Creating and Development of Marketing Consultancy Firm - Case Study Example

Marketing consultancy firm As a marketing professional and an unemployed individual, I set up the consultancy firm to render services relevant to the marketing field. The business posed challenges at the initial stages that would be mistaken as an imminent end. Such challenges involved lack of trust in performance by the target clientele whose contracts remained of vital use to the firm (DuBrin, 2009). Despite the challenges borne of the infant firm, I engaged programs that steered the business to high levels that enabled it to win the credibility of clients. For example, the recruitment of professional marketing consultants, proper planning to execute duties, and adequate remunerations represent some of the programs (Hayes & Ninemeier, 2009). The following script defines the job description and specifications, compensation plans, appraisal performances, and benefits plan set for the professional consultants working in the firm. Job description and job specifications in the marketing consultancy firm An analysis of marketing jobs in the firm describes the worthwhile professionals and the prospective tasks that they will be undertaking. For instance, the firm shall target marketing professional who shows competence in their performances. In accordance with the job title, employees must have vast knowledge in marketing as the firm seeks to engage in issuing supportive advice programs to the challenged business clients. The description plan outlines the job location, which is placed in a prime region accessible by most of the target clients. The approach further defines a level of competence against other rival firms. Further I seek to establish a criteria whereby all reports of proceedings and undertakings will be directly submitted to my office for approval, which is the ideal assurance of business continuity. A precise script of business shall combine of the working conditions, and the various equipment that the professional will need when undertaking business expeditions. According to the research I carried out, the firm shall not exhibit any hazards or accident to the situation (Hayes & Ninemeier, 2009). Therefore, the initial interview at the firm shall inquire to identify the above capabilities of the prospective candidates. The prospective candidates shall undergo an interview process to establish their level of competence (Kleynhans, 2006). The consultancy firm targets high profile clientele thus; it will admit professional consultants with valid qualifications and a considerable degree of the required skills. As an infant firm, the consultancy deems it a necessity to employ experienced personnel. Focuses are that, such an approach shall scale out the participants to get the best who can stimulate performance at the initial stages of establishment (Compton, Morrissey & Nankervis, 2009). However, the mood and emotions of candidates will predict the degree at which they can handle different situations arising in different clientele companies. Lastly, I would specify that clients shall reflect the salient tool of the business thus; all undertakings by the prospective employees should target client satisfaction rather than self-centeredness (DuBrin, 2009). The compensation and benefits packages As the employer, I realize that the professional employees of the firm shall seek salaries and remunerations that cater for their needs, with a match to the organization’s performance. In accordance to the job specifications, the different professional shall acquire different amounts of salaries in terms of their performances (Kleynhans, 2006). The permanent employees shall represent a majority population of the majority number of workers. As per the compensation package, I seek to provide monthly salaries for the professionals as the services remain an integral part of the organization (Compton, Morrissey, & Nankervis, 2009). Since the workers are likely to propose different amounts of salaries, the amount closing to the proposed budget shall be the most valid by the management. It is also anticipated that employees may propose allowances, for instance, they are likely to request for commuting and housing allowances (Hayes & Ninemeier, 2009). Therefore, the organization shall consider the salient requests which shall implicate positively in the consultancy. All these remittances shall equate to the guaranteed payments of the organization. In order to motivate employees to show competence, the resolutions are that the company shall offer variable payments that shall reflect on individual performances. For example, monetary incentives shall be given to the professional who serves the biggest clientele satisfactorily. Such an approach shall steer up competition amongst the workers, which shall eventually reflect on acquisition of the set plans of the firm (Compton, Morrissey, & Nankervis, 2009). The bonuses shall reflect to a minimum of 2% of the total revenue acquired from the client services from the prospective worker. Employees shall acquire benefit payments at the end of their tenure. In accordance with the set long-range plans of the organization, the duration upon which an employee will work for the organization shall implicate on benefits accruable at the long-run (Compton, Morrissey, & Nankervis, 2009). On a second version of the benefits program, the firm shall provide for health covers to the permanently employed workers with an exception of those performing under a contractual agreement. The workers shall receive their salaries and allowances even when on their vacations (Kleynhans, 2006). The benefits plan shall include insurance covers for all the workers; this shall be effective from the third month that each worker shall have offered services to the firm. Rationalizing the benefits and compensation packages The compensation package shall reflect on the long-range organizational plan. For instance, all salaries and remunerations shall not exceed a third of the total gross revenue. This approach diminishes threats that the firm may fail during hard