design and create a brand that will sell in the jewellery industry
Starting up a new business can be exciting and also a demanding process for all type of business but will a sound business strategy, success becomes possible. A business idea requires more than just capital and experience to grow and break-even in the early stages. Identifying a business gap that needs to be filled in the market can secure a business position by lowering competition from businesses that offer the same production. However, it is not a general rule that a new business that doesn’t provide unique products and services cannot succeed in a given industry. Proper business management, competent staff, and offering excellent customer services can help a business that is operating in a flooded market stand out. A jewellery business falls in the category of a flooded market which makes it a highly competitive business. It takes creativity to design and create a brand that will sell in the jewellery industry.
The HRM model is used by businesses to efficiently and effectively manage their workforce and achieve the set objectives. There are two approaches to the HRM model, which include the hard approach and the soft approach. The hard approach focuses on the approach used to manage employees and the performance of the management. The soft HRM approach, on the other hand, focuses on employee’s motivation, empowerment, and cultivating trust, and it considers employees contribution as essential resources in an organization. Different HRM models can be used according to the aspects of the organization’s goals. The models include the Harvard Model, Warwick Model, 5P’s Model, ASTD Competency Model, and Ulrich Model. The ultimate goal of the HRM model is engaging the best staffs, giving quality training, setting up staff welfare measures, and tracking employees performance to generate positive results. Starting up a premium jewellery business requires the Human Resource Manager to apply a number of the HRM Model aspects to sustain a profitable business.
Cultural diversity
The rate of success in a business can be improved by employing employees who have cultural diversity. When the HR department embarks at recruiting employees without using a model, there is a possibility that only persons with the same qualities will be employed and this limits the business performance. Cultural diversity is not limited to gender, race, or ethnicity, but it represents the different human qualities in individuals who belong to different groups. Employees cultural diversity brings about greater innovation and creativity, better decision making, problem-solving skills. The differences create a strong organization which is essential for business growth. The cultural diversity also causes challenges, and the human resource manager should be well informed at trained on handling the diversity to bring harmony in business operations. Assigning roles in a business should be done with regard to the strengths and qualities an employee poses and this enhances performance.
Innovative thinkers in a jewellery business are an important lot because it requires going out of the custom designs to come up with a unique product that will match the customers’ preferences. Employees who show creativity and innovation can be tasked with developing new designs and creating a brand that can target different groups of consumers, an important feature in creating a market niche in a competitive industry. Cultural diversity also comes in handy in global businesses. Recruiting employees depending on their local areas and cultures they have information about helps the company in customizing their products according to the market needs. It is important fo a human resource manager to recruit people from different demographics because it helps the company have representatives across the market it wants to target. Diversity in the business can create a large pool of talented employees who can help the company adapt to technological and market changes to stay ahead of the competition. Jewellery business cuts across a wide market in terms of age, gender, culture, and locations and having a diverse workforce with help in developing a brand that is widely acceptable to generate higher sales and profits.
Leadership
The HRM has a duty of ensuring there is an efficient workforce by using effective management strategies. There are different leadership theories that business management can adopt, but due to a competitive market, transformational leadership is the most applicable in contemporary times. The transformative leadership emphasizes on influencing the employee’s traits. The leaders, therefore, influence their juniors through leading by example to help them observe, learn, and develop the required traits. Jewellery business is a highly competitive business that needs employees who have a positive attitude. The employees’ attitude and self-drive highly depends on the leadership style of the organization. Jewellery business does not only depend on how unique your products are but rather by how satisfied the customers feel. Employees, therefore, have a significant role in creating the general feeling of satisfaction and uniqueness of the jewellery to the buyer. Premium jewellery is a luxurious need that has much to do with how the customer feels about the product. Highly motivated employees generate better results, and the organization reduces the rate of attrition which is costly to an organization.
Reward Systems
Reward systems refer to a set of procedures that are used by a business to satisfies its employees and customers. The system can involve using different rewards such as monetary and non-monetary, extrinsic or intrinsic rewards. Rewards are essential to motivating the workforce, and it can encourage high productivity when used appropriately. A reward system guideline should be clear and fair to give all participants a chance of being rewarded for their contribution. Reward system can also be useful in planning an organization’s long-term financial goals. Premium jewellery business should consider giving the employees both economic and non-economic rewards reward to enhance their lifestyles because the lifestyles of the employees can influence business success. Premium jewellery business targets a market where social gratification influences the tastes and preferences of the customers. It is easy and costly for such a business to use its employees for marketing their brand, which means the employees’ welfare has too high.
Conclusion
A businesses organization can use a combination of different HRM Model factors to improve its performance in the market depending on the stage of the business growth and the set goals it wants to achieve. There are other different factors from the ones addressed, such as the core value of the business, the structure of the business, hiring Process, Internal Strategy, Industry, and size of the business. Human resource managers should be in a position to keep changing the factors to deal with market changes and consumer behaviours and stay relevant in the industry. A premium jewellery business needs a strong management strategy to penetrate the market because of the high competition, which makes it necessary for the management to use the HRM model in its operation. The high competition in the jewellery industry requires the business to be creative and produce unique products.