Executing Various Risk Management Techniques - Assignment Example

A reflective essay on the project Introduction It is important for students of management to be able to undertake a study and reflect upon the various projects that have been adopted by them in time. In fact it is believed that in the area of business it is important that one is able to analyse and critically realise the effectiveness of the various strategies that have been adopted in hind sight of its establishment. The following paper is a detailed reflection on the project that has been developed by the group in order to ensure that the various sections that have been developed are analyzed and critically examined so that the overall effectiveness of the project can be established. Aim The project that has been undertaken was one that looked into the health management needs of the human resources of companies. The need for HRM is one that has been established in the global market since the coming of the new millennium in a highly evolved manner.  Human resource management is really important in ensuring that the working capacity of the company is maintained and for ensuring that there exists a high work atmosphere which inspires the employees to work better so as to ensure that there is greater productivity of the organization as a whole. Human resources of an organization are the only resources that can be changed and altered according to the need of the organizations so as to ensure that they are able to incorporate the changing trends and requirements of the market and the economy (Bratton J, Gold J 2007). It is important that the health of the HR is maintained as without a highly active and fit employee base no organisation can effectively function in the long run. Project Objective The project that has been undertaken has tried to look into the existing policies on HRM in relation to the health care management of employees in organisations today. The main focus of the paper has been to ensure that there are better facilities established so that the health care system of all the employees is developed in an effective manner instead of having health care policies which only address the health issues of an employee only after the person is suffering from a disease. Review The relevance of this strategic policy development of HRM is huge. The development of the idea of Human Resource Management is one of the most recent changes that have come about in the management sphere and prior to the evolution of this there was observed that the top most departments in management were focused upon the development of new ideas. The human resource was known as employees and they were considered only for the purpose of production and service (Griffin R W 2006). It is only with the changes in the management theories that more attention was paid to the human resources, and new theories in relation were evolved. There has been observed that in the recent times, the strategic human resource management has become exceedingly important in all organizations. When looking into the interpretation of the project and its role, it has to be realized that the project can be explained with help from certain theories of HRM as has already been done in certain sections above. As has already been mentioned the project is one which is looks at ensuring that the health care systems are reviewed and changed to become more proactive rather than the existing reacting system. It has to be realized that most of the companies today have policies that look into ensuring that the health care needs of the people are met through a system that pays their bills, but the project aims at ensuring that the overall health care system of the companies are established. Method of communication and functioning When the project was being undertaken the main aim that was being followed was to ensure that there can be successfully inaugurated a corporate fitness centre by registering at least 30 businesses in the Coventry city area and expand the fitness centre into 20 cities in the west midlands area by the end of the fifth year. When the project was started every member of the team was assigned a specific task and each of the individual was responsible for their own area. There was division of labor and the various team members were in charge of their own area of research and project development. This helped in the overall effectiveness of the project and helped the project execution in a more organized and effective manner. The method of coordination was to ensure that they met once in a week, so that the progress that had taken place can be discussed while the efforts of the various team mates could be analyzed and if any changes were to be made, can be implemented. These sessions also were a space where the problems that were being faced by the various team mates were discussed and solution was sorted out. Such management was effective and instrumental in ensuring that the overall project kept developing in an efficient and well coordinated manner. When there was observed that there are differences of opinion between two or more members in the group, a group vote was taken to ensure that a decision can be realized in case of small matters, but when it came to conflict of opinion on something significant in the project, a consensus was sought out through lengthy discussions, where the pros and the cons of each decision were discussed and analyzed and through this the best method of execution was realized in these group meetings. The main event that has been adopted by the project is one that is out of the box, and it is this event that is the main aim of the project. The project aimed to develop a proactive method of looking into the existing health care system that is adopted by companies when looking into the health of the employees rather than a reactive system that is in place today. This is the main idea and objective of the project and it is one which is different from its predecessors. It looks into ensuring that the system of health care that is developed by companies is one where the needs of all the employees are