Financial Instability and Employees

Abstract

In the last 18 months, the proprietor has been experiencing numerous challenges due to a financial crisis. There are numerous issues encountered in the firm, including high turnover, outdated software applications, increasing stress amongst long-serving personnel, and the lowest morale level. The remaining managers opt to conduct a reorganization of the responsibilities all through the firm. Nonetheless, every time the managers seek to implement changes within the company, other staff members seek resignation. The purpose of the essay is to present an analysis of what the managers should do to mitigate the financial crisis and its impacts.

 

 

Financial Instability

If a financial crisis develops within a company, the company’s owner and management are likely to experience a strain. This may result in the company’s management being strict and initiating numerous alterations to regain consumer loyalty. According to Al-Haddad and Kotnour (2015), a host of dedicated personnel resign for fear of contract termination. When a corporation fails to keep up with the advances in technology, there is a higher likelihood of systems failing and becoming outdated.   This leads to a surge in stress amongst staff members and reduces the company’s morale levels.

Best organizational development process skills the executives should use.

To implement significant changes, the executive may opt to use various development skills. According to Hayes (2018), the best approach will involve using a six-step action study procedure. Foremost, it consists of diagnosing problems diagnosis whereby the exploration is done and the origin of the organization’s challenges. This stage marks the start of the procedure where the challenges are categorized under diverse concepts, and when not efficiently completed, then the genuineness of the outcomes is under preconception. Secondly, evaluation and response to the study findings are done. In this phase, comprehensive research is done conducted by utilizing various research tools. For instance, focus groups, document reviewing by exterior professionals, and a supplementary examination is conducted. This results in the third phase that entails planning. Once the challenge is well-established, a necessary strategy is implemented. Therefore, efficient methods of intervention are done to tackle the diagnosed challenge. The next development process involves interventions with the implementation of an efficient plan. This is done by using training, e-learning, development of talents, or skills development seminars. According to Smither Houston and McIntire (2016), an assessment of the executed plan is conducted to assess if the anticipated outcomes have been accomplished. Ultimately, success is achieved where the anticipated principles are set, and a program is efficiently established. This will guarantee that the previously experienced problems within the organization are sorted.

Short Term and Long Term

Strategic management necessitates the enterprise owner and administrative leadership to co-operate effectively. The management team ought to disseminate information to make pronouncements while considering the firm’s best interests. According to Hickman and Silva (2018), it is not adequate to provide executives all the power to make pronouncements in their areas of operation. It is essential for the managers to consider the overall company’s needs or the strategic objectives before making pronouncements. Without the considerations, their actions may harm their operation areas further than the scope of authority. In big corporations, a strategic management committee should be put in place. This includes members that represent several groups of stakeholders. The executive may execute strategic management pronouncements and plan appropriately in a small enterprise, even though it may need a direct contribution by consumers and contractors.  Moreover, the executives may require participation from each department in the corporation.  The membership of the strategic management team may comprise of executives, technical professionals, and company personnel. If the company has a unionized labor force, the company may also require agents from shared bargaining components.

Before writing the company’s short-term objectives, it is vital to consider the company’s market position. Writing long-term goals will assist the company in accomplishing the vision. These objectives will help achieve the company’s purpose and achieve a particular market position for a specific period. Personnel should offer contributions before the process of setting long-term goals and having accessibility to a record of the ultimate objectives. Their administrators will assist them in understanding how the objectives can be accomplished. As compared to long-term objectives, short-term objectives are scheduled, assessable, and explicit. They define how the executive can execute long-term objectives. Administrators take care of the particulars of allocating definite short-term objectives, or part of the objectives, to people. As the business owner, it is essential to follow up and witness if objectives are being assessed and accomplished by various subdivisions within the company and the members of staff. If changes within the business are evident, then the executives should collaborate with the management team to adjust the short-term purposes. If temporary strategic objectives are not being accomplished, the executive should shift the personnel to diverse roles to attain improved outcomes the second time.

Evaluating the Impacts of the Resources

The resources used within the corporation are out-of-date. This may lead to the slow execution of tasks. Software within the business is also obsolete. This may have a grave impact since, with the out-of-date software, the corporation may not develop modern applications while also considering the rising competitiveness. If an organization cannot produce the products with fresh features, then the items may not result in low sales. Another aspect is that updated software offers numerous elements that will assist the organization in executing tasks fast. With out-of-date software, the business may not be able to perform the tasks rapidly.

Human resources are also turning out to be short within companies as staff members are tendering their resignations due to the crisis.  This will lead to more challenges for the company as it is not essential to execute the projects without human resources or a small number of personnel. The corporation loses competent staff members, and reassigning duties to the remaining staff members frequently involves additional charges and fatigue. Workers that maintain the position after downscaling the number of staff often feel apprehensive regarding the tasks. This leads to a decrease in the morale levels amongst the employees, along with low client services. This signifies that the company’s efficiency may suffer. Restructuring business models are likely to increase the investor’s doubt in the company’s future. The corporation is expected to lose financiers if it fails to reassure the stakeholders of a prospective future. This may diminish the corporation’s financial resources.

Conclusion

Efficient management of what manner and why changes occur in a company may either result in a positive or negative outcome of how the changes may affect the corporation.  Productively utilizing the skills by the management may help minimize the level of opposition an employer may face when attempting to implement new changes.  Moreover, altering any existing regulations and strategies of how the businesses are operated.  Aggressively integrating employee feedback is considered a great way of finding out when changes need to happen and what kind of changes may benefit the corporation in the short and long-term.

 

 

References

Al-Haddad, S., & Kotnour, T. (2015). Integrating the organizational change literature: a model for successful change. Journal of organizational change management.

Hayes, J. (2018). The theory and practice of change management. Palgrave.

Hickman, C. R., & Silva, M. A. (2018). Creating excellence: Managing corporate culture, strategy, and change in the new age. Routledge.

Smither, R., Houston, J., & McIntire, S. (2016). Organization development: Strategies for changing environments. Routledge.

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