What would happen to an organization if its goals did not account for external threats and shifting marketplace realities? What challenges will a business face if it doesn’t have sound measures and an effective performance management system, and why?
he EIU conducted a survey of 502 C-suite respondents, evenly distributed across four geographic regions in the US to better understand how they prepare for and combat workforce challenges.
he EIU conducted a survey of 502 C-suite respondents, evenly distributed across four geographic regions in the US to better understand how they prepare for and combat workforce challenges.
In this ebook, you will learn what innovative colleges, students, and employers are doing with their experiential practical learning to succeed in the 21st century.
With unprecedented success of recent manufactruing start-ups as GoPro and Tesla,
it is clear that global manufacturing can stage a renaissance despite of some challenges it faces.
If you wonder how you can ride the wave of cool manufacturing, be prepared to face these challenges right now.
because of shortage me young manpower the organizations are now strive to be with the aging work workforce there the what are the besic step to get work from aging work force and to run with it ..
Across employers and industries, we have heard stories about the value young people bring to the workplace. Employers in manufacturing cited the need for serious hand-eye coordination and reported positive experiences with young people filling these roles. Others cited the benefit of having youth in their companies who can use evolving technologies. For others, especially firms that need a lot of entry-level employees, young workers are their lifeblood.
Youth Hold the Key: Building Your Workforce Today and in the Future focuses on the role that youth can play in helping employers meet some of their current and looming workforce challenges, and how companies can improve how they hire and retain youth. The findings are based on a recent survey of 350 employers, more than 80 interviews with employers and workforce experts conducted during 2014 by The Bridgespan Group and Bain & Company, as well as a review of published literature. Much of this work focused on the potential of the millions of young people—referred to here as "opportunity youth"—who are disconnected from both work and school, and lack a college degree, to address the needs of employers.
Addressing the Top IT Hiring Challenges | WhitepaperACTIVE Network
The need for high-quality IT workers is increasing at a rapid pace, but the pool of potential candidates is smaller than ever – which goes a long way towards explaining why nearly 60% of companies are reporting that open IT positions are currently going unfilled. But that’s not the whole story - the challenges in this candidate-driven employment market are many. And some of the moves being made by candidates to leverage the situation (and by companies to try and control it) are only contributing to the ever-increasing complexity of the hiring process. - See more at: http://pages.xtglobal.com/Addressing-Top-IT-Hiring-Challenges-Download-Page.html#sthash.LmOl81b4.dpuf
With a real and looming talent shortage in manufacturing, business owners need to consider beefing up their ability to hire and retain women to fill critical roles. Copywriter Kathy Fawcett creates compelling content using proprietary Kelly Services research on what women really want in the workplace.
The 2014/2015 HRM Recruit – Employee Engagement Report brings insight into the primary engagement drivers of over 13,000 professionals in Ireland across 12 functional areas. In the report we look at and weight the factors that have most impact and highlight those, that for some functions, do not give the engagement advantage one might expect.
This key global insights report from Kelly Services explores the concept of fostering a work environment that provides flexibility for various life stages of critical employees. Content creator Kathy Fawcett brings proprietary Kelly research to life with practical applications for organizations of all sizes.
In this ebook, you will learn what innovative colleges, students, and employers are doing with their experiential practical learning to succeed in the 21st century.
With unprecedented success of recent manufactruing start-ups as GoPro and Tesla,
it is clear that global manufacturing can stage a renaissance despite of some challenges it faces.
If you wonder how you can ride the wave of cool manufacturing, be prepared to face these challenges right now.
because of shortage me young manpower the organizations are now strive to be with the aging work workforce there the what are the besic step to get work from aging work force and to run with it ..
Across employers and industries, we have heard stories about the value young people bring to the workplace. Employers in manufacturing cited the need for serious hand-eye coordination and reported positive experiences with young people filling these roles. Others cited the benefit of having youth in their companies who can use evolving technologies. For others, especially firms that need a lot of entry-level employees, young workers are their lifeblood.
