Strategic Insights- A Deep Dive into Toyota Competitive Advantage and Future Growth

Strategic Insights- A Deep Dive into Toyota Competitive Advantage and Future Growth

Toyota Company Summary and Forward-Looking Strategy

Toyota is a Japan-based motor company manufacturing automobiles, automobile parts, and industrial and commercial vehicles. It is one of the largest automobile companies worldwide in production and sales. The company is known for its production system, which focuses on eliminating waste, improving efficiency, and continuous improvement to align with industry standards. Toyota’s forward-looking strategy commits to sustainable business practices and innovation. Along with this commitment, the company aims to eliminate lifecycle carbon monoxide emissions, reduce road accidents, and eliminate casualties from traffic accidents. Get in touch with us at eminencepapers.com. We offer assignment help with high professionalism.

Keeping HR Apprised of Changes in Technology as Relates to HR

The establishment of a collaborative working relationship between the HR leadership and the IT department will be useful. This connection will ensure a free flow of information from the IT department regarding technological changes to the HR leadership and employees.

Also, staying updated with relevant research papers and industry reports on technological trends relating to HR will ensure the leadership stays updated about industry changes. There will be a need to subscribe to relevant newsletters and publications to receive timely and regular updates.

Continuous improvement is part of everyone’s job description at Toyota. Currently, the company encourages frontline workers to suggest local improvements and participate in making them (Benkarim & Imbeau, 2022). Toyota should nurture a relationship based on mutual trust and respect between management and employees. Once a relationship based on mutual respect is in place, it will be easier for managers to keep employees updated about technological changes. Toyota’s teams have a camaraderie through group bonding, and the management goes to the frontline to listen to employees’ recommendations and align them to the company’s technological changes.

Evaluating HR Policy, Procedures, and Other Key Documentation to Manage Risks and Achieve the Organization’s Objectives

Ensuring occupational health and safety (OHS) is one of the top priorities at Toyota Company. Preventative awareness to inform employees about potential workplace hazards goes a long way to ensure safety (Benkarim & Imbeau, 2022). The company should form safety committees based on a same-day response framework to investigate potential safety risks and advise the production line managers appropriately.

Toyota should also leverage fairness based on its lean production (LP) culture to assess HR policies and procedures to align them with company objectives and manage risk. As the company adopts new technology, employee roles will change significantly, hence the need to adjust compensation. New compensation will need HR leadership approval to ensure fairness and win employees’ trust.

The Direction Toyota Needs to Take to Address Changes in Laws and Policy from an HR Perspective

Given the emerging borderless trade and globalization, Toyota should adopt guiding principles based on mutual trust and responsibility. Most states have adopted non-discriminatory employment laws (Benkarim & Imbeau, 2022). To that end, Toyota should adopt an equal-opportunity employment system and good working conditions as long as they do not interfere with the company’s objectives.

Toyota is striving to provide customers with products and services that meet customer needs globally. The company should ensure its actions align with these policies to meet environmental protection and safety measures. Toyota Company should broaden research and assess its supply chain network to widen its environmental protection measures.

Leadership Skill Needed to Accentuate Personal Strengths, Address Interpersonal Relationships, and Help to Stay Abreast of The Changes

Effective communication is one of the fundamental leadership skills for an HR leader for Toyota or any other company that values open relationships between employees and managers. Effective communication is a two-way street encompassing open communication between managers and employees (Benkarim & Imbeau, 2022). As an HR leader, I will adopt a communication approach that includes listening to team members’ opinions and recommendations. To that end, being free with individual employees will facilitate open communication where members can express their unique needs and align them with the team’s needs. Regular face-to-face meetings will be effective since they will allow junior employees to air their opinions regarding new changes at Toyota.

The Impact of Public Policy on Toyota

The most impactful public policy on Toyota is the adoption of environmental sustainability measures. The policy will impact the strategies of Toyota or any other automobile company. Among the measures set to ensure environmental sustainability is a regulatory requirement on fuel efficiency (Nkomo, 2019). Toyota Company will have to adjust its production processes to ensure that it manufactures vehicles whose fuel efficiency complies with government regulatory and compliance frameworks in the regions where the company operates. Also, the public policy on environmental sustainability encourages Toyota and other automobile companies to invest in research and innovation to manufacture vehicles whose fuel usage is environmentally friendly (Nkomo, 2019). Toyota, known for its focus on hybrid vehicle models, such as the Prius, is already aligned with such a policy. The company should diversify and manufacture more environmentally friendly vehicles to fulfill emerging market needs.

Conclusion

In summary, emerging policies and laws affect company strategies and human resource management. As indicated above, Toyota is among the companies impacted by the evolution of policies and laws on environmental sustainability. The company’s forward-looking strategy is to manufacture environmentally sustainable vehicles with less carbon emissions and reduced traffic accidents. Besides, government policies toward reducing fossil fuel emissions affect the company. Toyota needs to adopt new technologies to implement changes, which will affect HR management. HR changes that will facilitate the attainment of Toyota’s goals and ensure alignment with regulatory laws include adopting open communication with employees, equal opportunity employment, and fair compensation as employee roles evolve.

References

Benkarim, A., & Imbeau, D. (2022). Investigating the implementation of Toyota’s human resources management practices in the aerospace industry. Merits, 2(3), 126-145.

Nkomo, T. (2019). Analysis of Toyota Motor Corporation.

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Instructions
Choose one of these companies: J&J (formerly Johnson & Johnson), Nestlé, Intel, American Express, or Toyota. Look at their annual report, stock portfolio, supporting documents, and strategy for maintaining a competitive advantage over the next 5 years.

Strategic Insights- A Deep Dive into Toyota Competitive Advantage and Future Growth

Assume you are a senior member of an HR department in the company you researched. Develop a strategy for how you plan to address the impact of recent laws and policies on the organization. Answer the following questions. In your answers, make sure to repeat the specific question being addressed or keywords from it, and then provide your response. Provide specific citations from the readings or your research to support each answer.

Summarize and provide context on the company you researched. What is their forward-looking strategy?
How will you keep apprised of changes in technology as it relates to HR?
How will HR policy, procedures, and other key documentation be evaluated to manage risks and achieve the organization’s objectives?
How will you determine the direction the organization needs to take to address changes in laws and policy from an HR perspective? Include a discussion of the HR practices that you will evaluate to ensure compliance with current laws and regulations.
What leadership skill will you need to develop in yourself that accentuate your personal strengths, address interpersonal relationships and help you to stay abreast of the changes?
Describe how public policy could impact the organization you researched. What type of change strategy (e.g., innovation, organization change, adaptation) would you suggest? Provide your rationale.
Within the assignment, reference key concepts in the course or the MSHRM program, as well as course and program readings. Cite sources in APA style.

Formatting
Style: Your paper can take a variety of forms (e.g., bullet points, short prose).
Length: Your paper should be approximately 3–5 pages in length. Points will be deducted for papers that exceed the specified length.