Table of Contents
Business Metrics
These will be used to measure the level of achievement of the organization’s goals and objectives. The balanced scorecard will be a powerful tool for measuring these goals. First, Weavetech has to translate its vision into a strategy. This approach will allow the organization to set specific deliverables for the projects. Secondly, all members of the organization have to understand the objectives and the measures that will be used in determining their attainment (Kaplan & Norton, 1996). These have to be measured across the organization. Thirdly, the management has to come up with targets for the strategic objectives identified. These targets have to be linked so that the organization achieves its ultimate objective. Thirdly, the company management must cultivate a culture of feedback and learning where employees can interact with their superiors and use the results of the scorecard to improve operations (Kaplan & Norton, 1996).
There are four main business areas that have to be looked at: customers, financial sector, internal processes and learning & development.
Customers- customer volumes
Financial sector- net sales, operating expenses
Internal processes- production volume
Learning and development- investments in R&D/Training
Workforce plan
This plan is aimed at helping Weavetech attend to the key areas of recruitment, retention and succession. The current and future human resource needs of the organization have to be designed in a way that meets the long-term objectives.
Employee attraction
- enhance the brand of the organization through advertising
- improve the working conditions and the minimum wages/salaries
- promote transparent recruitment procedures
- an effective definition of job functions and duties
Development
- Develop an effective induction program for new employees
- evaluate the current competencies of employees and understand their training needs
- developing a training plan to be used by all employees
- involve employees in different leadership positions
- promote a culture of career development within the organization
Retention
- encourage a system of giving feedback to employees
- employees to be rewarded on merit and performance
- encourage a diverse workforce that caters for all social groups
- offering attractive pay packages that match the qualifications and duties of employees
- develop a culture of discipline within the company so that all employees are encouraged to stick to these rules
Organizational operations
The development of the workforce plan above has been informed by the internal and external information relating to this company. First, the company is facing a highly changing market where consumer tastes are changing. To meet these demands, the organization has to equip its employees with the right skills and knowledge through training. Also, the company will need to have employees who can gather the right information about the consumers. Secondly, the company wants to reduce the number of managers by 20% (Beer & Swiercz, 2014). Whereas this approach is good for reducing costs, it leaves some managerial gaps in the company. For this reason, the company has to invest in training its employees on managerial roles in order to effectively manage its operations. Without this knowledge, the company will have a short supply of managerial capabilities. Third, the company aims at reducing the overall number of employees. The remaining employees have to be equipped to handle the jobs in an efficient manner. This can only be achieved if the company invests in training and research and development. Finally, in the current business world, employers are facing a shortage of talents in their workforce. To get these talents, employers have to develop efficient attracting and retaining strategies to get the best employees in the market. This way, the company will attract enough talent to enhance its operations and service delivery
Federal laws and Regulations
There are some federal laws and regulations that could affect the plan adopted above. For instance, the Fair Labor Standards Act gives the standards for wages and overtime payments. Since Weavetech might cut down on employees, some may be forced to work on an overtime basis. Also, since the plan developed above concentrates on compensation, the Federal Employees’ Compensation Act may also affect the plan developed. Finally, since the company might be affected by closures, the Worker Adjustment and Retraining Notification Act (WARN) might also affect Weavetech. It might be necessary that the company offers its employees a warning about the impending layoffs through the WARN. In general, the company is at a risk of being punished by the authorities if certain provisions are not met.
- Beer, M. & Swiercz, P (2014). WeaveTech: High-Performance Change. Harvard Business School Brief Case 914-553,
- Kaplan, R. S. & Norton, D.P (1996). Using the balanced scorecard as a strategic management system. Harvard Business Review (January/February): 75-85