Managing Strategy - Group Assignment, Sample of Business plans

23 pages, 11103 words

Clear Channel Outdoor has formed a global strategic alliance with H&M designed to ensure maximum impact and effectiveness for H&M’s outdoor media spend. The agreement will enable the companies to work together in the design, development and placement of billboards, signs and other outdoor elements in support of the company’s marketing communications efforts.

As the world’s largest outdoor media owner with close to one million panels in 49 countries, Clear Channel is uniquely placed to deliver tailored, multi-format outdoor campaigns in partnership with H&M around the world.

Clear Channel Outdoor Regional President, Rickard Hedlund, commented: “H&M has demonstrated a long-term commitment to developing pioneering outdoor ad campaigns across multiple markets and we look forward to building on our strong relationship with H&M to further push the boundaries of our medium.”

“We look forward to surprising our customers with our marketing, which is the invitation card to visit one of our stores,” says Per Sjödell, Head of marketing H&M.

About Clear Channel Outdoor

Clear Channel Outdoor (NYSE:CCO) is the world’s largest outdoor advertising company with close to one million displays in 49 countries across 5 continents. In the United States, the company operates just under 200,000 advertising displays and has a presence in 49 of the top 50 Designated Market Areas. It also operates airport, rail, taxi and mall advertising businesses worldwide. Its Spectacolor (U.S.) and DEFI (international) divisions are the global market leaders in spectacular sign displays, including in New York’s Times Square. Clear Channel Adshel is the company’s international street furniture division, which operates over 3,500 municipal advertising contracts worldwide. Clear Channel Outdoor also operates digital displays and networks in most of its divisions. More information may be found by visiting www.clearchanneloutdoor.com.

12 pages, 5851 words

The Term Paper on Howard Stern Clear Channel

Like millions of Americans, I listen to Howard Stern on the radio in the mornings. I think he is smart, quick and funny. Sometimes he is ''offensive,' ' but to be quite frank, I am not ''offended,' ' because what he says falls within the realm of words and subjects that, as an adult, I have long been familiar with even without the tutelage of Stern. Unlike millions of Americans, I do not listen to ...

Certain statements in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Clear Channel Outdoor UK

Zoe Jones, 0207 478 2946

PR Manager

[email protected]

(Source: Business Wire )

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The Essay on Analyse the effects of domestic and global free trade

Analyse the effects of domestic and global free trade and protection policies on the Australian economy Free trade is the unrestricted purchase and sale of goods and services between countries without the imposition of protection such as tariffs and quotas. This enables economies to focus on their core competitive advantage(s), thereby maximizing economic output and fostering income growth for ...

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The Essay on Company strategic plan

According to company strategic plans, the company aims to achieve a net profit before tax of $1,000,000. The chief risks to this goal are: ●poor sales due to economic downturn ●increases in expenses such as wage expenses. In addition to Australian operations, the company is considering manufacturing overseas to take advantage of reduced costs. The company is also considering diversifying its ...

H & M Hennes & Mauritz AB (publ) was established in Sweden in 1947 and is quoted on NASDAQ OMX Stockholm. The company’s business concept is to offer fashion and quality at the best price. In addition to H&M, the group includes the brands COS, Monki, Weekday and Cheap Monday as well as H&M Home. Today the H&M Group has around 2,000 stores in 37 markets. In 2009, sales including VAT were SEK 118,697 million and the number of employees was around 76,000. For further information, visit www.hm.com.

This information was brought to you by Cision http://www.cisionwire.com

SOURCE: H & M Hennes & Mauritz AB

H & M Hennes & Mauritz AB (publ)

Jenni Tapper-Hoel

Press Officer 08-796 89 73

[email protected]

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Strategic alliances and joint ventures: making them work – corporate collaborations

Business Horizons, July-August, 1994 by Bruce A. Walters, Steve Peters, Gregory G. Dess

Companies are continually striving to gain access to new markets and new supply sources, capitalize on technology, use assets better, and become more profitable. They commonly use three methods to achieve these objectives: internally developing physical assets and company skills, acquiring these assets and skills, or agreeing with other companies to pool physical and human resources. The latter is commonly known as a strategic alliance or joint venture. Although the distinction is not important for our purposes, and the terms will be used interchangeably, the two forms of partnership between companies differ. Joint ventures entail creating a third-party legal entity, whereas strategic alliances do not. In addition, as a general rule, strategic alliances focus on projects that are smaller in scope than joint ventures.

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1 page, 500 words

The Essay on How Companies Identify Attractive Market Segments

Nabil Amin, an American citizen was making wooden writing utensils as a hobby until Mel recognized Herb’s talent. Mel immediately ordered 250 pens and pencils of various styles to be displayed in his shop’s showcase. Within three months, the writing utensils were a hit! Herb Marks had never thought of marketing his talent, but Mel’s enthusiasm and the recent sales were enough to ...

* A knowledge-based view of strategic alliances

Just as acquisitions were extremely popular during the early and mid-1980s, international and domestic joint ventures have been formed extensively since the mid-1980s. A report by David Ernst and Joel Bleeke of McKinsey & Company indicated that ventures between U.S. and international companies have been growing by 27 percent annually since 1985 (Sherman 1992).

Some believe, however, that alliances are more faddish than substantive. Others believe that alliances are inherently bad, and that they result in reduced competition and ultimately higher prices for consumers.

WHY FORM ALLIANCES?

Strategic alliances are formed for a variety of reasons, which include entering new markets, reducing manufacturing costs, and developing and diffusing new technologies rapidly. Alliances also are used to accelerate product introduction and overcome legal and trade barriers expeditiously. In this period of advanced technology and global markets, implementing strategies quickly is essential. Forming alliances is often the fastest, most effective method of achieving objectives. Companies must be sure the goal of the alliance is compatible with their existing businesses so their expertise is transferable to the alliance. Firms often enter into alliances based on opportunity rather than linkage with their overall goals. This risk is greatest when a company has a surplus of cash. In recent years, Mercedes-Benz and Toyota Motor Corporation have been investing surplus funds into seemingly unrelated businesses, with Benz already facing difficulties as a result.

Selecting a Partner

Before initiating a more detailed review of the primary reasons for forming strategic alliances, we need to discuss the selection of the appropriate partner or partners. Without the proper partner, a company should never undertake forming the alliance, even for the right reasons. Each partner should bring the desired complementary strength to the partnership. Ideally, the strengths contributed by the partners are unique, for only these strengths can be sustained and defended over the long term. The goal is to develop synergies between the contributions of the partners, resulting in a win-win situation for both, or all. Moreover, the partners must be compatible and willing to trust one another.

