Business Resources
Develop Meritocracy in Company
It is important to recognize and reward people based on services they do. Nothing can diminish the motivation is more than the belief that other people are given rewards for reasons unrelated to their talents, efforts and results.
A true meritocracy also requires people who produce results above the average to be rewarded for higher / much of the other and one of the best and the brightest appointed as managers and leaders in the future.
Fundamental aspects and the first of a meritocracy is the ability to apply and be fair. Walter Wriston, former CEO of Citicorp, describes the motivational power of the ability to run the company based on meritocracy.
“People like to be in a winning team. If they think that [management] knew what they were doing and treat people with respect and that they are running a system of meritocracy, people will be motivated. We always explain that we do not care about the family status or colour passport, or race or gender. The most important thing is whether you think we could do a good job or not. I think it provides a great motivational force. “
Anne Mulcahy, chairman and former CEO of Xerox Corporation, formerly served as vice president of human resources. This position taught him the importance of assessment of what is and convince him that people are usually very rarely get honest feedback from their company.
“It’s become a kind of mantra for me to [create] a culture of people to accurately assess and treat people fairly. The other part is the importance of talent development. Not all men are created equal and it is important for companies to recognize the great potential and treat them differently, accelerating their development and pay them more. The process is very important in developing leadership excellence within a company. I think the company sometimes confused with egalitarian processes that they consider the most fair and it’s not something needed by the company. Companies should be selective in identifying talent and investing in the leaders of the future. “
When Carly Fiorina took over HP as CEO in 1999, he also felt the need to enforce a strict system of differentiation.
“We will leave a ‘peanut butter’ (sharing rate and payment for services evenly across the whole range of companies. The managers are expected to honestly evaluate the performance of employees and support their decision. Step by step we learn to once again become a meritocracy.”
Colleagues should be treated fairly. People should be selected and rewarded based solely on their talents and abilities. In a meritocracy, work and more effort will be rewarded above average. Evenly spread the benefits is not a feature of the meritocratic system. The most talented person should be appointed as managers and potential leaders in the future. Everyone in the company should be able to join the team leader of this potential.
Tips for Success in Times of Crisis
Under normal conditions, so that business can be successful, generally the CEO using contemporary business strategies, ranging from being recognized, until recently, the Blue-Ocean Strategy (Prof. Kim).
However, in conditions of crisis, CEOs are required to be more careful. There are two options that can be done:
Option 1: If our current business is fine, just use the previous strategy we use. If Is not broken yet – do not fix it. Starting from the vision-mission, followed by internal-external analysis, There are several alternatives and chosen the appropriate strategy, and finally closed with the implementation.
Figure 1: The process of business strategy at normal conditions.
Option 2: Actually a successful business should consider six factors below (be comprehensive and not partial):
Clients. Knowing the difference between clients with customers we can change the perspective in business. Customers are people who buy our product or service, while clients are people who are in our protection and therefore feel safe and comfortable if you use products / services. In my crisis, the writer suggested that the term was changed to Customer Service Client Service.
Corporation. If we want to win at war, begin to know yourself. Decide in advance what our core competencies are: Valuable, rare, costly to imitate and non-substitutable.
Contestants. Is “all” companies that could affect our clients in making purchasing decisions, whether direct competitors, indirect, substitute products, alternative products and the threat of new entrants. So do not just focus on direct competitors, but pay attention to all the existing contestants.
Changes. Sensitivity to changes in Politic – Demography – Legal – Environment-Economy-Technology and Sociocultural forces us to create a flexible business plan an eye out this change.
Companions or Partnership. If we can not defeat the “enemy” we, then take her to “partner” we. This crisis requires each company to enhance core competencies, then the discovery of “comrade” is vital.
Coercive groups. Approach to suppressing these groups also require special expertise for what they were shouting is not necessarily the same as what they want.
Into six steps, which are called as early 6C, is a technical element in the selection of business strategy, elements that apply scientific management as the foundation of thought.
Figure 2: Tip of Ice Berg – just pay attention to the technical elements. Read entire article.
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