Management Plan with focus on Leadership for Verizon - Research Paper Example

LEADERSHIP AND MANAGEMENT PLAN FOR VERIZON HEADING PAGE I. Introduction……………...………………………………………………....1 II. Strategic Planning…………………………………...……………………..1 1. Prioritize Objectives and Projects………………………………….2 2. Effective Resource Planning and Manpower Allocation…………..4 i. Training and Development…………………………………4 ii. Human Capital Management……………………………….5 iii. Workforce Retention……………………………………….5 iv. Success Strategies…………………………………………..6 III. Imbibe a Common Culture ……..…………………………………………..6 1. Open Communication……………………………………………….7 2. Ownership Program….……………………………………………...7 3. Knowledge Enhancement Opportunities…………………………....8 4. Reward and Recognition Programs…………………………………8 IV. Facilitating Innovation and Change …………………………………….......9 1. Interacting with Quality Teams………………………………….....10 2. Removing Barriers to Changes and Succession Planning……….....10 V. Leadership and Management made Verizon a Pioneer.…………………….12 VI. Conclusion………………………………………………………………......14 VII. References…………………………………………………………………...15 I. Introduction: There are four broad steering functions behind the success of any organization, namely, Leadership and Strategic Planning Management and Resource Allocation Work culture and Team-building Facilitation and Deliverables Leadership is the driving force to organizational development and Management is the backbone of organizational establishment. Both dynamic leadership and coherent and fair management are supremely necessary to create and sustain a world class performing organizational structure. [5] In 1983, American Telephone and Telegraph Company (later known as AT&T Corporation) founded Bell Atlantic Corporation. On June 30, 2000 Bell Atlantic Corporation emerged as an established entity on merging with GTE and changed its name to Verizon Communications Inc. On April 4, 2000 a joint ventures of conglomerate of industries in wireless technology with Verizon Communications Incorporation made it earn its new wing as Verizon Wireless with “Verizon” brand name. Ivan G. Seidenberg, Chairman and CEO of Verizon Communications Inc., having enormous impact in the development of Verizon, is a self-made leader who has steered his way from the bottom to one of the few renowned Fortune 500 CEOs and is the main force behind the success story of Verizon. [5] II. Strategic Planning: The success story behind any established company lies majorly in weighing their deliverables based on the 4-Cs, namely, Customer, Chain, Community, Colleague. The gravity of any decision can be measured based on the following statistics:- Profitable Growth YOY (Year over Year): On implanting motivational values to improve productivity and cooperation Fun to Work: On encouraging the team members to come up with new ideas, interact and manage their daily work and govern their lives equally. Delivery/ Excellence in Service: On cooperative collaboration under strong leadership guidance to deliver quality controlled and world standard output while adhering to timelines with state of the art support systems. Respect: On respecting human nature which aids to maintain an encouraging balance between devotion to work and a respectable family life Recognised Leadership Program: On identifying the true success lies not only in hiring really good people, but to the fact to think that every employee is a special individual, creative, open-minded, diverse, affable, not afraid of change - and always ready to take up any challenges. Knowledge Company: On carefully planning the career growth plan, learning curve, geographical exposure, the technical passion and the technical vision are all distinctions taken together at Verizon. Hence strategic planning broadly can be achieved by two ways, viz, properly prioritizing goals and effectively allocating resources as elaborated below. 1. Prioritize Objectives and Projects: [8] Prioritizing quality goals and objectives are vital for any projects to evaluate and enhance the return on investment and the steps to follow in succession are: Implementing knowledge gathered from enriched past experiences noted in project history Making cardinal the priorities as per the optimal business guidelines and timelines Assessing issues and hindrances in the current system Initiating new processes and practices to functionalize effectively by analysing divergence through gap measurement of the present condition with the base requirements Actualizing and fulfilling methodology towards the result-oriented goal Incorporating business alterations on revisiting assumptions and reprocessing from the beginning till the end to accomplish a complete circle of activities Documentation and assessment of metrics evaluating revenue plan, client satisfaction and overall operational costs is highly necessary in this line, as well additionally keeping abreast with the anticipated and unanticipated profit and expenditure, schedules and efforts, benefits and threats. The lists in types of corporate prioritizing can be noted down as the following: Revenue Generation enlisting policies and techniques for client retention, market expansion, and enhanced order requests with client satisfaction graph evaluation. Quality Goals setting with establishment of quality statement, infrastructure improvement methodologies, periodical reviews with accountability constitution, peer-involvement with betterment in quality process evaluation, cost optimization and defect minimization and reduction. Human Resource management with