3 pages, 1294 words

The Business plan on Verizon Wireless Company Service Strategic

Level of planning paper In 2000, the Prime co Wireless submerged, and emerged as Verizon Wireless; the need for speed was gaining momentum. Verizon Wireless Online DSL, digital subscriber's line, is the number one telecommunication industry appearing in the FORTUNE Magazine; it has listed as the most Admired Company. Hay Group Fortune Magazine. The founder of Verizon Company is Darby Checketts; he ...

It is important that neither partner has the ability or the desire to acquire another partner’s strength, or the necessary mutual trust will be shattered. Dow Chemical Company, a frequent and successful alliance practitioner, uses the negotiation process to judge others’ corporate cultures and, consequently, their compatibility and trustworthiness.

Commitment to the joint venture is essential. This commitment must be both financial and psychological. Unless there is senior management endorsement and enthusiasm at the operating level, an alliance will struggle, particularly when tough issues arise.

Entering New Markets

Often a company that has a successful product or service has a desire to introduce it into a new market. Yet perhaps the company recognizes that it lacks the necessary marketing expertise because it does not fully understand customer needs, does not know how to promote the product or service effectively, or does not understand or have access to the proper distribution channels. Rather than painstakingly trying to develop this expertise internally, the company may identify another organization that possesses those desired marketing skills. Then, by capitalizing on the product development skills of one company and the marketing skills of the other, the resulting alliance can serve the market quickly and effectively. Alliances may be particularly helpful when entering a foreign market for the first time because of the extensive cultural differences that may abound. They may also be effective domestically when entering regional or ethnic markets.

The partnerships between Time-Warner, Inc. and three black-owned cable companies in New York City are examples of joint ventures created to serve a domestic market. Time-Warner built a 185,000-home cable system in the city and asked the three cable companies to operate it. TimeWarner supplied the product, and the cable companies supplied the knowledge of the community and the know-how to market the cable system. Joining with the local companies helped TimeWarner win the acceptance of the cable customers and benefit from an improved image in the black community.

3 pages, 1068 words

The Research paper on Partner Selection in Joint Ventures

... firms through various arrangements, be they strategic alliances, representations, franchises or joint ventures (Gannon, 1993). Joint ventures (JVs) allow two business firms, irrespective ... stakeholders, but also to fuel market prices of company shares, business valuations and the concomitant increases in ... be considered at the time of selection of partner and the sealing of the JV. Methodology and ...

Earlier this year, Blockbuster Entertainment Corporation and Virgin Retail Group of London entered into a joint venture to develop and own megastores in the U.S. and jointly own 15 existing Virgin megastores in Europe and Australia. Blockbuster is the world’s largest video chain, and Virgin has experience in music retailing and megastores. These huge stores sell videos. CDs, audio cassettes, computer software, and other music items. Complete with video viewing areas listening booths, information centers, and cares, they appeal to all age groups and offer a high level of customer service. By entering into the arrangement, Blockbuster and Virgin will be abl. to enter lucrative foreign markets and capitalize on their respective brand name recognition. Syn ergistic benefits should result from Blockbuster’s video expertise and Virgin’s music retailing acumen. In addition to European markets desired b U.S. companies, other immense markets ripe for entrance by strategic alliance include Russia, India, and China.

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Reducing Manufacturing Costs

Strategic alliances may allow companies to pool capital or existing facilities to gain economies of scale or increase the use of facilities, thereby reducing manufacturing costs. In the increasingly competitive European automobile market, whet the Japanese are seeking to gain market share a they did in the U.S. during the 1980s, many European companies have formed joint ventures to reduce manufacturing costs. Ford and Volkswagan are jointly planning to make four-wheel-drive vehicles in Portugal, and Nissan and Ford intent to build a plant in Spain to produce vans. These companies will benefit from cost sharing and will reduce expenses by building and operating facilties in relatively low-cost countries, at least by West European standards.

Molson Companies and Carling O’Keefe Breweries, the second and third largest brewers in Canada, have agreed to a joint venture to merge their brewing operations. Although Mols had a very modern and efficient brewery in Montreal, Carling’s was outdated. But Carling had the better facilities in Toronto. Furthermore, Molson’s Toronto brewery was located on the waterfront and had substantial real estate value. Overall, the synergies added more than $150 million in pretax earnings during the initial year of the venture (Chakravarty 1993).

Economies scale were realized and facilities were better utilized.

Companies may also reduce costs throug strategic alliances with suppliers or customer reaching agreements to supply products or services for longer periods and working together, meet customers’ needs, each partner may apply its expertise, and benefits may be shared in the form of lower costs or new products. Earlier this year, Union Pacific Resources Company (UPRC), a leading independent oil and gas producer, entered into separate alliances with two pumping service suppliers, Halliburton and Western Company of North America. Pumping service companies initiate production on newly drilled wells and use a variety of procedures to increase production rates on existing wells. Under the agreements, UPRC agreed to use the two suppliers exclusively for pumping services in the active east Texas area for one year. In return, the service companies each agreed to assign and relocate one engineer to UPRC’s office to work with UPRC engineers in designing current service procedures and researching new innovative procedures. Besides reducing administrative costs for UPRC and its suppliers in bidding on individual jobs, the companies anticipate lower costs through better planning, scheduling, and use of technology.

Developing and Diffusing Technology

Alliances may also be used to build jointly on the technical expertise of two or more companies in developing products technologically beyond the capability of the companies acting independently. For example, Compaq Computer Corporation, a leading hardware manufacturer, and Microsoft Corporation, the leading software developer, recently entered into a broad alliance in which they plan to focus on ways to make personal computers easier to install and use. One of their goals is to develop “plug and play” computer systems that would allow consumers to buy a computer and use it immediately rather than having to load software or install extra parts. In addition, users would be able to add capabilities or capacity for more powerful software programs without tinkering with the inner workings of the machine.

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* A knowledge-based view of strategic alliances

The partnership will also focus on developing pen-based computers and mobile PCs, promising areas of technology that have been slow to evolve into commercial products. By pooling resources to develop combination hardwaresoftware products built upon the expertise of each company, Compaq and Microsoft intend to create a new market and reap the associated benefits.

MANAGING A STRATEGIC ALLIANCE

Managing a strategic alliance is an inherently difficult process. Each company typically wants a voice in management, which often leads to slower, more complex decision making. In addition, the companies have different, often conflicting agendas; each has its own goals for the alliance. Further complicating the management process are differences in the corporate cultures of the partners and the. subsequent development of the corporate culture in the alliance.

