The Economics of Risk and Time - Research Paper Example

Business Research Paper When any business/firm is set up, the general assumption is that it will be able to operate on continuity basis unless otherwise stated (Andreas 2007, pp. 98). For a firm to operate on this assumption, it should be able to grow, remain competitive and relevant in the market. This calls for regular assessment of operations of the company. This, with no doubt, helps the organisation in identifying and looking for effective ways of solving the pertinent issues impacting its performance. This is an introductory paper that gives an insight to my research paper. The paper seeks to identify the principal reasons why McKay Limited, a company situated in Lagos Nigeria that deals with companies and individual database, is not able to retain its existing customers/clients, as well as bring in new ones. The paper also strives to propose possible measures of addressing these problems. 2.1 Reviewing my professional context My primary role within the organisation is getting all the field reports, logging the reports on company’s database interface and crosschecking receipts before logging the payments on company’s database. I am also responsible in dealing with complaints and recommendations that are received to a dedicated email address on a daily basis from the clients. My position in the organisation gives me an opportunity to oversee the day-to-day activities of the organization. This is because I have to authorise all the paperwork before it is entered onto the company’s database. My position empowers me with vast knowledge that enables me access adequate data and information vital for this research. 2.2 Review of external knowledge One of the biggest problems that are facing the company is the low ratio of permanent staff to temporary staff. The total number temporary staff enormously outnumbers that of the permanent staff. This creates a platform for those on temporary contracts to be in charge of most of the company’s filed assignments (Anja 2010, pp 91). The key reason behind the company having so many temporary staff is because they are easy to recruit. On the other hand, the organization incurs a lower labor cost compared to that of the permanent staff. There is no obligation for the organisation to enter into a contract with temporary staff (Richard 2009, pp. 212). This is because their appointment is always between a period of six months and a year. After which, the company may decide to terminate their appointment. Furthermore, the training offered to the temporary staff is always short. It lacks the needed vigorousness and thoroughness. A lot of complaints from clients are mainly associated to the inefficiency of some of the temporary staff on duty. The complaints come in a repetitive pattern as a result of faults that developed in their appliances, or recur even after the staff have visited them and confirmed that everything is in order. These complaints clearly indicate that the major cause of the problems is as a result of the inability of the temporary staff to carry out the duties and responsibilities in an efficient manner. This act of irresponsibility on behalf of the temporary staff can be mainly due to lack of training provided to them. This is attributed to the fact that they are on temporary contract or lack of job security; thus, their lack of commitment towards the organisation. Communication between the clients and the organisation is also an issue. There is always a need of ensuring that the communication systems are effective and efficient. Most of the clients may have problems that need to be addressed with immediate effect, so there should be a lead response time in time to assure the client that their needs will be addressed within a certain time limit. Therefore, the client should have faith and trust of getting a response regarding his/her problem. The organization could think of setting up an effective communication department. 2.3 Research purpose After studying the whole set of circumstances surrounding the complaints and the negative feedbacks from clients; it is evident that this accounts for the reasons why we are losing many clients. When a company loses customers, it stands a chance of losing revenue. The main purpose of this research is to identify the problems that lead to the company’s loss of clients and the possible remedies to tame them. The research also seeks to recommend of best proposals that will help the organisation save on time and money. The research recommendations are aimed at ensuring that the clients are satisfied with the services offered to them. The research will be guided by the following questions; 1) Does the hotel management structure appreciate the need for various departments? 2) How fast and effective are the clients issues addressed? 3) Does the manager act as the mentor, guider and role model to the rest of the employees? 3. Research methodology In order to evaluate the research questions, qualitative study methodologies will be used. Providing questionnaires to be filled, conducting interviews and observation participation will be used as the primary data collection methods. The research data will be collected from 28 interviewers, 30 filled questionnaires and observation participation in the hotel. Out of the 28 interviewers, 10 of them will be the already left clients, 10 current clients, and 8 staff members in the hotel. The questionnaires will be distributed to different hotel stakeholders. The data collected from the different methods will be compiled and interpreted. 