assessment and appraisal of target setting of customer satisfaction and evolvement – both internal (employees) and external (clients) – for overall organizational development. Financial computation of balance sheet, stock management, share enhancement, market valuation and turnover amplification. [8] [6] In reference to the current context of Verizon and in accordance with its vision and mission plan as emphasized by the Chairman and CEO Mr. Ivan G. Seidenberg at the recent conference of Cellular Telecommunications Industry Association (CTIA) on 1st April 2009, wireless business enhancement has been prioritized in the first list with a superiorly dynamic and innovative plan that will revitalize the US vis-à-vis the world economy with enormous growth opportunities and value-chain prospects for people for an extensive period. [6] 2. Effective Resource Planning and Manpower Allocation: Effective Resource Planning and Manpower Transfer and Allocation – is the most important part in the study of Leadership and Management wherein the vital statistics of business success is majorly dependent on the backbone of strong and competent organizational structure. In the current scenario of Verizon Incorporation, the organizational structure can be classified into the following teams, namely, Management, Research and Development, Human Resources, Sales and Marketing, Administration and Production, and henceforth focus on the following factors for improving the employees’ overall welfare and performance: i. Training and Development ii. Human Capital Management iii. Workforce Retention iv. Success Strategies i. Training and Development : With growing global rat-race, baffling business processes, hi-tech technologies and ever-demanding customers have motivated the organizations and its business heads implement practical methodologies, tools & techniques to aid in constant advancement of business qualities, manpower efficiency & productivity in improving the bottom line, solving intricate issues, developing new products/services in time. In order to educate & train world's most successful process quality improvement approaches to the concerned employees, it is required to arrange for the requisite technical as well as soft skill trainings which are case specific by charting a competency matrix. ii. Human Capital Management: In the present backdrop of globalisation as trend-setters and intensive competitive market, the timeline adherence with high-qualitative and more productive deliverables has become imperative day by day. This in line has prioritized the need to educate, train and organize resource-planning and imbibe in the common company-culture and creativity to team-up to yield an energetic high performance network. Thus the knowledge-assets of an organization are driven by like-minded individuals who share the passion, vision and mission of the corporation and hence increase the brand-endorsement and market-value manifold compared to any tangible assets. Amongst the top priority lists in the agenda of any successful organization is effective talent acquisition to employ, deploy, train and retain individuals. Thus an Employment Assistance Program abbreviated as EAP is to be introduced. EAPs are designed to help and guide employees deal with personal issues that sometimes consume important time during work and to cope up in a matured manner to stop inadvertent influence in their efficiency, energy and well-being, and hence strike a perfect balance between corporate and personal life. The modus operandi of an EAP process is short-term appraisal, mentoring and resource recommendation services for employees and their family members. iii. Workforce Retention: The deployment and retention of suitable acquisition of talents in an organizational workforce is the supremely important and the most challenging tasks of the HR and the Management – which in the long run has proven to be the key to organizational success. This is achieved through very strong recruiting efforts which stresses on the overall career and economical development of the workforce, re-recruiting and internal branding, rewards and recognition, personal motivation, team events, periodic onsite deputation and rotation policy. iv. Success Strategies: The best way to implement Performance Management Program is through ‘Motivational Development Planning’. The ‘Motivational Development Planning’ is achieved on tête-à-tête interaction between the employee and the reporting project lead in presence of the HR to come to a win-win negotiation on some critical issues within the department. Through need-analysis and situation control management methodologies a plan is chalked out and monitored over a period of time to optimize productivity of the overall function and the workforce in question. This helps in the overall development and career building of the employee coupled with the holistic organizational development. This also motivates the team in standing out in the crowd and thus the team spirit surges ahead with commitment to give the best. III. Imbibe a Common Culture: To effectively develop and run an organization it is necessary to build and practice a fair, transparent and efficient management custom. The hierarchal pattern and organizational structure should be clearly stated so that there dwells no question in terms of work allotment and progression pattern and reporting structure. From the very first stages of the induction of a new employee in the corporation, there is to be a prolonged dedicated session on the history of the organization, its inspirational success story with the indispensable roles of the management board to help the organization reach its current glory, and the vision, mission and innate culture to imbibe in the new joinee and educate and train the individual in the new system. This effective transfer of knowledge asset that the like-minded personnel will now envision is the most priced-possession than any tangible asset of the organization – which in the long run will bear the organization its coveted fruits of glory. 