Strategic Plan
Cover page with:
Simulation Strategic Plan
HR 304 Spring 2019
Class time and Section ?
Group #
Group Names………
When submitted in Bb your report should have the 2 attachments on their “own page. See Bb in the “Simulation information” area and follow the guide for submitting your report in Bb
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Strategic Plan Budget Strategy
Summary of your Q1 decisions and overall Sim plan – How will you spend your Q1 $1.4 million?
(you receive $1.5 million more for year 2/Quater5)
Note: the 9 choices within the Simulation for each of the 6 Practice Areas that are the exact same for each Quarter.
Example: Our company has decided to allocate a smaller portion of the budget in the first quarter and incrementally increase per quarter. The first quarter we will see what works well and what areas may need to be improved. Based on that analysis we will increase spending in areas that are not on target. We have an annual budget of $1.3 Million. In the first quarter we can spend up to $225,000. The second and third quarter we have a budget of $325,000 each quarter and the last quarter we can increase spending to $425,000. Increasing spending incrementally will leave room for improvement in problem areas.
For first quarter spending we have decided to focus on selection, training, compensation, and performance appraisals. Having the right employees and proper training are important factors in any business and we hope focusing on these areas will improve performance and translate into higher profitability.
We are aiming to improve several of our KPI results in the first quarter. Productivity, wellbeing, and turnover are a huge concern. By improving these as well as other KPI statistics we will hopefully have a much more profitable bottom line. We will work to improve diversity and other areas with additional spending later on in the year.
Note: There is no Attachment #1/ “X” chart this semester.
| Quarter 1 Practice Areas | Option # | Spending |
| Performance Appraisals | 7 | $30,000 |
| Work-Life Balance | 2 | $30,000 |
| Training | 3 | $40,000 |
| Talent Management | 1 | $0 |
| Compensation | 8 | $55,000 |
| Selection | 8 | $60,000 |
| Total | $215,000 |
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Spending analysis for each of the 6 Practice Areas in Quarter 1.
The following is an explanation of why we chose each specific option.
Name–of the person writing this Practice section (do this for each of the 6 practice areas below)
List Practice Area , Option #, and the Cost like below
Performance Appraisal-Option 7, Cost: $30,000.00
Bold each selection description
“Ensure that EGS’s performance appraisal instruments meet the standard of business necessity by customizing evaluation criteria to eGS’s strategic goals and values as well as linking essential job functions in job descriptions to performance criteria in appraisals”.
The goal of our selection regarding performance appraisals is to increase productivity within the firm. Setting goals for employees that are in line with the strategic goals of the company will help lead everyone toward the same target. If everyone is on the same page, employees can operate more effectively within their positions. Investing in performance appraisals may also help to decrease absenteeism if the performance criteria includes attendance. This option is a good starting point because it fits within the budget and clearly explains to employees our common goals and their part in them.
Lastly, conducting performance appraisals can enable us to better plan the incorporation of new training in the workplace. By conducting appraisals, we can determine what training is necessary to increase employee performance in their essential job functions. Performance appraisals will also help set appropriate compensation levels. Some employees will stop working as hard if they feel they are not being compensated properly for their hard work. It can go the opposite way too. If you give raises without proper data you may be encouraging an employee to stop improving their performance because they are being paid for a higher level of work than they are producing.
Name
Work/Life Balance- Option # ?, Cost: $30,000
Bold description you choose for Quarter 1
“Sponsor a series of Dinners-For-Eight so employees and their partners can get to know others in eGS. Research on social capital and social support indicate that positive relationships in the workplace can reduce stress and increase satisfaction”.
The goal of this spending is to improve the overall wellbeing of our employees and to steadily encourage innovation through collaboration. If employees are encouraged to engage each other socially they will be more likely to work well together as teammates. This also encourages interdepartmental association. Hopefully, with improved satisfaction with work, our employees will also be more productive. Employees will also be less likely to leave the company if they are happy. This will also help reduce turnover.
It is both ethical and economical to ensure the wellbeing of our employees. It is in everybody’s best interest that employees are happy with their work-life balance. That means different things for different people, however some steps can be taken by any company to make sure there is balance. If employees feel that they are able to live their lives outside of work they are more likely to be satisfied and stay with a company. They will also be more productive at work if they are not preoccupied with juggling too much work and neglecting other responsibilities in other important aspects of their lives.
Next chosen practice area…
Name
Training- Cost: $40,000
Offer training to employees who’ve been with eGS less than two years to provide follow-up for the newcomer orientation. Mentors for newcomers could learn valuable skills and feel more established at eGS. Newcomers at eGS could feel more comfortable asking “silly” questions of someone who “learned the ropes” at eGS not so long ago. This could also build social capital in eGS.
The reason we chose this option is because it makes sense to have more experienced employees help new trainees learn. Having mentors will also increase job satisfaction and can reduce turnover rates. The training will teach newcomers the skills they need to perform well, build connections within the company, and maintain a healthy business culture. Having employees training together will also increase synergy. With our investment in training we hope to improve productivity, innovation, and turnover. We will improve our bottom line spending less on turnover and working smarter as well as harder.