Adherence to three key principles will help an alliance be successful:

1. Clearly define a strategy and assign responsibilities.

2. Phase in the relationship between the partners.

3. Blend the cultures of the partners.

It is also prudent to provide for an exit strategy in case the alliance proves unsuccessful or objectives arb ultimately achieved.

Clearly Defining a Strategy

An alliance should have a clearly defined strategy that is closely tied to the corporate strategies of the partners. It must include goals for the relationship and milestones for attaining those goals. Strategy development must meet the needs of all partners to ensure long-term success.

To develop a strategy that is consistent with the strategies of the partners, each partner must be willing to share strategic information–an early test of the trust and commitment of the parties. The operational responsibilities of each party must also be clearly defined. Specifying responsibilities up front reduces role ambiguity. Sherman (1992) recommends giving one partner sole authority to run the joint venture or establish the alliance as a completely autonomous operation to avoid management gridlock frequently caused by ,shared decision making. Details regarding objectives and resource commitments should be clearly stated and forrealized in an alliance agreement. Flexibility should be built in to allow for renegotiating or restructuring the alliance if the need arises, especially in a dynamic environment.

Phasing in the Relationship

Trust is one essential element of a strategic alliance that cannot be written into a contract. Phasing in the relationship between the alliance partners allows them to get to know each other better and develop trust. As Philip Benton Jr., president of Ford (which has been involved with several joint ventures over the last decade, most notably with Mazda), relates, “The first time two companies work together, the chances of succeeding are very slight. But once you find ways to work together, all sorts of opportunities come up” (Sherman 1992).

Working together on relatively small projects initially helps develop trust and determine compatibility while minimizing economic rigor: Each partner has a chance to gauge the skills and contributions of the other, and further investment can then be considered. Of course, winning together in the marketplace on a project of any scale is a great way to build trust and overcome differences. It usually serves as a precursor to more ambitious joint efforts.

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Blending the Culture

The third key principle in managing an alliance, the blending of a culture, is undoubtedly the most complicated and the most often ignored. An organization’s culture is the set of values, beliefs, and conventions that influence the behavior and goals of its employees. Thus, developing a shared culture is central to the success of the alliance.

Partnering is inherently very people-oriented. To the extent that the cultures of the partners are different, making the alliance work may prove difficult. Cultural differences often result in an “us versus them” situation. To blend or integrate the culture of the alliance, management must have a clear vision of what the culture should look like. Cultural norms should be consistent with management’s vision of the alliance’s ideal culture. This may entail creating norms as well as nurturing those that already exist. The key to developing a culture is to acknowledge its existence and to manage it carefully. Bringing two organizations together and letting nature take its course is a recipe for failure.

Providing an Exit Strategy

There is a significant probability that a newly formed strategic alliance will fail, even if the previously mentioned key principles are religiously followed. The anticipated market may not develop, one of the partner’s capabilities may have been overestimated, the corporate strategy of one of the partners may have changed, or the partners may simply be incompatible. Whatever the reason for the failure, the parties should prepare for such an outcome by addressing the issue in the partnership contract. The contract should provide for the liquidation or distribution of partnership assets, including any technology developed by the alliance. By phasing in the relationship, the partners should be able to determine if the alliance is a worthwhile venture prior to heavy investment. This should minimize the difficulty in dissolving the alliance if it fails.

INTERNATIONAL ALLIANCES

The globalization of markets continues at an increasing pace. To penetrate foreign markets, a company must overcome additional barriers, including language, national culture, laws and regulations, resistance to foreigners and their products and services, and foreign exchange considerations. Establishing joint ventures with organizations from the host country is a method of mitigating some of the barriers associated with marketing products and services in a foreign country (Hill, Hwang, and Kim 1990).

Increasing the host organization’s ownership in the venture encourages high levels of motivation and responsibility. Maintaining complete control is not always in a partner’s best interest.

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Overcoming International Barriers

Language differences are an obvious hurdle for an international alliance. Fortunately for Americans, English has become the international language of business. Having an acquaintance with the language of a foreign partner is a positive gesture; but according to Jose Collazo, an American executive with extensive international experience, conducting business in a language in which you do not possess a high level of proficiency puts you at a disadvantage and may prove to be dangerous. Collazo adds that language at the senior management level is not crucial (Flanagan 1993).

Obviously, it becomes more important at the operating level. The ideal way to handle the issue is to hire managers from the host countryTensuring, of course, that they have the necessary skills.

Often the culture of the host country is quite different from the national culture of the other partner. The values, beliefs, and norms for getting jobs done are generally constants to which the foreign partner must conform. Ignoring the local culture will almost certainly destroy the chances for accepting the alliance’s product or service. Careful study of the culture prior to embarking on the venture is vital. Again, extensive use of local managers is usually preferred. Understanding and adhering to different laws and regulations often require expertise not possessed by the partner from the other country. If the host company does not have the necessary skills, the use of local consultants to ensure compliance with local requirements is also an option.

Resistance to foreigners and their products and services is minimized by initiating a joint venture with a company from the host country. Producing the product and its components in the host country and using local employees reduce resistance to products associated with foreign countries. Furthermore, suppliers and customers quickly disregard their allegiances when offered superior prices and value. In addition, as international trade proliferates, resistance to foreign companies and their products diminishes. Producing the product and components in the host country, hiring local employees, and marketing the product in the host country reduce the foreign exchange risk associated with international joint ventures. Reinvesting profits also reduces concerns about devaluation of the local currency in addition to building goodwill with local governments, employees, and consumers. Judicious use of foreign exchange hedging instruments can be an effective method of reducing concerns about the devaluation of the local currency.

Dialogue: A Successful International Joint Venture

With the rise to power of Mikhail Gorbachev in 1985 came an invitation for foreign companies to invest in the Soviet Union, typically through joint ventures with local companies. In late 1987, Dialogue, an integrated computer company, came into being through the efforts of Joe Ritchie, the founder of a highly successful options trading company in Chicago, and Pyotr Zrelov, a Russian computer scientist employed by Kamaz, one of Russia’s largest truck manufacturers. The original partners included Pdtchie–who put up the initial capital of $5 million for a 22 percent share of the company–Kamaz, Moscow State University, the Central Institute of Economics and Applied Mathematics, the Space Research Institute, and the Soviet Experimental Computer Center at the National Exhibition of Economic Achievements.

