...According to the Society for Human Resource Management, “The right total rewards system—a blend of monetary and nonmonetary rewards offered to employees—can generate valuable business results” (Heneman 1). This paper will explore how successful total rewards management systems and the correct implementation of it allowed two top companies achieve success. Total rewards management as we know it “encompasses not only compensation and benefits but also personal and professional growth opportunities and a motivating work environment” (Heneman 3). Hoovers.com states that internet search engine giant, Google, historically reports year-after-year revenue and net income growth. The total rewards management system is world renowned and the successful implementation of it is reflected in Google’s financial reports and consistent awards and recognition. The second company under the scope is US based retailer Costco which sells a variety of products from household appliances to bedding and groceries (Datamonitor.com). Costco Wholesale Corporation is often held up as a retailer that does it right, paying well and offering generous benefits according to Ann Zimmerman in her article Costco’s Dilemma: Is Treating Employees Well Unacceptable for a Public-Traded Corporation (Wall Street Journal). The conclusion will be drawn that both Google and Costco’s are leaders in both of their total reward management strategies and the implementation of it. But how? How did Google and Costco get to...
Words: 2103 - Pages: 9
...Intarnational issues in strategy implementation Some obstacles to effective execution The road to effective strategy execution is full of potholes and dangers. What are some of them? * Planning and execution are interdependent. Strategy formulation and implementation are separate, distinguishable parts of the strategic management process. Logically, implementation follows formulation; one cannot implement something until that something exists. But formulation and implementation are also interdependent, part of an overall process of planning-executing-adapting. This interdependence suggests that overlap between planners and “doers” improves the probability of execution success. Not involving those responsible for execution in the planning process threatens knowledge transfer, commitment to sought-after outcomes, and the entire implementation process. * Execution takes time. The successful implementation of strategy takes more time than its formulation. This can challenge managers’ attention to execution details. The longer time frame can also detract from managers’ attention to strategic goals. Controls must be set to provide feedback and keep management abreast of external “shocks” and changes. The process of execution must be dynamic and adaptive, responding to unanticipated events. This imperative challenges managers responsible for execution. * Execution involves many people. Strategy implementation always involves more people than strategy formulation. This presents...
Words: 2031 - Pages: 9
...Strategic Management of Human Resources Section A: (Take around 15 minutes to answer each question, 1 or max 1.5 pages for each question) 1. What do we mean by the terms ‘Best fit’ and ‘Best practice’ to describe SHRM (Strategic Human Resource Management). Which is better? Use any short case examples to illustrate your discussion? Answer: By Definition ‘SHRMis that approach of HRM that refers that how all the aims and the objectives of the organization can be achieved through the people of the organization itself. It is a very critical approach of HRM. These objectives are realized by the employees of the organization, where each employee is given some objectives to achieve. Through this the employee also showcases his performance and thus grows.’ Two approaches of SHRM are: 1) Best Fit 2) Best Practice Discussing both here below, Best Fit Approach: takes into consideration all the circumstances that the organization is facing and hence create a best fit of strategies to best solve the problems. These circumstances that the approach takes into account could be internal as well as external to the organization. The people working in the organization become the center to the approach and it is these people that help is sort out the circumstances. The strategies thus developed under this approach focuses on the needs of the organization and the people. This approach is said to be important and one of the best practices because it keeps into consideration the...
Words: 9120 - Pages: 37
...Introduction Businesses enterprise has been realized that there is a need to restructure their business practices and become more customer-focused. All recent business approaches and techniques have generally aimed at improving performance, increasing profits, gaining market share, and most importantly satisfying the customer who has become more educated and more demanding than ever. In the last two decades two organizational development models have dominated the business world for a considerable period of time namely Total Quality Management (TQM) and Core Process Re-engineering (CPR). TQM and CPR share a cross-functional relationship. Quality specialists tend to focus on incremental change and gradual improvement of processes, while proponents of re-engineering often seek radical redesign and drastic improvement of processes. Quality management often referred to as TQM or continuous improvement, means programs and initiatives, which emphasize incremental improvement in work processes, and outputs over an open-ended period of time. In contrast, reengineering, also known as business process redesign or process innovation, refers to prudent initiatives intended to achieve radically redesigned and improved work processes in a specific time frame. In contrast to continuous improvement, CPR relies on a different school of thought. The extreme difference between continuous process improvement and core process reengineering lies in where the start from and also the magnitude and...
