Founded in 1924, Tesco is the largest retailer in the UK market as well as the largest UK-based international supermarket chain with 1,780 stores in the UK and 586 outlets internationally. The company which originally focused on food retailing has now expanded into retailing of clothing, household electronics, financial services, the Internet, and telecommunications. With over 1780 stores spread across the UK and a strong presence in Ireland and a host of other countries, with its 586 international outlets, Tesco employes 367,000 employees in its global operations with 250,000 of them based in the UK. With annual sales revenue of more than £37bn and a pre-tax profit report of £2bn, the Tesco is the market leader accounting for 30% of the total UK retail market (Paton 2005).
Gap Analysis of Human Resource Practices at Tesco Plc
In a massive scale business operation as Tesco, the management of human resource becomes a very challenging task. Key functions of HRM which includes the HR Forecasting, Job Analysis and Specifications, Recruitment and Selection, Training and Development, Performance Appraisal, Reward systems, Termination procedures and management of Employee Relations need to be updated and modified to suit the changing business environmental conditions (Bratten & Gold 1999). Organizations, which adopt a dynamic approach to its managerial process, will realize the need for assessing existing practices and identifying the gap areas, which needs to be addressed through implementation of effective HRM principles.