strategic plan

Simulation Strategic Plan

HR 304 Spring 2019

Section 01

8:00-9:15 am

Group #4

Strategic Plan Budget Strategy

Our company has decided to give ourselves a smaller budget for the first quarter just in case we come across some bumps in the next 3 quarters. The first quarter we will decide on our options while trying to stay within budget and based on that analysis we will increase spending in areas that are not on target. We have an annual budget of $1.3 Million. In the first quarter we were originally giving ourselves a budget of $275,000 but for good reason went over to $290,000. For the next 3 quarters we have a budget of up to $336,000 each quarter give or take depending on any issues we may or may not come across. Increasing spending incrementally will leave room for improvement in problem areas.

For first quarter spending we have decided to focus on training . Having the right employees and proper training are important factors in any business and we hope focusing on these areas will improve performance and translate into higher profitability.

We are aiming to improve several of our KPI results in the first quarter. Productivity, wellbeing, and turnover are a huge concern. By improving these as well as other KPI statistics we will hopefully have a much more profitable bottom line. We will work to improve diversity and other areas with additional spending later on in the year.

Quarter 1 Practice Areas	Option #	Spending
Performance Appraisals	7	$30,000
Work-Life Balance	7	$60,000
Training	9	$75,000
Talent Management	8	$50,000
Compensation	2	$40,000
Selection	6	$35,000
Total		$290,000

Spending Analysis

Performance Appraisal-Option 7, Cost: $30,000.00

“Use results-oriented appraisals that focus both employees and managers on the impact of employees’ work, rather than on less relevant features; consequently, employee results tend to improve, with greater contribution to strategic goals.”

We chose the results-oriented appraisals for our company because we believe it will allow employees to significantly improve their results if they working towards a certain goal. Performance appraisals benefit not only the manager and employee but the overall company itself. It will give managers a chance to provide employees with positive feedback or constructive criticism. Employees will be able to know what they are doing well in and what areas they should be improving in and how to do so. Focusing our performance appraisals based off results will allow managers to compare the results alongside the goals that are set in the beginning for the employees. They will be able to pinpoint exactly the areas that need improving.

If our employees know exactly what goals are to be achieved in the beginning, they are more likely to accomplish those goals. The results will be measured to the objectives that were first given and employees will be able to determine if the goal was achieved or not.

Work/Life Balance-Option 7, Cost: $60,000

Programs to manage and reduce fatigue can improve employees’ health and energy levels. Such programs can include a nap facility in eGS, energy management classes, healthy food in eGS’s cafeteria, and exercise facilities or vouchers at local health clubs.

We chose this option because of the importance of overall health and its benefits to the employees as well as the company. In any company it is important to find a work to life balance.  Due to the amount of hours employees spend at their workplace, it is important that each employee is well-rested, eating proper meals, and getting daily exercise. By implementing programs such as a nap facility, energy management classes, healthy food options and exercise facilities, employees will be able to make sure each of these categories are well taken care of. Some benefits to these programs include: improved cognitive performance, decrease in absenteeism, reduced levels of stress, reduced risk of illness or disease, and an improved overall quality of life. If implemented, these programs will likely encourage a more positive atmosphere in order to stay focused and spark creativity.

Jessie

Training- Option 9, Cost: $75,000.00

“Consistent with eGS’s values and its legal responsibilities, all three Bands of employees should receive training in diversity management, risk management, ethics, and unlawful harassment.”

Companies are always looking for new employees and seeking competitive advantages over their competitors. One of the most overlooked advantages by most companies is training. The reason we decided to go with option 9 is because the more properly trained employees within the company the most likely it is to succeed without error. Employees from all bands will know how to properly work their positions. Even though an employee might already know how to do their job it should be encouraged to constantly improve their knowledge and improve their skills. We decided to splurge in training with $75,000 because our focus should be on the outcome benefits that it will provide the company and hopefully the return on investment it brings.

Amanda

Talent Management-Option 8, Cost: $50,000.00

“Develop an externship program for employees with solid career records at eGS who want to use and develop their skills in a different setting. The externship program could allow these eGS employees four hours each week to work on projects with local or web-based not-for-profit organizations. In addition to the talent management advantages, this is also consistent with eGS’s commitment to social responsibility as part of the triple-bottom-line profitability. It could be especially valuable for employees whose careers have plateaued in recent years.”

