This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.
Brent Pharma Co was founded more than 80 years ago on a revolutionary idea. Nurses and Doctors should use sterilized sutures, bandages and dressings to treat peoples' wounds. Since then, company brought the world new products and ideas that have changed human health. Every invention, every breakthrough and every product has been created by the generations of employees who are enthused to make a difference.
Brent Pharma Co is a corporation of enduring strength. Company have been honoured to play a role in serving millions of people the world stay well throughout this century of change. As the science of human health has grown, company have been able to develop along with it. Company have helped shape and define what well-being and health means in everyday lives. Company products, ideas, services and giving now feel the lives of at one billion people every day. We credit our power and endurance to a reliable approach to overseeing the trade, and to the nature of our people.
Philosophy of the company
The overarching attitude that guides our business is our philosophy, a deeply held of values that have served as the strategic and ethical compass for generations of Brent Pharma Co employees. On top of all, our philosophy challenges to put the desires and well-being of the people we provide first. It furthermore speaks to the responsibilities that have to the company employees, to the communities in which we work and live the community, and to shareholders. Company believe their Credo is a blueprint for continuing growth and sustainability as relevant today as the time it was written
Being generally based gives us a numeral of advantages. Our 250 operating companies have a local casement into emerging customer wants, scientific developments, and technologies all through the world. We turn people's insights into innovative new goods and sometimes whole novel businesses. It allows us to transfer technical breakthroughs, marketing insights and developed expertise easily across the filled range of our businesses. This wide base has helped us transport more science to the customer health goods that people use every day.
A Decentralized Management Approach
We are large and we are little all at once. All of our operating companies functions as its own little business. They are powerfully entrepreneurial in nature, and they be acquainted with that their success depends on anticipating customers' wants and delivering meaningful, high-excellence solutions. As our people operate in a small-company location, they also have right of entry to the acquainted with-how and resources of a fortune 50 company. It's similar to having dozens of tactical partners at their fingertips
a) Evidence on the structure and strategy of the specific company as a multinational enterprise.
Company is organized into three global business units:
Internal Medicine and Central Nervous System
This business unit build up medicines for a range of health problems that includes central nervous system disorders such as metabolic diseases, schizophrenia and epilepsy, diabetes; infectious diseases and cardiovascular diseases
Biotechnology, Immunology & Oncology
This business unit develops customary and biologic medicines to luxury autoimmune disorders, such as psoriasis, rheumatoid arthritis a broad range of cancers and blood disorders
Business unit makes medicines for the treatment of infectious diseases
Our devoted HR teams have allowable us to promote a worldwide culture that recognises and plunder creativity, collaboration and blame. In this business-critical team we're dedicated to combining service fineness with cost-efficiency.
Besides planning, operating and financing our cutting-edge benefits programs give a consultancy, review and approval process for programmes exterior the UK and US that gives the success. These comprise pensions, shares and company automobile initiatives, as healthy as healthcare and childcare schemes.
This team is accountable for the planning, plan and communication of global straight compensation programmes including extended-term incentives, management bonuses and organisation-exact plans. We also supervise base disburse, sales incentives and employees bonus programmes, and associate with the benefits team on the Total reward programme
As long as generalist support to the business and Business employees functions, we're responsible for everything as of HR policies, procedures, and employee relative, to diversity management, compliance and equivalent opportunities.
Employee health management
We aim to defend and enhance the fitness of all employees, thus making a positive effect on productivity and shiny the value we put on all our people. Our responsibilities include physical condition strategy and governance, employee health and fitness support and organisational pliability, as well as work-related health and disability management.
HR strategy and communications
A variety of programmes and services to HR generation, row management and employees, our responsibilities comprise the HR measurement, strategic planning procedure, fulfilment and operational effectiveness.
Leadership and organisation development
Dedicated to developing mutually organisational and person capabilities, our programmes and services include older management conferences, Executive swap, aptitude reviews, employee opinion investigate, performance and development preparation, plus a variety of learning capital.
