This essay report purpose is to examine three human resources management, of the top fortune 500 companies. Fortune 500 companies measure the revenues of the companies. There are many factors involved in the success of the fortune 500 companies. Human resource (HR) management is designed to ensure human talent is used effectively and efficiently to accomplish organizational goals. Whether employees are working in a big company with thousands of jobs or a small nonprofit agency, managing people in an organization is also about administering a pay program, designing training, or avoiding lawsuits.
Productive, creative people working in flexible, effective organizations that provide rewarding work for individuals is important for all managers, not just those in HR departments. People in organizations can be a core competency. (Mathis 4) In fact, the real success of those companies is greatly influence from, their Human Resources Management contribution practices. Human Resource Management is the strength of all companies. They play a huge role in how the organization develop its’ processes and align the employee performance with the organizational strategic objectives.
(Mathis, 40)When employees understand the organizational priorities, they can better contribute by applying their skills to advance the organizational strategic goals. Employees who understand the “big picture” can make decisions that will contribute to the objectives of the firm. This motivates the employee efforts toward the organizational bottom line. (Mathis, 41) In addition, by practicing in recruiting, training, employee relationship, compensation benefits, incentives performance management, and retaining productive workers gives employee motive to succeed.
This essentially means that one main factor to keep in mind for all companies is their employees. Employees can make you or break you, having a major impact on the company outcome. This is something, to keep in mind when focusing in being number one in the fortune 500 list. Let us look at the human resources management practices of some of the top fortune 500 companies such as Wal-Mart, Exxon Mobil, and Phillips 66. Recruitment/On boarding 1. )Wal-Mart Stores Wal-Mart shoot up to number one spot, considering they were in number two spot last year, according to the 2013 fortune 500 lists.
Wal-Mart Corporate Head Quarters is located in Northwest Arkansas. The retail store started in the 1960s, with Sam Walton's strategy of building an unshakeable foundation: The Lowest Prices Anytime, Anywhere. Today, Wal-Mart operates in more than 10,867 retail stores, in 27 countries around the world, and employs more than 2. 2million. In the United States alone, they employ over 1. 3 million associates. Their motto says it all, “save money, live better”. As the owner, Sam Walton stated in one of his store meeting, “Believe in it more than anybody else.
If, you love your work, you will be out there every day trying to do it the best you possibly can, and pretty soon everybody around, will catch the passion from you – like a fever. ” Mr. Walton was so right; his retail chain store Wal-Mart is the largest strongest big company around. Their associate employee has its support, by their leaders being out on the floor with their associates alongside them. Wal-Mart provides training and development opportunities to help their employees advance as far as they want to go in their career.
In fact, about three-fourths of their present management-level associates started as hourly associates. (Wal-Mart. com) This, is why Wal-Mart fundamental way of training, has help them reach for their success, through their employees. The employees are so different from any other employees in other stores. For example, from the moment you enter those doors, you feel like it is your home. This is the same for all the stores around the world. Wal-Mart motto state that “Our people make the difference. We’ve worked hard to build an environment that emphasizes integrity, respect, open communication and innovation.
” (Wal-Mart. com). Wal-Mart recruits its employees from college internship, job fairs, employees’ referral, and the internet. 2) Exxon Mobil ExxonMobil is the world’s largest publicly traded international oil and Gas Company. ExxonMobil sits as number two on the 2013 Fortune 500 list. They provide energy that if fundamental to billions of people and helps strengthen growing economics, and improve living standards around the world. ExxonMobil is the world’s largest refiner and marketer of petroleum products and its chemical company ranks among the worlds’ largest.
They are also a technology company, applying science and innovations to find better, safer and cleaner ways to deliver the energy, which the world needs. ExxonMobil employees, technical expertise, financial strength, global reach and the management practices that is build into the fabric of their operations provide ExxonMobil with long-term investment value and a competitive advantage. “Through a range of programs, activities, and investments, we strive to create and maintain a diverse workforce, representative of the much geography where we do business.
We developed growing our pool of diverse and talented employees by recruiting and training locally. ” (ExxonMobil. com) ExxonMobil employs about 80 thousands men and women from diverse group in various positions around the world. Exxon Mobile recruits its employees from college internship, job fairs, employees’ referral, and the internet. 3) Phillips 66 Philip with its ranking number four on the 2013 Fortune 500 list, Phillips 66 have about 13,500 employees around the world.
