Staffing and Employee Management Strategies - Coursework Example

Applied Concept Paper EXECUTIVE SUMMARY The purpose of this concept paper is to effectively evaluate six different business related articles and relate them with the key concepts obtained from the chapters 10 and 11 of the book ‘Strategic Management and Business Policy’ written by ‘Thomas L. Wheelen and J. David Hunger’. My intention of preparing this concept paper is to obtain a broader understanding of the provided concepts and determine the various styles through which, these concepts affect the everyday functionality of business organizations. Accordingly, the concepts that will be considered for this paper includes Integration Managers, Downsizing, Management Audits, Transfer Pricing, Benchmarking and Key Performance Indicators. Since the focus of this concept paper is mostly on chapter 10 and 11, which basically refers to ‘Strategic Implementation: Staffing And Directing’ and ‘Evaluation And Control’, it is important to know these above mentioned concepts help in smoothening the functionality levels within an organization and hence, is selected in this paper. For instance, the organizational staffing procedure can be effectively carried out through integration managers; identifying abilities and staffing can be linked up with key performance indicators directly, helping in formations of effective strategic decisions and the problems in employee retrenchment can be linked up with the downsizing concept further implying the internal competencies and sustainability of the organization. Moreover, the concepts of management audits, transfer pricing and benchmarking can be elaborated based on the understanding of the other aspects provided in this book. Throughout this paper, I continued learning more about the various staffing and employee management strategies used by modern organisations. As a way of projecting my understanding in an organized manner, each of these chosen articles has been elaborated below. ABSTRACT 1). Travelsupermarket adds to commercial team, Stephen Chapman, 21 March 2014. This article reports about a company named Travelsupermarket, which has recently added three more members to its commercial team and has therefore facilitated some internal promotions. The company is currently led by Cressida Sergeant who holds the rank of being the head of commercial and partnerships team. The main theme of this article is to focus towards the importance of partnership relationship, which according to this company, is essential for its growth and success. Through these efforts, the company is targeting towards developing en efficient commercial and partnerships team, which will further provide assistance in terms of increasing company product lines as well as providing superior quality of partnership services (Chapman, “Travelsupermarket Adds to Commercial Team”). 2). Dickson-based TN Bun Company awarded $25,000 grant, The Tennessean, 21 March 2014. This article reports an award of worth $ 25, 000 provided to the Tennessee Bun Company currently situated in Dickson owing to its efficiencies in training 23 employees in areas of ‘Industrial Electric’, ‘Shop Math’, and ‘PLC’. As per the governor of Tennessee, the main aim of this worker grant provision is to train and educate the employee force across the state for making them capable enough in terms of handling the current market demand (The Tennessean, “Dickson-Based TN Bun Company Awarded $25,000 Grant”). The main theme of this article has been to project Tennessee’s attempt in avoiding employee downsizing through providing of effective employee training programs with the intention of increasing their efficiency and competitive capabilities. 3). B.C. New Democrat repays $35,000 to non-profit group for lavish trips cited in audits, National Post, 21 March 2014. This article is about a financial fraud case, which came up as a revilement during government audits. The article mainly focuses the unethical conduct of Jenny Kwan (British Columbia New Democrat) and Robert Dan Small (Executive with the Portland Hotel Society), which further led to massive changes in the senior management structure of the company. In consequence, the government fired up four managers of the Portland Hotel Society and appointed a new board with the intention of preventing the future occurrences of such financial blunders (National Post, “B.C. New Democrat repays $35,000 to non-profit group for lavish trips cited in audits”). In context to this article, management audit can be related as an effective management evaluation process to prevent similar fraudulency cases as mentioned in this article. 4). I-T softens transfer-pricing blow on MNCs, Vrishti Beniwal, 17 March 2014. This article emphasises the decline in the transfer pricing disputes, which are being currently witnessed in India. As per the current reports from the tax department, a drop of about 16% in the under reported incomes from multinational companies were recorded recent in the current fiscal year. The article also describes transfer pricing as a new concept for India stating about the shortage in terms of staff count. The article further describes about the concerns of Indian tax department in terms of forcing the tax officers for framing orders based on international standards (Beniwal, “I-T Softens Transfer Pricing Blow on MNCs”). 5). The Worlds Most Ethical Companies 2014, Susan Adams, 20 March 2014. This article concentrates on a management consulting firm named Ethisphere Institute, which is currently situated in Scottsdale. This management-consulting firm is mainly involved in ranking companies based on their ethical performance efficiencies. This consulting firm also conducts multiple ethical summits where it calls up lawyers, corporate managers and executives who are mainly involved in the areas of ethics compliance. The firm, to a major extent, earns its revenues by publishing in magazines, webcasts and through sponsoring companies during the conference activities. The firm uses the technique of benchmarking companies who are stated as winners of these ranking actives (Adams, “The Worlds Most Ethical Companies 2014”). 