Strategies for operating in the VUCA world in electronic retail industry
Discuss about the Contemporary Management for Local Data Networks.
Operations in the business atmosphere of the VUCA world involve a direct and specific approach to deal with the internal factors like handling of the employees. Other than that, representation of the business practices that the successful companies have applied in the context of the same VUCA world is also of utmost importance.
Light footprinting is an effective strategy for operating in the VUCA world. The organisation focused upon, in this topic has itself been created as a consequence of business threat. The owner Reed Hastings founded Netflix for saving himself from paying penalty to Blockbuster. I think in a VUCA world, the business strategy of companies that operate with big data should be extremely proactive. In my opinion the company should adopt a complimentary policy and thereby respond to the changes in the customer market and corporate market very promptly. Generally, the corporate atmosphere in VUCA worlds are animose to the new entrants. Hence collaboration with local operators and generating value for the local enterprises should turn out to be a successful business strategy.
In the VUCA world, the company should give utmost importance to the issues of the stakeholders. Netflix should create new web series cast on the background of the local issues, or allow giveaways which have a straightforward significance with the local factors. Local data networks should be considered as important stakeholders also.
The values generated by the organisational culture and HR management in any company is really essential. Sam needs to focus at the employees hiring process and the onsite training process in order to develop an integrated work culture in the workplace.
The elevator pitch is focused on suggesting Sam about how to improve the workplace conditions and make the internal atmosphere amicable.
I suppose Sam should implement a policy that could acquaint newer employees with the work regime. In the introductory phase the employees should be given a fair idea of the organisational goals, which would make them more oriented with the objectives of the IT team of the company.
Sam should encourage his employees by making them acquainted with the work cultures of the bigger IT companies. Hence, a strategic training program can be arranged. This may have impact on the mind-set of the employees as well as help the IT department learn about the technological innovations and newer infrastructure that would be required by them for ensuring success.
Importance of employee retention in the hospitality industry
Suppliers of the electronic retail industry of Australia do not have much bargaining strength. The ecommerce brands are the market peers who curb their bargaining strength. They have to rely totally on the online retailing brands for retention of their target market. Hence they cannot exercise their own strength to bargain. Already they get a large market (often international market), that might be outside their scope or budget at the moment. Most of the companies’ also view the electronic retail sector as an opportunity for alternative sales. Hence they do not bargain over price.
The Buyers of the ecommerce sites have high bargaining power. It is evident that they do nit have the option of bargaining available. However they can choose to shop with other peering companies instead if they suppose the price of a company is not reasonable. However, the customer retention strategy of the ecommerce websites are creating brand loyalty in the electronic retail industry also. As such, Zhu (2015), puts that the bargaining power of the buyers in the industry would reduce in the future, since they would give preference to the brands power more than the competitive prices.
Substitutes from the other brands that carry out physical sales are potential threat to the ecommerce brands. This is because the customers of America still view online sales as an alternative sales medium. Another area of threat is the market trend of launching exclusive online sales portal by the major brands in the country (Calhoun, O’Neill & Douglas, 2018).
The rivalry in the industry is high owing to the increase in the number of market entrants in the recent Years. This is not a threat for the on-line market since the number of customers in the online shopping sites is increasing at a high rate. Therefore, it can be concluded that the chance of market penetration is still open in the online retail sector.
The coming of new entrants in the market is not a potential risk for the existing peers. The new brands come up with many new retail brands. Hence, this just results in the thickening if the market. However, as per Killett et al. (2016), this is not disrupting the healthy ratio between the number of retail companies and the number of buyers. This is because the number of buyers in this sector is also increasing.
The foremost strength of the industry is the increase of customer’s investment in the sector. As the customers bring in more purchasing power in the industry, new entrants would be more exited to enter in the industry (Freeman, 2017). Moreover, the stable financial position, the advantages of the Free Trade area and the easy corporate regulations have many new and existing online shopping companies interested to enter the Australian market.
