The company I have chosen for this discussion is Apple Inc. This company designs, manufactures, and markets personal computers, smartphones, wearables, tablets, and accessories across the globe. Apple is one of the fastest-growing companies globally and among the biggest in revenue generation. According to Yahoo.com, Apples current stock price is $127.79 (Yahoo.com). Over the last year, the companys stock prices have been increasing.
The companys stock performance statistics show that at precisely the same time last year, Apples stock price was $74.13. One year later, the stock price has significantly grown. The low stock price witnessed in the past year was associated with the impact of COVID-19.
Today, Apples stock price is at its peak as world economies are opening and the demand and supply for Apple products are on the increase. A companys stock prices reflect investors perception of its ability to earn and grow its profits in the future. This means the high stock prices keep shareholders happy since the company economy is doing well. Higher stock prices correlate with the robust financial health of the company. Investors typically favor companies with higher-priced shares, reflected in the earnings. In such a situation, Apple can pay off its long-term debt, attracting lower interest-rate loans and strengthening its financial health. The rising stock prices reflect Apples robust financial health, market performance, and general viability. A steadily rising stock price indicates that the company is moving in the right direction towards profitability. Apple is currently in this situation. With the promising potential for profitability, Apple is a top target for investors.
Visit Yahoo Finance. Select a public company not selected by another student in the discussion and look up the companys stocks performance over the last year. Discuss which company you chose and its performance.
Stock Findings
What do you think are the market forces that might have influenced the value of the companys stock at its peaks and valleys?
What do your findings indicate about your selected companys financial health?
A well-known American retail store chain, J.C. Penney Company, Inc. (JCP), is a company that is having financial difficulties resulting in filing for bankruptcy. JCP has a chain of 840 department stores in the United States and Puerto Rico. This retail store focuses on selling fine jewelry and general retail merchandise. Due to net losses of about $ $3.7 billion in debt, JCP filed for bankruptcy in May 2020 (Isidore & Meyersohn, 2020). JCP is a great candidate for restructuring its strategic plan and management. Being innovative, improving customer relations, and increasing the effectiveness and quality of products and services will help JCP gain a competitive advantage.
J.C. Penny Financial Results
JCP reported that their total net sales were $10.72 billion for the fiscal year 2019. However, JCP reported $11.66 billion in total net sales for the fiscal year 2018. The reported decrease for 2018 was 2.3%, while the reduction for 2019 was 5.6% (J.C.Penney 2019 Fourth Quarter and Full Year Earnings, 2020). Before the current pandemic, JCPs 2019 primary revenue assets halted, resulting in a struggle for profits and poor financial performance. Due to the pandemic, JCP further struggled, leading them to try a strategic move that took advantage of the one-month grace period and not make a scheduled interest payment due April 15. The purpose of this was to allow time to consult with lenders. In addition to debt, JCP has needed restructuring for many years.
Financial Performance Improvement Recommendations
JC Penney will need a strategy to reduce overhead costs and improve its cash flow to restore its financial performance. Cash flow is critical for JCP to recover its position because this is its best liquid asset, making it valuable and essential to survival. To allow JCP to achieve maximum cash flow, they can lease/rent equipment instead of purchasing and enhance their inventory. By increasing cash flow, JCP can take advantage of opportunities when they are beneficial and can also issue supplier payments immediately instead of credit. JCP should focus on its inventory and analyze it to compile a list that is not selling as effectively as other products. This is because a stock that does not move does not generate cash flow; it hinders it. Compiling a list of slow-moving inventory will enable the company to discount the items and still attempt to generate cash flow.
Another financial performance recommendation includes reducing the number of overhead costs. The costs include rent, legal fees, taxes, accounting fees, and utility and maintenance (Thompson, 2018). JCP should consider operating its stores with less space to reduce rental costs while offering a premium shopping experience. Reducing its size but still offering excellent service will ensure that JCP can compete successfully with other companies in the same industry, such as Target, Macys, & Kohls. Eliminating unwanted costs allows the company to specialize in more lucrative areas.
Sustainable Competitive Advantage Strategies
A substantial factor: competition directly threatens JCPs success. These competitors include traditional retailers, high-end retailers, low-end retailers, warehouse clubs, and superstores (Thompson, 2018). The market is shared with JCPenney and other retailers from different companies. The presence of superstores and warehouses is a threat to JCPenney because customers are very attracted to buying in bulk because of the discounts and saving money. The low-end stores are a competitive threat because not only do they offer customers savings but also convenience. JCPenney should change its approach to address these threats in ways that will compete with the warehouses and superstores and increase the market share. One way to implement a competitive advantage is to provide its customers with private labels and prestigious brands. Implementing this strategy will increase JCPenneys competitive advantage because customer traffic will be increased. By doing this, JCPenney has the opportunity to produce higher margins and the potential to recover customers by providing a more luxurious shopping experience.
A 2nd recommended competitive strategy for this company would be to create and implement a customer loyalty program. This program usually works by awarding points to customers for their purchases, which they collect and can redeem later. This simple recommendation can improve and retain customer loyalty. In addition, this strategy provides added benefits as this program can be used to collect customer data that can be analyzed to identify behaviors and provide a more personalized shopping experience.