6). Misleading Indicators, Le Défi Media Group, 21 March 2014. This article mainly focuses towards the idea of coming up with a new measurement tool in terms of effectively measuring a nation’s economy apart from Gross Domestic Product (GDP) and Foreign Direct Investment (FDI). These two economic measurement tools have been in use since long, but in the current scenario these are often criticized as ineffective as Key Performance Indicators (KPIs). The article focuses on the need for the government to come up with a specific economic growth measuring tools as KPIs, which can evaluate the contribution of technology and IT industries towards a nation’s economy (Le Défi Media Group, “Misleading Indicators”). CONCEPTS 1). Integration Managers. Conceptually, the role of the integration managers include developing of strategic action plans for linking up actuality with the estimated scenario and conduction of training programs for increasing the company’s competitiveness. The qualities of a integration manager includes possession of intense knowledge about the company, supple management elegance, flexibility in terms of working with cross-functional project teams, independent working style as well as effective adjustment and handling capabilities when working with employees from different backgrounds (Wheenley and Hunger, 303-305). 2). Downsizing. Downsizing has been practised in multiple business organizations since long back and till date has been effective in terms of cutting down organizational cost levels during economic decline and even when focusing on performance improvement and bringing about efficiency. Majority of the time, the employees view the employee firing process as a loss to the organization and thus, prefer other alternatives such as cutting down employment hours or providing unpaid holidays or leaves to the employees (Wheenley and Hunger, 308-309). 3). Management Audit. Management audit can be described as a process of analysing and evaluating the performance of an organization’s management system. It includes measuring the capabilities of the organization’s management team in terms of strategy and policy formulation with the intention of making improvements in the efficiency and effectiveness of the overall organization’s functionality (Wheenley and Hunger, 310-315). 4). Transfer Pricing. Transfer pricing in corporate world refers to the process in which two or more departments of an organization are involved in performing transaction operations with one another. These sorts of interdepartmental transactions mainly include trade operations in terms of supplies and labour. This process is also considered as a significant facet of managerial accounting. In an organization, every department is responsible for its own profits and return of invested amounts (Wheenley and Hunger, 313-318). 5). Benchmarking. Benchmarking can be described as a process of evaluating and making out companies or working individuals based on certain set standards that may include operational standards, behavioural standards, social responsibility standards, ethical standards, efficiency standards, resource utilization standards and many more. Accordingly, the marking durations may vary either in terms of being quarterly, half yearly or annually. Notably, the evaluation processes are either carried out by companies itself or by hiring of consulting firms (Wheenley and Hunger, 313-318). 6). Key Performance Indicators. Key Performance Indicators (KPIs), in simple terms, can be described as certain sort of indicators based on which, the performance level of a nation, an organization or an individual can be measured. However, the type of the indicators and the measuring criteria is further assumed to differ according to the organisational settings largely (Wheenley and Hunger, 332-336). ANALYSIS Integration Managers. The article titled “Travelsupermarket Adds to Commercial Team” by Stephen Chapman can be described in terms of the staffing concept, referring to the effective evaluation of the staffing procedure described in the book ‘Strategic Management and Business Policy’ written by Wheelen and Hunger. In Wheelen and Hunger, emphasis has been given on the necessity of hiring effective staff members in order to improvise an organization’s or a group’s overall performance. Correspondingly, apart from merely hiring talented individuals, the Travelsupermarket Company has laid significant importance towards conducting effective talent management and practicing improvisation programs in order to boost the performance levels of existing staff members. In this context, all the strategic planning and implementation processes are carried out by the partnership integration manager of this company (Chapman, “Travelsupermarket Adds to Commercial Team”). This article finds similarity to the staffing and strategizing concepts as mentioned in the book. As apparent, the company has increased its share of investment in terms of evolving and distributing their product line and product supply. Thus, the top-level managers including the head of commercial and partnerships also have been observed to believe that continuous hiring and training of new talents as well as existing experienced personnel is necessary in managing their performances. They visualise this process as a step towards maintaining the organization’s overall growth process (Chapman, “Travelsupermarket Adds to Commercial