Youth Hold the Key: Building Your Workforce Today and in the Future focuses on the role that youth can play in helping employers meet some of their current and looming workforce challenges, and how companies can improve how they hire and retain youth. The findings are based on a recent survey of 350 employers, more than 80 interviews with employers and workforce experts conducted during 2014 by The Bridgespan Group and Bain & Company, as well as a review of published literature. Much of this work focused on the potential of the millions of young people—referred to here as "opportunity youth"—who are disconnected from both work and school, and lack a college degree, to address the needs of employers.
Addressing the Top IT Hiring Challenges | WhitepaperACTIVE Network
The need for high-quality IT workers is increasing at a rapid pace, but the pool of potential candidates is smaller than ever – which goes a long way towards explaining why nearly 60% of companies are reporting that open IT positions are currently going unfilled. But that’s not the whole story - the challenges in this candidate-driven employment market are many. And some of the moves being made by candidates to leverage the situation (and by companies to try and control it) are only contributing to the ever-increasing complexity of the hiring process. - See more at: http://pages.xtglobal.com/Addressing-Top-IT-Hiring-Challenges-Download-Page.html#sthash.LmOl81b4.dpuf
With a real and looming talent shortage in manufacturing, business owners need to consider beefing up their ability to hire and retain women to fill critical roles. Copywriter Kathy Fawcett creates compelling content using proprietary Kelly Services research on what women really want in the workplace.
The 2014/2015 HRM Recruit – Employee Engagement Report brings insight into the primary engagement drivers of over 13,000 professionals in Ireland across 12 functional areas. In the report we look at and weight the factors that have most impact and highlight those, that for some functions, do not give the engagement advantage one might expect.
This key global insights report from Kelly Services explores the concept of fostering a work environment that provides flexibility for various life stages of critical employees. Content creator Kathy Fawcett brings proprietary Kelly research to life with practical applications for organizations of all sizes.
sampleAs technology is constantly innovating, it has change on.docxtodd331
sample
As technology is constantly innovating, it has change on how people access information, new methodologies of work, and inspire new approaches to management. For instance, technology has improve agile methods in regards to customer orientation and employee engagement.
When a company wants to implement a new agile method to its operations, here are some important criteria that it needs to account for. First of all, decide how much power to give up. This reflects a shift of power from those at the top to the ones performing the job, which can be complex for well-established companies since executives do not accept giving up some power or status. Another one is to build a structure around customers, like building a managed team focused on a particular customer group to make sure it maps the real needs of customers. In addition, a company needs to give the right balance of oversight and autonomy. Employees have the freedom to tackle any solve any problem with the methodology the find it most suitable. Of course, we still need to report our progress, expectations, and future goals since we need managers to keep assessing our progress. Lastly, we need to provide employees with growth opportunities because as one becomes too task-focused and results oriented, he neglects to think about his careers over the long-term.
The implementation of an agile method is very difficult at established companies, but it has been established in mostly technology and IT departments, so we believe it will soon become popular among other industries.
Birkinshaw, J. (2018). What to Expect From Agile. MIT Sloan Management Review, 59(2), 39-42.
sample
Financial Planning as Concrete Guidance
COLLAPSE
Top of Form
As Sull et al., (2018) discussed in the article Turning Strategy into Results, "A company’s strategic objectives should be tangible enough that leaders and employees throughout the organization can use them to prioritize their activities and investments (and also to help them decide what to stop doing)" (p. 9). Financial targets such as revenue and profitability goals can be defined as one of the specific guidance. However, the most important guidance is not just financial targets, but the directions on how to get there.
When we create financial management plan for the new brewpub, there are many questions may need to be considered before we set final goals.
