Is looking forward to put the final touches on a new strategy, a new compensation strategy that will include the use of Executive Positioning Projects (PEP). This paper aims to explore the challenges of this new strategy for the firm and its operations in general, with a specific concentration on the impact it has on the behaviors of the employees or workforce. More importantly, we discuss the behaviors necessary to support the new strategy at Marshall & Gordon.
This is all part of the process of hang In any organization and for this to happen, the firm needs to assess the various risks Involved and the weight of the opportunity cost to be suffered. A section of this paper explains this concept in detail. Finally, the paper discusses the roles professional firms’ compensation systems play in helping to attract, motivate and retain talent. When employees are well compensated for the efforts they put into the organization, then they are highly motivated.
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And that will definitely lead to a higher organizational performance (Rematch, 2012).
Keywords: Public Relations, Executive Positioning Projects, Compensation Systems Public relations are the practice of managing the spread of Information between individuals, organizations or the public. By the early sass’s, Marshall & Gordon had established itself as major force in the PR sector internationally. It had acquired offices across the U. S, Asia, Europe and South Africa. The firm had undergone an era of success over the previous decade, however, due to the increasingly competitive industry; the firm had decided to explore other options to keep off its competition.
Executive Positioning Projects (PEP). So what Is It all about? Why does Marshall & Gordon opt for this particular strategy and not any other one? PEP in summary is all about brand management in the public and in the eyes of parties that impact the prosperity of the business in general. Executive positioning is what protects the brand. We live in a very news-hungry world right now and for this reason, anything said or done out of order can actually cause a lot of problems towards the brand perception and business In general.
So in essence, PEP Is all about being familiar with the media and how to prepare for Interviews and liver the right message across the industry. Definitely this needs practice and training. Alternatively, years of experience in a related field can be an asset and this brings us to the reason Marshall & Gordon had decided to make two lateral hires for their San-Francisco based partner. Lu who managed that West coast region had a different idea however, because she felt the new hires were receiving too much in return for less contribution towards the business.
This however, was the surface view of how the whole process was, because looking at the real Insight reason they were red, you can see that the intention was clear, to build a gap over other competitors by providing A-class public relations services from individuals with creditable experience and who have known the industry for a long time. This means, yes their impact may not immediate, however it would be lasting for a long time, just having that good brand name in the industry where everyone respects the business and the challenges. Browne was at a complicated situation, Just as it is for many change managers, why?
Because implementing change is not always as easy as the plan may sound. Browne faces the need to role in this new phase of operations, however, at the same time she faces a challenge of keeping the current employees, managers especially, happy in their performance and work ethics. If people feel that inputs are fairly rewarded by outputs then they are happier and more motivated to work. However, if employees feel inequitable they tend to reduce their input, ask for more outputs, compare their situation with others, change their perception and in some cases leave the field or quit their Jobs (Rematch, 2012).
This is the current situation for Browne. The change process is comprised of two very important dimensions, the need to implement change and the need to keep everybody happy about it. Success at the both of these aspects would probably give the change agent a good sign of their efforts in the whole process. Among the many emails Browne receives is one from Janice Lu and she does not concur with the hiring of two new managers and she even criticizes the compensation package offered to them and feels their duties are mediocre compared to the needs of the organization at that particular time period.
As a manager, I would totally understand her opinion. Why? Because for starters, Lu has been one of the most outstanding performers over the years and for her outstanding qualities she was promoted to management, however, her compensation package was yet to be reviewed. So naturally, you would understand how any worker feels about extra duties with the same compensation package. This however, presents a challenge to Browne, how is she supposed to reply to make Lu see the need for the two new hires and the performance of the organization at large?
Communication. One of the most important features of any change process includes communication. This is key at every stage of the process. It is one of the features that are ongoing from the start of the process to the very end, post-change period. Communication seeks to make aware, and spark the sense of What is in it for me’ for employees and once they are at this stage, it is basically easier for them to realize the need for change once they see how it is going to impact their lives and work load and the organization in general.
Communication is the key because having everything ready to go while the workforce is disengaged mounts up to nothing really. You want to have a smooth change process, where the whole organization moves as a team and o one is left behind. You want to make sure everyone is on board with the new strategies and implications and as well as comfortable in their new roles and new environment or setting. This is important because it defines how successful the whole process was. Brownie’s next move is what will determine how Lulu’s performance will carry on over the next period of time.
Keeping in mind the contribution of Lu to the organization, Browne should probably go down there or arrange for a conference call to make sure Lu sees the need the for the hiring of these two managers. Most importantly, Browne has the obligation to make Lu see what is in it for her, that way she may realism that even though there are new people coming in, she still has the power and the respect entrusted in her by the organization a few years ago. Communication is what needs to happen here, and effective communication can be a These are two terms that have been recently been connected together more often.
Since the rise of modern capitalism, the corporate world has been very harsh to investors. It is surrounded by uncertainties and risks and this has been a cause for he down fall of so many businesses and investments. Likewise, many corporations today crave change so much however; the fear of ‘risking it all’ gets in the way of them and their success. Although that may sound reasonable, risk is the actual business and how a firm recovers from a risk defines its strategic planning and organization.
Marshall & Gordon faces a risk of resistance to change from its 1500 and more workforce if they do not have a proper change management system ready for the new strategy. Like Lu, many workers do not agree with the PEP and the new compensation system. Management should review their plan and make sure communication has been done as explained earlier, and also employees like Lu that have had promotions but not salary appraisals should be compensated as explained in the next section. Ultimately, the risky aspect of change is not supposed to be feared by these organizations.
Easy steps can be followed to deal with this particular problem; Identify the risks Assess the risks Identify measures to reduce the risk likelihood and , Develop contingency plans The Compensation System. A central tenet of executive compensation research is the ability of incentive imposition to motivate appropriate managerial behaviors and influence organizational performance (Chin, Rodgers, Shih & Song, 2012). The keywords here are incentive compensation and motivation.
The firm is trying to review its compensation system and it hopes to get its new employees up to speed by providing them with very competitive salary packages for them to be motivated and increase performance and productivity. The symbolic value of money and rewards motivate people when they believe they are compensated more than others. Money is more than Just a means of exchange between an organization and employee. Money fulfills the individual’s needs, affects emotions and builds up an individual self -concept (Rematch, 2012).
From a financial reward aspect, that can be one way firms help to keep employees motivated and retain talent. Similarly, if Lulu’s salary is reviewed, she will feel her efforts much what she is compensated and probably this will keep her engaged in her duties and perform even better. Other forms of rewards to keep motivation and Job engagement high include: Membership and seniority based rewards Job status based rewards Competency based rewards Employee stock ownership rewards (Seer’s) Profit sharing plans A better compensation system generally helps the organization to be close to its workforce.
And in return the Job engagement rate is high meaning a higher relevant and valued. Explaining this better is the Mascots Hierarchy Needs theory, where he says that an individual goes on to satisfy the most important need at that particular moment and only once that need is satisfied, will they move on to the next one. Precisely, it is important for the management to do research and find out the level of satisfaction of their employees so that when improving the compensation system, they may do it according to the needs of their workforce.