Strategic Planning Framework Research Paper Example | Topics and Well Written Essays - 2000 words

Strategic Planning Framework - Research Paper Exampleup to the standards as the beau monde is losing its grip over its market share as well as the position it had achieved earlier in the market based on the tone of its products and services. The two main reasons behind these situations are 1. High employee turnover rate 2. Decreased customer satisfaction. Let us discuss these problems in some exposit in assemble to know how these problems are affecting the overall business of the company. 1. High Employee Turnover Rate As Beam (n.d.) states, employee turnover is the process of renew one worker with another for any reason (p. 1). High employee turnover means that the company is not able to retain its employees. It is a fact that see employees yield higher levels of productivity as compared to employees who join the company as fresh employees. The reasons behind high employee turnover ratio are usually amiss(p) employee recruitment and lack of a proper inducing jut. When we in quired the managers of NexGen, we came to know that they had started hiring less experienced employees in order to cut down the cost of retaining experienced employees. They withal took this step as the result of some resignations from their key employees. However, this strategy of the company is proving unsuccessful because new employees are not able to show good performance, and their managers perk up them from their jobs after a very short span of time. Another reason that we came to know through analysis was the lack of a proper incentive plan to retain high performing employees. The incentive plan could have motivated the employees to remain associated with the company instead of resigning from their positions. A couple of people who had worked for the company earlier revealed that the company did not use to reward them for their... We would recommend the managers of the company to implement all solutions without any delay if they want to succeed in this current downmarket e conomy. Although the solutions may take some time in proper implementation, the process should be started chasten away in order to save the company from cathexis more loss. For example, the hiring of skilled employees may take a couple of months, but the effects on the company will be long lasting. Similarly, implementation of an incentive plan would need a proper financial analysis. Managers of the company would have to analyze all financial factors before designing the plan in order to save the company from suffering extra costs of developing and implementing the incentive plan. Implementation of a quality management system also needs planning. Managers of the company need to set guidelines and train employees to follow those rules while developing any new product. Introduction of after-sale service plan can be done right away as no time-taking planning is needed to take such steps. The managers just need to hire some outdoor service employees to implement this step.