As a business Recruitment group we support worldwide and local recruitment activities counting policy, systems, branding, and online applicant sourcing, as healthy as ensuring that the excellence of talent hired is maintained
The primary key success factor inside the pharmaceutical manufacturing is brand name image since health is one of the most significant factors in life. The KSF for this manufacturing is scientific research. The pharmaceutical industry is continually looking for ways to get better health and there is non-discontinue research going on in arrange to do this so, research is a input to compete in this manufacturing. Quality control is extremely important when dealing with physical condition products because these products have an effect on people's lives. Also this manufacturing requires expertise in a known field
The people who work at Brent Pharma Co in the production will not let faulty product pass through since they uphold the high standard ethics that is necessary at Brent Pharma Co. The high normal of principles at Brent Pharma Co ropes quality control and directly relates to a favourable picture with their clientele. Brent Pharma Co too promotes a high standard for employ within their association, which directly relates to scientific research and know-how in the medical field. By merely hiring the people who most excellent fit the organization and also most excellent fit the position Brent Pharma Co is clever to be a head in research because they employ only the knowledgeable aspirant that can help the association with the innovation of goods
The bottom line with these organizations is that they are smart to gain and maintain a competitive advantage from side to side focusing on the industry KSF's. In arrange to do this, executives have to get better on the key factors that create or break an association. These input factors are culture, management and structure. Brent Pharma Co spends a group of time trying to get better on KSF's with programs and novel plans that will reorganize the organization in arrange to better pursue these KSF's.
Leadership is significant to the achievement of any corporation because it is key in life form able to inspire individuals to believe outside the small package. The only constant is business is change therefore, stipulation a company is not capable to adapt and innovate to healthy a changing environment that association will not last long in the world of business. In order to reach this ever-changing business there must be best who make other individuals inside the organization want to contribute, innovate and entrust. Leadership is also the input element in the completion of any strategic plan, which will see all through and make certain the organization, is on path. Leaders are there to inspire the values and attitudes that are detained in high regard within the organization itself and also accountable for any corrective action that wants to be taken when there are a fault in strategy execution. Leadership is a key feature in any business environment since leaders in still the principles that needs to be skilful in order for the business to function properly in agreement with the organizational arrangement. It is obvious in these cases that there was a difficulty with the leadership within the organization
The contingency viewpoint of structure declares that there is not one best structure for a organization and that several structure is not evenly effective. The contingency elements that are most probable to affect the structure of Brent Pharma Co internationally are technology and the exterior environment.
Research and Development
Technology will have an effect on the international structure of Brent Pharma Co for the reason that Brent Pharma Co is in the health care industry which is consider as a high velocity industry which involves in large amount of research. Also Brent Pharma Co have to measure the technological growth of the region everywhere they are marketing their product to be effective. The product cannot be put to market, Brent Pharma Co require get the product idea through R&D, develop the product, get proper legal establishment such the AMA and there are numerous other authorities to go from side to side in order to put a health care product on the market. The majority health care product tends to be shaped using new technology since humans are looking for new innovations to enhance health and increase the average life duration. The R&D section at Brent Pharma Co is very wide in order to stay up with changing era in the health industry as very technologically based.
b) A detailed analysis and discussion of the host nation's systems (i.e. socio-economic institutional mechanisms and employment/HRM systems).
We consider Pakistan as the Host nation
Overview of Pakistan Pharmaceutical Industry
Opportunities and Challenges
Healthcare in Pakistan is still in the beginning stages of development. Widespread scarcity and a weak health system inspire the poor health rank of the inhabitants. This report is perfect for executives wanting to appreciate the key factors in the pharmaceutical market and have right of entry to a wealth of statistical information, counting five-year market projections. In adding to the account are 3 free quarterly efficient outlook reports, enabling you to stay up to date with market developments for a year.
The pharmaceutical market has gradually progress over the years largely dominated by multinationals for 20 years ago but that is now almost equally split between multinational and local companies. The pharmaceutical industry serves a predictable 80% of the market, with approximately 20% served by imports. The equilibrium of pharmaceutical trade remains unenthusiastic. Between 2004 and 2008, the shortfall in the balance of deal rose by a significantly high CAGR. There are a big number of restricted producers, but there is virtually no asset in R&D for novel drugs. The local manufacturing comprises manufacturers of generics, which bring in around 90% of raw resources used to create drugs.
