Business Policy Development and Implementation - Essay Example

In Russia, Norilsk Nickel Mining Corporation had awarded its former CEO Vladimir Strzhalkovsky with a golden parachute severance payment of $100 million (Kramer, 2012). There is what is commonly called “competitive benchmarking” (Elson & Ferrere, 2012, p. 9). The golden parachute was Russia’s greatest ever; this was the result of a shareholder’s dispute. In the light of executive compensation to attain organizational goals, an executive employee should be remunerated above or parallel to the market value.

This can ensure employee retention as part of realizing the goals of the organization. Another option as shareholder suffrage on executive remuneration would as well connote a fair and just management stipulation.Organizational RestructuringOrganizational restructuring alters the stipulative scheme, information dissemination, and management framework of a certain organization (Tearle, 2011). SMART Technologies, Incorporated has undergone corporate restructuring (“SMART Announces Corporate Restructuring,” 2012), and personnel development is a very significant facet of it.

The employees themselves are the central participants in the restructuring of an organization. The restructuring of SMART has twofold aspects: first, decentralization has been sighted by the entity as the optimum recourse in developing customer service in the fields of education and enterprise; second, the latter will denote cost reduction by almost $40 million. Stakeholders, such as employees, will have to adapt corporate culture alterations, undergo training and redeployment designs, conform to amended HR policies, and accept remuneration modification.

Customers will also experience better customer service once the restructuring has been implemented.Visionary Leadership PerspectiveVisionary leadership connotes the creation of a favorable picture of the future that stimulates the interest of the members of an organization and supplies courses for future specific management functions. Visionary leaders tell their subordinates where they are going, but not on how they would get there. The followers have the freedom to innovate, test, and take gauged risks (“Leadership Styles,” 2012).

This arrives into two types: charismatic leadership connotes qualities of leaders that generate strong connection with them and their followers while transformational leadership explicates the production of awareness and acceptance of an organizational goal and obtains followers to perceive beyond their own interests for the benefit of the group. To be a visionary leader, one should develop the vision, sell it, seek the course ahead, and lead the charge. It can be gained and learned through one’s passion and visionary outlook to pursue great things (“Transformational Leadership,” 2012).

Four Key Perspectives of a Balanced Scorecard and McDonald’s Corporation4.1 The Balanced Scorecard PerspectivesAn organization has to adopt diversified management systems when it comes to managing and monitoring its organizational activities (Kulkarni, 2012). The primary goal of a balanced scorecard is to develop a corporate strategy with suitable researches and to metamorphose them into an executable scheme that is virtual, gaugeable, and ensures everyone’s participation in the organization.

The learning and growth perspective. This entails the development of the members of the organization. Once an organizational culture is well-polished, then employee retention will never be an issue. However, the retention of employees is a critical problem since the cost of training can hinder organizational productivity. Learning and growth must be constant as this can aid the path to success for an organization.The business process perspective. The second perspective depicts managing the line activities to achieve the objectives of the organization.

In the first place, the mission is the driver of entities to work and organization to sustain its activities; it should be clearly defined. Moreover, this portion delineates the status quo of organizational activities, involving the needs of its target market.The customer perspective. In this perspective, customers are considered as drivers of change as their beliefs conform to the goals of an organization. For an organization to succeed, it must consider the perspectives of its customers. For this one, organizations should conduct market research to analyze the performance and nature of their target market.

The financial perspective. This view is lined with monetary concerns in order for a firm to sustain its business activities. Managers of an organization should look at well-timed and precise budgeting information as a priority (“Balanced Scorecard basics,” 2012). To further realize this view of management action, this category should also include risk evaluation and cost-benefit data.4.2 McDonald’s CorporationIn the restaurant industry, McDonald’s flight is one of the highest ever recorded in history.

McDonald Corporation is headquartered in Oak Brook, Illinois, United States. It offers products such as hamburgers, chicken, breakfast, soft drinks, coffee, milkshakes, salads, and desserts with its fast-food chains. It has a number of 34, 000 locations worldwide. With its 1.7 million employees around the globe, it cannot be questioned the dominance it grasps in the relative industry. In Beijing, China, McDonald’s Corporation had hired another 70,000 employees as a complement to its growing number of stores in the Chinese market.

By this year, McDonald’s operations have been projected to increase with another 2,000 stores (“McDonald's to Double Number of Chinese employees,” 2012). In the light of corporate goals, McDonald’s mission and values are centered on people, products, place, price, and promotion. The company claims that excellent customer service is at the top of everything they do (McDonald's, 2013). McDonald’s perspectives are very relevant to the balanced scorecard’s key perspectives.

It is not only because McDonald’s values the development of people and financial aspects, but also--as they claim--customer service that is associated with its billions of customers. The Balanced Scorecard is significantly appropriate to the kind of organization that McDonald’s belong to.