financial times in the organization. According to research, proper compensation program reflects to the firm’s anticipated performance and the country’s economic situation (Snell & Bohlander, 2013). With a precise prediction that lifestyles are on the verge of change, remunerations should reflect on effecting living standards for the workers. With the presence of competition in the marketing consultancy sector, compensation package shall pose merits and demerits depending on the laid down plans (Kleynhans, 2006). Observations are that poor compensation may threaten the infant firm to underperforming and incompetence as the workers are poorly motivated. For instance, a poorly paid professional may engage most of his time in finding for a better alternative. This impedes performance as the clients fail lack attention and solutions to their problems thus; they shift to seek solutions from alternative sources, which injures the firm’s revenues (Hayes, & Ninemeier, 2009). Research reflects a vital tool to ensuring continuity and growth of the infant consultancy firm. The problems associated with overpayment of the compensation scheme are as well overwhelming. With revenue performance remaining unpredictable, initial remunerations may harm the firm rather than drawing it to the desired edge. Such threats impede proper salary forecasts and will threaten the firm until it gains the strengths to survive in the industry. Research findings depict that benefits packages may boost or hinder performance of the organization. Accordingly, the study reveals that allocation of different benefits packages may injure the firm’s revenues (Snell & Bohlander, 2013). For example, initial offering of insurance package shall not solve to encourage performance as the firm shall be in its early stages of growth. Predictions are that insurance benefits are valid and necessary for implementation at the stage whereby the firm shall be enjoying its economies of scale during expansion (Kleynhans, 2006). However, research implements that the firm shall not avoid all benefits in the initial stages as employees shall be comparing the differences with competitors. The rationale of compensation and benefits provision is maintenance of equity between the firm and employees for mutual benefits. Performance appraisal program to assess the job performance The program is an essential tool for realizing job performance in accordance to the desired goals and objectives in the company (Kleynhans, 2006). In the case of the consultancy firm, expectations are that the employees should focus on improving the list of clientele (Snell, & Bohlander, 2013). For example, they are tasked with making approaches to the clients. The essence is that the infant business shall gain popularity through direct aggression thus; the employees shall not expect clients to visit the unpopular consultancy firm (DuBrin, 2009). Another aspect of the appraisal program is to define the importance of employee activities to the firm. In most cases, interdependence occurs between a firm and the workforce. Similarly, the firm shall focus effecting a good working environment through the provision of salient factors that are vital for effective performance. With such that approach, the employees shall be expected to reflect positive and competitive job performance (Kleynhans, 2006). Forecasts imply that whenever employees perform their duties perfectly, the firm shall have increased chances of achieving the set goals and objectives (Compton, Morrissey, & Nankervis, 2009). The performance appraisal seeks to assess the degree at which employees in different ranks will cooperate to achieve the firm’s plans. At the long-run, probable barriers emanating from different fields in the working environment may threaten acquisition of the firm’s objectives (Snell, & Bohlander, 2013). Therefore, the assessment criteria shall seek to implement on the factors threatening a beautiful coexistence and the achievement of the set goals. With such approaches in place, the firm shall easily find solutions to any challenges in the workplace. A rationale of the performance appraisal program Despite the benefits associated with the performance appraisal program, the rationale remains on whether the criteria shall be applicable in the firm. In the case of a consultancy firm, it is realistic that different job categories require employees with different knowledge and skills. Observations reveal that the appraisal program may not adequately solve to guarantee performance (Snell, & Bohlander, 2013). However, the evaluation criteria may seem adequate to acquisition of the goals, it may fail to ascertain on the possible shortcomings associated with the future challenges. For instance a decision that dictates employees to build up clientele group on a mandatory basis is ill in that at an optimum point, employees shall live in fear of losing their incentives (Hayes, & Ninemeier, 2009). Since appraisal programs are incorporated to job forecasts, the expectations of the consultancy firm may register a slight defect from the expected output (Compton, Morrissey, & Nankervis, 2009). The rationale of the performance appraisal programs reflects an effective job management program. Through the approach, employees remain tailored to acquiring the target objectives. Therefore, the rationale of job appraisal and performance remains integral in the consultancy firm (Kleynhans, 2006). It is advantageous to the achievement of growth and sustainability, and acquisition of team performances. References Compton, R. L., Morrissey, W. J., & Nankervis, A. R. (2009). Effective recruitment & selection practices. North Ryde, N.S.W: CCH Australia. DuBrin, A. J. (2009). Essentials of management. Mason, OH: Thomson Business & Economics. Hayes, D. K., & Ninemeier, J. D. (2009). Human resources management in the hospitality industry. Hoboken, N.J: John Wiley & Sons. Kleynhans, R. (2006). Human resource management. Cape Town, South Africa: Pearson/Prentice Hall South Africa. Snell, S., & Bohlander, G. W. (2013). Managing human resources. Mason, Ohio: South-Western. Read More