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From the very beginning of Dialogue’s operations, Ritchie made it clear to employees, vendors, and government officials that Zrelov was empowered with wide authority over company operations. Five years after startup, Dialogue had sold and serviced more than half of the personal computers installed in the former Soviet Union and had made profits of more than $100 million. Zrelov has been the key to the venture’s success. He mastered the basic business of the company, effectively dealt with government authorities, recruited and trained managers to set up new offices, and started new businesses to address the chronic lack of basic goods and services. Ritchie credits Zrelov for his skills as a leader and a decision maker, and Zrelov credits Ritchie and the other owners for allowing him the freedom to run the business. By giving the host organizations a high level of ownership in the alliance and by putting the locals in charge of operations, Dialogue was able to overcome the barriers associated with selling products and services in a foreign country.

General Motors and Daewoo: An Unsuccessful Alliance

Not all international alliances are success stories. In 1986, General Motors coveted South Korea’s low labor costs and Daewoo Motor Company wanted to produce automobiles, so they joined forces to build the Pontiac LeMans. But the plans failed. Sales of the car plummeted 39 percent between 1988 and 1990 and have subsequently experienced further erosion.

After the first cars produced experienced quality problems, GM sent engineers to Korea for corrective action. Korea’s cheap labor failed to materialize: the economy improved, the dollar declined, and the demands of newly formed labor unions intensified. Perhaps the most serious problem was the two companies’ conflicting goals. Whereas Daewoo wanted to upgrade the models to penetrate its domestic market, GM wanted to keep costs down.

Clearly, this alliance was doomed from the beginning. Key problems included limited understanding of each other’s goals and insufficient effort to reevaluate plans when problems surfaced.

Alliances–both domestic and international-are becoming more and more

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popular. But how prevalent are strategic alliances? And how successful have they been? Although answering such questions is difficult and reports vary, the common theme is that they are not used as extensively as might be expected and they have experienced a high failure rate. The World Leadership Survey conducted in 1990 indicated that only 17 percent of the respondents were engaged in many strategic alliances and 28 percent reported none, with larger companies forming alliances more than smaller ones (Peters 1991).

McKinsey reported that about one-third of the international alliances it tracked flopped (Sherman 1992), and Slowinski (1992) indicated that in his study only 50 percent of the alliances between large and small firms in high technology survived four years. Numerous other sources indicate a high rate of failure but do not quote specific statistics.

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Although the success rate of strategic alliances to date is dubious, alliances should logically be formed if they are necessary to achieve goals that any one partner acting by itself cannot achieve, and if a suitable partner can be identified. Common reasons for forming alliances are entering new markets, reducing manufacturing costs, and developing and diffusing new technology. Identifying the proper partner is crucial; the suitability of the partners is dependent on each possessing a necessary strength, their compatibility and willingness to trust one another, and a high level of commitment to the venture.

Upon formation of an alliance, proper management is required. Three key principles to proper management are clearly defining a strategy and assigning responsibilities, phasing in the relationship between the partners, and blending the two cultures. In addition, the partners should explicitly provide for the dissolution of the alliance if that course of action is necessary. International alliances pose additional barriers such as different cultures, different laws and regulations, and resistance to foreign products. Developing an alliance with parties from the host country and putting local managers in charge of alliance operations will improve the likelihood of success.

References

“A Bid for Stardom in Music Retailing,” Mergers and Acquisitions, January-February 1993, p. 11.

Subrata N. Chakravarty, “Soap Opera Down Under,” Forbes, February 15, 1993, pp. 140 .

Godfrey Devlin and Ian Biggs, “Partners in the Strategic Quick-Step,” AccoUntancy, November 1989, pp. 144, 146.

Patrick Flanagan, “Strategic Alliances Keep Customers Plugged In,” Management Review, March 1993, pp. 2426.

Janet Forrest, “Management Aspects of Strategic Partnering,” Journal of General Management, Summer 1992, pp. 25-40.

Udayan Gupta, “Getting Together,” The Wall Street Journal February 19, 1993, p. R12.

Kathryn R. Harrigan, “Joint ventures and Competitive Strategy,” Strategic Management Journal, March-April 1988, pp. 141-158.

Kathryn R. Harrigan, Managing for Joint Venture Success (Lexington, MA: D.C. Heath, 1986).

Charles W.L. Hill, Peter Hwang, and W. Chan Kim, “An Eclectic Theory of the Choice of International Entry Mode,” Strategic Management JournaL February 1990, pp. 117-128.

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Geerte Hofstede, Culture’s Consequences (Newbury Park, CA: Sage, 1984).

Rahul Jacob, “Why U.S. Business Still Likes India,” Fortune, February 8, 1993, pp. 14-15.

“The Latest Business Game,” The Economist, May 5, 1990, pp. 16, 19.

Paul Lawrence and Charalambos Vlachoutsicos, “Joint ventures in Russia: Put the Locals in Charge,” Harvard Business Review, January-February 1993, pp. 44-51.

Jordan D. Lewis, Partnerships for Profit (New York: Free Press, 1990).

Jordan D. Lewis, “Why So Many Business Alliances Fail,” The New York Times, April 21, 1991, p. F11.

Peter Lorange and Johan Roos, “Why Some Strategic Alliances Succeed and Others Fail,” The Journal of Business Strategy, January-February 1991, pp. 25-30.

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* Forging a perfect partnership: from joint ventures to strategic alliances,…

* A knowledge-based view of strategic alliances

Peter Lorange, Johan Roos, and Peggy Simcic Bronn, “Building Successful Strategic Alliances,” Long Range Planning, December 1992, pp. 10-17.

Tom Peters, “The Boundaries of Business: Partners– The Rhetoric and Reality,” Harvard Business Revig, September-October 1991, pp. 97-98.

Kyle Pope, “Compaq, Microsoft Enter Pact Aimed at Taking the Hassle Out of Using PCs,” The Wall Street Journal April 14, 1993, p. B6.

Carla Rapoport, “The Europeans Take on Japan,” Fortune, January 11, 1993, pp. 82-84.

Michel Robert, “The Do’s and Don’ts of Strategic Alliances,” The Journal of Business Strategy, March-April 1992, pp. 50-53.

Stratford Sherman, “Are Strategic Alliances Working?” Fortune, September 21, 1992, pp. 77-78.

Gene Slowinski, “The Human Touch in Successful Strategic Alliances,” Mergers and Acquisgions, JulyAugust 1992, pp. 44-47.

John Treece, “Why Daewoo Wound Up on the Road to Nowhere,” Business Week, September 23, 1991, p. 55.

Stephen Vines, “China Allows More Foreign Joint ventures,” Automotive News, September 7, 1992, p. 20.

