Introducing the Scenario
Economic expansion and prosperity are some of the important aspects and strategies associated with an organization and with a country ((Asefeso, 2008). However, there are certain strategies that deem essential for an economy as far as maintaining effectiveness is concerned. Doing business in a new country is always a challenge for an organization because of changing of strategies in different aspects, and among there is a name of Human Resources Management (HRM) strategies are some of them. It is required to analyze the fact that how well human resources strategies, policies and practices of New Zealand are impacting on the nature of business in the country (Bank, 2013).
Analysis and Findings
New Zealand is an Island Country located in the Southwestern Pacific Ocean. There are two main landmasses associated with the country that are North Island and South island. It is a politically stable and economically viable country of the world. It is a small country with a total population of 4.5 million only. The country recorded net Gross Domestic Product (GDP) accounted to US$ 122.93 billion with per capita income amounted to US$ 30,493 (Bank, 2013).
There are numerous organizations which are working in the region, and doing an exceptional job. In this connection, there are numerous organizations which are strategizing hard to enter in this region for their financial capability and strategic well-being (Bank, 2013). The strategies pertain to human resources management is in perfect situation for New Zealand, because the region has effective regulations in terms of doing business. New Zealand is a high income country with positive doing business indicators in the country (Djankov, McLiesh & Klein, 2004). The total points in doing business in New Zealand are 88.65 out of 100, which is extremely high and effective. The government of the country is highly effective and well-organized with special emphasize on getting credit, protecting investors and resolving the level of insolvency (Djankov, McLiesh & Klein, 2006).
The workforce in the country is highly effective and educated, and one of the major advantages that associated with the country is the working of their managers and organizational officials as the organizational officials of the country are in the favor to educate and train their workforce with an effective manner (Shoult, 2006). The organizations of New Zealand’s region are the one which used management bi Objective (MBO) approaches within their premises. In this way, organizations would become able to satisfy the needs of their employees by organizing and mitigating the issues of the employees with the management (Luciano & Mayes, 2005).
The country has a low unemployment rate with an estimated rate of 5.60%, and there is a positive change in the unemployment rate of the country by 0.43%. The labor participation rate of the country though not very high but still manages to be in a satisfactory range which is 69% in the last year. The average Wage rate per hour is NZ$ 28.25 which is also lays in an effective range in terms of Purchasing Power Parity (PPP) (Bank, 2013). The inflation rate of the country is very low, like 1.60% which is extremely low and effective as well for the people. It means that the amount the labor force earned have the largest amount of prosperity in particular (Bank, 2013). The organizations which are working in this region have the highest amount of effectiveness in terms of doing business and move their operations accordingly. Apart from that, unionization is extremely high in the country due to which organizations are liable to provide all sort of benefits and safety to the employees in a given time frame.
The code of conducts related to the Human Resources management is extremely effective and high for the country, which is an indemnity that the country is powerful in terms of their productivity (Bank, 2013). The Ministry of Business Innovation & Employment of New Zealand is the regulatory authority which authorize and regulates all the labor laws of the country in terms of managing their workforce. Labor Laws of the country provides safety along with different effectiveness to their employees. The market regulations of the country in terms of labor and employment are essential and perfect, as the level and skill of education of the personnel are in a greater range. The labor as well as financial market of the country is doing an exceptional job as far as increasing their economic prosperity is concerned. The country will remain eminent than other countries, if the labor laws would remain like the same.
It is requested in this assignment to analyze the HR based function and workability of a definite country which is New Zealand. From this assignment, it is found that the HR functions are essential for the country along with the regulations, and the organizations found in the country are highly effective and financially stable. If new companies are entering in this region, then they have to comply with the regulations and labor laws accordingly because both of these aspects would deem essential and effective for their core future.
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