Good Tesco Company Report Example
The corporate strategy..4
The process that will enable Tesco formulates its corporate strategy.5
Tesco’s Mission, vision and corporate strategy
Tesco’s mission statement is an indicator of its main priorities. The company’s mission statement is retaining customer’s loyalty. It is an implication that Tesco ensures that its customers don’t go to their rivals. Tesco has a mission statement so as to ensure that their clients and shareholders know the intentions of the business. Tesco has achieved much through setting objectives. The goals are maintaining the happiness of the customers. It makes them have loyalty to the company and do not go the competitors of Tesco (Morden, 2007). Tesco sets the customer’s small objectives that enable it in achieving its huge aims. The company aims at motivating the workforce in addition to abroad expansion. The company also aims at making significant profit margins and sustaining issues of finance so as to be friendly towards the environment (Slack and Lewis, 2008).
The vision statement of Tesco has five essentials describing the aspirations of the type of the company. They include the application of their skills globally while becoming the local winners and being innovative, modern in addition to being full of ideas. It also includes the inspiring, learning the trust and loyalty of their clients, their communities, and the colleagues. It also includes the growth of business full of opportunities and being wanted and needed by the world. The vision statement incorporates many perspectives through referring to innovative ways of conducting business, the employees, and the communities. It is brief and easily understood by all the people.
The corporate strategy
The Tesco‘s executive committee assesses the advancement of policies at company level .there are stretching targets for all its business units for KPIs. There is the linkage of the KPIs to the strategic objectives (Slack and Lewis, 2008). There is successive monitoring of the business and gives monthly reports to the board of directors. The ethical practices in engaging with KPIs employed by Tesco bring up the objectives naming making them very clear. There is the huddling of KPLs on the strategic objectives. There is also the accompaniments of the KPLs that improves the understanding of the performance results (Wheelen et al., 2014). There is also the visualization of data making use of line charts and bar graphs. There is also the Tesco Club card an instrument that gathers data composing the customers profiles. There is also the creation of the health profile through the measurement of the nutritional value of the customer purchases. It helps in setting the target that improves the health of the customers through comparison of the way profiles change across various groups in the society (Furrer, 2011). It also shows how healthy initiatives influence the customers shopping over time. Maximization of the data value is an indication of a substantial competitive advantage (McGrath, 2013).
The process that will enable Tesco formulates its corporate strategy.
Tesco will formulate its 2015 goals through the process of identification of the overall human resource strategic goals. With the global reach of chain, it is overbearing that the managers form a complete in addition to feasible human resource plan. They make use of various strategies in the management of the employees (Hill and Jones, 2010). It will involve the alteration of plans in accommodation of the variations and the local customs. The current human resource strategy in Tesco includes Jackson, Merkel and pick. They aim at training and development of employees, consultation, and communication.it also involves rewards and benefits linked to the achievement of targets. The approach proved successful over the years and as assisted the firm in maintenance and recruitment of well-motivated staff. They present an expert appearance to customers who are proud working with Tesco. For Tesco to formulate its corporate strategy, it must engage in training and development of its human resource in terms of money and time. It must employ large number of staff who has high skills. Most likely the graduates from the leading universities.
Tesco should train the recruits in accordance with their requirements and the firm’s mentality. Tesco should engage in training of the graduates through specified recruitment programs that are essential to their operations. The corporation should favor the staff and show value for them as being vital resources. All the employees sought an assurance of developing their set skills through the company. The closure of the staff pension scheme should receive an encounter that will see he employees are not suffering. They should receive compensation in another way through being taken as valuable assets of the company. The implication will be that all the employees have equal opportunities for acquiring essential skills. The skills have relation to their work and all of them possess equal opportunities of developing themselves so as to acquire extra knowledge.
Tesco should adopt the options development program that enables the staff to learn skills that they ought to grasp. It helps employees in progressing to the next levels within the firm (Wheelen et al., 2014). It relates a type of self-guided career professional development. It must ensure that the majority of its employees engage in the participation of this program. Their program is very successful, and Tesco ought to expand it. It will see the different parts of the company reaping several benefits from positive reimbursements trialed in a different place. The company ought to analyze the issue of communication and consultation in relation to the human resource. The company ought to know the problems facing the employees in addition to the wider company. It forms the bottom up feedback that is very common in companies with a global presence (Wheelen et al., 2014). It must encourage the managers to make use of various types of communication. It will see them gather feedback helpful in the further development of the company.
