The main purpose of the assignment is to integrate the values of Workforce Opportunities & Residency Cayman (WORC) in the strategic plan of the business so that the business can achieve its goals and objectives. The values of the business are set in the mission and vision statement of the company which is to maximise human capital with proper training and skills development programs and also create ample job opportunities for the general people of Cayman Island. The strategies which are adopted by WORC need to be based on the methods in which the management wants to incorporate value.
The first and most basic step which the management of the company needs to consider for the purpose of incorporating values of the business in the strategic plan of the company is by identifying the same and also differentiating them from that of its competitors. The values should be clearly shown in the vision and mission statement of the company (David, David and David 2014). The reason for including the values of the business in the strategies which are formulated by the company is to ensure that the core values of the business are followed and also that the business operates with integrity which was expected from the business. In the case of WORC, the management needs to identify the core values of the business and formulate a mission and vision statement expressing the same (Babnik et al. 2014). In the case of WORC, the management needs to consider the following values which are identified by the business as their core value.
WORC has certain set of values necessary to run the daily operations of the organisation, which are demonstrated briefly as follows:
Passion:
Passion is the most essential stuff for any organisation. WORC is passionate about its business, brand and customers (Harrison et al. 2014). It would attempt to meet the needs of the customers by providing high quality services. It would promote energising, optimistic, positive and creative working conditions. It is passionate about the individuals it place and the career path that is offered to them. Hence, it provides an effective solution to the clients as well as candidates. It would take price in itself and the work conducted.
Customer focus:
The customers are at the heart of all the work conducted by WORS. It would develop a critical insight of the capability of the customers for working better together along with maximising the overall contributions. The organisation has adopted a learning approach, in which attempts are made always to gain better understanding. By underpinning all the work of the organisation, it acts with integrity. Thus, it intends to increase its reputation with the passage of time. Along with this, it has strong determination of providing effective solutions and services. The service quality would help in describing the industrial standard (Keynes 2016).
Collaboration:
With the help of collaboration, WORC could multiply its contribution. In this context, Kurz and Senses (2016) cited that mutual support and shared goals could result in increased success. This helps in placing the interests of the overall organisation before the individual branches. It would be responsible for the success and failure of the organisation. All the departments would work together to increase the overall strength of the organisation and ways are devised out constantly for helping each other. Open-mindedness and constructive listening would be the key to ensure the success of the organisation. Fairness is carefully practiced for treating individuals with candour, courtesy and sensitivity along with encouraging diversity.
Innovation:
WORS acts with a sense of urgency. It encourages creativity as well as innovation (Kurz and Senses 2016). The organisation encourages all the departments for questioning, participating along with making suggestions. In addition, it helps in valuing leadership. It would make continual efforts in developing skills along with broadening knowledge. Thus, new values would be developed with the help of innovation and flexibility.
Respect:
In the absence of dedicated staffs, it is not possible for any organisation to make significant achievements. The committing staffs would work in collaboration with the system for accomplishing profitability and growth (Lin 2016). An organisation has accountability towards its staffs and if the management provides immense respect to the staffs, the turnover rate of the organisation would decline. Hence, the organisation would respect all its staffs, which would respect privacy and individual human rights. This is because it would not encourage all kinds of discrimination irrespective of belief, religion, ethnicity, gender, nationality and physical disability. Finally, assuring a healthy and safe working environment for all the staffs is a significant portion of providing respect to them.
In order to achieve the values which are discussed above in the operating processes and also incorporate the above mention values in the strategic plan of the business, the management needs to form strategies which are both internal as well as external in nature (Gurley et al. 2015). In the case of WORC, the business is engaged in creating employment opportunities in the country and also develop skills of the employs which can be achieved by providing the best working environment facilities and expanding the business which will be creating more job opportunities. With the new recruitment the management also needs to ensure that such employees are being trained properly and also ensure that the employees are developing a set of skills. If the management of the business can incorporate such changes in the strategic planning process of the business than the same will be considered to be a major development towards incorporating the values in the strategic planning process of the business (Mayfield, Mayfield and Sharbrough III 2015). In addition to this, the management can also create competitive advantage by adding values to the strategic planning process as the same will be differentiating the strategies of the company from that of its competitors.
The term strategic management is considered in the planning category along with the fulfilment of the two management roles and development of the roles and conduction of the strategic plans. The managers will be able to draw experience and the results from the operational data to develop and achieve the strategic plans of the company (Pedro Konoand Barry Barnes2014).
