Philip Walcoff - "The Fast Forward MBA in Business Planning for ...

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Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"9. Lack an employee-development program (35 percent). "We lack an employee-development program;our employees feel dead-ended with no clear career path." Note that this issue sounds similar to the"lack of training" issue cited as issue 2.10. Turnover rate too high (30 percent). "Our turnover rate is too high."11. Lack an HR organization (30 percent). "We lack an HR organization or need to expand the HRstaff."Page 48After defining your personnel and compensation issues in Exercise 3, identify actions to eliminate theseissues in Exercise 4. Table 4.2 presents suggestions for dealing with these 11 personnel andcompensation issues.EXERCISE 3: DEFINE YOUR PERSONNEL ANDCOMPENSATION ISSUESReview the list of 11 personnel and compensation issuespresented in the preceding text and consider any others thatare not mentioned. Document your personnel andcompensation issues in your Major Issues and Approachesfor Resolution document (see Appendix A).EXERCISE 4: DEFINE YOUR RESPONSE TOPERSONNEL AND COMPENSATION ISSUESFor each personnel and compensation issue you haveidentified in Exercise 3, develop a response using theexamples presented in Table 4.2 or, as an alternative, defineyour own responses. Write these issue responses in yourMajor Issues and Approaches for Resolution document (seeAppendix A).file:///C|/Documents and Settings/gasanova/Local Settin...Forward_MBA_in_Business_Planning_for_Growth/e-book.html (60 of 219)16.02.2005 13:54:23
Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"TABLE 4.2 RESPONSE OPTIONS FOR PERSONNELAND COMPENSATION ISSUESIssue 1. We're not rewarding our effective employeessufficiently; we lack management and staff incentives, such asa performance-based compensation program and/or a stockownership/profit-sharing plan.• Develop and implement an employee incentive program.• Retain a compensation or HR consultant.Issue 2. We don't sufficiently train our management and staff.• Implement an employee-training program.• Consider both in-house (senior staff does training) as well aspaid seminars.• Bring trainers in-house.Issue 3. We need to do a better job of hiring and retainingquality employees.• Review your benefits and compensation programs.• Get training in interviewing for key players.(Table continued on next page)Page 49file:///C|/Documents and Settings/gasanova/Local Settin...Forward_MBA_in_Business_Planning_for_Growth/e-book.html (61 of 219)16.02.2005 13:54:23
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