward is the new HR director of the company, and he is given the charge of giving a 180 degree turn to the company's strategy. She plans to expand in the areas of customer services and branding. For the purpose around 800 staff are needed for customer relations roles - 650 based in branches and the rest in a 'one-stop' call centre which is being built on the outskirts of Bradford, Yorkshire. Woodward also feels that the HR strategy needs to be aligned with corporate goals.

Pam Woodward identifies two further immediate challenges for the HR function at Finmultico. Firstly, the HR function itself, which has always been a centralised function undertaking HR most roles including recruitment and selection, has not remained immune from staff cutbacks and has accordingly been forced to accept more than 100 redundancies. Woodward and the board have therefore decided that as part of a more devolved HR function, branch managers within the company will be given much more freedom to make their own recruitment/selection decisions in future. Facilitating this transition is an immediate challenge since 650 of the new customer relations roles will be based in the branches. Finally, an e-mail from the IR director to Woodward brings a further challenge; recruitment of 20 computer programmers to ensure the company winds up the systems aspects of its international business speedily. In the past, recruiting IT professionals was an arduous task, but now the IR director believes that the labour market is well settled to cater the company's IT workforce needs.

Resourcing Practices Most Appropriate for the Strategy

Finmultico primary resourcing concern spans around two areas: getting committed staff that does not end up in redundancies, and, aligning HR strategy that is more decentralised. For this purpose, the company needs to review its current HR practices and structures and formulate new strategies. The basic objective of a strategy is to achieve a competitive advantage (Perez & Falcon 2002, p. 123). The strategies must be based on resources, capabilities (skills) and competitiveness. The strategic resourcing of Finmultico would involve a review of all related models that leads it into a sustainable and competitive player. A review of these models and their relation to the company is given as under:

Porter differential strategy

Michael Porter assumes that the notion of competition can be enlarged within an industry. Porter differential strategy examines how a company can compete more effectively to strengthen its market position. Any strategy must occur in the context socially desirable competitive conduct established by the rules of ethics and ...