Words: 9463 - Pages: 38
...HRM 600 Advanced Organizational Behavior and Leadership Role of Rewards in retaining skilled Employees Presented To: Dr. Akl Keyrouz Presented By: - Amale R. Abboud [ID: 19030] - Chimène M. Abou Nahoul [ID: 19542] Contents Abstract: 2 Introduction: 2 Overview of Literature 2 Results Discussion: 2 A- Employee Reward and Recognition Systems 2 1- REWARD VS. RECOGNITION 2 2- DESIGNING A REWARD PROGRAM 2 3- TYPES OF REWARD PROGRAMS 2 a- Variable Pay: 2 b- Bonuses 2 c- Profit Sharing 2 d- Stock Options 2 B- Reward Systems and Organizational Change 2 1- Reward as a Lead 2 2- Reward as a Lag 2 3- Rewards as a Motivator of Change 2 C- Conclusion 2 References: 2 Abstract: Reward is one of various human resource (HR) tools that organizations use to manage their employees. For an organization to collect its money’s worth, stimulate, and preserve skillful employees, it needs to confirm that its compensation system is not an island by itself. Not only is it important for an organization to tie reward to its general goals and strategies, it is vital that its compensation system supports with its HR strategy. Too many organizations plan and control their pay systems by default; or worse, fall back on “the squeaky wheel gets the grease” practices. More than any other area in HR, disregarding pay and performance systems can be devastating. It is a very costly and laborious procedure to employ new employees...
Words: 3857 - Pages: 16
...GOAL/QPC Research Committee 1990 Research Report No. 90-12-02 Total Quality Management Master Plan An Implementation Strategy GOAL/QPC 12B Manor Parkway Salem, New Hampshire 03079 Phone: (603) 890-8800 FAX: (603) 870-9122 service@goalqpc.com www.goalqpc.com About GOAL/QPC . . . Founded in 1978 as a nonprofit organization, GOAL/QPC grew from a regional effort to expand jobs in northeastern Massachusetts to an international leader in studying and teaching a business transformation process. GOAL/QPC leads the way by helping hundreds of companies (including many of the Fortune 500) through its research, publications, training, and consultations. In 1988, GOAL/QPC invited 20 U.S. companies to participate in a Sustaining Members' Research Committee that would meet quarterly to study and discuss "leading edge" concepts, methodologies, and processes for the improvement of quality, productivity, and competitiveness. During 1987-90, the Sustaining Members' Research Committee operated with five Research Teams: Cultural Change and Integration of Plans Daily Control Cross-Functional Management TQM for Cost Reduction Benchmarking This research report is a product of the Cultural Change and Integration of Plans Team. Team members: Gary Floss Tom Lynch Jim Naughton Joe Colletti Bob King Gene Miller Pamela Olivier Andre Shambarger Bob Allison Tom Flaherty Mark Finster Ken Karch Mark Shimelonis Control Data Eastman Kodak Expert Knowledge Systems GOAL/QPC GOAL/QPC Goodyear Tire and Rubber...
Words: 10837 - Pages: 44
...| CHANGE MANAGEMENT | CIP Project | | Submitted to : Mr. Adil Hassan | Submitted by: Raunika Rawat PGDMHR IMI, New Delhi | | | TABLE OF CONTENTS S. No. | Topic | Page No. | 1. | Defining Change Management | 3 | 2. | A brief history of Change Management | 3 | 3. | Why do Change Management? | 4 | 4. | Challenges for Change Management | 5 | 5. | ADKAR Model | 7 | 6. | Kotter’s 8 step change model | 8 | 7. | Lewin’s 3 stage model of change | 8 | 8. | The change curve | 9 | 9. | Framework for managing change | 11 | 10. | Transition and Transformation Activities | 17 | 11. | Project structure Delivery Side model | 18 | 12. | Pros and Cons of Change Management | 19 | 13. | Conclusion | 21 | ACKNOWLEDGEMENT I would like to use this opportunity to express my gratitude to everyone who supported me throughout the course of this CIP project. I am thankful for their aspiring guidance, invaluably constructive criticism and advice during the project work. I am sincerely grateful to them for sharing their truthful and illuminating views on a number of issues related to the project. I express my warm thanks to Mr. Adil Hassan for his support and guidance at Mercer. I would also like to thank my project external guide Ms. Mamta Mohapatra and Ms. Soni Aggarwal from International Management Institute and all the people who provided me with the facilities being required and conductive conditions...
