Final Report
4
Risk and Reward Assessment
Abstract
It is important to assess and reflect on the risks and rewards of solutions designed to address a particular concern or problem in an organization. For example, in correlation to the management problem at the DFAC, various solutions were proposed. However, before implementing these solutions, an analysis of the risks and assessment of these solutions was necessary. In this regard, this paper aims at conducting a risk and reward assessment of the established solutions. To fully analyze and assess the risks and rewards, several questions will be considered. These questions include; 1) What changes of roles and responsibilities would be required with personnel changes? 2) What is the succession plan? 3) What new systems or skills will employees need to gain? What is the financial cost? 4) What interdepartmental changes need to be made (manufacturing, sales, delivery, financial, and IT)? 5) Would communication barriers increase or decrease? 6) How would the proposed solutions impact clients? For example, would it increase their engagement level? 7) Would the changes impact the brand or reputation in the industry?
Keywords: Risk, Risk Analysis, Risk and Reward Assessment, Management Problem, Poor Personnel Management, Solutions, Change, Communication Barrier(S)
Introduction
While the proposed solutions can address the management problem at the Dining Facility, it is critical to assess and reflect on the risks and rewards of these solutions. Besides, an understanding of the implications of the solutions will help establish the significance of implementing the solutions. In this regard, this paper aims at conducting a risk and reward assessment of the established solutions. To fully analyze and assess the risks and rewards, various factors within the organization will be considered, ranging from organizational leadership to the brand and reputation of the facility. Additionally, the paper will establish how the proposed solutions affect these factors by determining the potential impact of the solutions in addressing the management problem at the DFAC.
Discussion
The proposed solutions will not come with much change in the roles and responsibilities. In consideration of the first proposed solution for addressing the management problem at the DFAC, application of change is occasionally met with resistance from employees (Neill, 2018). However, it (the solution) supports the need to contract professionals who will help manage human resources and promote a change in the defined roles and responsibilities of the leaders within the organization. While this change will reduce the duties of the organizational leaders and managers at the facility, they will still have to step up. They will be required to take charge and perform their roles and responsibilities to manage the DFAC employees effectively. Additionally, they need to delegate duties based on the strengths and skillsets of the employees to enhance the level of job satisfaction and promote the attainment of organizational objectives.
With one solution proposing the need to contract managers and the integration of succession planning with human resources management (Son, 2020), the DFAC will benefit from having a succession plan. At the Dining Facility, the succession plan involves developing and retaining skilled personnel who will take up leadership and management positions in the future. In correlation to this, critical areas and positions within the Dining Facility are identified. The capable persons for these positions are selected and developed to meet the set criteria and requirements. Additionally, relevant strategies for training, learning, and development of employees are incorporated within the Dining Facility, through which transfer of corporate knowledge is made possible (Son, 2020). The employees are also given a chance to propose ways to promote development in preparation for succession. As such, selecting and recruiting managers will yield significant rewards for addressing the management problem.
Additionally, employees will need to gain appropriate skills that will help the leaders manage them more effectively. With the significance of communication within an organization, the employees ought to be armored with appropriate communication skills as this will help in ensuring their needs and concerns are addressed (Neill, 2018). It will also facilitate the attainment of organizational goals. Therefore, the DFAC will have to direct funds to the training of employees in attaining such skills. In correlation with the role of technology, incorporating employee management systems within the facility will effectively help address the management problem. In this regard, the Dining Facility will have to initiate a project of setting up such a system, and thus, inject funds that will facilitate the realization of the project. Furthermore, the employees will have to be trained on using the management system, which also requires funding.
In implementing the solutions, the Dining Facility will benefit from reshuffling the leaders within its departments. This action will position organizational leaders to better understand the management problem and the roots of the problem as well. In this regard, it will help the leaders strategize on appropriate ways of implementing the solutions, particularly about projecting positivity. Additionally, there is a need to consider each department’s funding and apply necessary changes, especially if it contributes to the management problem at the Dining Facility. An elaboration on the goals and objectives within the different departments will also be beneficial.
Communication plays a fundamental role in organizations. It partially contributes to the management problem at the DFAC as a result of attributing barriers. However, the implementation of the proposed solutions will significantly reduce communication barriers within the Dining Facility. As established, training leaders and managers at the facility will yield desirable outcomes about developing relevant skills, including communication skills. In this regard, leaders will be better positioned to eliminate the barriers that harm communication within the facility. However, leaving out employees during the training sessions will promote an increased gap between organizational leaders and their subordinates, ultimately promoting ineffective communication (Neill, 2018). As such, this proposed solution has risks and rewards linked to promoting effective communication.
In general, the proposed solutions will positively affect the Dining Facility. A solution such as developing an effective reward system will motivate and elevate employees’ morale. It will reflect on their performance, particularly concerning the attainment of organizational goals. In this regard, this solution will promote an increment in the level of engagement. Additionally, developing and promoting a solid work culture will positively impact the facility, particularly concerning increasing engagement. With the benefits linked to these solutions, the level of engagement between the facility, its employees, and the customers will massively increase (Mazzei & Quaratino, 2017).
Furthermore, the changes attributed to the proposed solution will positively impact the brand and reputation of the Dining Facility in the industry. Since the solutions will increase the engagement level of employees, it will also enhance the level of satisfaction from customers. As such, it will ascertain that the Dining Facility gains a name in the industry. Additionally, the performance of the facility will also increase as a result of the solutions applied. In this regard, the DFAC’s brand and reputation in the industry will tremendously improve (Mazzei & Quaratino, 2017).
Conclusion
Implementing the proposed solutions heavily lies on the level of risks and reward accompanying each solution. Concerning the management problem at the DFAC, the proposed solutions will ultimately yield significant results. However, while the rewards of the solutions are massive, some of these solutions have risks attached to them. These risks impact the efficiency and effectiveness of the solutions as established in the discussion, and as such, should be considered. Regardless, the risks don’t limit or affect the potential of the solutions in addressing poor management of personnel in the facility.
References
Mazzei, A., & Quaratino, L. (2017). The Influence of the Organizational and Managerial Context on Employee Internal Voice and Brand Ambassador Behavior: A study of a Retail Company. Journal of Management & Change.
Neill, M. S. (2018). Change management communication: Barriers, strategies & messaging. Public Relations Journal, 12(1), 1-26.
Son, H. (2020, March). Succession Planning. How to develop a succession plan? https://talkingtalent/prosky.co/articles/how-to-develop-a-succession-plan