1. Open Communication: The work culture should ideally be a transparent culture that will reflect the images of all employees. It is a mélange of their personalities, talent and potential that is continuously encouraged and nurtured. Verizon is an ‘Innovation Company’ where the ideas and feedbacks of every individual with the organization are correlated, judged and taken into consideration irrespective of hierarchical pyramids. Thus the principles of Open-Door Management are ubiquitously practiced. Thus at Verizon individuals are invited to sow their dreams and reap a reality that measures their collective best standards through a progressive leadership and management development system. 2. Ownership Program: The true efficacy of the successful delivery of any project depends on the full accountability and ownership feelings of every project team members. The foundation of a strong team lies in the leadership system with smooth communication, motivational strategies, timely succession planning, collaborative negotiation and periodic knowledge enhancement and enjoyable work culture environment. Short term appraisal sessions with reward and recognition programs motivate a team member with renewed responsibility to fulfill the team objective in a spirited manner. Participation of each and every employee in skill-development techniques with careful and documented tracking of progresses and implementation of efficient skill-augmentation programs should be highly encouraged at Verizon. This takes the organization to its next level of advancement in respect to its competitors in the industry. 3. Knowledge Enhancement Opportunities: It becomes necessary for the organization to implement Learning and Knowledge Enhancement Opportunities for every employee – accommodating with each stages of their individual achievement to take them to the next higher level vis-à-vis the organizational growth. Such Knowledge-Augmentation programs are skillfully maneuvered. This gives an edge to the organisation from time to time paving the path for effective breakthrough in its field of excellence. 4. Reward and Recognition Programs: The utmost possible methodology for employee retention and overall organizational advancement enlivening and vitalizing the workforce is achieved by boosting the employee-morale. This is done through fair and respectful outlook at Verizon where employees are rewarded with value and appreciation even for a small daily work done which build up to their unique Recognition and Performance-Augmentation programs. From day one on entry into Verizon family employees are given benefits of varied kinds some of which are medical/dental/vision/life insurance, paid vacation, training, tuition reimbursements, with sufficient amount of technological assistance and assets to maintain a rhythmic work-to-personal life balance and in the process increasing overall efficiency of any individual. The most successful Reward and Recognition theories possess namely five major aspects: Achievable: On setting targets and goal-mapping. Objective: On fulfilling an immediate requirement that is in need. Sensible: Simple motivational factors to speed up the work process. Timely: Immediate pat-on-the-back or any note of appreciation to enliven. Useful: Long term rewards like “Achievers Club”, “Grand Slam Reward” etc on periodic accession of continuous accomplishments awarded for specified business purposes. The purpose of recognition could be anything from the achievement of excellence or extraordinary feat in the employees’ field of work to the length of loyalty towards the organization. This Reward and Recognition process will enable a blessed organizational climate with pleasant aura of positive and more constructive outlook. IV. Facilitating Innovation and Change [1]: In succession of time as the company develops from its ground-zero position to a stable advancement, ultimately reaching the pinnacle of success, as in the case of Verizon, a series of alterations, innovations, and changes in the functionalities and workforce is destined to take happen. In order to manage such transition of events through sound and solid succession planning the organization need a strong leadership and management as evident in the case of Verizon Incorporation. It is imperative that the process to follow in facilitating innovation within the organization is motivating and interacting in a positive tone with the existing workforce educating them on the introduction of a new innovative product and/or services quite some time in advance and sharing with them about the advantages and benefits of the said innovative approach. Thus providing an open-ended and continuous assistance, encouragement and all kinds of support alleviates the transition impediments in the path of practical implementation and testing of any innovation plan. The careful study and understanding of industrial developments in the field of the company’s interest and the socio-cultural impact related to any innovative plan or product introduction will ultimately pave the path for the overall advancement and its visionary sustenance. Such types of innovation planning have facilitated Verizon to the new era of technology and development. This section will come out with a detailed examination on the relation between Leadership Management and Succession Planning to nurture and cultivate the art of talent acquisition and intrinsic human capital sustenance for identifying leadership capabilities to take the responsibilities of key positions that may be available due to retirement, expected or unexpected separations. 