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Change Management

Essay by   •  June 25, 2011  •  Essay  •  495 Words (2 Pages)  •  1,672 Views

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Trying Rewards to Achievement of Key Strategic Targets. Rewards and compensations are integrative and essential elements in the workplace environment, as it aims to motivate individuals to get a job done. It has been reported that it is based on the Instrumentality Theory, which states that people will be motivated to work if rewards and penalties are tied directly to their performance. It is also based on the theory of reinforcement, stating that with experience in taking action to satisfy needs, people perceive that certain actions help to achieve their goals while others are less successful (2002). In this regard, it can be understood that providing rewards to individuals motivate them to achieve and attain their goals. Similarly, this principle goes to be applicable to the whole organization, as it becomes generally motivated and driven, given the fact that the achievement and fulfillment of their goals would allow them to sustain and maintain their financial and industry status. As such, the key strategic targets of organizations refer to their goals and objectives, and thus can be achieved and attained through positive reinforcements. However, the success of the whole organization lies on the individual motivation and achievement of its employees, making individual reinforcements and rewards essential. Based on the above discussion, eight components of managerial tasks can be used in strategy execution. Such components can be used to describe and evaluate the strategy of Procter & Gamble on implementing Organization 2005 in their system. Organization 2005 aims to improve the company's competitive position and generate operating efficiencies through more ambitious goals, nurturing greater innovation, and reducing time-to-market, and such goals were to be accomplished by substantially redesigning Procter & Gamble's organizational structure, work processes, culture, and pay structures (2005). Using the eight components of strategy execution, carrying out of the company's strategy can be described.

In terms resource allocation, it can be perceived that Procter & Gamble was able to improve on this first component through determination of the fact that the development of their company lies on proper allocation of time and effort on human assets, financial assets, and marketing assets of the company. Resource allocation was improved and developed through the implementation of the strategy, as Lafley focused on the improvement of the company's operations and profitability, and in rebuilding the management team of the company. In addition, the company needs additional financial assets, as substantial costs are involved in the implementation of the strategy. In this regard, it can be assumed that due to the implementation of the Organization 2005 strategy, significant changes can be observed in the company, such as changes in the officers, employees and members of top management, and

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