addresses, while the overall cost of health care maintenance that is borne by any organization for its employees is reduced. The proposal is also economic as they not only will apply to everyone, which will lead to better health of the overall employee base, it also looks at ensuring that around 30 companies invest together so that the overall expenditure of each organization is much less than what it would have been individually and the establishment is one which is much evolved. Over the years with the growing competition in the markets among organizations and with every organization trying to maximize its output there has developed what is normally referred to as the motivational theory where it is discussed as to how can one increase the productivity of the employees so as to ensure a better working environment and increase their efficiency. The theories propounded by scholars such as Herzberg (1996) and others have proved that by providing the right incentives for the employees one can increase their productivity and creativity, and the vive-versa also holds true. There is also the moral obligation to treat ones employees with respect and to assure to them their human rights. An employee’s performance is based on his or her ability and motivation. Their ability is based on various factors like education, experience, training, knowledge, etc. There is a difference between the performance of an employee and the capacity of the employee. Through the establishment of the health care system that addresses not only their critical health care needs but also of their overall health, the employee base of a company will be much more active and motivated to perform better increasing the overall effectiveness of the workforce of an organization. Corporate fitness will lower companies' health care expenditures, while raising worker productivity. Health care expenditures will decrease due to reduced medical insurance premiums, reduced absenteeism, reduced turnover rates, reduced worker's compensation claims, reduced delays and shorter hospital stays. Project development- problems faced and solutions The project that has been developed is one that has been able to overcome some of the problems that have been faced by others and it is different from most of the projects that have been undertaken in the past, as usually projects look at the individual needs of an organisation. The project is an example of out of box thinking that is required in the field of management and business today to ensure that the overall development of the health care system of many organisations at the same time, which is economic and will be more sustainable in the long run. Also it has to be realised that in the project not only the internal risk factors but also the external risk factors have been taken into account and the project has tried to ensure that the various problems that will be faced are looked into and resolved. Yet there has to be realised that there are certain parts of the project which were not accounted for and this has to be realised and corrected. One of the most important problems was with work distribution, where some had to do more analytical work, others had to go into the field and do the more research oriented and technical work. Another problem is that the execution of the project has not been developed overall and it has to be ensured that the risk management that has been conducted looks into not only the internal and external risks that may be faced by the project but also the executional risk that may be faced due to undue charges or mismanagement of logistics. The entire experience of working with the team and developing the project has been one based on learning. When looking into the various needs of the project, the coordination and execution of the various parts of the project together has been a challenge to implement. There have been various challenges such as delays and market analysis and research has been difficult. Most of the organisations were not forth coming. Also it has been realised that most of the organisations are not open to major policy changes without motivation and then also the changes that are usually bought about are minor and not very radical. But the project has also helped us gain a positive understanding of the various roles that are played out the managerial team and has helped us realise the various functions that need to be carried out when executing a new plan into actuality. It has also helped realise how the study and analysis of the various factors is important, and look into the need of risk management in an effective manner. It is only through developing an understanding of the various factors involved in the project that one can truly realise and implement a project in actuality and without it; it is difficult to function in the market. I have also honed my working skills as a team player and have realised that coordination and cooperation are extremely significant when implementing a project in the field. Skills I have acquired Given all that I have learnt while working on this project, I am sure that I am now better prepared to work in the future than I had been before I had participated. While learning the theories in the class one is only able to grasp a concept to a certain extent and it is only with the understanding and work experience that one gains from working in the field that one is able to grasp the overall concept of various theories in actuality. Thus it has been an important learning experience for me, where I have honed various important skills. I have also been able to now actually execute the various risk management techniques that I had learnt in class and believe that this experience will help me function better in the future and has helped me evolve overall as a team mate and as student of business in the field. References Bratton J, Gold J 2007, Human Resource Management. Theory and Practice, Palgrave Macmillan, pp 197-205 Griffin R W 2006, The Environmental concept of HRM, Chpt. 14, Management, pp 373- 378. Herzberg.F, 1966, Work and the nature of man  published in 1966 pp. 104-109.  Read More