History 2. Business Strategy
History 2. Business Strategy
History 2. Business Strategy
HISTORY
2. BUSINESS STRATEGY
3. HRM
4. COMPONENT IN HRM
4.1
Organization Culture
4.2
4.3
Infringebenefits,thesebenefitsencourageloyaltytoacompanyso
employeesmaystaylonger,whichalsohelpsemployeesmeetitssocial
need.Tescooffersitsbenefitspackagetobothparttimeandfulltime
employees. All employees are eligible for insurance coverage after
beingpaid60hours.Tescocomprehensivebenefitspackageincludes:
medical, dental, vision and shorterm disability insurance, mental
health dependencybenefits,andastockoptionplan.Tescobelieves
thatwithoutthesebenefits,peopledonotfeelfinanciallyorspiritually
tiedtotheirjobs.Thestockoptionsandthecompletebenefitspackage
increase employee loyalty and encourage attentive service to the
customer.
Otherthanthat,Tescoalsogivebonusesbasedonthenetprofitand
performance based bonuses. Teso as a successfulcompany is tying
compensation directly to employee performance to drive incredible
businessresults.Payforperformanceisprovidingtobeeffectiveatall
levelsandinallfunctionsofTesco.Buildingapayforperformance
culturemayseemlikeanabstractvisionforsomecompanies,however,
in Tesco, it is a considered a top tool by senior executives for
achievingbetterfinancialresults.Andforgoodreason:astrongpay
forperformance culture has the ability to unlock their employee
performancepotential,keepTescosemployeeshappy,andultimately
driveahealthierbottomline.
Payforperformance culture help Tesco increased motivation by
combiningcleardirection,qualityfeedbackandtangiblerewards,and
recognitionkey components to job satisfaction and employee
dedication.Italsoimprovedtheemployeesretention.Tescoconsiders
thatthe keyofsuccess inTesco is notthe productbutemployees.
Tescobelievesthathappyemployeesarethekeytocompetitiveness
andgrowth.ThemanagersinTescotreateachemployeeequallyand
allthestaffsarecalledpartner.Tonarrowthegapbetweenmanagers
andemployees,managerscoworkwiththebasiclevelstaffsinthe
frontline.
Tescohasawellorganisedcommunicationchannelforemployees.It
placesagreatimportanceonlabors.Forexample,managersarrange
thescheduleforeveryemployeetoheartheirrequirements.Thereare
interviewsweeklytoseewhattheyneedis.Employeesevenhavethe
righttofigureoutwhatisthebestpolicyforthem,anddirectorsshow
arespectforeachsuggestion.Besidesabovepolicies,theempowering
corporateculturehaveaidedincraftinganexceptionalstaffs.Tesco
promotesanempoweredemployeeculturethroughgenerousbenefits
programs. Employees are empowered by management to make
decisionswithoutmanagementreferralandareencouragedtothinkof
themselvesasapartofthebusiness.
5. CONCLUSION
Tesco changes the behaviors and viewpoints of global consumers to their
productandservices,andthissuccessfulexamplehascaughtglobalattention.
Itshowsthatmotivationisthekeyfactorofacompanypolicy.Inotherword,
oppositetotheprinciplesofclassicalmanagementwhichonlyconcernsabout
produce but ignore workers' ideas. In recent successful business, the
appropriate management for labors should include both financial and
emotionalrewards.Besides,motivationandpersonalsatisfactionshouldbe
put into first rank. A good relationship between managers and employees
couldmaintainahighqualityofperformance.JustlikeTesco,they usethe
correct strategy would lead to a successful path which are praticing the
strategichumanresourcesmanagement.