Building Long term Success (Employee Relations employe (Employee…
Building Long term Success
Employees with leadership skills
Will generate followers and share companies vision
Must be placed at all levels
Marketing in the long term
Develop a framework to evaluate the severity of risks and likeliness of occurrence.
Create operational resilience plan for events that cannot be avoided.
Based on framework, create a plan to mitigating risks.
Quality and improvements
Establish quality of the good or service that customers are happy to pay for.
Implement quality measures through the process.
Sell Poor Quality Goods
Exploit cheap labour
Access New Market
Accounting for values
May be Misleading
Historical accounting - Price based on time of purchase
Fair value accounting - Price based on current value.
Balance and communication between business and employee needs.
Employee commitment to the business.
Must be in line with the business activities
Needs be adoptive towards changes in external environment
Use The power vs. interest matrix to determine key business players.
Short term thinking
May affect future profits.
Reduce the willingness to innovate and prosper.
Focused on immediate profits.
Cycles of innovation
Waves of economy
Innovation affected by new technology or product. E.g. renewable energy, solar panels.
Innovation affected by product life cycle
The Business Cycle
Innovation for catalysing future economic prosperity.
Investment in innovation due to resource availability.
Innovation time frames
Time frames must be strategically combined
New product or change in way the business operates.
Recreation of the process or the product.
Clear in aims and objectives - focus on quick returns