Training is an important aspect of human resources because it impacts so many areas of the business. People are the most valuable resource in any company. If you can work to increase the knowledge and resources of people in your firm then the value of the company goes up. It is also necessary to ensure that all employees are respectful of the business culture and understand what is required of them. Training can help do all of this.
Talent Management- Cost $0
For our spending we decided to allocate $0 towards talent management. The reason for this spending amount was because we want our company to rely on correct training for our employees. We feel that if we have trained employees effectively and efficiently there won’t be a need to retrain or coach current employees. However, because of our budget plan we are prepared to give more money towards this section if needed for future quarters. Our strategy is to constantly improve our company little by little, to make the most profit.
The purpose of talent management is to prepare employees for future responsibilities and activities while rewarding employees by utilizing learning problems. However, we feel that training and compensation will solve this issue because we feel our employees are motivated more through benefits and compensation than advancement opportunities. Our plan is to have a continuous budget that will affect the learning process beforehand rather a learning process for current employees. From this strategic planning our company will increase employee spending and productivity. Our company will be utilizing our spending and resources to create productive employees and learning programs to earn the most profit.
Compensation- Cost: $55,000
Our purpose for our company’s compensation spending is to increase our productivity by preventing employee turnover and increasing our employee well-being. Our budget allocated $55,000 for employee compensation to increase employee motivation and company loyalty. From this we hope to increase employee performance so that our employees have a constant reminder for our brand’s values and work ethic. Our company wants to keep compensation plans public so that our employees are aware of the potential benefits they’re able to receive through hard work and reliability. We want to keep our compensation plans at our employee’s best interest from a budget, legal, and local perspective. Our company strives to make our compensation management effective by providing options for bonus, salary, stock, and commissions. By empowering our employees through compensation and benefits it will increase motivation and job performance in our company so that we’ll continuously be ahead of our competitors.
Pay and benefits are one of the biggest influencers for our company’s employee performance, both increase our brand motivation and loyalty. We believe positive incentives can be used to attract new employees while also increasing our current employee’s skills and ability. We want compensation to decrease employee turnover and increase our employee’s knowledge and performance for our company. We also want our employees to be focused and empowered throughout the work day and be constantly satisfied. We separated our company’s $55,000 budget for compensation into 4 major categories: base pay, wages and salary, incentive, and benefits. Our company wanted to be certain that we utilized our budget for both direct and indirect compensation to provide our employees with the best outcome. Our company’s compensation method will be based around positive and avoidance reinforcement. We want to have the ability to reward employees while still demonstrating that the amount of work ethic correlates to the amount of benefits. By doing this our company estimated $30,000 for base pay, wages, salary and incentives. Our company wants to make sure our employees are getting paid fairly and have the opportunity to receive overtime pay. We also wanted to provide stock options, by providing stock options it will display our employees loyalty while providing constant motivation. This will create the mentality of, “the harder I work the more I get paid,” not only in a job perspective but a financial perspective as well. Our leftover $25,000 budget we want to allocate towards our employee benefits. Our company wants to provide a mixed compensation package of benefit programs including retirement, health, life and disability insurance. By doing so we will build a strong employer to employee relationship built off of trust and reliability. By keeping our employees well informed and taken care of employee turnover rate will be reduced while incentives will provide an increase in productivity giving our company a successful advantage against others.
Selection- Cost: $60,000
The goal towards our selection spending is about understanding and choosing the right employees that have the types of KSA’s needed to successfully run our business. We believe efficiency in selection is the foundation for a business to continuously make profit due to the effects of turnover and well-being. Our recruiters must be committed to finding the best employees that will benefit our business while constantly being aware of the changing global economy, thus allocating parts of our selection spending to diversity. Gaining and recruiting applicants is one of the most important aspects in running our business because success comes from positive, effective, dedicated, and well-communicated employees. And when you have employees that are committed and satisfied it increases job satisfaction and well-being and decreases turnover and firing.
Our business is committed to finding the best employees that will have the most positive effect on our business. We have allocated our spending towards 5 major categories: recruiting, diversity, screening, interviewing, and turnover/well-being. Recruiting is one of the major receivers in our selection spending receiving $15,000. We chose this amount because our company believes that when you have a wide variety of options you find the best candidates. We want to improve our recruiting process so that our business thrives on employees that identify with our brand and values rather than hiring employees based off of the best resume. During the recruitment and process we also want to increase our online presence. By utilizing our resources to increase the amount of foot traffic for our website we hope to increase the amount of candidates and the diversity of our recruitment process. In order to reach out to different applicants in different areas and companies we allocated $10,000 to diversity. We also estimate $5,000 towards screening our applicants, we want to be certain our employees will have a positive impact towards our employees and business environment. For interviews we estimated $15,000 due to the variety of applications from our recruiting stage. We plan to have group interviews, one on one interviews, and video and phone interviews for applicants as well. Lastly, we allocated $15,000 for turnover and wellbeing to increase job satisfaction. We believe job satisfaction and wellbeing are major components for a successful business. If we have a higher turnover rate our company loses more money for re-selecting and re-training new employees, therefore finding and hiring the right applicants and making sure they are satisfied is a main component for profitable success.