3.1 Research approaches to be used This research will utilise qualitative research design. The research design aims at determining the relationship between an independent variable (internal problems) and dependent variable in a population (rate of losing clients). Qualitative research will be systematically used in gathering and analyzing the data collected. Qualitative analysis provides a fundamental relationship between the mathematical expressions and the empirical observations. 3.2 Aims and objectives of the research The main aim of this research study is to identify the principal reasons why the company is unable to retain his existing clients, as well as bringing new ones on board. The research will also puts forth possible measures of addressing the problems. 3.3 Methods used in collecting the data This research will use the questionnaires and interviews as the primary data collection methods. Secondary data method will be using the reports and data stored in the company’s database. Both the primary and the secondary methods will give valid information needed for the research study. 3.4 Research ethics Ethics is defined as the rules within which a good research should be conducted. Clearly, they draw a line between the right and the wrong code of conduct while doing a research. The research will be conducted within the purview of the ethical norms. This will ensure that the aims of carrying the study are achieved. This aims include getting the correct information, avoidance of errors and covering all the intended areas within the stipulated time. Ethical conducts that may arise in this research include time wasting, plagiarism, misuse of the privileged information and use of published work without proper acknowledging the authors. Having had in mind the importance of conducting the study within the ethical norms of the research, this research will fully adhere to the ethics. Proper incitation will be used in presenting the research report where borrowed work is used. 4. Recommendations To address this problem, there is a need to evaluate the employment of the temporary staff. A consideration of replacing their appointment with a permanent contract can also be used a measure to curb this problem. The organisation needs to adopt a system of employing permanent staff only if possible or have few temporary staff. This means that the organisation needs to review that whole temporary employment. The organisation must have a robust selection and recruitment system in place to ensure that the best candidates are employed to do the jobs. It is necessary for the organization to ensure that the staff handling any problem from a client has the ability and efficiency to do so. This will avoid delegating duties to the staff that may end up tarnishing the image and reputation of the organisation (Tudor 2009, pp. 121). There is also a need for the organisation to ensure that the temporary staffs get lengthy training. This could be more effective if extended to the permanent staff unlike the temporary staffs that are just that are just there for a short period. This will coherently help in ensuring that the organisation induces changes without disturbing the work flow at the moment (Gilmore 2008, pp. 94). From the above proposals, the organisation will benefit significantly in keeping the clients (Christian 2004, pp. 62). If the above proposals are implemented, the company will have more checks carried out while employing any staff. This is because they are presumed to been with the organisation for a lengthy period. There will be more lengthy training for the permanent staff unlike the temporary staff that is just there for a short period. From the above recommendations, the organisation will build a good reputation among its clients and will get more recommendations from them. The organisation is also bond to gaining trust of the staff. This is because they will show commitment to the duties signed to them. The organisation will avoid going over the same problem with the client if a problem is fixed at once. This will save the organisation on time and money. 5. Conclusion Conclusively; if the above proposed measures are taken into consideration, the organization would retain and attract more clients. The organisation would also save on time and money which are vital in business. References Andreas, K., 2007. Markerting Plan. Munich: GRIN Verlag. Anja, B., 2010. SWOT Analysis. London: Cambridge University Press. Christian, G., 2004. The Economics of Risk and Time. Massuchetts: MIT Press. Fwezi, A., 2004. Risk Analysis. Washington: World Bank Publications. Gilmore, B., 2008. PEST Analysis. California: Heinemann Publishers. James, R., 2008. Marketing. London: Cambridge University Press Juan, T., 2009. 2009 Article IV Consultation. New York: International Monetary Fund. Marsh, S., 2007. Marketing. New York: SUNY Press. Richard, M., 2009. SWOT Analysis. New York: SUNY Press Tudor, S., 2009. Financial Analysis. Hertfordshire: Select Knowledge Limited. Read More