The strategic plan will help provide better, more targeted service to its clients and will be more specific on how the company will go about achieving company goals. The strategic plan will help Riordan’s executives understand the company’s direction by reviewing past progress and making changes to improve and grow. The strategic plan is an organizational tool that will help keep Riordan on track to meet growth and financial objectives. Need for a Strategic Plan Successful businesses are effective at identifying opportunities for growth and ensuring every manager has the same goals. For Riordan to further strengthen their strategic plan, they can develop a financial model based on their income and cost assumptions they would anticipate under the plan (Mikrut, 2010).
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.
Bonus Plans are beneficial on many levels. They inspire and motivate employees to reach and even exceed their goals, improving the productivity of the company as a whole. By offering more than just monetary bonuses, companies can customize their rewards, allowing employees to choose something they may not purchase themselves. Developing a bonus plan with guidelines is key in keeping a system consistent and fair, allowing any arbitrary guesswork to be abandoned. Tuition Assistance is another highly beneficial perk that many companies offer.
Task 2 – (This question provides evidence for grading criteria P2 & M1) Evaluate the benefits and importance of customer loyalty. Identify and apply the importance of relationship marketing. Ans: - Customer loyalty can be defined as the strength of the relationship between an individual's relative attitude and repeat patronage with a supplier. It is a self-reinforcing system in which the company delivers superior value consistently to find and keep high-quality customers, (and, where applicable, employees). The economic benefits of high customer loyalty are measurable.
Job Redesign and Workplace Rewards Assessment Angel Ralston PSY/320 November 19, 2012 Debra Julian Abstract. Motivation with-in an organization is crucial to the success of the organization and the personal success of the employee. Understanding the process in which an organization sets goals, gives rewards, performs employee evaluations can make an organization grow as well as keep up a good performance reputation. Setting goals can have an impact on workplace productivity in a positive and a negative way. Rewards that are given for quality performance helps an individual be able to assess themselves, helping them be able to have job satisfaction along with personal growth.
1. Explain the purpose of continuously improving your performance in a business environment. Employees who improve their work performance constantly, are more likely to get promoted in the organisation and thrive within it. Also, in many roles, a part of the pay structure relies upon output. If an employee can improve their output they earn eventually more money.
The types of jobs that would open up could be Communication Director, Marketing, Management positions, accounting, human resource, public relation, administration and economic, even research and development. Tuition reimbursement will help build the company by increasing confidence in the employees, retain employees, and attract quality employees. Hiring within the company shows goodwill we care. The company has an opportunity to give back and create a new culture that consist of goodwill and loyalty to their employees. Building a foundation that will growth from the inside.
Training Plan Landslide Limousine HRM/531 January 20, 2014 Training Methods “Training consists of planned programs designed to improve performance at the individual level, group, and/or organizational levels. Improved performance, in turn, implies that there have been measurable changes in knowledge, skills, attitudes, and/or social behavior” (Cascio, p. 290). Developing an effective employee training program will be fundamental to the long term success of Landslide Limousines. A clear understanding of the company’s policies, goals, philosophy, and job functions will eventually lead to a higher customer satisfaction rate and higher profits. Employee training will help set a clear understanding of what is expected of them, inform them of their responsibilities and the clearly identify the role they will play within the company.
These changes can raise the individual’s self esteem and confidence. Therefore the learning can generate far-reaching changes in both the individual and the environment (Beardwell I et al 2004). This initiative gave HR the edge of marketing itself to potential staff joining the Bank and thus benefiting the Trust long term strategy as it showed that we are an organisation that would invest in our staff and are committed to the ongoing developments of our workforce. Provide a Model
The best forms of motivation focus on what the employees deem to be important. Many organizations find that flexibility in job design increases an employee’s longevity with the organization, improves productivity and betters morale ("Reference for Business; Encyclopedia of Business", 2012). Some methods of motivation include empowerment; creativity and innovation; learning; quality of life; monetary incentives; and other incentives ("Reference for Business; Encyclopedia of Business", 2012). Empowerment means giving employees more responsibility and decision making authority so they can feel control over the tasks they are held responsible for and better equips them to carry out those tasks ("Reference for Business; Encyclopedia of Business", 2012). Creativity and Innovation gives employees the opportunity to use their ideas to improve a job, product, or service ("Reference for Business; Encyclopedia of Business", 2012).