Human capital strategy

Answer the following case questions:

1. What is 3M’s strategy to spend on human capital, and what can it do to compare its metrics with competitors. (read McNerney’s Plan for 3M, pdf page 1-5)

2. The identification of the company’s internal strengths and weaknesses. (read Institutionalizing Innovation, pdf page 6-8)

Requirements: 3 pages with double space

Answer preview

One of the 3M’s internal weaknesses is the high investment in innovation that sometimes backfires, making the company lose a lot of money, such as the document copying business that failed in 1951. The second weakness is the company’s speed in implementing new technologies leading to the failure of some businesses from high competitors. The company’s Thermo-Fax copier failed after the competitors developed more innovative products in xerographic technology. The last weakness is the high rate of attrition rate where the employees have to undergo regular training and development to be able to implement the newly developed technologies and processes.

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Human capital strategy