JVA Corp. February 3, 2012
JVA Corporation has manufactured wireless technologies such as cellular phone, walkie talkies, intercoms and GPS units since 1995. Within that time JVA has grown to 17 acres of land and totaling 3 million square feet of warehouses, factories, offices, exercise room, etc. Due to JVA past success, the employees became accustomed to the amenities that this workplace has to offer.
During the recent economic crisis that our country has faced, JVA Corp. has suffered from a net loss of $53 billion which is a 17% loss in the last fiscal year. As JVA HR Director, my team of consultants has reviewed the cost of all additional compensation programs that is offered by the company that exceeds the current base
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I propose that JVA Corp to eliminate most; if not all; of its wasteful expenditures which include to the compensation packages. The compensation packages includes many benefits such as a variety of discount on cell phones, gym memberships, home and auto insurance, and JVA Corp. credit cards as well as discount tickets which will be effective immediately. We are urging for all employees; including management; to take part in the cost cutting efforts.
JVA Corp will need to make necessary changes to the guidelines for performance management and this will happen company wide. Performance management is a continuous process that consists of three steps:
* Defining acceptable employee performance * Facilitating employee performance * Encouraging employee performance.
JVA Corp will be restructuring and merging some department within the company. By doing this, duplication, redundancy, and administrative costs can be reduced without significantly reducing services. This will saves JVA Corp millions of dollars in man hours and resources.
All salaries increases will be temporarily frozen due to the economic crisis; includes all (150,000 domestic employees and all international employees). JVC will begin to assess all employees’ wages for salary increases at the beginning of the new fiscal year.
All managers will continue to give reviews and performances
Performance management can be defined as a systematic process, which helps an organization by improving the effectiveness of its
carefully planned out and considered, the total closure or failure of the organization could be at hand in the near future. In our modern age, employers know that salary is not the only factor that should be considered and that salary alone will not lead to better or more highly profitable workers alone. This is why compensation planning is important and why pay should have some connection between performance and compensation. This is why the human resources department should consider many monetary and non-monetary factors when considering how to properly compensate and motivate employees (Dessler, 2013).
This strategy helps us cover the revenue shortfall. Based on the spreadsheet the compensation categories, including salaries and wages, account for 60% of the spending reductions. As a matter of fact, we hired 10,000 employees in 2015 with the high salary, which caused the revenue shortfall. Now, we need to reduce our employees number to 9000 to cover the revenue shortfall. We know how difficult this news may be, but we know that we have to act under cost savings in the coming months and years. I believe that this budget is a vital and responsible action in the short time to manage the immediate required budget shortfall as well as enable us to prepare for the uncertainties of the
As Director of Human Resources for Wilson Bros, the conclusions that I draw with respect to the status of the company’s compensation strategies is that they lack security for their employee’s compensation and lack flexibility to the changing economy, competitive environment, and growing organizational needs.
Boseman remain intimately involved in this process, empower HR to own most of the aforementioned research, and maintain ownership of the responsibility of speaking to Julia and resolving her issues. Doing so would enable Dr. Boseman to learn additional information about the company’s compensation strategy and methodologies and allows her to work as Julia’s advocate when appropriate throughout the process while balancing her responsibilities as a steward of the company. Furthermore, it enables HR to remain a secondary point of escalation within the company for Julia should she be dissatisfied with the HR and legal approved resolution provided by Dr. Boseman at the conclusion of the examination of salary inequity. In conclusion, if Dr. Boseman is empathetic, open minded, highly communicative, thorough, and proactive in her approach to handling this issue, there is a strong chance the company will have the opportunity to educate Julia regarding the company’s pay practices, appropriately address her concerns, and/or resolve any inadvertent salary inequities without litigation or intervention from the
Performance management relates to an organization’s ability to implement a system to evaluate and advance employee performance. Achieving peak performance requires consistency, clear objectives, and constructive employee evaluation. According to Mithas, Ramasubbu, & Sambamurthy (2011), an organization must design the performance management system based on extensive research about the organization’s mission, and then properly communicate the purpose of the system to employees, stakeholders, and decision makers. After the performing the research, the information should be used to establish the appropriate performance management specialized for the organization. In addition, an effective performance management system should align
Performance management is a tool that managers use to ensure that their companies remain at the top of their competitive edge. The Chartered Institute for Personnel Development (CIPD, 2008), defines performance management as a method by which individuals and teams are managed in a way that achieves high performance at an organisational level. The individuals within the organisation share an understanding of the achievement goals of the organisation. In order to achieve this, a general strategy is created, with each individual within the organisation understanding his or her role and requirements within such a strategy
Performance management is about creating a culture that encourages the continuous improvement of business processes and of individuals’ skills, behaviour and contribution. It is a repetitive process that is continually reviewed and is both strategic and integrated. It is about broad issues and long-term goals and integrated by linking various aspects of the business, people management, individuals and teams to delivering successful results in organisations. It does this by improving performance and developing the capabilities of teams and individuals.
A performance management system should consist of planning, monitoring, reviewing and evaluating (Hrcouncil.ca, 2015). During the planning phase management should identify, clarify and agree upon expectations of the employee. Also, in this phase management needs to determine how results will be measured, agree on the monitoring process and document the plan for performance management. Furthermore, this step is imperative for management to identify and ensure the performance objectives are explicitly stated to the employee. In the development of this phase management would
The company currently faces serious financial challenges. It was struggling with declining sales and increasing costs. Since 2004, revenues had fallen by more than 40% while costs especially for employees health insurance, maintenance, and utilities climbed. Credits and loans had been borrowed to
In assessing the value of Precise SQL for the user firm one has to consider increase in DBA productivity.
The success of the company lies within its employees. With LB’s high volume of work, the employees are very dedicated to fulfill all the requirements and to
The propose compensation and benefit system plan is about financial as well as non-financial benefit. Having a combination of financial and non-financial benefits is needed to motivate and to attract and retain employees for Holland Enterprise to accomplish its goals as a company. It is noteworthy to state that this to be operational is that employee need to able to see that the non-financial benefits are as respectively important as the financial benefits to the job positions they hold.
Companies Performance Management system need to concentrate on the overall improvement the way the company performs. They achieve this by managing the performances of all personnel within the company no matter who they may be. This can be attained by ensuring that everyone within the company truly understands what the overall mission and goals that have been set for them within the company. Performance Management system has a very distinct way that it can manage the performance of the entire company and as long as everyone understands the goals that the company sets forth than the company as a whole will meet those goals. The developmental objective is fulfilled by defining the training requirements of the employees based on the results of the reviews and diagnosis of the individual and organizational competencies. (MSG)
• In the era of diversification and consolidation, JV’s offer a creative way for companies to exit from non-core businesses.