1. Interacting with Quality Teams: It is also necessary to have a solid and strong base of interaction and discussion with the existing quality assurance team within the organization to maintain and adhere to the quality control norms and policies in order to facilitate a smooth transition for any innovation. It should be strictly observed that any change in the current set up is in complete persistence with the Quality Statement, Quality Mission and vision of the organization. Access to plan in terms of quality issues and information when shared with every team member ushers in a progressive environment for development and innovation. Thus through effective team communication and education a progressive blueprint for success is holistically welcomed within the corporation. 2. Removing Barriers to Changes and Succession Planning: The Succession Planning is the organized evaluation and systematic advancement of employee’s professional talents. In order to fulfill the vital vacancies that may have aroused due to retirement, expected or unexpected separations, leadership talents are being nurtured and properly encouraged to flourish and grow in the right direction. Estimating the criticality of the position and the seniority of any talent Succession Planning is achieved keeping in mind all the legal liabilities and the international human capital management rules and regulations. After identifying and recruiting a suitable talent based on on-line resumes of candidates, job preferences, development plans, past results and the greatest challenge lies in retaining and sustenance of the same with the provision of suitable potential back-ups as the functionality develops. The Human Capital Development is progressing with the evolvement of the latent talent investment amidst the economical advancement in the corporate world. Keeping in pace with the growing economy and state of world affairs, it has become imperative that individuals in their learning phase take the organization to the level of being innovative, imaginative and creative towards their mode of approach and outlook. Connecting with hi-tech technology means that all Verizon’s employees must stay competitive and up-to-date with technical skills and training. Verizon’s dynamic work culture stresses on building up a diverse, innovative, dedicated, motivated and pioneering team with heightened knowledge-base and high ethical standards. To win any barrier towards innovative changes it is highly important to integrate an educative and brainstorming training and development methodology be inculcated. This could be achieved in a series of group discussions by “storming”, i.e., brain-storming, by “forming”, i.e., formulating, and by “norming”, i.e., normalizing taking into consideration any aspect of the situation. In order to visualize and implement any breakthrough results above the age-old practices and beliefs, it is definitely necessary to conduct the strategic operation with great patience, calculative risks, intensive research, backup plan, long-term plan, extensive training, aggressive marketing and global branding. This whole process becomes more evident and elaborated following the developmental pattern and path-breaking achievements of Verizon Incorporation as illustrated below. V. Leadership and Management made Verizon a Pioneer: Verizon Communications Inc. (Verizon) is one of the forerunners as global service providers in the hi-tech world of communications, tele-communications and information systems. Being a Fortune 50 Company with world class extensive services and networks, Verizon has excelled in wireless and mobility technologies worldwide. [7] Across United States, Verizon renowned as Verizon Wireless has rightly earned its fame in the hi-tech market of wireless voice and data products and services, whereas in rest of Americas and Europe Verizon’s global segment has invested in path-breaking innovations and technological advancements in the field of wireline and wireless communications operations. Additionally Verizon also evaluate and supervise the financial and economic stature at their hub, namely, United States of America where their majority of the offices function – thus holding the functional key to revenue development through constant monitoring and analysis. Through intensive and acute demand-supply analysis Verizon and its products and services are omnipresent whether be it for gross domestic use, or be it for housing units, or production, construction, manufacturing industry, or personal consumption and capital expenditures closely related to the rise and fall of inflation and employment rates. Hence Verizon has penetrated and has established as an indispensable and intrinsic factor in the lives of Americans and hence the global consumer market. Verizon has rightly transformed itself to a “cash cow” business unit with high profit margins with increasing cash flow year after year from expanding