Introduction
MasterCard became a public entity in 2008 when it embarked on a process of selling shares to the populace. The momentous occasion intimated that a different strategy had to be established to deal with the challenges of being a public corporation. The employees who are spread on a planetary scale had to be taught in the new ways of handling the company based on its current status. As a consequence, the executive members wanted to ensure that all the employees of the company are trained to ensure they understood the essence of such a change to the organization. The Road Map to The Future was the framework of training that was supposed to be conducted in thirty-six cities. The seminar was designed to be a four to five-hour intensive program and conducted in a hundred and ten workshops. Human relations, systems, and administrative theories are some of the theories that are essential to achieving the goals and objectives of the program. Sharing activities and transfer of skills are the corporate strategies that are critical to the program.
Evaluation of key strategic management process applied by MasterCard
Successful transformation in an organization is determined by the extent to which change is managed. The IPO changed MasterCard firm effectively compelling the institution to institute various measures aimed at increasing its competitive advantage in the market. The management process adopted by the company was the best under the circumstances presented. When a company changes to a different entity, the expectations and rate of productive are increased. As a public company, the company takes care of the interest of stakeholders and streamlining the company’s operations is of critical importance. Educating and training the employees on the changes made at the company was essential because the mandate of the company had been expanded.
Ideally, the employees would be compelled to deal with some of the sophistications brought by the transformation. Allowing the company managers and human resource specialists to facilitate the program was fundamental to the success of the training. Managers understand the needs and welfare of the employees. Moreover, managers can communicate and carry out the training in a fashion that is acceptable and comprehensive. Teaching the employees about the publicly traded company provides the workers with the essentials necessary for carrying out their duties. The satisfaction of the employees is determined by the extent of involvement in the affairs of the institution. Less motivated employees cannot improve the productivity levels of an organization. Involving the employees through a training program was a motivational framework that was meant to provoke profitability.
The dissection of the training components into learning maps fundamentally altered the scales in terms of comprehending the necessity of the program. The diversification of the program into three distinct parts simplified the training, and it was easy to perceive the various components. However, the intensity of the program might not have provided the full benefits of the training. Even though the essence of time is appreciated in this context, initial offering might be a new concept to the employees and modest time is needed to go through the various components. The four to five-hour seminar might not be realistic time frame considering the details that are to be covered.
The company should have extended the training to allow a comprehensive coverage of the concepts. It is imperative to note that the division of the training into a three-part lesson might have been the motivation for the schedule. Effectiveness and efficiency are a standard that must be adhered to whenever employees are inducted into a new concept. Commissioning the dozens of human resource directorates and managers to carry out the orientation was a prudent idea because it was geared towards cost effectiveness.
Theories and Perspective Used By MasterCard
The strategies and theoretical frameworks that are essential for the realization of the project guided the company’s strategic plan. Transfer of skills is one of the corporate strategies that were employed by MasterCard as a measure of educating its employees on the effected change in the company. Transfer of skills refers to the action of imparting relevant knowledge to individuals to make them harbor similar capabilities and understanding. In the MasterCard’s strategic plan, the managers in various branches were to act as the key educators in so far as teaching their subordinates is concerned (Cameron 2014, p. 22-27). The corporate strategy does not only take into consideration the essence of change, but focuses on making the transformation an effective process.
Employing managers as the main facilitators was well-thought program because it would ensure cost effectiveness and efficiency. The company seized from being a private firm to an organization that commanded attention from various stakeholders being a public entity. Prudent financial management was, therefore, necessary to ensure that the company does not employ numerous resources in orientating its workers (Hill & Jones 2004, p. 196). MasterCard’s use of face-to-face strategy in transferring skills to the employees was the most effective.
Sharing of activities is another corporate strategy that was employed by Rebecca Ray, the global learning vice president. Under the program, the Human resource specialists, local managers were to act as the main educators and facilitators of the programs. This corporate strategy is essential because it establishes a competitive advantage by raising differentiation and lowering cost. Essentially, the company wanted to simplify coordination and promote synergy in the enhancement of the program.
Sharing was a strategic move for the company because it ensured that it did not incur numerous costs by employing external facilitators to accomplish the plan comprehensively. By attaching responsibilities to the managers and human specialists, MasterCard was aiming at ensuring the effectiveness of the program and saving on the time that could otherwise be lost if the project is outsourced. Some of the resources that the firm saved include time, finances and certain resources (Cameron, 2014, p. 22-27). Consequently, the four to the five-hour program was established so that it does not compromise the operations of the business entity.