· Determine the vulnerable period of restaurant cash flow
· Ensure the new business or projects are feasible
· Estimate when the new business will make profit or break even
· Determine budget for the new business and labor cost
· Identify the current value and risk of the restaurant to attract investment
Keep these individual tasks in mind, we can adjust and improve the efficiency of financial planning based on real-time information. For example, we can gather information such as market trends, investment cost and consumption level. With accurate data, the financial management will be more applica.
14 hours agoNikesh Bantu Discussion 1COLLAPSETop of Form.docxaulasnilda
14 hours ago
Nikesh Bantu
Discussion 1
COLLAPSE
Top of Form
Most organizational policies fail during implementation. It takes to experiment and experience to select a strategy. Getting suggestions on strategies from main stakeholders and also involving everyone to invest in the implementation plan. Organization strategy talks about how a company or organization can achieve its goals and objectives along with the growth. Developing such an organization strategy for a company will take different inputs and parameters from the team, vendors, and stakeholders. Considering these parameters together and defining the differences, knowing what is required for the company and make changes accordingly.
To establish the strategy, companies follow IS strategy. It is a document that establishes the path for an organization. This document helps the company to know what they want, how to reach a goal, what mistakes have taken place so far. One such famous strategies are SWOT analysis, which has insights on Strength, Weakness, Opportunity, and Threats. Companies list their monthly and yearly goals and objectives and take action on their plans. Everyone in the company must know the mission statement and the core values of what they are working on, and the company is looking for. Once employees understand the company's philosophy, mission, and goals, they connect their work with the strategic priorities of the organization. This creates a healthy environment between the employees of the company and the company itself.
The organization that does not follow proper Business Strategies faces different problems. Their thinking could be very different, like a reactive way. The company will rarely initiate ideas and wait to be for what to be told and what to do or what actions are supposed to be taken. Often such companies fail in considering potential impacts for long term goals and actions. They are mostly focused on the short term. The company will fear for changes and challenges.
Inputs from others are meaningless when there is no proper strategy. Their goals and objectives would have flaws and rarely or would work by luck.
The organization will assume all the tasks and actions equally, without knowing what to prioritize first. Giving equal importance would impact output. Thus they become inflexible, as they have trouble altering their plans very often, and their returns will be pretty low. Making adjustments and alterations would consume a lot of time and investment. Such organizations would not be interested in learning new things or methods as their thinking is content with their current capacities. Mostly they stick to the familiar paths and are very predictable.
With all these drawbacks or flaws, an Organization must follow proper Strategic thinking. To do that, someone should take the initiative along with the help of a team. Organizations must be listing the objectives and performance measures for the company. It should consider the financial perspective ...
Checklist:
1) Establish where your business is going.
2) Understand where the labor market is going.
3) Understand your future talent demands.
4) Assess your current talent inventory.
5) Identify your talent gaps.
6) Implementation.
This whitepaper looks at the impact of insufficient ongoing training on enterprise and other software platforms. It looks at how it occurs and provides options to prevent lost ROI.
The role of Managers in employee engagement : Champions, Saboteurs, Challengers, Prisoners. Discover how Leadership is crucial to drive Transformation : #
Employee Retention Strategies to Survive the Great ResignationKashish Trivedi
Onboarding reflects what your company is and ultimately leaves the first impression on new employees. A report indicates a 2.6 times increase in job satisfaction among new employees when they have a positive onboarding experience.
You can rely on learning management tools that streamline difficult or time-consuming procedures for companies to hire new employees. Leveraging a comprehensive learning platform allows you to create personalized onboarding experiences for new employees.
Extra steps need to be taken to make sure employees joining remotely feel integrated into their team. To achieve this, you could implement a virtual onboarding program that may utilize internal bots to help facilitate a more seamless connection within your team. Check for chatbot pricing and integrate an employee engagement bot within your onboarding activities to encourage icebreaker conversations.
Financial Services Employer Branding Research - Blu IvyBluIvy
The latest employer brand research from thousands of survey respondents in the Financial Services sector. Conducted by the leading employer branding agency, Blu Ivy.
