A Study of the Strategic Human Resource Management at Walt Disney Company
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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Strategic human resource management refers to the alignment of Human Resource Management with the strategic vision and mission of the organization so as to boost its performance and foster a culture of innovation and entrepreneurship. Its primary aim is to achieve the set organizational goals and objectives by developing and implementing effective Human Resource policies and practices that align with the strategic direction of the organization. Strategic human resource management also encompasses generating a progressive work atmosphere that encourages and enables employees to contribute to organizational growth and development.
Founded in 1923 by Walter Disney, Walt Disney is a diversified entertainment and storytelling company. It strives to build a culture of excellence, diversity, and inclusion in all its operations. The giant believes that its legacy and reputation are constructed on the highest standards of quality, ethics, and social responsibility. With these values, they expect the same from their employees, partners, and suppliers.
The strategic management of an organization depends on various factors that affect its performance and competitiveness. Among these factors, human resources play a crucial role in shaping the organization's vision, mission, goals, and strategies. Human resources have gained more influence and power in the business environment due to the rapid and complex changes that have occurred in the past decades. These changes include globalization, technological innovation, social and demographic shifts, environmental sustainability, and ethical challenges. Human resources are responsible for attracting, developing, retaining, and motivating the human capital that is essential for the organization's success. They also align the human resource policies and practices with the organization's strategic objectives and values. Therefore, human resources are not only a functional department but also a strategic partner and a source of competitive advantage for the organization.
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A Study of the Strategic Human Resource Management at Walt Disney Company Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the concept and importance of strategic human resource management and how it aligns with the organizational goals and values of Walt Disney
- Analyze the key elements and practices of Strategic Human Resource Management at Walt Disney
- Apply the principles of strategic human resource management to real-life scenarios
1.0 INTRODUCTION
What is Human Resource Management?
Human resources are the people who make up the workforce of an organization. It can be defined as the general composition of an organization, i.e. the total knowledge, skills, creative abilities, talents, and aptitudes of the organization. Human capital is a concept that describes the value of the knowledge and skills that a person possesses, which enable him or her to perform activities that have economic benefits. Human capital is not a fixed asset, but rather a dynamic one that can be enhanced through education, training, experience, and innovation. Human capital is an important factor in the productivity and competitiveness of individuals, organizations, and nations.
Human capital can also contribute to the well-being and social development of people and communities. Human Resource Management is an essential aspect of management that deals with the people in an organization. It aims to improve human relations in the organization by designing, implementing, and assessing policies, procedures, and programs that relate to Human resources. This way, it enhances their contribution to the achievement of organizational goals.
Human Resource Management Functions
Human resource management functions are an organization's activities and processes to manage its human capital. Some of the main functions of human resource management are:
Recruitment and selection: This involves attracting, screening, hiring, and onboarding qualified candidates for various positions in the organization.
Training and development: This involves providing employees with the necessary skills, knowledge, and competencies to perform their jobs effectively and to grow professionally.
Performance management: This involves setting goals, monitoring progress, providing feedback, and rewarding employees for their achievements and contributions.
Compensation and benefits: This involves designing and administering fair and competitive pay and benefits packages that motivate and retain employees.
Employee relations: This involves fostering a positive and respectful work environment that promotes employee engagement, satisfaction and well-being.
Compliance and legal issues: This involves ensuring that the organization follows the relevant laws, regulations and ethical standards that govern its operations and protect its employees' rights and interests.
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