It involves the staff question times; interviews conducted face to face and the in-house internet. There should be taking of annual staff survey in addition to point of view and should be anonymous in addition to being confidential (Hill and Jones, 2013). The process should help Tesco in identifying problems in the working processes as soon as possible. It should respond to the issues in a method that aims at maximizing returns. Tesco should ensure that it keeps human resource that is competitive with its rivals. It should ensure that the wages offered are motivating. It can is achievable through the long-term reward benefits in addition to share bonuses. The idea of Tesco to eliminate the employees’ pension scheme so as to reduce the overheads by 30% may not be very satisfactory since it will discourage the employees.
The company ought to maintain good employee relationship by encouraging them to work near their homes (Jeffs, 2008). They include the Cravens, Piercy and the lane that aims at cutting down the cost of fuel and reduction in the time took to travel to the workplace. They also process involves giving the employees freedom of transfer which encourages retention of the employees. The company should maximize the use of shift work that helps the employees to make use of suitable hours as per their timetables. It may help students work part time for the company without interrupting their studies. In addition, young mothers may also get a chance of working in the company after they send their young ones to school.
The company should ensure that the work pattern is stretchy that is significance when it comes to ideas exchange in addition to promoting the faith of equality. They should create a good impression to the communities they serve so as to build a multicultural team of workers. Since UK is a multicultural organization, opening of 49 large stores may see it reap enormous profits if the investment becomes successful. Human resource administration acts a significant role in working towards achieving a healthy working environment. Tesco should ensure that all the employees are aware of their rights and obligations in the organization. It helps the employees unions in supporting the aspirations of the market of the company. Tesco should embrace safety and health regulations for the human resource. The company ought to engage vigorously in training its employees about the disaster management. It yields positively to both the staff and the clients of the company.
Receiving of training by the staff makes the members of the public have confidence while shopping in the company. They are sure that in case of an event of fire outbreak, they have responsible people who can handle the whole issue in a sober way. The company ought to make use of different various human resource models in the attempt to meet its set goals. The company should call upon different human resource approaches to ensure harmony within the company. It should apply the commitment based model that does not force the employees to meet frameworks. The accomplishment of the set aims is conceivable through respect given that there is the presence of coordination in addition to self-control. Tesco ought to use this model for shoring up and motivation so as to achieve its objectives. The opinions of the employees ought to receive consideration and ought application in the processes to involving problem-solving. It helps in keeping the employees at the forefront in addition to sustaining their motivation. There could be extra benefits arising due to the connection between reward and performance. It is in relation to the firm’s overall profits. It implies that when there is an increase in annual profits, there should also be an increase in salaries in addition to rewards. Rewards of that nature will result in positive effects on both the company and the workers.
It involves the value and behaviors that lead to a particular social and psychological environment of an organization. It includes the organization’s prospects, a way of life, know-hows and values that hold it intact. Its expression is in the self-image, the inner working, future expectations and the interactions with the outside world. Its basis involved the joint assertiveness, beliefs, customs and written in addition to unwritten rules. The consideration of the rules is that they are valid and may have developed over time.
Tesco can improve its performance by changing its culture. A flexible environment assists in increasing the flexibility to change thus enabling Tesco to adapt to environmental changes. Beliefs in addition to shared cultures help in increasing the loyalty of employees towards the organization thus increasing its performance. The bureaucratic structures and cultures replace the decentralization structure in cases of increase in employee participation in addition to flexibility. A stiff culture reduces individual growth thus creating more resistance towards employment hindering the profitability of the corporation. The workforces will be in a point to recognize their customers if they understand the organizational culture.
If the company implements a broad span of control, it will be in a position to reduce the chain of instructions in addition to improving the employer-employer associations. Through the company engaging in decentralization of structures, there will be an improvement in interdepartmental coordination. It will help in making the job duties and responsibilities clear. The managers will embrace a directive leadership style that is the style of a transactional leader. Such styles of leadership will assist in clarification of the employee’s roles within the organization. It will also make their description of jobs more clearly through structuring of the required task.
Furrer, O., 2011. Corporate level strategy. London: Routledge.
Hill, C. and Jones, G., 2010. Strategic management theory. Mason, OH: South-Western/Cengage Learning.
Hill, C. and Jones, G., 2013. Strategic management. Mason, OH: South-Western, Cengage Learning.
Jeffs, C., 2008. Strategic management. Los Angeles: SAGE.
McGrath, R., 2013. The end of competitive advantage.
Morden, T., 2007. Principles of strategic management. Aldershot, England: Ashgate.
Slack, N. and Lewis, M., 2008. Operations strategy. Harlow: Financial Times Prentice Hall.
Wheelen, T., Hunger, J., Hoffman, A. and Bamford, C., 2014. Strategic management and business policy. New York: Cengage Learning.
Wiersema, M. and Beck, J., 2011. Corporate strategy. Cheltenham, UK: Edward Elgar Pub.
Williams, K., 2009. Strategic management. New York, N.Y: DK Pub.
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