As the first step of performance management, goal setting is an integral stage that significantly defines the success of the whole process. For a company seeking to revive performance in key areas, goal setting provides an opportunity for senior management to define the solid results the company hopes to realize over a given period of time (London & Mone, 2012). In view of this, the current paper presents a goal setting framework for the Los Angeles Tribune, a large but struggling newspaper publisher with distribution throughout the Los Angeles region. The paper will focus on three key problems currently facing the company; the rising cost of paper, the increasing cost of distribution, and the declining circulation revenue.
Goal Setting Framework for the Los Angeles Tribune
When comprehensively implemented, the above goals and strategies would enable the Los Angeles Tribune to stimulate performance and increase revenue. In order to realize this objective, the CEO will need to empower others within the company and get them to focus on the set goals (London & Mone, 2012). In this regard, employee motivation and moral will be integral to the realization of the set goals.
In conclusion, it’s without a doubt that the first step of performance management is setting goals and this is an integral stage that significantly defines the success of the whole process. In this scenario, to address the problem of rising cost of paper, the Los Angeles Tribune could set a goal which would see the company reduce paper expenses by 20% over a period of one year. This will be achieved if the company may consider using recycled paper as it provides a cheaper alternative.
References
Brock, G. (2013). Out of print: Newspapers, journalism and the business of news in the digital age. Philadelphia, PA: Kogan Page Limited.
London, M., & Mone, E. (2012). Leadership for today and the future (1st Ed.). San Diego, CA: Bridgepoint Education, Inc.