Light footprint approach to stakeholders in the VUCA world
The foremost weakness of the sector is that setting up a country wide network us very expensive and problematic. The organisations that wish to start new business in the sector not only need to invest large capital but also establish a country wide logistics network that is very difficult owing to the geographical hindrances existing here (Kalia, Kaur & Singh, 2018).
Response
The peering companies of the hospitality industry are facing issues like workers’ turnover rate and the reduction in the rate of employee retention. In this case study, the factors and issue that the internal operations manager of the Sandbanks Hotel faced in employee retention and meeting the demand of the customers have been highlighted.
The business policy of stakeholder dialogue have been implemented by the famous hotel chains. As per Guchait, Pa?amehmeto?lu and Dawson (2014), the benefits of this strategy are improved reach in the target market along with learning about new trends or services introduced in the hospitality sector. The project undertaken by the company focuses on exchange of information among the business agency of the hospitality sector, the policy makers and the academic researchers.
The project involved setting up of cafes, which was an informal chat room for discussion of the best and most innovative policies and strategies in the industry. The subtle motive of the campaign was to foster wellbeing in the HR department. Employee wellbeing is directly related to the quality of service provided to the clients in the hotel. This hotel owned by the FJB group is situated in Poole Dorset. It is popular for the amenities that are offered here, the likes of which include various beach sports. Space bookings for weddings or meetings is also among the listed facilities.
The biggest advantage of the café Ideas is that it provides a platform for interaction of the academic personalities with the internal stakeholders or policy makers (Kochukalam & Joseph, 2015). For instance, the informal discussion that took place between the HR manager of the organisation and the workers might be mentioned. The HR policies and the employee retention practices of the authorities were evaluated in the meeting. The Destination feel-good members participated cordially in the meetings.
The suggestion of the staff exposed some postulates which are worth considering for the authorities. The most important factors was the need to introduce the work pattern of operating in shifts. Moreover, in the informal conversations it became evident that the managers’ needed to address the personal issues that the workers in the Hotel faced. Alongside, the positive attitude of the management in reacting to the immediate demands of the employees were also appreciated.
The employees who were present in the chat rooms also addressed the facts that there were traces of disorientation in the work force also. The employees needed to work as a more integrated team and thus ensure a smooth workflow in the hotel which would in turn account for better service to the employees. The unit of the employees also addressed the proficiency of the internal promotions policy of the hotel authority. The other important issue discussed in the chat room is the appraisal policy adopted by the authority and management. The staff members in general confided in the fact that cash appraisals help them to focus on their work and reach out to the clients with better service.
Conclusion
Analysis of the project reveals that such endeavours bring together various power heads to communicate and address the issues of the internal stakeholders, mainly the employees. Furthermore, it can also be concluded that an effective policy for the employee’s wellbeing also impact their organisational performance and thus gives rise to new business value.
Reference List
Calhoun, J. R., O’Neill, M., & Douglas, A. C. (2018). An Examination of Second Language Education Provision among US and European Hospitality and Tourism Management Schools. Journal of Hospitality & Tourism Education, 1-10.
Freeman, B. (2017). An introduction to India’s skills system to facilitate increased Australia-India bilateral engagement.
Guchait, P., Pa?amehmeto?lu, A., & Dawson, M. (2014). Perceived supervisor and co-worker support for error management: Impact on perceived psychological safety and service recovery performance. International Journal of Hospitality Management, 41, 28-37.
Kalia, P., Kaur, N., & Singh, T. (2018). E-Commerce in India: evolution and revolution of online retail. In Mobile Commerce: Concepts, Methodologies, Tools, and Applications (pp. 736-758). IGI Global.
Killett, A., Burns, D., Kelly, F., Brooker, D., Bowes, A., La Fontaine, J., … & O’NEILL, M. A. R. T. I. N. (2016). Digging deep: how organisational culture affects care home residents’ experiences. Ageing & Society, 36(1), 160-188.
Kochukalam, C., & Joseph, J. (2015). Integrated Self Help Group (I-SHG)-The Potential Maximized Through a Sustainable Social Business Model.
Zhu, C. (2015). Organisational culture and technology-enhanced innovation in higher education. Technology, Pedagogy and Education, 24(1), 65-79.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