Implementing more developmental activities, such as the externship program outlined above, will encourage employees to learn and strive to advance further in their career. Applying this form of talent management will result in more loyal employees and more of a willingness to work harder, more logically, and creatively, because the organization’s goal is to develop the employees skills. This is why our group decided on option 8, with an allocation of $50,000.

This plan also offers an opportunity for job stimulation. Employees that showcase a plateaued performance or those that have a reduced morale may not feel the need to perform to the best of their ability because they are unsatisfied with their position.This leads to employees searching for work outside of the organization. Our goal is to maximize retention and have employees become more satisfied with their position. This externship allows willing employees to develop their skills outside of the typical work place setting. Granting individuals the capability to work on projects with local or web-based non profit organizations, and overall this program provides the employees with more experience. Ultimately this implementation is valuable to the company as well as the employee.

Melissa

Compensation-Option 2, Cost: $40,000.00

“With current levels of fixed pay, use merit increases based on managers’ performance appraisals instead of variable incentives (such as profit sharing). Merit increases encourage quantity and quality of work, while the cost is more predictable and easy to control.”

Our decision for our selection is to motivate employees to set and complete work goals, and reward them for it. Rewarding employees for their hard work will decrease employee turnover and absenteeism, and increase employee innovativeness, productivity, and well-being. With using the performance appraisals, managers know their employee’s work ethic and can help set realistic goals for their employees to complete. This can help employees work efficiently to complete their goals and increase their motivation and loyalty for the company. If employees have unrealistic goals, chances are they will not complete them and won’t be rewarded. This will discourage employees and their motivation will decrease. Our budget allocated $40,000 for compensation to increase the quantity and quality of work. We hope that using merit pay will help improve employee job performance, as well as their satisfaction with our company.

Selection

Attachment 2

Team Member Job Description and Tasks

Soma

·

Jennifer Appelhans

· Reviewed selected options

· Wrote about performance appraisals section

· Wrote Work/Life Balance section

Jessie Diaz

· Helped in the selection process

· Wrote intro

· Wrote about our training selection

Melissa Polster

· Created group document in google drive

· Created group text for everyone to communicate with each other

· Wrote about our choice in compensation and explained our selection

· Reviewed each option that was selected

· In charge of submitting Strategic Plan on Blackboard, as well as printing hard copy

Amanda Walborn

· In charge of the designated selector task for our final simulation decisions

· Created strategic plan strategy chart

· Created meeting notes and agendas section

· Wrote about our talent management decision and why we opted for that choice

Attachment 3

Meeting Notes and Agendas

Date: 04/09/2019 Time: 8:45 AM Location: CSU Chico, Library Duration: 30 Minutes

Group Members In-Attendance: All members

Meeting Goal(s):

· Work on the strategic plan

· Complete the budgetary decisions for quarter one

· Designate decision descriptions for strategic plan

· Exchange Phone Numbers/Email Addresses

· Creation of Collaborative Google Doc

· Designate person for submission

Important Business/Notes: Simulation Strategic Plan is due 04/10/2019 by midnight

Designation of Tasks:

· Creation of Google Doc: Melissa

· Creation of Group Text: Melissa

· Designation of Sections: Melissa

· Submission of Strategic Plan: Melissa Hard Copy & Blackboard Submission

· Each member completes his or her individual sections of the Strategic Plan

Reference Page

Performance Appraisals

“5 Performance Appraisal Methods That Garner the Best Results.” Mitrefinch, 13 Nov. 2018, mitrefinch.com/blog/performance-appraisal-methods-best-results/.

Work/Life Balance

Papadopoulos, Monika. “Importance and Benefits of Health Programs in Your Workplace.” The Online Learning Platform, 28 Feb. 2018, www.potential.com/articles/importance-benefits-health-programs-workplace/.

Training

Sharer, Andrew. “Why Companies Should Train Their Employees?” LinkedIn,      www.linkedin.com/pulse/why-companies-should-train-employees-andrew-sharer.

Talent Management:

Bathena, Z. (2019). Why Job satisfaction is an Important Phenomenon of the Vicious Circle?. Retrieved             from https://www.entrepreneur.com/article/310608

Compensation:

Fuscaldo, D. (2018). What is a Merit Increase and Why Does it Matter? Retrieved April 9, 2019, from https://www.glassdoor.com/employers/blog/why-giving-merit-raises-matters/

Selection