Individual Reflection Paper: Worst Team in History: Enron

1961 WordsApr 3, 20118 Pages
Individual Reflection Paper: Worst Team in History: Enron Sasha R. Chin Proofer Denise Greene Professor Haga February 24th, 2011 Introduction Teams are used to serve a variety of functions for organizations. According to Levi (2007), teams are comprised of people working together on a common project for which they all are accountable. They are usually part of a larger organization and the members of the team have specific knowledge, skills, and abilities about the task at hand. A successful team from the team members’ point of view is one in which the team members focus on the internal operations, the contributions of the team members and how well they all work together. A successful team, from managements’ point of…show more content…
To make it worse, Enron executives had authorized a change in the company's pension plan that froze workers' retirement funds in Enron stock as the price nose-dived. While executives sold their stock, the workers woke up to find that their pension plan was worthless. The employees lost 1.2 billion dollars in retirement funds, and retirees lost 2 billion in pension funds, while Enron executives cashed in 116 million dollars in stock. Due to the greed and arrogance on the Enron team 20,000 employees lost their jobs and medical insurance. (McLean, & Elkind, 2003) Successful team to the Naked Eye According to Levi, the Enron team fell under the category of management teams; they were composed of management that worked together to plan, develop policy, and coordinate activities for the organization. “A successful team completes its task, maintains good social relations, and promotes its members’ personal and professional development” (Levi, 2007). By that definition the team made up of Enron executives and some staff was actually a successful team, they were highly skilled and intelligent. Though, bad hedging, bad trading, bad assets, and mainly false accounting are the reasons for Enron’s demise, the company was not a market failure, according to Susan Lee, a member

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