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Building long term success - Coggle Diagram
Building long term success
Management
Relationships with employees
Flexible work arrangements (Kataria et al,2020) , importance of human resource management
Opportunities and challenges of employment
Volatility opens up possibilities and challenges for different forms of empowerment to emerge. Organisations empower to maximise productivity and value, however individuals are being asked to do more with less creating employee disengagement.
Value Player
Must constantly innovate to discover how to create more value. e.g. marketing associating worth with new social media tech that allows them to connect digital advert campaigns.
Change Management
Quality and Improvement
Quality - compares the intended or expected outcome of a process with the actual outcome. Quality relates directly to an organisations long term viability. Importance-performance matrix (Slack, 1994)
Seek to improve and innovate, whilst establishing constancy and stability. Needs to be adopted by enough people to be self sustaining. Motivating by stressing its urgency and necessity (Conner, 1993).
Leadership
Taking an organisation into the future, finding opportunities that are coming at it faster and faster and successfully exploiting those opportunities (Kotter, 2013)
Multilevel leadership - common and desirable. Top management important for setting the direction for the organisation (James et al 2008)
Motivation
Motivational theories
Herzberg (1964) two factor theory
Maslow (1943) Hierachy of needs
Putting your idea in time
Creating value in the long-term
Increasing shareholder value at core of management decisions, creating conflict between short and long term goals. Accrual accounting matching revenues and expenses to the period in which they are earned: historical cost, deprival cost, fair value.
Broader perspective
Treating societal challenges as business opportunities. Gain competitive advantage by incorporating social and environmental considerations in their strategies (Porter and Kramer, 2011)
Operational risk
Potential for an issue or event to result in unwanted/ negative consequences for an organisation (Moore,2017)
Politics of business
Short term - Aims of quick returns on value. Medium - higher degree of investment and risk. Long term new visions, strong organisational commitment and sustainable investment
Cycles of Innovation - Business, product, long waves of economics, virtuous and vicious