Phillips 66 is an advantaged downstream energy company, with segment-leading Refining and Marketing (R&M), Midstream and Chemicals businesses. The company’s R&M operations include 15 refineries with a net crude oil capacity of 2. 2 million barrels per day, 10,000 branded marketing outlets, and 15,000 miles of pipeline systems. In Midstream, the company primarily conducts operations through its 50 percent interest in DCP Midstream, LLC, one of the largest natural gas gatherers and processors in the United States, with 7. 2 billion cubic feet per day of gross natural gas processing capacity.
Phillips 66’s Chemicals business is conduct through its 50 percent interest in Chevron Phillips Chemical Company LLC, one of the world’s top producers of olefins and polyolefin’s with more than 30 billion pounds of net annual chemicals processing capacity across its product lines. Phillip 66 , seeks talented, oriented individuals who never settle for second best and who see every day as an opportunity for personal and professional growth. They offer opportunities in various disciplines – technology, engineering, accounting & finance, marketing and more.
Phillips 66 employees consist of men, and women that have high tech professional experience, administrative personal, and all other skilled profession. Phillips 66 recruits from university graduates, students’ internship, job fairs, and internet. (Phillips 66. com) Training & Development 1. )Wal-Mart Training and development is not a one-time event at Wal-Mart and Sam’s Club. It is an integral and ongoing part of an associate’s life (Walmart. com). Each associate begins with an in-depth personal orientation.
This is how we introduce you to our history and culture and paint a picture of the roles and responsibilities you will take on when you join the operations of the world’s largest retailer. After orientation, each division has its own specific and detailed Training and Development programs that give you the knowledge and tools to succeed in our company, chart your own career path and accomplish your most ambitious goals. These are just some of the ways we’re Making Better Possible with opportunities that matter to you most. Wal-Mart offers paid training to its associates not only as part of the hiring process but throughout their employment.
Managers of Wal-Mart are offer many training opportunities to help managers sharpen their leadership skills, advance through the company and keep their teams’ morale and passion for fulfilling our mission running strong. Wal-Mart strongly believes that well trained employees help make the company more successful. 2. )Exxon Mobil At ExxonMobil, workforce development means growing our pool of diverse and talented employees by recruiting and training locally. To strengthen our technical capacity, more than 70 percent of our investment was directed to professional technical training.
One component to retaining and maximizing the talent of a high-performing workforce for the long term is a comprehensive corporate and technical training program. Training typically covers ExxonMobil culture, ethics, and business practices, safety practices, environmental regulations, the English language, skill and facility-specific training, work assignments and on-the-job training, and mentoring and coaching. In 2012, our major business units together spent more than $88 million on training, reaching more than 76,000 participants. (Exxon Mobil.
com) Exxon Mobil offers ongoing training and career development to both its technical and corporate employees. In addition, more than 3,500 employees at various management levels participated in ExxonMobil’s leadership development training programs in 2012, of which 29 percent were women and 57 percent were non-U. S. employees. Our Upstream companies continued strategic investment in capability development by rolling out a technical and commercial leadership-training program that enhances the operational and business skills of our professional workforce.
In addition to formal training, ExxonMobil provides a variety of job experiences and development tools tailored to individual needs through various assignments during an employee’s career. (ExxonMobil. com) 3. )Phillips 66 For Phillips 66 to remain a high-performance organization, we rely on the skills and talents of our workforce. We encourage all of our employees to enrich their skills through ongoing development and training (Phillips 66. com). This ongoing development and training consists of the team that Phillips 66 created named Talent Management Teams (TMT).
The approach is to determine where most of the labor gaps exist now, and in the near future, by developing strategic staffing plans to fit its needs. Each TMT introduced to all new employees. This learning curriculum is detailing to get the new employees ready for when those veteran employees prepare for their retirement. Phillip 66 is preparing for their future workforce. Phillips 66 leaders believe that with proper training, employees can learn the skills and placed on the right position within the company. Employee/Labor Relations 1. )Wal-Mart
There have been many issues as far as employee labor relationships at Wal–Mart. Wal-Mart has a reputation about the treatment of their employees. However, the last few years Wal-Mart have shown some improvement in the employee/labor relations. Wal-Mart implemented latest training teachings, for the human resources managers, as well as other supervisors. These new techniques show all managers, department heads, and any other supervisors, of how to treat associates fairly. There are still some pending lawsuits against Wal-Mart, but the company as whole in heading on the right direction.