Increased rivalry, rising raw material costs, low drug prices, poor intellectual property rights and normally weak market conditions brought on by political and economic instability has made the country rather less attractive to some multinational companies.
In Pakistan, the Pharmaceutical Industry started its business processes a few years after the country came into existence. At present, market scenario of the pharmaceutical industry in Pakistan:
There are around 300 pharmaceutical companies operating in Pakistan.
264 are national companies
Among national companies 210 pharmaceutical companies are licensed
32 companies are multinationals.
In KSE (Karachi Stock Exchange), 15 Pharmaceutical companies are listed. These companies including other multinational companies are enjoying the domination by having approximately 70 % of total pharmaceutical sales in the country.
2,683 medicines has already been registered in Pakistan
Keeping in mind the growing pharmaceutical industry in Pakistan, Brent chooses to setup its new manufacturing unit in this country for the operations. The growing demand and market for pharmacy also gone Brent an advantage to set up the business unit in Pakistan
Advantages faced by the company
Land available in Pakistan is cheaper compared to the home country in US therefore it is easier to setup labour available which is attainable at cheaper rate and not bound by strict labour laws and regulations which will cut its operating cost.
Research and development efficiency
Bent will penetrate into the Pakistan market with its R & D centres which give them the distinctive competitive advantage over its rivals
Employee Turnover rate:
It has been observed and studied that in Pakistan the rate of employee turnover rate in Multinational companies is less than the national companies operating in Pakistan due to the compensation and Job security plans. Due to the Social and economic situation there is less Job security and benefits for the employees given by the Companies .Therefore Bent will have a competitive advantage over its national rivals as this company implements the similar policies regarding Health and Insurance plans , retirement benefits and job security
The major disadvantage of setting up a factory in a under developed country like Pakistan is deteriorating law and order situation. Due to the Political instability, there is no surety that the company will be able to establish its base successfully in the Pakistani Market.
Awareness of Health and safety
There is lack of awareness regarding health and safety issues in Pakistan. For minor illness people do not have a habit of concerning a doctor but they try their own ailments which may be harmful. People in Pakistan are not willing to pay a higher price for a medicine even if it is dangerous but not giving enough pain worth the price of the medicine therefore the urban and rural population of Pakistan needs to be educated of the complications regarding the health issues.
The external surroundings is a very important issue in a global setting life form that the environment is overseas in most cases therefore additional unpredictable that a familiar surroundings. Foreign environments are multifaceted and dynamic which makes them unbalanced and turbulent therefore the outside environment is a big issue in structure inside Brent Pharma Co. too highly technological industries such as the health care manufacturing are apparent to be high velocity.
The structure that I would advocate for Brent Pharma Co is a global medium structure because a matrix arrangement is most often the merely way global organizations can attain the combination of worldwide, regional and product objectives that live within organizations with earth-wide operations, dispersed plants and supply manacles. Also a matrix arrangement can better help to equilibrium the need to develop goods and services. Sometimes medium structures are used merely for a short period of time to complement civilization change as Brent Pharma Co has completed with the human resources philosophy plan. Also medium structures are suited healthy for cross-functional scheme teams and aid in the harnessing the talents of a wider variety of people across a worldwide business environment the length of with aiding communication lines. A matrix arrangement aids global addition and aids local responsiveness, which is input in an ever-altering technologically advanced environment where receptiveness is main thing.
HR system in PAKISTAN (Host)
The gap of new sectors is a big pace in this admiration. The industry is hypothetical to bring considerable enlargement to the economy, raising the employment rates at the same time. Concerning 58.2% of the nationwide economy is gratis in Pakistan. This is particularly complete to attract foreign asset in the country. HR policies in Pakistan as of an overall perspective are supple. However, there is still sufficient room for alter which will support the a great deal needed economic growth in the state.
Changes in HR policies in Pakistan
Numeral of amendments was brought in the labour laws of Pakistan to create the HR policies more supple and beneficial. In the middle of these, the most significant changes were made in split of company profits for employees. The split of benefits from company proceeds was increased to a substantial extent for both enduring and contractual employees. Smallest amount wage was increased as of Rs. 5,000 to Rs. 7,000 per month. Personnel receiving salary up to Rs. 10,000 per month were free to a split of three times of the minimum salary. The advantantages for workers' welfare funds were also greater than before by 20%. In lieu of these perks, the eventually hours were also greater than before to 12 hours. As on the brighter surface, the late night operational hour limit for women employees was comprehensive to 10 p.m. per day hours. Paid maternity foliage is for 12 weeks.
