HW 8 Essay Example | Topics and Well Written Essays - 500 words

HW 8 - Essay Example -The company can also use results from PEST analysis to determine which upcoming markets are worth investing in, and the expected return, which when maximized, will help keep the business several steps ahead of its competitors. 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 cost of production, while at the same time keeping the environment clean. Secondly, during the 1970’s, 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. Human resource development refers to the ability to attach value to the human work force and developing their abilities to maximize output. The process is a dynamic one that involves proper selection of a good work force 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. 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 then to identify their strengths and weaknesses, as well as opportunities available for them to develop. There are three ways employed by Harrods in an attempt to involve its employees in