2. )Exxon Mobil Exxon Mobil offers open communication policies to its employee’s as part of their labor relations. ExxonMobil strives to communicate openly with our nearly 77,000 employees. In 2012, presidents of the functional companies held more than 60 town-hall-style forums and interactive meetings with employees, addressing topics such as safety, business performance and strategic initiatives, as well as answering employee questions. 3. )Phillips 66 When working for Phillips 66, there is a large range of opportunities to challenge, and refine opportunity for the career one chosen.
Whether if one starts as an individual contributor or a manager, there is opportunity to grow. All employees are grantee the same small-company attention, but open the door to big-company learning and development resources and career development. As long that the drive is within them, they will provide the framework with the tools and resources needed to be successful. Leaders at Phillips 66 strive to maintain a good Employee and Labor Relations, and the company attributes it with their success. Compensation & Benefits Incentives/Practices
1) Wal-Mart Guided by our philosophy of helping people live better, our Benefits team is committed to the design and administration of competitive health and financial benefits packages that improve our associates’ quality of life. We work hard to provide you with access to excellent care and programs, comprehensive medical plans that start at $17 per pay period competitive price, quarterly cash bonus, and the tools, resources and programs you need to help manage your health and well-being (Wal-Mart.
com). In addition, Wal-Mart offers competitive pay and other benefits such as life, short and long term insurance, education assistance, retirement plans, training and development opportunities. Wal-Mart also offers a financial package to its employees. The financial package include up to 6 percent matching on 401K, stock purchases, 10%discount at Wal-Mart and Sam’s club merchandise, as well as on some wireless phone services. Important factor is to consider, the chance to move up through the ranks.
2. )Exxon Mobil ExxonMobil is committed to attracting, developing, and retaining the best people to meet our business needs. To help us achieve this commitment, we offer competitive compensation and benefits, as well as other employee programs to help meet our employees' diverse needs (Exxon Mobil. com). Exxon Mobil offers a great benefits package to its employees that include health, dental, vision plan, savings plan, pension plan, disability coverage, and life insurance.
The company also offers other incentives such as family friendly plans, flexible work arrangements, 100% of college-related expenses for approved courses to maintain or improve your skills, education assistance matching gift programs, volunteer involvement programs, financial fitness program, resources feral, adoption assistance, emergency back-up dependent care programs, leave of absence for personal – military - educational, professional membership support, and survivorship counseling. 3. )Phillips 66
Strong benefit packages are good for everyone – employee and employer alike. Because when you know you are being fairly compensated, when you have peace of mind, and when your professional and personal life are given equal respect, you are more productive. (Phillips 66. com) Phillips 66 offers a Health and Welfare Benefit package as well as a Compensation and Additional Employee Benefits to its employees in the United States. The Health and Welfare package include; dental, health, life and occupational accidental death insurance, long and short term insurance.
In addition, other employee paid benefits that consist of; Health Savings Account (HSA), Health Care Flexible Spending Account (HCFSA), Dependent Day Care Flexible Spending Account (DCFSA), Accidental Death and Dismemberment (AD&D) - Available for employee, spouse and children, Disease Management, 24-hour nurse-line, Personal health coaching for weight management, quitting tobacco, stress management and more. The Compensation and Additional Employee Benefits includes; retirement plan, saving plan, compensation plan as well as paid time off. There are many pros and cons of the Human Resources Practice of the above fortune 500 companies.
Pros Wal-Mart, Exxon Mobil and Phillips 66 Companies, include diversity among their employees. Because all three are global companies, having a diverse group of employees can play a major part in their success. Their recruitment practice is totally on the most qualified applicants. Employees’ at Wal-Mart, ExxonMobil and Phillips 66 companies provides good ongoing training, in order to keep up with their needed skills. Part of the training, in Wal-Mart, ExxonMobil and Phillip66 Companies focuses on the safety of their customers as well as their employees.
All three companies provide their employees opportunities for advancement and job promotion. While there are some past issues with the employees’ labor relations at Wal-Mart, the company is improving. Exxon Mobil and Phillips 66 employees seem to have very good labor relations that the companies give them opportunities to voice their concern. Wal-Mart, Exxon Mobil as well as Phillips 66 provide decent benefits and compensation package to their employees. All three companies offer family friendly benefits to their employees.