The Keys to Corporate Responsibility Employee EngagementSustainable Brands
PwC recently found that employees who participate in its CR programs have a 5% higher retention rate, with a value of $165 million to the company. In this report, PwC shows how it uses a common corporate tool, the Plan-Do-Check-Adjust (PDCA) Cycle to engage employees, and the Employee Engagement Index (EEI) to measure engagement.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
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➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
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➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
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➢ Korean Vietnam Partnership - Fair with LG
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➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Global Interconnection Group Joint Venture[960] (1).pdf
How Companies Measure Success
1. 1
The first step toward the success of any system, from a small firm to multinational companies, is
setting the goal right based on past data studies, current trends and future predictions.
Companies must also have a unique and compelling business strategy to achieve their goal.
Lacking these characteristics equals setting a system in the direction of failure.
The second step in guaranteeing the success of an organization is to continuously apply efficient
types of measurement to evaluate the rate of success in reaching the goal and based on the
results, making adjustments to the execution plan or introducing new strategies into the system.
The last but not least step is to check the flexibility of implemented strategy and through
foresight, commitment and continuous effort, change the target and plan before it gets too far in
direction of failure.
This paper aims to highlight how critical is for an organization to have clear and educated
objectives, efficient measurement tools, continuous evaluation and recalibration of target and
strong exit strategy in case of emergency.
In order to support our statements and ideas to prove that an efficient strategy can make a
difference between total disaster and great success, we used examples of small firms as well as
classic examples of billion dollars’ organizations.
Introduction
As we live in an era of continuous technological advancement, organizations- big or
small- are facing a radical transition from the scale economy to informational economy. If 65-70
years ago inventions like Integrated Circuit (IC) [1]were taking a long while to move from
military application into commercial use, now-a-days, is quite the opposite: military applications
are using Original Equipment Manufacturer (OEM) [2] products into their production line. The
competition is becoming intense among small firms as well as multinational corporations, so its
critical to set the target right and continuously evaluate the performance of that target.
With the increased need for effective professionals in the business sector, the job market is
becoming oversaturated with individuals who trust in their expertise and professional abilities.
For instance, if it were to search for the word “consultant” in the internet browser, the results are
amazing: either working with companies as small as one- employee or big corporations, business
consultants consider themselves experts in guiding an organization. Yet, the data shows that over
90% of all startups fail in less than a year [3] .The fact that while there is data available to aid in
making decisions, and there are enough advisors to use for guaranteeing a company’s success,
the rate of failure is high, is truly upsetting.
2. 2
We’ll present some examples to identify possible reasons for the high percentage of failures in
businesses. The smallest system we can look at is one individual’s life plan. Most students in US
rely on government assistance/ student loans to pay for their education, so the fact that once
graduated, students cannot find jobs in their field of study shows that the system is defected.
Business schools teach students to be efficient and analytical, but the truth is, many
professionals don’t even get chance to apply those skills. The number of educated people who
cannot get a job in their field is growing, and insecurity toward future is a big issue among most
families in US.
Students attending the university for higher education are cheering and celebrating once they
graduate. However, their target is set wrong and so is their measurement for success, causing
false celebration. For instance, The University of Tennessee had registered over 34K attending
students in 2015 with less than 3K [4]attending an Engineering or Science major. When students
enroll to university undecided, a wrong target is set which causes a rise in the number of student
graduates in liberal arts and high competition in job markets among students with college degree
but no useful skills. Therefore, those graduates are constrained to take on low-skill and low paid
jobs to be able to pay for their student loans and other school related debts.