The strategic plan for the implementation and management of effective financial controls is depicted with the specific and measurable financial strategic goals on an integrated and coordinated basis. The financial goals and metrics will be established as per the measure of the financial soundness which shows the efficiency of the financial resources utilized with the generate additional cash which is to be generated for the future investments. The free cash flow application will be able to anticipate the substantial capital expenditures in the near future to follow through the implemented project. The implementation of the economic value added will be considered with the risk adjusted basis. This is set with the depicted with the timely decisions to expand the economic value of the firm destroying the value. The deduction of the economic value-added goals will be able to assess the value of the business and contribute to the resource allocation process (Assets.publishing.service.gov.uk. 2018).
The asset management will be beneficial for the efficient management of the current assets such as “cash, receivables, inventory and current liabilities” such as payables and accruals. The enhanced management is seen to be depicted with the tracking and utilization of the practice for the operational performance falling behind the industry benchmark. The strategic planning decisions along with the capital structure is seen to be limited with the optimal capital structure such as “debt ratio or leverage” which reduces the firm’s cost of capital. In addition to this, the optimal capital structure determined with the short term and risk of the potential financial distress. The companies establishing such a structure will increase direct competitors along with the lack of new investments (Captio.com. 2018).
The measurement of the operational efficiency of the firm will be measured with the use of Profitability ratios. This will be indicated with the corrective actions by the management and measurement of the profit relationship along with the “sales, total assets, and net worth”. The companies will be able to set the ratio of the goals which will be able to operate with more effectiveness and improvements along the value chain. Moreover, the growth indices will be able to evaluate the market share along with the growth in the share and able to evaluate the acceptable trade off with the growth with the reductions in the “cash flows, profit margins, and returns on investment”. The growth aspect will drain the reserve borrowing fund along with the draining the cash which is required for ensuring sufficient cash and limited borrowing. In this way the company will be able to set the goals for the growth index which ma be lagging in terms of the norms of the industry or bearing a high amount of operating leverage (Strategic-control.24xls.com2018).
Financial controls is one of the most important tools, which are being used by management of any company for arresting any kind of financial mishaps, affecting the company. It is being used and has been used by the managers, previously too, for the purpose of fulfilling different other aspects for their respective roles. It is being increasingly used by the managers for tracking their progress and evaluating the results. As a result of these activities, they are considered, being a part of the controlling category. Various other kinds of controls exist, but they might show progress in various other areas, like market share and customer satisfaction, but financial controls are the most important controls for measuring the financial performance of any company. During the process of strategic planning, the management defines sets off a series of measurable objectives for the purpose of executing the company operations (Lee, Sameen and Cowling, 2015). It is the financial controls, which exercises a significant amount of the existing series of operations. Financial controls carefully scrutinise these objectives and take into account as to how far they have been met. During this reporting period, if required, the managers can enforce corrective action and towards the end of this reporting period, the results form a part of the overall evaluation of the success of the strategic plan. If any deviation is observed, then the management takes all the necessary actions, to ensure that such things do not happen again. All the deviations are observed and the faults and the errors are checked and analyzed. Proper steps are taken, with the consultation with the management and the necessary financial steps are implemented with the intention of avoiding such errors in the future.
A company must look after its primary and the main uncertainties, risks and problems by recognising, assessing, and monitoring its present risks in the areas of company governance and regulatory conformity, the chance of their re-occurrences, and their financial implications on the operations of the company. After completion of the said activities, a comprehensive procedures must be initiated and applied to alleviate the causal relationship of those uncertainties and risks. These companies should make these valuations and tests, mainly in those cases, where they predict greater amount of insecurity in their business or when they feel that there is a need to improve and increase the risk culture of their company.
Different functional areas, business companies and firms need to manage the level of tax liability undertaken in doing their businesses and for performing that, proper understanding the risk mitigating procedures is necessary. These procedures help in reducing the expected taxes. In association with this, novel enterprises, purchases, and goods improvement should must be compared with the tax repercussions and the after-tax payment to the company’s overall value (Keasey, Pindado and Rodrigues, 2015). Generally, the functioning must, whenever possible, should be calculated on an after-tax basis. International companies should espouse this rule while functioning in diverse tax arenas, where it is possible to take benefit of the different discrepancies in tax systems.
Reference
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