Why mission statements are important? Before going into that, let me first briefly tell you what a mission statement is. Contact Us for Promotions & Partnerships Firms in corporate business arena perform different business activities to earn profit as well as to retain their market share and stand. How does the general public know what they are up to? Is it really necessary for the firms to expose the nature of their activities to outsiders! Well, by explicitly defining the mission of your company, you stand a chance to gain identity, character and image and there is nothing to lose. A mission statement defines the basic reason for the existence of the organization and it clearly reflects your corporate philosophy. The management’s actions also might reflect their mission, in which case the mission statement is not explicitly defined and sometimes it could be deduced from the press statements released by the CEO. Whether defined or not defined, each and every organization has a definite mission that is clearly communicated to all the employees for action. When defined, it also serves as a means to highlight the firm’s social responsibility. Following are the Distinct Characteristics that a Mission Statement Should Possess It should be precise: The mission should neither be narrow as to restrict the activities of an organization nor too broad to make the situation pointless.It should be crystal clear: It should be clear enough to lead to action and not high-sounding and adhere to cheap publicity.It should be feasible: The actions mentioned must be well within the reach of the company and should not be impossible. It should be realistic and achievable. As, credibility is involved, firms must exercise caution when they release their mission statements. Feasibility mainly depends on the resources available that facilitate the firm to work towards the mission.It should be motivating: Motivating both for the employees and the society. Employees must identify themselves with the organization and feel proud that it is worth working for the firm and customers should take pride in associating themselves with that firm.It should be distinctive: It should project your distinctive competence to sustain competitive advantage. Say, if you own a garment shop, you should talk about the range of clothes that you can offer for different sections of the society and you can name yours a “Family Shoppe”, so that people will understand the nature of your business.It should indicate major components of strategy: If the aim of your company is stability, growth, diversification or concentration, all those can be included in your mission statement.It should also indicate how objectives are to be accomplished: The time period, production target, product specialization, product or process differentiation, everything can find their place in mission statements for the benefit of the society and self. Knowledge at Your Finger TipsUdemy Strategic management involves intelligent and timely decision making and mission statements are nothing but components of strategic planning that help the managers to lead the firm with some distinct “ideology” in the form of mission statements. Some Interesting Mission Statements Google’s mission is to organize the world’s information and make it universally accessible and useful.  Nike-“Crush Reebok.” Wal-Mart-“To give ordinary folk the chance to buy the same thing as rich people.” Walt Disney-“To make people...

Zero defect achievement – Striving towards perfection! What is TQM: Quality management is all about being proactive and concepts like total quality management and six sigma of recent origin reiterate the fact that hundred percent error free performance is possible the first time and every time. This is what is called as zero defect achievement which most of the companies at corporate level are headed for. The intention is to strive for perfection in work, the way an archer aims for the bull’s eye on a target. It is time for people to cast off their conservative and archaic business practices and think out of the box to enjoy a sustainable competitive advantage driven by quality. Zero defects seek top performance standards the first time and every time. Management scholars offer several suggestions to improve the zero defects programme: The idea of zero defects programme has to be communicated through out the organization right from the top to the bottom level including managers, supervisors and workers. This would harmonize the functions of line and staff. Prerequisites needed for the programme have to be determined and made available. The culture and climate of the firm should be conducive to accomplish the programme. Explain in simple terms about the functions to be accomplished. Design some solid system of recognition. Set up a time schedule as time lines are very important when it comes to product delivery. Spot all the bottlenecks and remove them. Training is absolutely essential– the skill set and mind set of the employees have to be attuned to the goals of the venture. Mock training and rehearsals are helpful. Standardization is the key to the success of this programme. Bench Marking: Total quality management is a process contributing towards quality and bench marking is a means to achieve high quality performance by setting some top notch industry performers as reference points or standards. It is a continuous systematic process employed by a business enterprise to develop business and working processes that integrate the best practices available in the industry. Bench marking is a crucial element in the process of quality management. Quality is one field of production, which reflects the ethical viewpoint and approach of business firms towards the society and other investors or stakeholders. Bench marking is a modus operandi used to: Identify and define customer requirements Plan and establish effective goals and objectives Develop time measures of productivity Become more competitive Determine industry’s best practice The initial step is to decide what is to be bench marked-the product, services, customers or business processes in various departments. The second phase of action is to identify and select your competitors who will set the necessary precedence. With that as reference, decide on your company’s strategies by making meaningful and valid comparisons. Judge the competitor strengths and weaknesses and compare them with that of your own to get a clear picture of your current performance levels and capabilities. This will give you a clear indication on the action plans to be developed and implemented in a phased manner by your organization. Quality management is likely to happen only when all the employees of the organization work as a team with unified principles. Quality demands deep commitment and responsibility from the members of organizations. It calls for intense training to imprint the perception of quality in the minds of...

