HOW TO WORK WITH SUBCONTRACTORS Subcontracting refers to the process of entering a contractual agreement with an outside person or company to perform a certain amount of work. The outside person or company in this arrangement is known as a subcontractor, or may also be called a freelance employee, independent […]
THE CHALLENGE OF ATTAINING SUSTAINABLE GROWTH The sustainable growth rate (SGR) of a firm is the maximum rate of growth in sales that can be achieved, given the firm’s profitability, asset utilization, and desired dividend payout and debt (financial leverage) ratios. Variables typically include the net profit margin on new […]
USING ORGANIZATIONAL CHARTS TO STUDY ORGANIZATION STRUCTURE Organizational charts are detailed representations of organization structures and hierarchies. They are typically used to provide both employees and individuals outside the organization with a “snapshot” picture of its reporting relationships, divisions of work, and levels of management. Obviously, smaller firms – whether […]
KEY ISSUES IN OPERATIONS As an organization develops plans and strategies to deal with the opportunities and challenges that arise in its particular operating environment, it should design a system that is capable of producing quality services and goods in demanded quantities in acceptable time frames. Designing the System […]
HOW PURCHASING PROCESS CAN REDUCE BOTTOM-LINE COSTS AND IMPROVE CUSTOMER SATISFACTION Purchasing is the act of buying the goods and services that a company needs to operate and/or manufacture goods. Given that the purchasing department of an average company spends an estimated 50 to 70 percent of every revenue in […]
KEEPING MOTIVATION HIGH Once you have successfully raised the motivation levels of your staff, it is important that they stay raised. Varying working conditions, improving management systems, and placing a high value on your employees should all be top priorities. Monitoring Motivation People want to feel good about their […]
REWARDING EXCEPTIONAL PERFORMANCE Staff members are paid for the work they do, but many employers have incentive schemes for exceptional performance. When considering these as an option, work out what constitutes expected performance, and plan a sliding scale for anything above it. Defining Exceptional Performance The term “exceptional performance” […]
RECOGNIZING EXCELLENCE In the achievement-led style of modern business, outstanding contributions from individuals further careers and earn rewards. Any rewards, however, must be motivational. Reward appropriately any contributions that are of genuine benefit to the organization. Emphasizing Achievement The Japanese have one of the most hierarchical societies, and respect for […]
EMPOWERING STAFF Most organizations run on rulings that are passed down to the staff from top management; this is demotivating. In contrast, delegating powers traditionally kept at the top not only motivates, but also raises everyone’s levels of performance. Encouraging Input In most cases, people are experts in their […]
KEYS TO EFFECTIVE CREATION AND MANAGEMENT OF A MULTICULTURAL WORKFORCE A multicultural work force is one wherein a company’s employees include members of a variety of ethnic, racial, religious, and gender backgrounds. Most of today’s business owners and corporate executives recognize that attention to the challenges and opportunities associated with […]
