Instructions:
Discussion Threads:
1: Improving Productivity and Increasing Profitability
Please post your comments, queries, experiences and provocative ideas around the readings and this topic.
2 : Promoting Change and Encouraging Adaptability
Please post your comments, queries, experiences and provocative ideas around the readings and this topic.
SOLUTION.
Discussion Threads.
Introduction
Today in most entities, labour represents both the biggest expense and most valuable asset. This means that the productivity and its profitability highly depend on making sure that all of its workers perform well, if not to exceed their level best. In this economic times, companies can no longer manage using financial measures alone to endure and prosper. They have to track non-financial measures such as speed of response and product quality; externally focused measures such as customer satisfaction and brand choice and forward-looking measures like employee satisfaction, retention and succession planning (Alsyouf, 2007).
We have some key performance indicators that are a company’s measurable goals, typically tied to an organization’s strategy, and are revealed through performance management tools such as the balanced scorecard. Most of the efforts achieved are not through the efforts of a single person, but with combined efforts from departments across the organization. A company can use its key performance indicators as a foundation for analyzing, tracking performance and laying down key strategic decisions regarding staffing and resources (Alsyouf, 2007).
In achieving this, the implementation of the key performance indicators of a balanced scorecard needs to be put in place. It typically involves four processes that include, a company translating its corporate vision into a measurable operational goal that is communicated to the employees, and the goals should be linked to individual performance goals that are be assessed on an established periodic basis. The internal processes should be developed to meet or exceed the strategic goals and customer expectations, and finally, the key performance indicators should be analysed to evaluate and make recommendations to improve a company’s future performance (Alsyouf, 2007).
With the key performance indicators, employees and managers see the overall corporate goal plan and get to understand how their individual goals fit into the company’s business objectives. These create a situation in which employees feel energized and engaged in the company’s success. It also creates a shared employee responsibility by cascading individual goals with that of the enterprise. The managers are able to easily stay in touch with employee’s progress during every phase of goal completion, and they offer immediate reinforcement or coaching to keep performance and deadlines on track. Lastly, it creates an open and communicative environment including that of quality feedback regarding goals and progress (Alsyouf, 2007).
The business organizations exist in a world that is constantly changing. There is a need for an open system model within an organization that accepts the need for flexibility and creativity. The core assumption in the open system model is that continual adaptation and innovation are necessary to acquire the external resources needed by the organization to be successful and as a result, the goals associated with it are focused on adapting to changes in the environment rather than resisting changes. There are a few strategies that can be used to ensure that a firm promotes change and encourages adaptability. These strategies include: using of power ethically and efficiently, championing and selling of new ideas, fueling and fostering innovation, negotiating agreement, commitment, implementing and sustaining change (Robert E. Quinn, 2014)
Organisations managers that focus on open systems should build robust networks and use influence in ethical ways. They should also know their audience as well as their purpose when communicating ideas, accept failure as a path to innovation, seek to find win-win outcomes and consider the concerns of individuals when planning and implementing change (Robert E. Quinn, 2014).
Bibliography
Alsyouf, I. (2007). The Role of Maintenance in Improving Companies’ Productivity and Profitability. International Journal of Production Economics.
Robert E. Quinn, D. B. (2014). Becoming a Master Manager: A Competing Values Approach.