Bruce A. Walters “Strategic alliances and joint ventures: making them work – corporate collaborations”. Business Horizons. FindArticles.com. 02 Jun, 2010. http://findarticles.com/p/articles/mi_m1038/is_n4_v37/ai_15636442/

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Business Horizons

View more issues:

Articles in July-August, 1994 issue of Business Horizons

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Lessons learned from self-managed work teams

by Dale E. Yeatts

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Focus: value – value-added work

by John L. Escover

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Quality lessons from America’s Baldrige winners – Malcolm Balrige Quality Award

by Richard M. Hodgetts

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Strategic alliances and joint ventures: making them work – corporate collaborations

by Bruce A. Walters

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The power of flexibility – employees

by D. Keith Denton

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A marketer’s guide to Clausewitz: lessons for winning market share – includes biography of military strategist Karl von Clausewitz

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Reforming the traditional organization: the mandate for developing networks

by David W. Cravens

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Whose empire is this, anyway? Reflections on the empire state of multinational corporations

by Chi-Fai Chan

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“Slash and burn” doesn’t kill weeds: other ways to downsize the manufacturing organization

by Roger Schmenner

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The myth of full disclosure: a look at organizational communications during crises

by Jeffrey Kaufmann

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MBA programs and business needs: is there a mismatch? – includes related articles

by Clifford J. Elliott

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The disconnect between scientists and corporations – the need for improved communication to enable scientists and ‘non-technical’ managers to work cooperatively

by Harry Gaines

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Overcoming the BOHICA effect – cynical employees

by Dick Dunsing

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Business faculty perspectives on ethics: a national survey

by Susan G. Rozensher

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Hennes & Mauritz (H&M), AN HRM CASE STUDY

This is a case study on H&M, from a Strategic Human Resource Management perspective, based on publicly available details of H&M, which has been analyzed and presented within the context of the perspective. This case study was prepared to meet the requirements of an academic exercise.

Contents:

INTRODUCTION & COMPANY STRATEGY:

HUMAN RESOURCE

ORGANISATIONAL BEHAVIOUR

SELECTION AND RECRUITMENT

HUMAN RESOURCE DEVELOPMENT

THE ANALYSIS, HRM’S ROLE IN THE BUSINESS SUCCESS OF H&M

Linking People with strategic business needs

Rewards Management

Performance Management

Managing Diversity in teams and groups

Planning, Recruitment and Selection

Organisational Behaviour

Human Resource Development

International HRM

References

INTRODUCTION & COMPANY STRATEGY:

Hennes & Mauritz (H&M) is a 100 billion SEK company, engaged in designing and retailing of fashion apparel and accessories. The company offers a range of apparel, cosmetics, footwear and accessories for men, women, children and teenagers. H&M primarily operates in Europe, North America and Asia, and has a presence in over 33 countries. The company is headquartered in Stockholm, Sweden and employs approximately 53,430 people on a full time basis (Datamonitor, 2009).

H&M’s strategy is to offer fashion and quality at the best price . H&M’s annual report (AR1 2008) emphasizes that “quality” relates to both; H&M’s products exceeding customer expectations, and also customers being satisfied with the company itself. The report states “Taking responsibility for how our operations affect people and the environment is also an essential prerequisite for H&M’s continued profitability and growth.”

H&M is driven by strong values such as commercial mindset, simplicity, constant improvement, cost consciousness and entrepreneurship (AR1 2008, p.13).

Long-term strategic goals of H&M

In the Annual Report (AR1 2008, p.7), H&M, CEO Rolf Ericsson states that the long term goal is to “Make fashion available to everyone, give the customer a fashion experience that strengthens H&M brand”. They also state the goal of a 10-15% increase in the number of stores every year, which would be funded internally (AR1 2008, p.13).

The aim to increase sales in existing stores, while focusing on quality and continued profitability.

How does H&M want to get there?

To execute its strategy H&M focuses on 3 main aspects of it’s business concept (AR1 2008):

• Price, which is controlled by: limiting the number of middlemen, buying in large volumes, relying on it’s in-depth, extensive expertise within the design, fashion, and textile industries, buying the right merchandise from the right production markets, being cost-conscious at all levels and maintaining effective distribution procedures (Job advertisement for Buyer on the careers site at ).

• Design: Products are designed in-house and production is completely outsourced (AR1 2008, p.13).

• Quality: Central emphasis on quality with extensive testing and ensuring least environment damage (AR1 2008).

• Merger and Acquisitions: Acquisitions (like FaBric Scandinavian, the Swedish design company), and Design Collaborations ( like the collaboration with Mathew Williamson) are adopted (H&M press at ).

In 2009, H&M plans to open 225 new stores and recruit 6,000 to 7,000 employees.

HUMAN RESOURCE

H&M’s corporate strategy is to expand on a continuing basis, and as a consequence, employee strength also increases continuously. For 2009, H&M’s Annual report (AR1 2008), forecasts the addition of 6000 to 7000 new jobs. Their staff is spread across approximately 33 countries and come from different cultural backgrounds (Datamonitor, 2009).

Their strategy is to recruit locally whenever a new store opens (AR1 2008).

The main area for which H&M may have clearly articulated policies are listed below. The policy areas are based on the categorization by Armstrong (Armstrong (2006), pp.148-156 ):

• Overall Policy and Values: H&M’s website indicates that their objective is to be a good employer, including in those countries whose laws and regulations fall short of their own requirements. To quote the Head of HR “In order to meet people’s expectations of H&M as an attractive employer, the company develops global guide lines on diversity, equal rights and against discrimination” (AR1 2008, p.34).At H&M, HR activities are guided by a fundamental respect for the individual (AR1 2008).

This applies to every aspect from fair wages, working hours and freedom of association to the opportunity for growth and development within the company. This also indicates that the company has specific policies for areas such as Equal opportunity, Managing diversity, Employee development, Health and Safety, among others.

• Employee Relations and Voice: H&M has an open door policy granting all employees the right and the opportunity to discuss any work-related issue directly with management (AR1 2008).

They also support their employees’ right and ability to organize and to decide who should represent them in the workplace (AR1 2008).

H&M has positive experience of open and constructive dialogue with the trade unions and they welcome such relations wherever they operate. They consider such cooperation to be essential if they are to become even better. Examples of collaboration on staffing issues include their agreement with UNI (Union Network International) and the work they do with the EWC (European Works Council), (AR1, 2008).

• Promotion: To quote Mr. Pär Darj, Head of HR at H&M “. Internal recruitment and job rotation enable the company to grow quickly” (AR1, 2008).

This statement indicates that H&M has policies related to promotion.

