Sustainable Economic growth?Robin Trehan
Sustainable Economic growth?Robin Trehan
Sustainable Economic growth?Robin Trehan
What are the ways to bringing in sustainable economic growth?
Way 1. Stock options- Stock options can be the best way to bring into alignment the interest of the shareholder and the employees. The stock options can be a very good way for the alignment of interest but in a bear market, stock options do not pay off for employees so employers reduce them.
Way 2. Analysis of the firm on the following grounds
How is the firm value determined?
How does the other financing affect firm's value?
How is the interest rate determined in the market, how to determine whether risks are compatible with the return from the opportunity exploited
Way 3. Benchmarking- is necessary for the companies both internally and externally. Business model such as balanced scoreboard prepared by Dr. Robert Kaplan and David Norton, which measures a company around four perspective- learning and growth, the business process, customer and financial perspective can be of added advantage. It is also important for the companies that they business value index i.e. a process in which the intangibles benefits of a process are qualified in manner which are measurable.
Way 4. Key performance indicators - a key performance indicator, which focuses on financial measurements as well as non-financial measurements, can be of crucial importance. KPI should be viewed as a forward-looking system of measurements that helps managers predict the company's economic performance and spot the need for changes in operations.
Way 5. Moving towards Knowledge Management - Knowledge management caters to systematically leverage information and expertise to improve organizational responsiveness, innovation, competency, efficiency and corporate knowledge. Corporate knowledge is an aggregated body of experience and understanding of an organization's processes for managing both planned and unplanned situations to achieve the process whereby knowledge seekers are linked with knowledge sources, and knowledge is transferred to attain knowledge management.
Way 6. Visualizing success - The visualization of a successful result is another important success factor. Many consultants believe that imagining themselves performing their events flawlessly, walking through the entire process in their mind, is a key factor in their success. Broadening product line: The ability to continually improve their product portfolio to meet changing customer requirements.
Way 7. Moving towards learning organization- A knowledge-based organization will lead to focused vision, faith, and initiatives. These initiatives will make employees contribute to the overall mission. Initiative without knowledge, vision and faith is misguided energy.
Way 8. Training and Development -The system and its users may need to be updated over time. Staff may slip into bad habits unless reminded of the system's value. Training and development is essential for the understanding of the employees and to make them share the knowledge and vision of the company.
Way 9. Moving towards learning based organization- learning organization will change the organization into an organization where.
A belief that systems thinking are fundamental.
A climate that encourages, rewards, and enhances individual and collective learning.
A view that holds surprises mistakes, and failures as learning opportunities.
A desire for continuous improvement and renewal.
Learning integrated with work.
Way 10. Packing the Rulebook - - the organizational rules above customer's satisfaction, with no discretion on the part on the part of the service person to make exceptions or use of common sense does not make sense
Way 11. Grooming Talents & living in future? Top management should leave the day-to-day operations to the general management and focus of building the future. Living in present is easy but the leader is one who has a vision for the future. Change does not take place on its own what is needed is a desire to lead the change. As Jack Welsh, the x-CEO of GE says the job of the leader is toarticulate the vision to the employees' Top management should also groom new talents so that the company is always having a right mix of people both young and experienced.
Way 12. Leadership and Management- Top management should be proactive, courageous and creative. Leaders have to set personal and professional goals, develop an effective communication strategy and commit himself and his people to the cause.
Leaders never sit still. Leaders never allow themselves to be surrounded on the battlefield. Keep striving to beat the odds.
The performance of the company is very much influenced by the management and its organization structure. By having an understanding of the problems and the ways to solve them I believe that shareholder value and sustainable economic growth can be attained.
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