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Attachment #2
Team Member Job Description & Tasks
Note: you should list each team member name and their specific duites with bullet points
Jane Doe
In charge of writing out the strategic plan for our group on how we will be budgeting
ourselves to put us in the best position to win the simulation
Wrote about our choice in work life balance, giving a description of our selection, the
money we spent and why
Took all of the team members references, organizing them and formatting them to fit correctly
Joe Smith
In charge of taking notes on all our meeting times, discussions and making an agenda for our meetings.
Wrote about our selection in Training and talent management, the money we chose to allocate accordingly and describe why we chose this
Created group text for everyone to stay in easy communication with each other
throughout the project. Wrote our conclusion/spending analysis to our budget strategy on how our money was allocated and weather we came in under the budget.
John Smith
In charge submitting our final and completed Strategic plan paper on Black Board
Wrote about Performance appraisal explaining the choice we selected in this category as well as why we chose this option
Created group document for everyone to access online
John Doe
In charge of creating all our graphs to help easier explain and show our budget spent as well as all our choices and how they affected Key Performance Indicators
Wrote about our selection in compensation explaining the budget we chose to spend inthis category and why
Chose to be our designated selector and will be the only and final person choosing our selection in the simulation
Jane Chang
Wrote about our choice in selection describing the amount of money we chose to allocate
and why. Further breaking it down into five categories
In charge of describing everyone’s job description and the role they had in the creation of
our strategic plan paper
In charge of proofreading our finalized paper to make sure everything is correct before
submission
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Attachment 3
Meeting Notes and Agendas
Date:4/1/2016 Time: 1:00 pm Location: CSU Chico, Library Duration: 30 Minutes
Group Members In-Attendance: All members
Meeting Goal(s):
· Designate sections to complete for first part of simulation.
· Exchange Phone Numbers/Email Addresses
· Creation of Collaborative Google Doc
Important Business/Notes: Simulation Paper is Due 4/15/2016
Designation of Tasks:
· Creation of Google Doc: Joe
· Creation of Group Text: Jane
· Designation of Sections for first paper (Due 4/6): Betty
Tentative Next Meeting Date/Location: Wednesday, April 6th at 1:00 pm. Location: Library
Additional Notes:
Date:4/6/2016 Time: 1:00 pm Location: CSU Chico, Library Duration: 30 Minutes
Group Members In-Attendance: All
Meeting Goal(s):
· Assess Progress on first paper, due 4/6
· Designate person to submit paper
· Designate sections for Simulation Paper, due 4/15/2016
Important Business/Notes: Submission Due Date Changed to 4/7 at Midnight. Simulation Paper is still Due 4/15/2016
Designation of Tasks:
· Submission of Assignment: Trevor
· Creation of Google Doc for Strategic Plan: Ed
· Designation of Sections for Strategic Plan (Due: 4/15): Sarah
Tentative Next Meeting Date/Location: Wednesday, April 13th at 1:00 pm. Location: Library
Additional Notes: Everyone completed their tasks from the last meeting.
Date:4/13/2016 Time: 1:00 pm Location: CSU Chico, Library Duration: 30 Minutes
Group Members In-Attendance: All
Meeting Goal(s):
· Assess Progress Strategic Plan
· Designate person to submit Strategic Plan
· Work on Strategic Plan
Important Business/Notes: Simulation Paper is due 4/15/2016
Designation of Tasks:
· Submission of Strategic Plan: Betty
· Complete Individual Sections of Strategic Plan
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Reference Page
Note: Below is fine…but it would be better to list the Six Practice areas in the order you wrote your summary reports and note the area each reference was used for:
Performance Management
Companion, K., LLC. (2015). HRSim Student manual. Retrieved April 8, 2016, from http://www.hrsimulations.com/documents/1/HRSim Student Manual 2015-2016 V1.0.pdf
Work Life Balance:
The Importance of Work-Life Balance – Boundless Open Textbook. (n.d.). Retrieved April 05, 2016, from https://www.boundless.com/management/textbooks/boundless-management-textbook/human-resource-management-7/current-topics-in-human-resource-management-60/the-importance-of-work-life-balance-303-7294/
Help Your Employees Achieve Work-Life Balance. (n.d.). Retrieved April 05, 2016, from http://humanresources.about.com/od/glossaryw/g/balance.htm
Lussier, R. N, & Hendon, J. R. (2016). Human Resource Management: Functions, Applications, and Skill Development, 2nd Ed.. Los Angeles, CA: Sage.
Müller, A., Heiden, B., Herbig, B., Poppe, F., & Angerer, P. (2016). Improving well-being at work: A randomized controlled intervention based on selection, optimization, and compensation. Journal of Occupational Health Psychology, 21(2), 169-181 13p. doi:10.1037/a0039676
Diamantidis, A. D., & Chatzoglou, P. D. (2014). Employee post-training behaviour and performance: evaluating the results of the training process. International Journal Of Training & Development, 18(3), 149-170. doi:10.1111/ijtd.12034
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