For this reason, a big number of students graduates, switch jobs way too often, losing their
loyalty toward one workplace. The unstable employee factor causes additional costs for a
company, because after employees receive training, gain experience and become a positive force,
they leave to a company that pays better. To avoid such costs, many companies do not invest in
training new hires, offering benefits or vacation packages only after 3rd or 5th year from date of
hire. This kind of actions have a bad effect on the culture of an organization, as well as on it’s
relationship with employees. According to Families and Work Institute Research, workplace
engagement is at an all-time low- with 70% of employees “dreaming of having a different job”,
and as the Gallup Research puts it, only 28% of American workers are engaged in their work [5]
The shifting demographics in the workforce has become a problem, and to maintain an
effective performance management system, companies need to find ways to retain employees
across generations. As the largest group in the workforce- the Baby Boomers- is close to
retirement, this will result in a loss of talent, experience and expertise, because the newest
generation for the most part has different values and ideas. Also, the new generation of workers
(so-called Generation X) do not have the experience necessary to fill the managerial and
3. 3
leadership positions that companies are looking for, creating a challenge. In 2008, the Bureau of
Labor Statistics projected that the total US civilian workforce growth was expected to go down
from an annual rate of 1.1% between 1990 and 2000 to 0.7% through 2025 [6].
Considering these facts, a company that thrives to succeed should find innovative ways to
keep employed both categories- Baby Boomers and and the Generation X. Flexibility seems to
be a characteristic that most employees agree on, therefore it is up to the organization to show
how much it values its employees. Usually, companies that achieve high performance are very
protective toward their employees. They consider them an important asset and make sure to
show it through open communication, vision toward future, support, benefits and focus on their
safety. In return, employees perform better, they want to contribute and have a sense of pride
toward their workplace. As the WELCOA case study found, the business functions better when a
high performance culture is supported and nurtured within the company, from senior
management on down. [7]
In my opinion, a company is successful because of the hard working people driving that success.
If an organization has talented individuals on top and has strong goals toward future, it is set for
success. Effective managers can overcome issues occurring in their organization by setting goals
of performance and acting strong about meeting those goals. According to professor
G.S.Odiorne, [5] managers need standards of performance to achieve control and to be realistic
with the goals set by the people who are responsible for producing the end results. Odiorne saw
three informal methods as the base standards for managers to help achieve an organization’s
goals:
Standards based on historical data, which basically look at the company’s success rate
throughout the years and use it to calculate the probable success rate in the future.
Short interval scheduling, a method used mostly in high volume work environment
which consists in premeasuring the amount of work, following-up and correcting when
things are not on schedule.
Standards evaluated according to expert estimates, which simply brings experts to study
the job and make a decision for every job in the future. [5]
Likewise, a manager has to be a leader in organization in order to gain the respect and support in
achieving company’s goals. As scholar Zalesnik explains (1977), it takes neither genius nor
4. 4
heroism to be a manager, but rather persistence, hard work, intelligence, analytical ability and
most important, tolerance and good will. [15]
While some executives achieve success through measurement and experiments, most executives
continue to lean heavily on poorly chosen statistics, driving poor decisions and undermining
performance.
The Quartz revolution is a classic example of business failure because of inattention to
external factors and threats and stagnation in making adjustments in organization’s goals.
The Quarts example perfectly reflects a company’s need for adaptation to consumers’ wants and
to account for the shifting marketplace realities. Swiss watchmaking executives failed to analyze
and implement efficient strategies and as result got crushed by competitors and failed. For a long
period of time Swiss watchmaking industry was the strongest and the only leader of its kind,
holding monopoly over all watchmaking companies. However, as the watch technology became
more advanced, Swiss watchmakers refused to conform to it, even though they invented that
technology themselves with some help from Seiko manufacturer [8], eliminating themselves
from the competition in a matter of a decade. As such, by 1970s, over 60,000 employees in
Swiss watch-making industry lost their jobs, only 10 years after the first Quartz watch was
produced. [8]
Another example showing companies’ failure due to bad strategies is the car manufacturing
industry in USA. For many years European and Asian car manufacturing companies focused on
building high efficiency and high gas-mileage vehicles, while US carmakers focused on
strengthening vehicles’ engine and enlarging the size. Market data from year 2009 and later
shows how companies like Pontiac, Chrysler and Saturn were forced to shut down after years of
activity, because as the gas price increased, consumers were more likely to purchase compact,
gas efficient vehicles. Since those carmakers oriented their strategies toward designing and
building vehicles with bigger/ stronger engine while the market demand shifted toward small,
affordable cars, they experienced a permanent damage.
