Human Resource Management Essay Example | Topics and Well Written Essays - 2000 words - 27

Human Resource Management - Essay Example It provides 8, 000 core products and its own-label sales account for half of total UK sales. In the financial year 2014, it boasted of  £43.6 billion revenue and  £2191m trading profit (Tesco PLC Annual Report 2014, 8). Its main purpose is â€Å"to make what matters better, together† (Tescoplc.com, 2015). This is achieved through commitment to its three main values: no one tries harder for customers, treat people the way they want to be treated and use our scale for good. It is headquartered in Hertfordshire, England under the slogan Every little helps and aims at providing cheaper prices, improved quality, stronger ranges and better services. However, it operates under harsh economic conditions especially as a result of the 2007 economic crisis and also a highly fragmented and competitive environment with its main competitors being Asda, Sainsbury, and Morrisons although small retailers like Aldi, Lidl and Waitrose are giving them tight competition in recent years (Anders on, 2015). Tesco has been undergoing a difficult time with stagnant sales, declining profits and in addition, a  £250m hole in profits leading to decline in its share prices. In the FY 2014, it experienced a revenue growth of 0.0% and sales growth of 0.5%. Its trading in UK declined by 3.6% whilst its employee retention rates dropped by 1% although they are still strong at 90% (Tesco Annual Report, 2014, 16). In light of this, it needs improvements on its training and development, reward strategy and employee relations. Training, learning and development are essential in any organisation wishing to have sustainable competitive advantage. Training provides and /or improves skills necessary for performance of job tasks whereas development is to enhance abilities of employee for greater long-term good of organisation. The purpose of training and development is to promote organisational performance (Uma, 2013, 137). Organisation learning is