operations which overruled the reduction in cash flow from its abandoned sector – thus creating a steady history of high revenue generation – which is the crux of its success. This process for Verizon during the period 2006-2007 could be dedicated greatly to the contributions of its business partners like Vodafone, Omnitel and CANTV, plus domestic success in Wireless technology – thereby enhancing its operating liquidity to an enormous extent. The fundamental trend of Verizon is to focus on capital expenditures to innovate and facilitate the influx of new products, technologies and services to become a visionary brand in its own territory of communications and information systems. [7] The huge growth of Verizon is evidently possible due to the foresight and futuristic ideals of its Management Leadership team headed by Ivan G. Seidenberg, Chairman and CEO of Verizon Communications Inc. Taking into account its initiatives and contributions in [3] high speed Fiber-Optic Broadband Internet (FiOS) services, in avant-garde home business techniques, in hi-tech Internet Protocol Television (IPTV) and Evolution-Data (EV-DO) systems, in extensive Enterprise Architecture facilitations, in prospering Mobility products and services, Verizon is hailed in the industry as the forerunners in futuristic technologies and innovation hub. [3] [6] Due to its diversity of functions and penetration in innovative technologies as timely envisioned by its Management, Verizon has not only come out as a leader but also as a winner even in this drastic down slide period of economic depression. [6] [7] To top it all in the year 2007, Verizon’s entry into the software and information securities services, especially its interest in Remote Infrastructure Management services, has transformed Verizon as one of the most powerful enterprises in software networking sector. Its cutting edge services in mobile, wireless and Voice-over-Internet Protocol (VoIP) device management and converged applications have virtually made it a most coveted global brand in hi-tech innovations. Verizon’s operation in diversified business strategies and fulfilling commitments has been practically made possible and successful by its growing employee strength of 250,000 employees, including Verizon Business. Thus Verizon is deemed as a pioneering company in the field of information and communications build up firmly by its foresighted Leadership and Management team. [7] VI. Conclusion: Reflecting on all the aspects discussed in this paper, it can be boldly declared that an able and solid foundation of Leadership and Management at Verizon – following all the techniques, methodologies and processes as mentioned above – have aided altogether in the strong and successful establishment of the organization. The cardinal factor behind every success secret is the leadership and sustenance of workforce and progress. However may be the technological advancements and hi-tech discoveries of an organization, yet it is the People whose relentless endeavours are behind such innovations and developments. And to drive these individuals as a team towards the coveted goal – the secured and steadfast directives and guidance of a competent leadership is imperative in every esteemed organization. Able leaders and visionary management religiously follow all the guidelines discussed in this paper. Prioritizing objectives and projects, strategically resource-planning and development, imbibing a common and transparent work culture, and facilitating innovation and change through constructive educative and encouraging training sessions – are all the time-tested attributes of a powerful Leadership and Management plan for Verizon Inc. These leadership strategies have positioned Verizon amongst the 10 most powerful companies in the area of its expertise, and in the long run will also be ascribed to its invincible success – thus paving the path to the sky-high technological advancements and future of humanity. VII. References: [1]. ASTD Competency Study, (2004), Trend Analysis 2004-2006 for Learning Professionals, UMBC University in Maryland [2]. Buckingham, Marcus, & Coffman, Curt, (1999), First, Break All the Rules: What the World's Greatest Managers Do Differently, The Gallup Organization [3]. Briere, Daniel, By Network World columnists , Network World ,December 22, 2006, The 10 most powerful companies in networking : Verizon: Future-Proofed: http://www.networkworld.com/power/2006/122506-10-most-powerful-companies.html?page=10 [4]. Collins, Jim, (2001), Good to Great: Why Some Companies Make the Leap... and Others Don't, HarperCollins Publishers Inc. [5]. Seidenberg, Ivan G., Chairman & CEO of Verizon Communications Inc., from: http://people.forbes.com/profile/ivan-g-seidenberg/84094 [6]. Seidenberg, Ivan G., Chairman & CEO of Verizon Communications Inc., April 1, 2009, International CTIA Wireless 2009, at Executive Center of Verizon website on Featured speech corner: http://www22.verizon.com/about/executivecenter/ [7]. Verizon Communications’ Interactive Annual Reports 2005-2008 available at Verizon website: http://investor.verizon.com/financial/quarterly/ [8]. Wald, Bonnie & Marsden, Ann, 2003, White Paper released by CC Pace a Technology Consulting firm headquartered in Fairfax, Virginia on Prioritizing Projects to Maximize Return on Investment: http://www.ccpace.com/Resources/documents/maximizeROI_whitepaper.pdf [9]. Wilson, Daniel Gray, (2009), Leading Teams to Effective Decisions: The Vital Role of Framing, Emerald Group Publishing Limited Read More