Historically, many companies lost their iconic status in the industry and collapsed because of
ignoring competition in the same market. To understand how important is for a company to adapt
and implement efficient strategies in this increasingly uncertain age, we take Nokia, an industrial
giant that failed to react to market demand and lost. Couple decades ago, it was hard to imagine
that Nokia, the world leader in telecommunication industry would be missing among the top six
5. 5
brands for highest market share in 2015 [9]. In 2013 alone, Nokia lost 30% [10] of the global cell
phone market, same market that the company initiated and led [11] less than 30 years ago. While
other companies like Apple, Sony, Samsung etc., understood and conformed to costumers’ desire
for a touch screen cellphone and virtual key pads, Nokia kept its model untouched. Technology
shifts can radically change time-honored business principles and Nokia’s delay to adapt resulted
with its costumers giving preference to competitors’ products.
The above examples show that no matter of its size, an organization can lose its immunity if the
market is not analyzed correctly, if the business sees disruptions and if the external treats and
competitors are ignored.
What is driving the change now-a-days is the globalization of economy, the international
trade and the global competition. Today, value is measured differently that in the past, so when
companies plan to create a new product, the scope of production, marketing and supply chain
does not take place in a single state or country, but it extends globally. When analysts attempt to
calculate the lowest final cost of a certain product, they have to consider that a manufacturer can
build the final product in any part of the world, with materials that can be found at lower prices
and the finished goods can be shipped and sold in any part of the world.
Also, as the number of consumers for a product grows, the production continues nonstop, and the
car manufacturing industry can be used as an example. A rise in population’s quality of life
around the world gives the word “demand” a whole new meaning. So, automakers work at the
highest possible speed of production line and team members excel by increasing the production,
introducing robots, improving the assembly process, maximizing the efficiency of production
lines through “mistake proof” (kaizen) [12] and maintaining a minimum cost.
While the globalization of economy makes it difficult for businesses to decide where to build,
what materials to use and where to sell, the increasing informational content of available
products and services adds complication to this matter. The new technology is invented and
available for public use at such speed, that it is hard to keep up and actually digest the process.
With everything becoming digitized, everyone has a smart tool in their hands and this creates the
illusion of being smart and expert on making decisions.
As we’ve entered a new era, the World Wide Web, people became more curious and interested in
sharing their opinion about the products and services online. Consumers review products so often
now, that reading an online review is becoming a norm and it influences the shopping behavior.
6. 6
While sharing the experience with an item is becoming common between its users, the writers of
those reviews do not have a deep knowledge regarding the product. If we refer to reviews about
auto vehicles, in most cases reviewers are simple people without technical knowledge about the
car. As result, when they review the product, or read about car’s problem, they do not have a
proper understanding of who is at fault in the supply chain - suppliers or manufacturer- usually
blaming the manufacturer. This is creating a challenge for companies to maintain a high
performance while having to deal with external threats.
To understand how consumers’ reviews can influence a company’s performance, we turn to the
headphone company formerly called “Beats by Dr. Dre “. Founded in 2006, the company’s
vision of quality product was very well received on the market, and to attract new customers, the
company changed the purpose of headphones from electronic utility to fashion utility. The
strategy implemented brought the company good reputation and profits of approx. $1.5 billion in
2013, seven years after the brand was born. [13]
The headphones example proves the fact that virtually any company can achieve success if it has
well set-up strategies aligned with its goals. Flexibility to redirect or reevaluate the goals should
be in place. As the process is accelerating and the technological cycles are under pressure,
companies should experiment more and plan less. The strategic shift has to be seamless, and the
strategy has to be more efficient and collaborative.