Words: 4436 - Pages: 18
...Chapter 3 Strategy Implementation This part of the course examines what is often called the action phase of the strategic management process: implementation of the chosen strategy. Up to this point, three major phases have been covered: strategy formulation, analysis of alternative strategies, and strategic choice. Even after grand and business strategies are determined and long term objectives are set, the strategic management is far from complete. While these phases are important, they alone cannot ensure success. The strategy must be translated into concrete action, and that action must be carefully implemented. Otherwise, accomplishment is left alone to chance. The tasks of operationalzing, institutionalizing and controlling the strategy still remain. These tasks signal a critical new phase in the strategic management process: translating strategic thought into strategic action. This chapter discusses key aspects of the implementation phase of the strategic management. 3.1. Operationalizing the Strategy: Annual Objectives, Functional Objectives, and Business Policies Shifting from formulation to implementation gives rise to three interrelated concerns. These are the three interrelated stages of successful strategy implementation. 1. Identification of measurable, mutually determined annual objectives. 2. Development of specific functional strategies. 3. Development and communication of concise policies to guide decisions. Annual objectives guide...
Words: 13694 - Pages: 55
...Milestone 1 Abstract The problem to be solved within this business is how to implement business strategies supported by information technology. Implementing CRM (customer relationship management), to improve the businesses’ customer relationship and chances of success in today’s competitive business market, an ERP (enterprise resource planning) system, to integrate and automate the businesses’ process and information systems, a BPR(business process reengineering) system, being a key management strategy in collaboration with implementing ERP. Also needed would be a MES (Manufacturing Execution System) is a multi-task software systems used in application of monitoring and tracking all aspects of the manufacturing process In order for Kelly‘s Machining Company to survive in today‘s business environment, it has to be customer focused and technologically functional. Company Background Kelly’s Machining is an industrial machine manufacturing and fabrication company, once very successful. It offered a large variety of services which included manufacturing of industrial machines and parts, machine repairs and/or machine fabrications, now they are unable to compete in today’s growing market and larger technological savvy companies. The machines are outdated and are manually operated. The Kelly’s have been in business for over 50 years, but had not decided to bring their business into the modern technological world, leaving them unable to compete in today’s technical, fast paced...
Words: 5848 - Pages: 24
...IMPLEMENTING STRATEGIES: MANAGEMENT AND OPERATIONS ISSUES CHAPTER OUTLINE | |The Nature of Strategy Implementation | | |Annual Objectives | | |Policies | | |Resource Allocation | | |Managing Conflict | | |Matching Structure with Strategy | | |Restructuring, Reengineering, and E-Engineering | | |Linking Performance and Pay to Strategies | | |Managing Resistance to Change | | |Creating a Strategy-Supportive Culture | | |Production/Operations Concerns When Implementing Strategies ...
Words: 6208 - Pages: 25
...Two-Decade Transformation Case Analysis March 17, 2005 For: Anne Becker From: Scott Ashby 999004953 _ Phil Parkinson Judy Lee 04003094 Gianni Liburdi 049003649 Executive Summary This report’s objective is to provide analysis of the leadership challenge that General Electric (GE) is currently facing, and to recommend solutions. The primary problem is determining what kind of candidate is required to replace retiring CEO Jack Welch. This has left GE to question how much does the company want to change policy over the previous era, and where does the company want to be in future? Detailed examination of the impact Jack Welch has had as CEO over the past twenty years reveals a leadership style that is the driving force behind a successful transition from a corporate model that was highly centralized and bureaucratic to one that is dynamic, flexible, and many times more profitable. If GE wishes to sustain and build upon the progress of the Welch era, it would do well to nominate a new CEO from within the organization who is familiar with his brand of leadership, and who can continue to provide it for many years to come. 2 Table of Contents Executive Summary................................................................................................................... 2 Table of Contents ....................................................................................................................... 3 Statement of Problem ....................................