Social Security System in Pakistan
The social security system in Pakistan is on the whole designed for pensioners, widows and disabled people, without a job, employment injury and health. The employees disburse 7% of their salary as contribution, while the employers disburse 5%. Secured personnel, pensioners, widows, disabled people are salaried in money compensation in the event of social or economical suffering. There are no divide health cover schemes as such. Employees are enclosed in the event of illness, death, accidents or injuries.
c) An evaluation of the feasibility of transferring at least one human resource management practice to the new subsidiary, including an explanation of the strategic reason(s) why the particular one(s) was (were) chosen. Further an insight on how the HR practice(s) of the new subsidiary is (is) influenced.
Proposed HR strategy for the business in Host country
We proposed Compensation program to a new subsidiary due to the reason that it has been observed that in Pakistan there are lot of economic problems and the employee's turnover rates are very high because employee switch their jobs once they get any better opportunity in terms of money. As our company is an international company and compensation plans and process are one of best core competency therefore transferring this compensation strategy into the Pakistan will help in a great deal to retain the employee. Not only this by proper compensation plan implementation employees will be more motivated to work which leads to higher efficiency and effective work.
This compensation strategy includes long term incentives, management bonuses, base pays, staff bonus program, sales incentive, overtime etc. Skilled labour can be attracted through these policies when the company is willing to pay the higher salaries along with the long term benefits like life insurance; due to the highly insecure environment and incurred benefits to the family in the form of pension after retirement benefits and health insurance. This will motivate the employees to work in the company with loyalty, thus reduces the employees turnover rate. Moreover, when the company will be promising the basic health and education services to the employee and the family, the high rate of inflation will keep the employee with the company. Employee try to seek more benefits and hence result it more efficiency and productivity
Company Performance Increases as Employee Engagement Levels Rise
By execution this compensation plan HR strategy encompasses many processes that could be implemented into company that can add value to organization. Every practice of human resources has noteworthy value to the new subsidiary that is implemented in Pakistan. One of the effective and efficient practices of HR will be transferred to new subsidiary which is named as Employees Engagement survey. This practice of HR will help the business to know the nuts and bolts of the business and about the track on which company is working.
Employee's engagement survey will enable the new subsidiary to know the level of satisfaction of the resources based on the current processes and functions of business. The business later can improve the areas where it is lacking in and select the best course of action to improvise the scores for upcoming surveys. This could also result in improving employee's satisfaction which is one the biggest challenge for human resource department.
The particular strategy or practice is chosen because it adds the value to business and the new business in new environment should keep the resources satisfied in the organization so that the attrition rate remains under control and business can retain its resources. The reason for implementing this strategy is to keep the business aware of the areas where it is lacking and give an opportunity to improve them better so that business runs profitably. HR will conduct salary surveys to align the salary structure with the industry so that business can retain its resources and prove competitive in the industry.
Employee Satisfaction Drives Employee Engagement which Drives Employee and Company Performance
There are few chances where HR practices may be influenced by the new surroundings like implementing few internationally acceptable strategies in Pakistan that may or may not work best in new environment. Due to cultural differences the strategies can be influenced by the environment of Pakistan because the HR practices vary from country to country. To keep the business run smoothly the HR will design and follow the practices that best suit the Pakistan's environment and keep the alignment to the HR practices in Pakistan.
By implementing the strategy Brent Pharma Co has refocus their growth on a global scale quite than on a regional height. Addressing issues such as culture and management Brent Pharma Co have to focus on a worldwide level and install these principles among the association as a whole so it will purpose as one as opposite to many separately performance subdivisions within the company. Brent Pharma Co intended a strategically supportive civilization so the association as a whole could speak to global problems with the help as of all the different regions working jointly to gain an optimal answer. Brent Pharma Co was able to make a strong fit among strategy, culture and management in order to reach a well functioning global state of mind for a global organization.