Cost Control Management - Managing In a Time of Great Change – Essay Example
This paper "Cost Control Management - Managing In a Time of Great Change" is a good example of an essay on management. Being a CEO in a 500 company is not an easy task. It entails many responsibilities which must be tailored towards the realization of the goals of the organization. In this particular case, there are various suggestions regarding the best performance criteria to use in benchmarking. For instance, as a Chief Executive Officer of this 500 company, I am supposed to develop an efficient and effective framework for the achievement of the relevant ambitions (Camp, 1989). Before deciding on the effective choice among the ones suggested by the executives, I have the following thoughts pertaining to the same issue.
First, I take consideration of what makes a firm to be successful. From the research on the advanced firms, they are using sophisticated analytics in human resource management. This entails strategies like employee retention. Concerning the individual performance, the benchmarking comes in handy because there is a need to evaluate and establish the contribution of each and every employee (Drucker, 1995).
Another thought pertains the process of obtaining data and facts that are pertinent to the industry. This is really crucial for the new processes that a company may develop. For instance, it takes into account what the competitors are offering and therefore getting a better chance of identifying the niche (Drucker, 1995). This can be linked to the ideology of the third executive in this company regarding the analysis of competition to establish the goals. In addition, it helps to stay relevant in the market and avoid being a duplicate of the existing organizations.
The last element of the thought process is the determination of the critical issues to benchmark on. This regards the financial, human resources and all other factors that are considered pillars of an organization (Camp, 1989).