NMO S4 SPRINT ONE | BUSINESS CASE SCENARIO - 02
Submission BCS
Working Together Make It More Fun (We believe in working together to achieve organizational goals and improving ourselves on a personal level by treating everyone as a valuable member of the team.)
Submission Date & Time: 2021-11-24 03:28:49
Event Name: NMO S4 Sprint One - I Business Institute
Solution Submitted By: RICHA DIXIT
Assignment Taken
I AM HEADING THE HUMAN RESOURCE DEPARTMENT OF OUR COMPANYCase Understanding
Renewable energy has a lot of potential in India, according to my entire case study. One of these is the automobile industry, which has expanded in different ways in countries such as the United States, the United Kingdom, China, Japan, and others. The automobile industry has recently taken numerous huge advances in this direction all around the world, but the Indian market is still in its infancy. In India, the market share of electric vehicles is quite low when compared to other countries. So, it is the time to develop electric automobiles so that we can compete with other countries in terms of marketing. According to some estimates, India's total number of registered vehicles is 230 million, with the market continuing to increase. India's reliance on fossil fuels is also a result of this. The Indian government is attempting to promote the use of electric vehicles as a reforming step. "The electrification of two-wheelers, three-wheelers, and commercial vehicles will be a major driver of the government's aim of 30% adoption of electric cars by 2030. Lower electric car adoption rates in the passenger vehicle segment are likely to have a minor impact on meeting the targets." We are a group of aspiring entrepreneurs who have studied, investigated, and agreed that any business linked to "Electrical Vehicles" should be pursued because you all agree that "this is the future." We have provided a corpus fund of Rs 46 lakh, which is a personal investment pooled by all team members, and a Rs. 60 lakh loans can be issued, if necessary, at a set rate of 16 percent per annum. In Bangalore City, our start-up has secured a coworking space for 8 employees at a monthly cost of 3000/Workstation. Our team consists of two mechanical engineers and one electrical engineer. In addition, one computer science graduate works at our start-up. Two members of the team have resigned from marketing positions with well-known vehicle firms. The remaining two members recently finished their post-graduate management programme. Every team member has a personal cash requirement of Rs.50,000 per month, which they wish to remove from this firm, which appears to be quite tough at this time. Engineers on our team have already designed and built a prototype electric vehicle as a student project for their engineering classes. Because our firm is new and we don't have the resources to hire right now, you'll have to pick who will be in charge of certain departments internally. To avoid duplicate solutions on a single project, you should distribute assignments among various departments. As a result, we, as aspiring entrepreneurs, have decided to build an ELECTRIC VEHICEL GARAGE, as electric cars are the way of the future in our country. As the company's human resources director, I'll hire the staff needed to keep things running smoothly. We are creating an electric vehicle garage with skilled professionals in sectors such as mechanical engineering, electrical engineering, chemBCS Solution Summary
We developed various hiring processes and recruitment techniques while keeping certain principles in mind for effective employee selection. Employees' salaries are determined by their design and work experience, and their incentives are based on their contributions to the organisation. Several majors and policies were developed to reduce the company's employee turnover. The needs of the employees were considered, and we attempted to provide them with everything we promised. Orientation is given to employees to familiarise them with their workplace and to inform them to whom they will report. Employees receive specialized training in order to improve and polish their skills and knowledge, as well as specialized training in soft skills and personal development, Is also part of the training program. The new employees were introduced to the company's mission, vision, rules and regulations, and policies.Solution
PRINCIPLES THAT WE KEPT IN MIND DURING HIRING PROCESS:
- Principle of individual growth.
- Principle of allowing equal participation.
- Principle of right selection.
- Principle of incentives.
- Principle of labour management.
HIRING PROCESS:
As a company, we firmly believe in fostering a progressive work environment.
Our organisation ensures that a judicious (judgmental) mix of employees is maintained in their workplace by hiring multi-skilled people from both within the automobile industry and from other industries.
RECRUITMENT:
We recruit from both internal and external sources, and the structure of the company's recruitment process is governed by employment law.
Our major source of recruitment will be the internal source at the initial stages as it helps in cost cutting.
We recruit with the help of some external sources also
- Direct marketing
- Employee recommendations
- Recruiting companies
- Message boards
SELECTION:
After the application has been screened, we will contact the candidate for a written test. If the candidate passes the written test, they will be contacted for comprehensive interviews conducted by our engineering members. Once the candidate has passed the comprehensive interviews, the background investigation into the candidate will begin.
The candidate will receive an offer letter once the details have been validated.
For the entry-level employees, the selection process will be straightforward because they will be called for an interview and a practical exam to assess their abilities.
During the selection process, the candidate's experience is also taken into account.
TRAINING:
In house training is given to the employees by the head of their department
This training introduces the employees to the company's mission, vision, laws and regulations, as well as the company's working environment and also brief them about their roles in the organization.
Training for personal development and soft skills is also given to the employees by the human resource department as it is one of the major qualities required when you work in corporate sector.
Technology training is provided in accordance with their job title.
The main goal of the training procedure will be to groom employees for greater professional performance.
COMPENSATION:
According to paysacle.com, the average wage for employees varies depending on the candidate's job profile.
In mechanical engineering, the typical monthly pay is between 20 and30 thousand.
The basic concept is that remuneration is determined by an individual's rank and expertise in a given profession.
The salary vary according to the working experience of an employee and incentives are distributed according to their contribution in the organization.
Example:
|
DESIGINATION |
SALARY PER MONTH |
|
Mechanical engineer |
20 – 30k |
|
Electric engineer |
30 – 40k |
|
Base line workers |
15 – 20k |
|
Freshers |
10 – 15k |
RETENTION PLAN:
To reduce the employee turnover of the company I have planed several things and made several policies which helps us in minimizing the employee turnover rate.
- There will be the staff party once in a year, which helps the employee to have better understanding of each other and this also helps in creating healthy and a friendly environment among the employees.
- A business trip is also planned for the employees once in year
- Incentives are given to employees on the basis of their performance and clints review.
- Promotion is given to the employees in monetary terms else upgrade in the designation of an employee.
- Open house is conducted on every last Sunday of the month where employees can share their problems to the human resource department.
- 2 extra leaves were given to the staff without deducting their salary.
- We give our staff the freedom to manage their work the way they want to.
Conclusion
As we are starting a new company and our funds are limited so the main source of hiring will be the internal source at initial stage. Mode of training will be In house training as it helps in cost cutting, as the cost of training will be reduce by this action we can use that amount in reducing the employee turnover by investing that amount in staff party or in business tour without having a separate fund for the same which increases the satisfaction and motivation level of employees results in less employee turnover. Several policies were made to reduce the employee turnover.Attached File Details
Video
https://www.youtube.com/watch?v=3FVmITd3lYkComments
Article Type: Business Case Scenario, Case Study Solution Submission
Business Case Detail
Title: NMO S4 SPRINT ONE | BUSINESS CASE SCENARIO - 02
Type: Case Study
Stream: Management
I Business Institute
Team SPIRIT
Total Team Points: 31500
Invincible Ingenuity
Total Team Points: 23000