The human relations theory is extensively considered in the development of the plan that is aimed at educating the employees on the effected change at the company. Even though MasterCard was transformed into a public institution that did not diminish the need for productivity. Training the workers was critical for the transformation of the company in terms of profitability (DuBrin 2007, p. 2). The theory intimates that people are motivated to part of the team that aids growth and development. Changing the orientation meant that the company had to maintain its leverage in the market while remaining competitive in the market. Empowering the employees through training was a brilliant strategy aimed at improving the productivity of the company. The theory intimates that when workers receive attention and are allowed to participate in some programs, they become motivated effectively ensuring quality (Taneja 2011, p. 60-78). The theory emphasizes the development of worker's capabilities to ensure that they align themselves with the goals and objectives of a firm.
The global learning managed to ensure that the project was accurately choreographed used administrative theory. The theory has five aspects that include planning, organizing, commanding, coordinating and controlling (Mellahi 2015, p. 13). The elaborate program required planning as a consequence of ensuring that the training of employees is a success. Consequently, organizing the training sessions was supposed to be done in different cities across the subsidiaries. While the managers and the human resource specialists had a mandate of running the program, coordination was a significant phenomenon. The administrative theory entails commanding the personnel and directing them to undertake assigned responsibilities (Carl 2005, p. 880-889). MasterCard had to employ various administrative tenets to meet its objectives and plans.
The systems theory is defined as a various parts of an organization working together to achieve the set goals (Wallis 2010, p. 33). The theory presents the manager with the leverage to evaluate and analyze the events and patterns in the workplace before instituting a framework for meeting the objectives. The theory is built on the premise that all the departments have to work together to achieve the mission and goal of the firm. MasterCard had to bring all the departments spread on a planetary scale. Essentially, the systems theory was used in this context by the management of MasterCard to bring the human resource and managers of the firm to commit to the training program.
Important Strategic Plan Needed To Hold The Event
Strategic planning is an integral part of effective management, yet the application of various programs must be done selectively to meet the predetermined objectives effectively. MasterCard has to employ a plan that can make the plan of training the over four thousand employees applicable. Coordination is needed to hold the event successful. The company has four thousand six hundred employees, and all of them have to go through the training. Consequently, the educators are the managers and the human resource specialists spread in thirty-six cities. Essentially, global director for global learning has to ensure that all the stakeholders are properly coordinated.
Coordination is a short and long-term concept because the training is a continuous process and may be conducted whenever a change occurs (Løwendahl 2005, p. 143). Communication is a key determinant that ensures that the appropriate information is passed to the relevant stakeholders. For example, the trainers have to receive the learning materials from remote locations. MasterCard needs to devise effective modes of communication, and the channels should be defined to avoid confusions and limitations that might arise. Financial resources have to be put in place to make the training a successful program.
Any training program requires a supply of materials and other essential commodities. For instance, the employees might need some materials such as writing pads, pens or other reference supplies. Additionally, the managers need some elements that can make their work effective and efficient. Finances are an essential component of the program. Technology is a critical component that organizations require in redefining change. MasterCard requires technology, both at the location training and remote locations (Bryson 2011, p. 429). One of the technological platforms that the company can employ to ensure that the program is held is video conferencing.
This technological means can enhance communication, especially when there are certain classifications that need to be made on short notice. Additionally, MasterCard can employ mobile technology in communication and monitoring of events throughout the various subsidiaries. Before conducting the program, the company should conduct a SWOT conference. The essence of this meeting is to identify the strengths, weaknesses, opportunities and threats. The issues identified in the meeting are used to make certain adjustments that may be crucial for the completion of the training. The first SWOT meeting is the first meeting before conducting the seminar (Katsioloudes 2012, p. 34). Based on the outcomes the facilitators are briefed on the changes made to the original plan and the issues they need to pay attention to through the sessions. The strategic plan entails the components aforementioned and the inclusion not only ensures that the seminar is held but adds value to the training.
Conclusion
The initial offering at MasterCard altered its operations and exposed it to public scrutiny. The operations of the company had to be adjusted to meet the expectations of its new status. Training of the employees was a necessity, and the global learning executive took steps to ensure that the managers and the human resource personnel were equipped to educate the over 4600 employees. Corporate strategies such as sharing activities and transfer of skills were key in the training. Coordination and appropriate planning are some of the elements that can ensure that the training is held. Additionally, technology has to be established to make it possible for communication from remote areas in various dimensions.
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