Team”). Downsizing. Employee downsizing forms a significant factor in organizational growth process. Although it has many advantages related to overall organisational performance, its negative implications can be identified in terms of damage to the organizational learning process, loss in creativity, which in turn affects product development process, loss of experienced labour force and many more. One alternative to this sort of loss is through providing effective training to the employees in order to make them capable enough for keeping up with their performance levels during financial slowdown within the economy (The Tennessean, “Dickson-Based TN Bun Company Awarded $25,000 Grant”). In the article further emphasises the role of fund contributions in terms of providing industrial training to workers. The main intention is hereby provided on effectively preparing the workers in terms of facing the upcoming market challenges and demands. There also occurs certain program criteria based on which, the necessary and unnecessary companies are prioritised and downsized and only few companies, which prove to be proficient enough to meet the set standards and are in major need for financial support, are selected (The Tennessean, “Dickson-Based TN Bun Company Awarded $25,000 Grant”). Management Audit. In the article titled “B.C. New Democrat repays $35,000 to non-profit group for lavish trips cited in audits”, the main focus has been delivered towards the negative and unethical outcomes that might occur in the absence of proper supervision and control of the management. Addressing the occurrence of accounting fraud conducted by top-level management personnel, this article argues similar sort of illegal activities hamper the company’s functionality as well as reputation largely. As a corrective measure, multiple companies conduct annual management audits through hiring of external financial auditing firms in order to keep an eye on the financial figures of the company, with the intention of preventing such accounting fraudulency occurrences (National Post, “B.C. New Democrat repays $35,000 to non-profit group for lavish trips cited in audits”). Transfer Pricing. The transfer-pricing concept can be a useful tool for the government and for a company’s top-level management as well. From an economic perspective, this concept can help tax departments in digging up the hidden revenue projects of various MNC’s and thus, significantly contribute towards the economic development process. However, in terms of business, this concept helps in carrying out effective interdepartmental financial transactions and thus, can prevent the chance of any sort of interdepartmental conflicts, assuring smooth conduct of business operations. However, it is worth mentioning that the concept is relatively a new one and requires a more in-depth study prior to its application in the real world (Beniwal, “I-T Softens Transfer Pricing Blow on MNCs”). Benchmarking. As stated in the article ‘The Worlds Most Ethical Companies 2014’, benchmarking in the current competitive corporate scenario has found considerable importance. Benchmarking helps in grading companies based on their performance levels, ethical levels, work-culture levels and many more. This significantly helps the companies in developing its brand name and ensures the attainment of global ranking. Benchmarking can also be considered as a track record for a company in terms of its entire development process over the years. Multiple companies even tend towards benchmarking themselves in order to prove their local or global competencies and superiority to obtain comparative advantages (Adams, “The Worlds Most Ethical Companies 2014”). Key Performance Indicators. The KPIs are vital in terms of keeping track of nation’s or organization’s performance levels. Through the article of the ‘missing indicators’, the author has mainly focussed towards the importance of developing a new measurement tool for measuring the impact of the continuously growing technological advancement towards the economic growth levels of a nation. From an organisational perspective, the performance appraisal ratings are considered as KPIs for keeping track of the employees’ and managerial performance levels (Le Défi Media Group, “Misleading Indicators”). CONCLUSION Through the conduct of this concept paper, I have successfully attained a broader understanding about the various real time business functions that are carried out in the current phenomenon along with identifying the similarities in their practical application with their theoretical elaborations. The ‘Strategic Management and Business Policy’ textbook, written by Thomas L. Wheelen and J. David Hunger, has been quite helpful in providing a clear understanding about the various aspects, which have been utilized in this concept paper. Apart from these mentioned concepts, multiple other business concepts can also be drawn through proper evaluation of this book, which if applied in real life business scenario, can help in boosting the organisational performance level substantially. Works Cited Adams, Susan. “The Worlds Most Ethical Companies 2014”. 2014. Web. 25 Mar. 2014. Beniwal, Vrishti. “I-T Softens Transfer Pricing Blow on MNCs”. 2014. Web. 25 Mar. 2014. Chapman, Stephen. “Travelsupermarket Adds To Commercial Team” 2014. Web. 25 Mar. 2014. “Misleading Indicators”. Le Défi Media Group. 2014. Web. 25 Mar. 2014. “B.C. New Democrat repays $35,000 to non-profit group for lavish trips cited in audits”. National Post. 2014. Web. 25 Mar. 2014. “Dickson-Based TN Bun Company Awarded $25,000 Grant”. The Tennessean. 2014. Web. 25 Mar. 2014. Wheenley, Thomas. L. and Hunger, J. David. Strategic Management and Business Policy. New Jersey: Prentice Hall PTR, 2011. Print. Read More