Team Planning
jess22
BUS-FPX3007_JessicaMitchell_Assessment2_Attempt3.docx
Mission, Vision and Ethics in Organizations
Jessica A Mitchell
School of Business, Technology and Health Care Administration, Capella University
BUS-FPX3007: Developing a Business Perspective
February 7, 2022
From: [email protected]
BCC: [email protected]
Introduction
The company website is www.Nova401K.com. Nova 401K associates is a national third-party administration TPA firm focused on providing customized retirement plan design and compliance services for business owners and financial advisors. The purpose of this email is to give Nova 401K recommendations on what they can implement to improve their mission statement, vision statement and code of ethics.
Purpose and Key Elements of Mission Statements
A mission statement describes a company's existence in a single sentence or short paragraph. it defines the line of business the company is in and its purpose in the industry it also explains what differentiates the company from its competitors. Some of the key elements of mission statements is purpose, capability, inspiration, distinction and legacy. Nova 401K’s case mission statement on their website (www.nova401k.com) is as follows: “Nova 401K associates is a national third-party administration TPA firm focused on providing customized retirement plan design and compliance services for business owner and financial advisors. We serve in this capacity for more than 7500 retirement plans for 401(k), 403(b) and defined benefit plans representing in excess of $9 billion of retirement plan assets you will not find the more capable TPA firm in the country.” (www.nova401k.com)
Purpose and Key Elements of Vision Statements
A vision statement describes the company's purpose, what the company is striving for and what it wants to achieve. It also is an inspirational statement of an idealistic emotional future of a company. The vision statement gives them the chance to articulate the characteristics that influence the organization's strategy. Some of the key elements of a vision statement is showing that your company is unique from competition, reflects organizational values and defining the organization's direction. Nova 401K’s vision statement is: “We get it. We listen. We communicate.” (www.nova401k.com)
Purpose and Key Elements of a Code of Ethics
A code of ethics sets out and organizations ethical guidelines and best practices to follow for honesty integrity and professionalism. For members of an organization violating the code of ethics can result in sanctions including termination. The key elements of a code of ethics is integrity, using good judgment, honesty, responsibility and self-discipline. Nova 401K does not have a code of ethics listed on their website; hence I would recommend that they add one. The code of ethics should be directed towards all stakeholders, leadership, employees and customers to show employees that you are a responsible company, show customers that you value integrity and to provide a clear point of reference when enforcing corrective action.
Evaluation of Statements
The mission statement on Nova 401k’s website explains the company’s purpose which is providing customized retirement plan design and compliance service services for business owners and financial advisors. This mission statement supports the company’s goals by giving the reader the purpose of their business. Their vision statement is: “We get it. We listen We communicate.” (www.nova401k.com) It is to the point. I would replace we get it with we understand. In my opinion we get it sounds too simplistic. There is no code of ethics listed on the website. I would suggest that Nova 401k add that.
Elements to Include on the Mission, Vision, and Ethics Web Page of the Company Website
The first element that I would change on a website is the cartoon figures with a chart I would replace that with families, employees and business owners smiling showing their gratitude for their retirement plan. I believe when clients see the images of real people being happy with their retirement plans, they would want to sign up. The second element that I would change is adding a code of ethics to their website. The code of ethics shows customers that you value integrity and you are a responsible company. These two elements could support the business goals by showing potential clients that they are a serious organization, therefore giving them the respect that they deserve and adding more clients to their portfolio.
Conclusion
The mission statement helps the company create a core identity and develops purpose. It establishes the basis for everyone involved in the business. The mission statement also attracts talent. Talented people would like to be apart of the organization when they see how clear and focused the business model and goals are. The vision statement describes the company’s purpose, what the company is striving for and what it wants to achieve. A code of ethics sets out an organization’s ethical guidelines and best practices to follow for honesty, integrity and professionalism. The suggested elements for the website would make it more appealing to the viewers. The images of families, business owners and employees being elated would show that they made the right choice choosing Nova 401k. The code of ethics statement would make the company appear to be more trustworthy and moral.
References
Essential Components of a Vision Statement (With Examples). (n.d.). Indeed Career Guide. https://www.indeed.com/career-advice/career-development/components-of-a-vision-statement
Four Reasons Why Business Needs a Code of Ethics - Whistleblower Security. (n.d.). Blog.whistleblowersecurity.com. https://blog.whistleblowersecurity.com/blog/four-reasons-business-needs-code-ethics
The 5 Key Elements of a Mission Statement. (2016, August 16). Agile & Co. https://agileandco.com/blog/the-5-key-elements-of-a-mission-statement/
What is the purpose of code of ethics? – Blog that helps in education. Wade, L. (2021, December 21). Lynniezulu.com. https://lynniezulu.com/what-is-the-purpose-of-code-of-ethics/
What is the purpose of a vision statement? (n.d.). Psichologyanswers.com. Retrieved February 7, 2022, from https://psichologyanswers.com/library/lecture/read/323835-what-is-the-purpose-of-a-vision-statement#0