• Employee Development: To quote Mr. Pär Darj, Head of HR at H&M “. I tell employees, if you do not grow neither will H&M” (AR1, 2008).

This indicates that policies exist for this area.

• Rewards: H&M focuses on rewarding people by providing more opportunities and responsibilities, and not through a promotions and job titles (AR1, 2008).

This indicates that H&M has policies for this area.

Other areas with clearly defined policies might exist, but these are not evident from available sources.

ORGANISATIONAL BEHAVIOUR

H&M operates in 33 countries (Datamonitor (2009))and has a work force belonging to these 33 countries because they recruit locally (AR1 2008, p.34).

H&M’s espoused values are stated to be the foundation for a multinational company in a multi cultural market where great respect is paid to the individual.

Interviews with the CEO and Head of HR in the annual report indicate a participative culture where “everyone is made to feel like a part of the company’s success” (AR1 2008).

To quote Pär Darj,(Head of HR) “The key words for continual growth are responsibility and commitment. We have committed employees and we are prepared to delegate responsibility at every level”, (AR1 2008, p.34).

The company encourages what it calls the “The H&M spirit”; employees committed to their work and prepared to take on new challenges, common sense, hard work and team spirit are encouraged. All their operations are typified by an essential respect for the individual; including reasonable wages, reasonable hours, and opportunity to grow, and develop within the company (AR1 2008, p.34).

Quotes from employees about the organizational climate indicate that the values above are “values in use”. These quotes can be found on the Careers site at .

Based on this information, the prevalent culture appears to be primarily “task oriented” (E H Schein (1985)).

Such a culture can support H&M’s HR related strategies and policies (like Open door, job rotation, freedom of association etc.).

They also have a significant impact on HR aspects; Recruitment needs to focus on finding candidates with the “right fit “to the organizational culture irrespective of local culture, facilitating expatriation of experienced staff when new stores are opened, facilitating rewards schemes aligned with organizational culture, enabling HRD that can empower employees to take on new challenges and work in new teams.

Motivational issues at H&MH&M is a flat organization, which might give the impression that it’s hard to move up within H&M, but actually, the opposite is stated to be true on the careers site(at ).

H&M as an organization is constantly evolving and is growing fast, thus providing more opportunities to its employees. Employees are motivated by providing new challenges; in another department, another role or, another country. H&M encourages employees to try many different roles within their organization (AR1 2008 and AR2 2008).

H&M recruitment advertisements indicate possibilities like: working abroad, furthering education and learning new things. Their websites promotes that many in management today, actually started on the shop floor. H&M also provides a comprehensive benefits package. H&M fulfills employee aspirations by providing opportunities to take more responsibilities. (Ref: careers site at )

To quote the Head of HRM at H&M, “By the same token, if titles and pay structures are what motivates the employee, then we’re most definitely not the ideal company for you. As we said at the beginning: a perfect relationship is all about balance and mutual understanding”(AR1 2008, p.34).

The information above, together with information about H&M’s HR strategies and policies, resonates with Herzberg’s 2 factor model of motivation. “Advancement”, “responsibility” and “satisfaction gained from the work itself” are main motivators, while benefits, fair treatment etc. prevent dissatisfaction (Herzberg and Snyderman, (1957)).

The main motivational issue and challenge at H&M could be: nurturing and maintaining a balanced relationship with employees. Line managers may need good awareness of their reportees’ aspirations, to enable motivation by providing responsibilities and opportunities aligned to the employees’ perception of “growth”. The strategy to motivate using job-rotation (across sites, roles, functions) and promoting learning could be an HRD challenge, especially considering the pace of growth. A potential issue could arise during periods of slow growth, since employees might be frustrated by the lack of opportunities. This could manifest locally too, since travelling abroad might not be feasible for many employees.

Individual development versus organisational development

H&M’s annual report (AR1 2008) and website (Careers website), emphasize that working at H&M is about commitment, both from the individual and the organization. H&M’s Head of HR emphasizes that organization can grow only if the individuals grow (AR1 2008, p.34).

H&M won’t make a career plans for it’s employees, but will provide them with tools to go as far as they possibly can on their own.

This indicates that at H&M, individuals are expected to drive their own development, within the framework that the organization provides. The organization appears to facilitate and promote cross-functional and cross-boundary development opportunities for individuals, which is aligned with it’s own development and growth strategies.

To quote Pär Darj, (Head of HR), “We have committed employees and we are prepared to delegate responsibility at every level. I tell employees, if you do not grow neither will H&M”, (AR1 2008 p.34).

This indicates that H&M treats individual development and organizational development as tightly linked areas.

SELECTION AND RECRUITMENT

H&M values personal qualities much more than formal qualifications. Pär Darj, Head of HR states that at H&M, great grades and all the university credits in the world are no guarantee of a job or a fast-track career. They look for, more than anything, people with the right personality. H&M’s belief is that people can gather skills as they go along, but personality and attitude can’t be taught (AR1 2008, p.34).

Since H&M is a fast company and the tempo is always high, they need employees who are self-driven and capable of direct communication well (SR 2008).

Hence H&M recruits people who like responsibility and decision-making. Information from the careers site (at ), and from interviewed candidates ( Ref: Int1, Int2 and Int3) indicates that a love of fashion combined with a focus on sales is perceived as an advantage. These appear to form the basis for H&Ms recruitment requirements (and person specifications), programmes and drive it’s selection processes.

Feedback from candidates indicates that the selection interview approach is usually face to face and mostly “structured situational based” (Armstrong (2006), p.447), covering customer service and fashion trends. This is followed by panel interviews and aptitude/work sample tests (as defined by Armstrong (2006), p.447).

It appears that candidates are filtered at each stage of the process (Int1, Int2, and Int3).

Sources of candidates:

Internal Recruitment: This is their first choice for a new job opening. External recruitment is considered only if no internal options are available.

External recruitment: Potential recruits (minimum age is 16 years) are encouraged to apply directly to the local store, from the careers website. H&M does not offer summer jobs or work experience placements. Buying is centralized in Stockholm, and so is the recruitment for the same.

H&M recruits locally to it’s new stores (AR1 2008, p.34).

HUMAN RESOURCE DEVELOPMENT

Organisational learning and management development issues at H&M.

The average numbers of training days per employee in 2008 are, 10 for new sales staff, 1 for existing sales staff and 5 for existing management positions. H&M usually conducts all training in-house (classroom, stores and one to one), written and produced by H&M staff. External training has been considered for some areas like “buying’. E-learning has also been initiated for a few subjects (SR 2008).

