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Building long term success (Employment relations :handshake: (Employees…
Building long term success
Putting your idea :bulb:
in time
Organisations require both shorter and longer-term types of innovations over time, though they can often be focused on achieving one over the other.
Planning for short, medium and long-term success
The cycles of innovation
‘business cycle
’ refers to the ways a market economy goes through connected periods of expansion and then recession
product life cycle
long waves of economics
combines both the product and the business life cycle
‘virtuous cycles’
- produces positives outcome
Vicious cycle
- produces negative outcome
Fostering a long-term sustainable innovation culture is crucial not only to organisational success but also social progress.
in context
political analysis
stakeholder analysis
Stakeholder definition by
Freeman
:
"Any group or individual who can affect or is affected by the achievement of the organisations objectives"
political context
Crozier and Friedberg (1980)
explain that the political game is a concrete mechanism through which people and or organisations structure their power relations and regulate them.
societal perspective
organisational perspective
Hartley and Fletcher's
political astuteness framework
Strategic direction and scanning
: strategic thinking long therm and having a roadmap. Scanning: thinking about long therm issues that might have an impact on the org. Noticing opportunities and threats coming from the context. Analysing and managing uncertainty
Reading people and situations
Personal Skills:
ability to exercise self control, to listen to others and reflect on and be curious about their views. Proactive disposition.
Interpersonal skills
: "soft" skills --> able to influence the thinking and behaviour of others. Making people feel valued. "Though" skills --> ability to negotiate, able to stand up to pressure from other people , able to handle conflict
Building alignment and alliances
: detailed appreciation of context, players and objectives of stakeholders
Employment relations :handshake:
Legal Perspective
This concentrates on the individual and collective legal contracts between employers and employees
Regulation Perspective
this explores how to successfully negotiate and potentially overcome the supposedly inherent tensions between employers and employees
Economic Perspective
views employment primarily as a form of economic exchange
Employees voice
procedural dimension
substantive dimension
Employee inclusion
Job or role involvement management
Organisational involvement management
Empowerment era
focus on the individual
change management
One of the earliest and still most influential theories of change management is Everett Rogers’ ‘Diffusion of Innovation’ (1962)
there are five categories of people associated with innovation:
laggards
early majority
innovators
early adopters
late majority
resistance to change
In order to deal effectively with this resistance, managers must adopt a more bottom-up and consultative approach to change.
Quality and improvement
Quality assurance (QA)
includes all the actions necessary to ensure that a product or service will satisfy requirements given or expected by the customer. To achieve this, QA involves people from marketing, design and specification functions as well as operations
Quality control (QC)
includes all the activities needed to fulfil product or service requirements for quality. Quality control tends to involve those directly involved with manufacturing a product or in delivering a service.
Strategic improvement
Quality must be part of everyone’s responsibility
Accounting for value
long term
Maximising shareholder wealth is assumed to be the key objective of a business.
Measuring issues
traditional basis of measurement (historical cost)
new basis (fair value).
measurement choices
Accural accounting
deprival value
historical cost
fair value
the problem with historical cost accounting is that it records the value of an asset as the price at which it was originally purchased
boarder perspective
The ecosystem of shared value
This ‘collective impact’ can involve companies teaming up with governments, non-governmental organisations (NGOs), and even their rivals to capture the economic benefits of social progress.
Creating shared value
creating shared value is about new business opportunities that create new markets, improve profitability and strengthen competitive positioning. CSR is about responsibility, whereas creating shared value is clearly about creating value.
operational risk
Operational risk
is the potential for an issue or event to result in unwanted or negative consequences for an organisation (Moore, 2017).
process of risk assessment
estimate the likelihood that it will happen
identify the hazard
estimate what the impact could be if it happens
combine the two things – impact and likelyhood – to give a measure of the risk.
Ericsson’s risk mitigating strategies
Operational resilience:
is the ability of an organisation to respond to and withstand unwanted events (Moore, 2017).
Marketing in the long term
relationship marketing
The two main purported economic benefits of relationship marketing are:
it is more cost-effective to retain than replenish customer
retaining customers provides profit over the customer lifetime.
managing crises
‘A crisis is an event that … can have a vastly negative impact on an organisation’ (Crandall et al., 2014, p. 4).
Mitchell (2002) proposed a number of principles for internal marketing, including:
timing an internal marketing campaign at turning points, such as organisational change or new leadership
linking internal and external marketing, so that they match
using internal marketing to bring the brand alive for all staff
Measuring success
-- Monitoring and measuring the success of marketing activities is important for ensuring that an organisation achieves its goals, as it enables organisations to take corrective action if required.
It is important to monitor the success of marketing activities and to be prepared to handle any crises in the event that they occur.
leadership
leadership and gender
in both top executive business positions and high political offices indicate that the fact that women are held to higher standards than men is a key reason why they do not rise to the top so often
Leadership in a motivational sense is about setting the direction and focus of an organisation, making sure you have the support of your employees and creating a strong, positive, forward-looking energy that will drive your organisation towards its vision and goals
Herzberg’s two-factor
theory of motivation
Maslow’s
hierarchy of needs
‘Leadership is associated with taking an organisation into the future, finding opportunities that are coming at it faster and faster and successfully exploiting those opportunities.’
What is a
value player
and how do you become one?
Value is commonly defined as an estimation of the worth of something.
organisation and value
it is crucial for organisations to put in place policies that take into account short and long-term value creation
innovation strategies for creating value
The innovation value chain
diffusion of developed concepts
idea generation
idea development