On The Job Training Methods For Effective Employee Development The method by which training is delivered often varies based on the needs of the company, the trainee, and on the task being performed. The method should suit the audience, the content, the business environment, and the learning objective. Ideally, the method chosen will motivate employees to learn, help employees prepare themselves for learning, enable the trainees to apply and practice what they’ve been taught, help trainees retain and transfer what they have learned, and integrate performance with other skills and knowledge.  The basic objective of training is learning which brings about a radical change in the perspective of an individual preparing him for the task. On the Job Training: This is the most common method of  training. The trainee is placed on the job and the manager or mentor demonstrates the trainee how to do the job. To be successful, the training  should be done according to a structured programme that uses task lists, job breakdowns, and performance standards as a lesson plan. Common on the Job training methods include:- Demonstration: Demonstration is very effective for basic skills training. The trainer shows trainees how to do something. The trainer may provide an opportunity for trainees to perform the task being demonstrated. Panel: A panel provides several points of view on a topic to look for alternatives to a situation. Panel members may have differing views but they must also have objective concerns for the purpose of the training. This is an excellent method for using outside experts. Projects: Projects require the trainees to do something on the job, which improves the business as well as helps them learn about the topic of training. It might involve participation on a team, the creation of a database, or the forming of a new process. Employees can voluntarily under-take some small projects that would better the performance of a system. This would help the employee to become noticed and others ease of doing a particular thing and a source of inspiration. Say, Simplifying a database application by introducing a new software. Mentoring: A mentor can tutor others in their learning. Mentors help employees solve problems both through training them in skills and through modeling effective attitudes and behaviors. This system is sometimes known as a buddy system. Visit our GUMROAD Ebook Store for all your MBA guide...

Human Capital is the skill sets, knowledge and experience of human resource put to effective use to increase productivity. The term capital indicates the resource value of humans in which organizations invest their time, energy and money. The much pondered subject in recent times in big corporate organizations is about managing human capital.

The Ideology of Corporate Culture What is Corporate Culture: the collective beliefs, value systems, and processes that provide a company with its own unique flavor and attitude. Management Attitude: Globalization has necessitated organizations existing in the corporate business world to respond in a unique way in an attempt to enjoy a competitive edge in the market. Corporate culture is a value that keeps an organization intact and helps in building team spirit amongst the members. It is not possible to specifically describe or delineate the concept of culture, yet, people are aware of its fine and striking presence. Let us say that each corporate firm has a dissimilar but unique culture which embraces the values, norms, beliefs and assumptions of the members of the organization and their behavior. It is also greatly induced by the leadership style and management attitude. Role of Culture: Why do organizations need culture as a milieu? Has culture any role in improving the output? Management uses culture as a means to reach out to the employees in an informal manner, to signify what is expected of them plus what is to be expected from the management. Culture cuts through all the levels of an organization and unites the members or employees, to work towards enterprise objectives in a remarkable manner. It is a sort of identity label on the organization and its interest to promote or espouse the value systems through out the organization. Corporate culture encompasses the following qualities enlisted: Quality driven Presence of an informal atmosphere Open communication Customer centric business model Proper and likable dress code Trust and confidence amid employees Value based management CEOs’ as strategic drivers in setting a candid corporate culture CEO’s naturalness and spontaneity with the employees Gratifying employee welfare and security measures Value systems indicated by the vision and mission statements Codified employee behavior Well devised operating strategies Greater autonomy tomanagers at different levels Rewards and recognitions and so on… https://blog.enplug.com/corporate-culture   Corporate culture is considered to be a dogma, which many organizations utilize as a means to develop and amalgamate prospective employee groups. An employee learns all about the firm, its activities, the role he is supposed to play, information regarding his superiors, training, career advancements or promotions, pay, employee leave procedures and the long range goals of the organization during the time of induction. The firms should capitalize on this incubation period to spruce up the minds of the employees to act in accordance with the desired values expected by the management.   Value Systems: It is inevitable for each and every organization to develop a value system over a period of time based on the founder’s outlook towards business and people working for him. This creates a strong or a weak culture which has an effect on the output or performance of the employees. This also serves as a clear indication whether the organization is proceeding in the right direction. We should never forget that a sound culture eventually aims at achieving the end goals of an organization. The cultural framework of an organization facilitates this process to materialize in a smooth manner. Though intangible in nature, it wields its negative power, when not nurtured appropriately. Flourishing organizations always have pride in their robust cultural back ground, which is a mark of distinction. It definitely shapes up an organization to deliver performance that matches and often surpasses the industry standards. The head of an organization has an important role as a leader as well as a change agent in taking his organization to the next level. The mutual faith and trust between the superior and his subordinates is the anchor point of an organization. Culture – An Intervention Technique: The culture of an...