However, indications are that H&M today focuses more on on-the-job, “just- in time”, hands on learning. For example, when they opened their first H&M store in Japan, locally recruited employees were sent to Norway and Germany for gaining experience in existing operations. Also, during the sales intensive opening phase of a new store, colleagues from other countries are brought in temporarily (SR 2008).

To quote the head of HR at H&M,”As an employee of H&M, you can be an entrepreneur and you will be given responsibility early on”. H&M claims to provide structured opportunities for on-the-job, hands on and work place based training. (AR1 2008 and Careers site).

To summarize, it appears that H&M focuses on experiential Self-directed learning today ( as defined by Armstrong (2006), p.557) , however, they are moving towards incorporating a blended approach with simulation and e-learning included (Armstrong (2006), 570-582)

REWARD MANAGEMENT

The reward management process of H&M and its potential influence on human resource management.

H&M’s careers website (at )indicates that the company offers a comprehensive benefits package, which includes staff discounts, incentive bonuses, company sick pay, private health care & a pension scheme. Share options are not provided. The head of HR, indicates that they do not consider titles and pay structures as motivational tools. Opportunities to fulfill an employee’s aspirations by wanting more responsibility, as a means of getting on with in the organization quickly, are provided (AR1 2008, p.34).

Apart from these, as stated by different categories of employees on the careers site and the annual report, the main reward is the job satisfaction they derive.

Thus, H&M appears to provide a total reward framework, with greater emphasis on relational rewards even though transactional rewards are provided (Armstrong (2006), pp.639-631).

H&Ms reward management is consistent with other HR areas, including organizational culture, recruitment/selection etc. and is also in sync with the overall HR strategy of “open doors”, “job rotation” etc. which is essential to fulfill H&Ms strategy of fast growth.

HUMAN RESOURCE MANAGEMENT’S ROLE IN H&M’S SUCCESS, AN ANALYSIS.

The previous sections illustrate the various HRM practices at H&M. This section details how these practices contribute to the success of H&M as an organization, in the context of the SHRM course literature. These are categorized under the various aspects of SHRM below:

Linking People with strategic business needs

H& M today is a hugely successful multinational company. The success of H&M is primarily based on the business model of entire design being done internally and centrally, manufacturing totally outsourced, but quality ensured and local retailing with hired places, local staff and local shop managers empowered to take decisions. The success, business growth and expansion plans were possible because H&M have formatted their HR strategy in line with the corporate strategy. As evident from their Annual Report (Ar1 2008), when they expand into new markets they do not lose sight of their core values. They have succeeded to manage all components of HRM effectively to ensure that core values are upheld in all parts, regardless of country and cultural differences. Their strategic and coherent approach in recognizing that the organization’s most valued assets are the people working there is evident from the statement issued by their CEO, “It is our employees that make the corporate strategy possible. Our committed employees are essential to H&M’s ability to grow and continue to be highly profitable. At H&M we share the same goals at the same time as we minimize bureaucracy and focus on the individual. We delegate a lot of responsibility to local markets, stores and individual people and we encourage people to take their own initiatives at all levels”(AR1 2008).

These are in accordance with Armstrong’s definition of HRM (Armstrong (2006), p.3).

The various elements of HR strategy, (Armstrong (2006), pp.123-146), like improving performance through local recruitment, in house training, and total reward, job rotation (external skill base), increasing commitment (selection based on personality, learning experience, rewards based on core values etc. ) have been built in to the HR Policy and Procedures, and are seen to be practiced, thus proving that the business success of the company has been supported effectively by the HR linkages.

Rewards Management

H&M has implemented the concept of Total Reward Management very successfully. Apart from the financial compensation, “job satisfaction” as a reward has motivated the employees to perform and contribute their maximum to ensure customer satisfaction and business success through increased sales. This is evident in the statements by the employees from various levels on the Careers site at . As a stated policy, there is more emphasis on personality development through delegated authority in the decision making process and greater autonomy to local elements of the organizational structure. Being a multinational company with employees of different cultures, this decentralized decision making process and empowerment of employees have proven direct impact on the success of H&M (AR1 2008) Various techniques associated with Intrinsic Motivation (Armstrong (2006), p.254) have been given more importance and priority than the extrinsic aspects. Work environment related parameters like leadership, employee voice, recognition, achievement etc. have been built in to the HR policy and practiced to leverage the critical business goals of continuing growth and increased profitability.

Performance Management

H&M has adopted a strategic and integrated approach to achieve organizational success through improved performance of its employees (Armstrong (2006), p.115).

H&M employees have been told that the growth of the employees and the organization are closely linked (AR1 2008, p.34) .The practice of Shop Managers going through a process of reviewing that day’s business with their subordinates on a daily basis, is part of the performance management activity. This underlines the fact that H&M has recognized the importance of such a practice, and built in that process by which managers and their subordinates work together, agree on what needs to be done and how it is done (Armstrong (2006), pp.499-513).

They are able to plan, prioritize and develop their sales team in a customer-focused environment (AR1 2008, pp.31-36 and Careers Site).

At H&M a shop manager is in charge of the daily running of the store; it is like running their own business (AR1 2008, p.34).

The HR strategy of delegating authority for managing the shop’s activities is a key factor contributing to the success of the organization.

Managing Diversity in teams and groups

H&M operates in 33 countries and is expanding its business to open new shops in countries where they are currently not present. By their HR policy and procedures, when a new shop is opened the staff are recruited locally. They also have the practice of job rotation and movement of employees from one location to another based on internal recruitment (promotions).

This brings together people of different cultural back grounds together in the same team, and successfully managing such a team is crucial to the success of the organization. The HR strategy is, not to have very rigid procedures, and the corporate culture of respect to the individual. As stated in their Annual Report (AR1 2008), the HR strategy ensure the following:

1. In order to meet people’s expectations of H&M as an attractive employer, company develops global guide lines on diversity, equal rights and against discrimination.

2. H&M’s objective is to be a good employer, including in those countries whose laws and regulations fall short of their own requirements. The whole of their activity is shaped by a fundamental respect for the individual. This applies to every aspect from fair wages, working hours and freedom of association to the opportunity for growth and development within the company (AR1, 2008).

3. H&M has positive experience of open and constructive dialogue with the trade unions and they welcome such relations wherever they operate. They consider that cooperation is essential if they are to become even better. Examples of collaboration on staffing issues include their agreement with UNI (Union Network International) and the work they do with the EWC (European Works Council).

(SR (2008))

H&Ms success in executing their strategy of continuous international growth and expansion, while maintaining its “Swedish” organizational culture, indicates that its HR practices have contributed to the successful management of diversity in teams and groups.

