1.1) The purpose is to become a better all rounded employee for the company thus benefiting the company with better output from yourself. The benefits of improving own performance is not only do you become a creditable asset to the company but you also become a better credit to yourself. Another benefit is that with continuously improving own performance the skills you learn will make every day to day work easier and result in getting work done quicker with less stress. If you’re always learning new skills it makes it easier to adapt to an ever changing business environment. 1.2) Feedback comes in all different way but are almost always positive in some way.
For employers, selecting the right candidates means identifying people with the right skills and quality that can help in the organisations success. Examples of employability skills; | Personal skills are the transferable skills that an individual posses that makes them attractive to new employers. Good personal skills are important when applying for job roles in Tesco. Good personal skills enables candidates to work well in a team, satisfy customers and also negotiate well with them, and also work effectively with other employers. This leads to a better working environment.
It has also improved the management department by providing suitable measures that define goals and objectives of the company for it to attain increased returns (Fukuoka et al., 2012). In concern to this, the company has set up appropriate policies that govern the human resource department that defines recruitment procedures, maintenance of qualified personnel while at the same time ensuring the productivity of the workforce. Moreover, the company has laid down favourable management policies with suitable accounting policies and other
The benefit of a successful Kaizen costing program is that the company operates more efficiently and with lower costs. When they do that, they should reward those who have helped to achieve the success. As a company succeeds with its Kaizen program it becomes more “lean” and able to be more competitive in the marketplace, and more profitable to its shareholders. The potential downside of Kaizen is that management uses it as a stick, rather than as a carrot to motivate managers and employees to lower costs. Also, if employees are not properly trained on the Kaizen philosophy, they will likely not be motivated to seek lasting ways to lower costs and improve processes, or they may pursue cost reductions that compromise
If the employees are performing their job better, they will deliver better quality products, in a timelier manner, thus raising the customer satisfaction. The more satisfied a customer is, the more likely they are to keep purchasing your products and recommending your products to others, thus raising your financial level. Once again this shows the cause and effect that was discussed earlier in this report. Each of the four areas ties into one another, but they all are used to achieve the same thing; and increase bottom line for the
Tracking indicators allows an organization to identify the potential for risk and provides more time to act upon the risk. Leveraging existing resources will save the company money. In addition, these resources know the organization, are closer to the data, and understand the vision and direction the company wants to take. Adopting the structure the COSO provides would be useful for an organization. The structure provides the basic framework and guidance for a successful ERM.
Balanced Scorecard Organizations and upper-management often use a Strengths, Weaknesses, Opportunities, Threats, and Trends (SWOTT) analysis model to concentrate on the company’s competitive advantages, their possibilities, evaluate how to improve susceptibilities, and avoid coercion. Organizations depend on SWOTT analysis to remain successful in their industries. For a business to be successful and sustain their performance, the entity is obligated by their external environment to generate strategic objectives and constantly evaluate its vision and mission. Organizations must reflect on their mission and vision frequently to assess each for validity, consistency, and making sure the objectives are components useful to the desired vision. Businesses require a tool to measure the execution of objectives.
Streamline customer communications is a very efficient way of working because streamline customer communications deliver fast services, this is best way to keep customers satisfied and when customers’ are satisfied the business becomes more efficient because they are meeting needs and accumulating capital. Additionally, B&Q uses electronic communications to reduce staff costs as this plays a impacting role in the business s as it saves costs for them as the amount of staff needed are
Assignment 2 – Understanding Innovation and Change in an Organisation AC1.1 Explain the benefits of innovation and change for the organisation Change and Innovation are as equally important in creating and sustaining the growth of a business through organisational development. If planned and implemented well both could lead to a total change not just for the profit success of the organisation but can also have a positive impact on employee engagement. Innovation in the workplace fostered by teamwork and employee involvement in decision-making and reengineering business processes can boost morale and award incentives such as bonus payments. The purpose of organisational development is to enable an organization to better respond and adapt to industry/market changes and technological advances. The absence of both innovation and change in an organisations development can be the difference between being a leader in their field of business, failure to keep up with competitors, create stagnation or cause decline in their existing success.
Lean’s solution provides benefits to outsourcing buyers. They include:  Providing great value because the outsourced supplier can complete the work more efficiently and with higher quality Giving the supplier more flexibility to craft a better solution. Some suppliers use formal outsourcing models, which limits their flexibility. Focusing the supplier’s attention on the value the customer is looking for. By working backwards from the end state of the customer’s value, the supplier is able to design the process and then drive to that value.