e Needs of Other Organizations\" to expand. We were, however, doing 401(k) retir
ID: 390985 • Letter: E
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e Needs of Other Organizations" to expand. We were, however, doing 401(k) retire- ment plan administration both on our proprietary Case Study: "Planning th If you think a chorough, high-qualiay needs analysisis daunt ing on an internal project, imagine if you were an HRIS ven- system, designed and marketed for large employers, We had interest from existing 401(k) clients to take dor and your job was to provide a best-of breed system (iee on administration of their defined benefit plans, and we felt we had lost 401(k) business in the past because we didn't offer total retirement outsourcing. at meets most of your many different cdients'and on a purchased platform for smaller companies nceds. Such an approach makes planning and needs analysis more challenging because difficult choices must be made as to the functionality that is sufficiently broad to go into a gen eral market package. It is costly to vendors, and indeed may be infeasible, to include functionality that is so specific that only a small portion of a system's client base benefits from just 4 01(k). It wasnt possible to charge small employers the kinds of fees necessary to implement their plans on our pro- prietary system, so our efforts centered on what could be done with the purchased system used for small to hidsized 401(k) plans. We quickly determined that the purchased system's defined benefits platform wasn't sophisticated enough from a calculation stand- point to handle most of the complexity of defined benefit plans, so we decided to use a combination of the purchased system with the calculation engine component for the proprietary system the function. Consider the following hypothetical company, Benefast Partners, which provides a specific market niche HRIS re.Is challeng rovidemidized 4010k) plans. We qu comprehensive benefits administration sofrware that meets the needs of a growing and complex benefits marketplace. According to Davis Hunter, a former employee of Benefast, Benefast Partners (name changed to protect confi- dentiality) was only doing defined benefit pension plans for large employers (20,000+ employees). When you focus your business opportunities on Fortune 100 companies, it limits your potential for growth to small and midsized markets. Given We had a lot of needs analysis conversations with our colleagues in another office who were running the project. Given the multiple platforms involved processing time was a huge concern. We decided to that there is competition in the market for small, medium, and large clients, there was no real wayExplanation / Answer
Answer:-
Adaptability:- Benefast Partners’ strategy appears to be lapsed and left behind by the changing nature of time. The group seeks to cater to clients that have failed to move with the emerging technology trends as well as organizations at the apex of the hierarchy of corporations. It has left out the majority of organizations that fall in the category of smalls and medium sized institutions
Sustainability:- The strategy adopted by Benefast Partners is not sustainable. This is because it ignores the basic fundamentals of what it seeks to offer. Any firm seeking to promote adoption of technology-aided services such as the HRIS that the company deals with must embrace the internet interface at the same time. Ironically, Benefast Partners’ partners ignore the simplest policy of Information Technology, web Interface which puts its approach to question. This, therefore, jeopardizes the future viability of its business strategy.
Focus:- Benefast Partners’ therefore seems to focus on huge profit margin from a small scale of businesses as opposed to smaller margins of profits per assignment, pooled from a huge number of clients. The latter strategy guarantees greater potential for growth as it ensures that the firm’s incomes are increased to the higher pool of income base.
Answer:-
ØEvaluation of barriers, such as insufficient skills and capital, for the effective implementation of HRIS.
Ø Employing qualified staff in HRIS, also, looking for commitment or support from the top management or information technology and design staff.
Ø Establishment of a comprehensive system to meet the needs of the majority of its clients.
Ø Emphasizing on smaller margins of profits per assignment, pooled from a huge number of clients to ensure greater growth and income.
Answer:-
Interactive:- To ensure that an HRIS package meets the needs of the dominant clientele, it is important that the package be as interactive as possible. A perfect HRIS must be able to incorporate web based technologies.
This means that HR functions such as training should incorporate web information to keep the Human resource managers alongside of new developments in their areas of training.
This shall ensure that clients whose systems have incorporated into the web based technologies are not left out from the system.
Flexibility and Customizability:-
A good HRIS package ought to be flexible and customizable. Fixed HRIS packages are limiting in nature as they leave a majority of the companies out of their use.
Customizable HRIS can provide platforms for various companies needs to be incorporated in the single system hence motivating their use and adoption.
As opposed to systems used by Benefast Partners that are only designed for straight forward cases, a good HRIS package should be able to handle complex Human resources tasks to ensure that the systems appeal to a huge group of clientele.
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