Planning, Recruitment and Selection

The HR strategy, which is closely aligned with the organizational strategy to achieve continuing growth and profitability, envisages recruitment of people every year to run the new stores scheduled to be opened. For example, as per their Annual report (AR1 2008), about 6000 – 7000 employees are to be recruited during this financial year, to meet the requirements of the 225 new stores being opened worldwide. The planning and recruitment is based on the HR policy to recruit locally when a new store is opened (Armstrong (2006), pp.363-388).

Future employees are evaluated and chosen (Armstrong (2006), pp.409-471) according to certain criteria practiced by H&M and based on the company’s culture.

They look for people with personality who can perform well within the culture, growth and motivational framework provided at H&M. To quote Pär Darj, Head of HR, “At H&M, great grades and all the university credits in the world are no guarantee of a job or a fast-track career. Of course, we do welcome those things, but what we are really looking for, more than anything, is people with the right personality. This is based on the belief that one can always gather skills as you go along, but personality and attitude can’t be taught. Either you’ve got it or you don’t. One of the most important things we look for is drive.” (AR1 2008, p.5-34).

Organisational Behaviour

At H&M, a lot of importance is given to personality development and for opportunity for the employees to grow within the organization. Various practices empowering the employees; like a Shop Manger being allowed to take independent decisions, and managing the business like an entrepreneur etc. are designed to increase employee loyalty and commitment to the organization and are great motivators (Armstrong (2006), pp.239-316 and AR1 2008).

The HR strategy for employee motivation; total reward with emphasis on Intrinsic Motivation (Armstrong (2006), p.254), has been proven, to be directly related to forming the success of the organization. All their operations are typified by an essential respect for the individual; including reasonable wages, reasonable hours, opportunity to grow and develop within the company (AR1, 2008) The prevailing organizational culture at H&M encourages team work, supports effective leadership and provides adequate growth opportunity for employees. These HR strategic initiatives in turn make significant contributions to the organizational goals of continuing growth and profitability.

Human Resource Development

Ensuring Learning and Development opportunities for its employees is an integral part of the HR strategy at H&M (AR1 2008), and these essential ingredients contribute significantly to the success of the organization. Human Resource Development is a continuing process at H&M; the new recruits being sent to already existing shops for gaining valuable experience, experienced employees being brought to new shops to support the new local recruits during the intensive opening period activity etc. This is critical to the process of organizational learning and helps them climb the learning curve faster (Armstrong (2006), p.554).

Keeping employees highly motivated is essential to the success of H&M, due to the nature of its business of dealing in high fashion consumer goods. The various concepts that can be adopted to increase performance (like job satisfaction as a reward management tool) are very effectively employed and as the employees themselves state, “I’m happy to be here and every day is a challenge” (Careers site at ).

Expectancy Theory, which states that “if individuals feel that the outcome of learning is likely to benefit them, they will be more inclined to prove it” (Armstrong (2006), p.556) has been proven on the shop floors of H&M.

The HR practice of giving responsibility to the employees early on in their career, treating them as entrepreneurs rather than just employees, (AR1 2008, p.34) is a definite and positive step towards their development. Considering the employees as capable of shaping its results and improving it in big and small ways, is key to H&M’s approach to learning and development.

International HRM

H&M is a multinational company with operations in 33 countries and new countries being added every year as the organization grows. The strategy of local recruitment when a new shop opens leads to the situation of a collective work force belonging to different nationalities adjusting to a common organizational culture. This is the big HR challenge, which the company has very successfully overcome. The HR strategy of delegation of authority and empowerment of employees has played a very important role in this success. The shop manager runs the business as an entrepreneur and is authorized to take independent decisions with in the overall guide lines.

“Think globally and act locally”, Laurent (1986) (from Armstrong (2006), p.104), has been adapted as the mantra for success at H&M. They have identified the core and non core activities (design and manufacturing; being core, done centrally, and distribution; noncore, done locally) , they have built global brand equity while honoring local customs, they share their learning and create new knowledge.

Conclusion

To conclude, H&M has balanced the needs of coordination, control and autonomy and maintained the appropriate balance between them. These are critical to the success of any multinational company ( Bartlett & Ghosal (1991) from Armstrong (2006), p.104) .

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References:[1] Armstrong, Michael 2006, A handbook of Human resource management practice, 10th edition

[2] Armstrong & Murlis 2004, Reward Management, Pärt X, p. 577-600 AND 666-677.

[3] Datamonitor 2009, H&M Hennes and Mauritz AB SWOT analysis

[4] E H Schein (1985), Organization Culture and Leadership, Jossey Bass

[5] H&M annual report 2008 Pärt 1, H&M Investor relations financial reports, viewed 13 August, 2009: http://www.hm.com/us/investorrelations/financialreports/annualreports__investorannualreports.nhtml

[6] H&M annual report 2008 Pärt 2, H&M Investor relations financial reports, viewed 13 August, 2009: http://www.hm.com/us/investorrelations/financialreports/annualreports__investorannualreports.nhtml

[7]H&M sustainability report 2008, H&M Investor relations, viewed 13 August, 2009: http://www.hm.com/us/investorrelations/financialreports/annualreports__investorannualreports.nhtml

[8] H&M press, viewed 13 August, 2009

http://www.hm.com/gb/press__press.nhtml

[9] Working at H&M, viewed 13 August, 2009

[10] Herzberg, F W, Mausner, B and Snyderman, B (1957) The Motivation to Work, Wiley

[11] H&M Interview , viewed 13 August, 2009 http://jenniforevero.spaces.live.com/Blog/cns!E900D8DD12559D13!480.entry,

[12] H&M Interview questions, viewed 13 August, 2009 http://www.glassdoor.com/Interview/H-and-M-Interview-Questions-E11918.htm

[13] H&M Interview –Student room, viewed 13 August, 2009 http://www.thestudentroom.co.uk/showthread.php?t=373057

[14] Werner, S., Tosi, H., & Gomez-Meija, L. ,2005. Organizational Governance and Employee Pay: How Ownership Structure Affects the Firm’s Compensation Strategy. Strategic Management Journal, 26, pp. 377 – 384.

See reference:

AR1 – See H&M annual report 2008 Pärt 1

AR2 – See H&M annual report 2008 Pärt 1

SR – See H&M sustainability report 2008

Careers site– See Working at H&M

Int1– See H&M Interview

Int2– See H&M Interview –Student room

Int3– See H&M Interview

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John1768

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Very nice site! is it yours too

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ReplyApril 15, 2010 at 11:22 pm

About Clear Channel Outdoor

References

References

Conclusion

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