Words: 4567 - Pages: 19
...InterClean Inc-Strategic Alignment-MBA-530 Brian R. Duncan University of Phoenix February, 2008 InterClean Inc-Strategic Alignment-MBA-530 Introduction In developing human resources (HR) management approaches to the InterClean Inc. scenario, fundamental principals are necessary for the completion of a unified plan. The creation of business unit interdependence, based on a central company vision that is communicated throughout the organization is considered the primary key to achieving sustained competitive advantage. Rather than viewing the InterClean Inc. transition as a problem, this paper attempts to organize the process as an enterprise opportunity to address real issues necessary for the new products/services campaign. Included in this analysis through the 9 step PBL model, are concepts meant to support informed business decisions that have proven to help real world companies succeed in growing from change proposals, to achieving and maintaining effective HR practices. Describe the Situation Restructuring the framework of InterClean Inc. requires an organizational commitment towards accomplishing new objectives. The main focus for management should be to communicate clearly with all departments how important operational effectiveness and strategy is, for making the products services vision work. Each business unit must be aware of the necessity for activities to interrelate, while consistently accomplishing pro-active success cycles to satisfy measurement...
Words: 3465 - Pages: 14
...Transformation Case Analysis March 17, 2005 For: Anne Becker From: Scott Ashby 999004953 Phil Parkinson _ Judy Lee 04003094 Gianni Liburdi 049003649 Executive Summary This report’s objective is to provide analysis of the leadership challenge that General Electric (GE) is currently facing, and to recommend solutions. The primary problem is determining what kind of candidate is required to replace retiring CEO Jack Welch. This has left GE to question how much does the company want to change policy over the previous era, and where does the company want to be in future? Detailed examination of the impact Jack Welch has had as CEO over the past twenty years reveals a leadership style that is the driving force behind a successful transition from a corporate model that was highly centralized and bureaucratic to one that is dynamic, flexible, and many times more profitable. If GE wishes to sustain and build upon the progress of the Welch era, it would do well to nominate a new CEO from within the organization who is familiar with his brand of leadership, and who can continue to provide it for many years to come. 2 Table of Contents Executive Summary................................................................................................................... 2 Table of Contents ....................................................................................................................... 3 Statement of Problem .............................
Words: 4567 - Pages: 19
...Two-Decade Transformation Case Analysis March 17, 2005 For: Anne Becker From: Scott Ashby 999004953 _ Phil Parkinson Judy Lee 04003094 Gianni Liburdi 049003649 Executive Summary This report’s objective is to provide analysis of the leadership challenge that General Electric (GE) is currently facing, and to recommend solutions. The primary problem is determining what kind of candidate is required to replace retiring CEO Jack Welch. This has left GE to question how much does the company want to change policy over the previous era, and where does the company want to be in future? Detailed examination of the impact Jack Welch has had as CEO over the past twenty years reveals a leadership style that is the driving force behind a successful transition from a corporate model that was highly centralized and bureaucratic to one that is dynamic, flexible, and many times more profitable. If GE wishes to sustain and build upon the progress of the Welch era, it would do well to nominate a new CEO from within the organization who is familiar with his brand of leadership, and who can continue to provide it for many years to come. 2 Table of Contents Executive Summary................................................................................................................... 2 Table of Contents ....................................................................................................................... 3 Statement of Problem ....................................
Words: 4601 - Pages: 19
...functions that make up the management process? How are they related to one another? The four basic functions of the management process are planning and decision making, organizing, leading and controlling. Managers utilize all of these processes to achieve the goals of their organization. 2. What are the four basic activities that make up the management process? How are they related to one another? The basic activities that make up the management process include setting goals and determining how to best achieve these goals. Once a manager has set these goals they must determine the necessary resources to carry them out. Leadership and motivation are a vital element as well as controlling the activities to meet the goals. 3. Identify several of the important skills that help managers succeed. Give an example of each. Technical skills are necessary for managers so that he or she can understand the type of work that is done in their organizations. Managers must also possess good interpersonal skills which are the ability to listen to a subordinate as well as convey ideas of the company. This skill might also be helpful in motivating individuals. Time management is also an important skill for managers. Effective managers can prioritize work load, make sure it is done in the most efficient manner as well as delegate specific duties. 4. Briefly describe the principles of scientific management and administrative management. What assumptions do these...
Words: 9754 - Pages: 40