Creating good, solid measures that are relevant to the goal and strategy is also very important in
achieving performance in organization. Some of the most common measures used are:
1. Efficiency measures- measures are productivity and cost effectiveness measured as ratio
of outputs per inputs.
2. Outcomes measures- these measures are the end result of whether services meet proposed
targets or standards and demonstrate impact and benefit of activities.
3. Quality measures- these measures gauge effectiveness of expectations and generally
show improvement in accuracy, reliability, courtesy, competence, responsiveness, and
compliance.
4. Project measures- These measures show progress against an initiative that has a terminus.
The measure is usually stated as the percent complete.
Considering the types of measurement listed above, we look at M. Mauboussin’s article on True
Measures of Success [14] to identify some mistakes that led companies toward wrong
7. 7
measurement. As he points out, there are three biases that executives encounter while trying to
improve their businesses.
Overconfidence. People’s deep confidence in their judgments and abilities is often at odds with
reality. Most people, for example, regard themselves as better-than-average drivers. The
tendency toward overconfidence readily extends to business. Consider this case from Stanford
professors David Larcker and Brian Tayan [15]: The managers of a fast-food chain, recognizing
that customer satisfaction was important to profitability, believed that low employee turnover
would keep customers happy. “We just know this is the key driver,” one executive explained.
Confident in their intuition, the executives focused on reducing turnover as a way to improve
customer satisfaction and, presumably, profitability. As the turnover data rolled in, the
executives were surprised to discover that they were wrong: Some stores with high turnover were
extremely profitable, while others with low turnover struggled. Only through proper statistical
analysis of a host of factors that could drive customer satisfaction did the company discover that
turnover among store managers, not in the overall employee population, made the difference. As
a result, the firm shifted its focus to retaining managers, a tactic that ultimately boosted
satisfaction and profits. [16]
Availability. The availability heuristic is a strategy we use to assess the cause or probability of an
event on the basis of how readily similar examples come to mind—that is, how “available” they
are to us. One consequence is that we tend to overestimate the importance of information that
we’ve encountered recently, that is frequently repeated, or that is top of mind for other reasons.
For example, executives generally believe that EPS is the most important measure of value
creation in large part because of vivid examples of companies whose stock rose after they
exceeded EPS estimates or fell abruptly after coming up short. To many executives, earnings
growth seems like a reliable cause of stock-price increases because there seems to be so much
evidence to that effect. But, as we’ll see, the availability heuristic often leads to flawed intuition.
[16]
Status quo. Finally, executives would rather stay the course than face the risks that come with
change. The status quo bias derives in part from our well-documented tendency to avoid a loss
even if we could achieve a big gain. A business consequence of this bias is that even when
performance drivers change—as they invariably do—executives often resist abandoning existing
8. 8
metrics in favor of more-suitable ones. Take the case of a subscription business such as a
wireless telephone provider. For a new entrant to the market, the acquisition rate of new
customers is the most important performance metric. But as the company matures, its emphasis
should probably shift from adding customers to better managing the ones it has by, for instance,
selling them additional services. [16]
Regardless of the methods and types of measurements used, companies need to consider that in a
digital era, staying afloat can be difficult. In order to achieve high performance, it is critical to
have clear and educated objectives, efficient measurement tools, continuous evaluation and
recalibration of target and a strong exit strategy.
The employee factor has to be valued, and companies need to adapt and become more flexible
about all their operations. Executives should progress in their role no matter the uncertainty of
environment, the impossibility of measurement or other factors. A successful enterprise can only
be successful if it has a strong management system in place and its executives are prepared to
succeed using necessary strategies, analyzing data, forecasting and taking educated risks. For all
the reasons presented in this paper, organizations must have well-planned goals, be fast and
flexible and rely on highly effective executives to make strategic decisions and overcome future
difficulties.
9. 9
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