Response to Question One
One of the core competencies that could enhance the achievement of our company vision is to foster innovation to generate cutting edge and unique products to our clients. Besides, the vision of the company could also be achieved by focusing on the competency of quality and reliable product development. The third core competency of the company that could stimulate the achievement of our company vision is focusing on brand development through the provision of exceptional client/customer services across all our operational networks.
Response to Question Two
One of the key decisions that should be made by the company to develop the competencies mentioned above include: Strategic planning; this could be characterized by the engagement of various stakeholders with an intention to facilitate sharing ideas. Also, the core competencies could be achieved by making decisions on issues ascribed to workforce and stakeholder engagement in the process of decision-making. Consequently, concerned stakeholders may have to make key decisions regarding the implementation of operational strategies.
Response to Question Three
The first important issue to recognize concerning the competencies mentioned in the case above is that they award the highest priority to the development unique and high quality products. This is one of the factors that shall enhance the competitive advantage of the company; that is, the uniqueness and high quality nature of its products. Besides, the competencies mentioned above shall enhance the competitive advantage of the company by prioritizing customer satisfaction through brand development and the provision of exceptionally high quality products as well as services, hence; facilitate the desire of the company to attract a large base of clients.
Question One
The total savings that would be made in the sixth year is $29/1.18 Million.
Question Two
Savings for Year 1: Total Labor Cost plus complement (6600 + (4.2 of 6600) = ($6600 + $277.2)
Cost Savings for year 1: $6877.2/1.02 Million
Cost Savings for year 2: $6877.2/1.05 Million
Cost Savings for year 3: $6877.2/1.08 Million
Cost Savings for year 4: $6877.2/1.12 Million
Cost Savings for year 5: $6877.2/1.15 Million
Question Three
The most important issue to recognize from the figures above is that the cost saved as a result of training the workers reduces significantly during each operational year, however, the productivity of each employee increases annually through the training processes. Considering that there is also a turnover rate of 10 percent characterized by the need to increase the size of the workforce, the recruitment and training of employees is justified. It is essential to acknowledge that most companies rely on productivity, which has been achieved by recruitment and training process witnessed in the training provided by the company.
Question Four
In an event that that the company’s target market is growing at a rate of 14 percent and there is 5 percent wage escalator, two major issues arise. Firstly, there is no guarantee that with the growth of the company’s target market, there will be an increase in its income; this therefore, means that there is a possibility of reduced company income, particularly with limited or less significant company income. However, there could be increasing company income characterized by high levels of productivity from motivated workers and an expanded market.
Question Five
Recruitment and training should be considered in the company in conditions where there is an expanded market with new platforms that have not been explored by the company and requires new services or products. The company may be compelled to hire and recruitment new staff members that would serve such a market segment. Besides, recruitment and training may be required in an event that the company aspires to implement new operational strategies i.e. communication platforms that would require new skills or ideas.