Strategy Implementation Plan
Strategies created will translate into actions to achieve the objectives and strategic goals during implementation (Thompson, 2018). The strategic plan is ultimately the responsibility of top managers. Still, it should be reviewed by the CEO, who will authorize its implementation unless elements are identified as challenging. Next, the executive team will generate the vision for strategy implementation. This vision strategy includes objectives to be completed and other unfinished items. The next step to implement the plan consists of selecting a marketing expert team to seek out any potential errors with the plan implementation.
Furthermore, it will be critical that regular meetings occur to review and discuss development reports. The strategic planning members will be included in these meetings. This is to inform the team of any changes, accomplishments, the current schedule, and the implementation status, such as on schedule, ahead, or behind.
Conclusion
Using a strategic analysis, JCPenney can improve financial performance and achieve a competitive market advantage. JCP can secure a position in the market by taking advantage of closing some of its locations. The company can optimize the remaining stores by stocking the shelves with sought-after brand names and private labels. JCP should also consider other strategies as well. For example, a customer loyalty program will offer customers perks and rewards while collecting customer data that can be analyzed to learn what the customers like and what they do not like and to provide customers with a more personalized shopping experience. To achieve positive results, these recommended strategies should be implemented by senior management to ensure a smooth transition.
In Wk 2, you completed a SWOT analysis on a successful company demonstrating a sustainable competitive advantage in the marketplace. Now, you will shift your focus to look at a company that is failing or experiencing challenges in the area of financial performance.
Strategic Analysis
Select and research a company with financial difficulties or is on the brink of bankruptcy.
Review Where Can I Find a Companys Annual Report and Its SEC Filings? from Investopedia.
Conduct a strategic analysis of the companys current financial operations. Determine strategies for achieving a sustainable competitive advantage in the marketplace and increasing financial performance.
When writing your analysis, complete the following:
Evaluate the companys current financial plan, including charts and graphs showing financial data from the struggling company, and make recommendations for improvement.
Determine strategies for achieving a sustainable competitive advantage in the marketplace and increasing financial performance.
Create a plan to implement the strategies you selected.
The sample strategic plan that I have selected is for a small business in the retail industry. This strategic plan outlines the companys vision, mission statements, goals, and objectives and thoroughly analyzes its external and internal environments. The external environment analysis includes an overview of the competitive landscape, a SWOT, and a PESTEL analysis. This helps the company understand the external forces that could influence its success, such as political, economic, social, technological, environmental, and legal factors. The internal environment analysis examines the companys strengths and weaknesses, such as its human resources, financial resources, and organizational structure.
The plan does an excellent job of addressing corporate social responsibility and environmental sustainability. It outlines the companys commitment to ethical business practices, reducing its carbon footprint, and minimizing the use of plastics. This is important because it shows that the company is committed to positively impacting the environment. Additionally, by minimizing the use of plastics, the company is demonstrating its commitment to reducing waste and promoting sustainable practices.
The plan could be improved by including a more detailed people plan. The program should outline the companys commitment to creating a diverse workforce and provide more detail on how it plans to recruit and retain employees. This could include strategies such as offering competitive salaries, creating a flexible work environment, and providing training and development opportunities. Additionally, the plan should provide more detail on how it measures success and tracks progress against its goals and objectives. This could include customer satisfaction, employee engagement, and financial performance metrics.
Overall, the plan does an excellent job of clearly stating where the organization is going and how it will get there. It thoroughly analyzes the external and internal environments and includes a commitment to corporate social responsibility and environmental sustainability. However, it could be improved by having a more detailed people plan and providing more information on how it plans to measure success. By addressing these areas, the company can ensure that it is on track to achieve its vision and mission and is progressing towards its goals.
References
Thompson, A. A., Strickland, A. J., & Gamble, J. E. (2021). Crafting and Executing Strategy: The Quest for Competitive Advantage: Concepts and Cases (23rd ed.). McGraw-Hill Education.
In this course, you will analyze an existing strategic plan based on the information you have learned throughout the coursework in your MBA program.
Strategic Plan Research
Research and select a sample strategic plan in an industry with which you are familiar or interested. (THIS IS YOUR CHANCE TO TAKE YOUR IDEA FOR A SPIN!!!) Be sure it includes the various components of a typical strategic plan. Reference Figure 1.1 Identifying a Companys StrategyWhat to Look For in Ch. 1 of your text.
Identify in 350 to 525 words what the plan does well and areas for improvement.
Discuss whether the plan:
Clearly states where the organization is going and how it will get there
Evaluates the organizations external and internal environments
Includes a people plan and addresses the achievement of a diverse workforce
Has corporate social responsibility and environmental sustainability
Submit the project and its citation to your faculty member for approval. This will be used in Wks 4 and 5 of the course.
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ROA, or return on assets, is a ratio that assesses how well a firm utilizes its assets to create profits. It is one of the most essential asset management ratios. An organization is able to evaluate the efficiency of its operations by calculating the ratio of their net income to their total assets. If the companys net income was $10 million and its total assets were $100 million, then a return on assets (ROA) ratio of ten percent would be suitable for the business.
The ratio of a companys debt to its equity, often known as the debt-to-equity ratio (D/E ratio), is an essential indicator of its level of financial leverage. The ratio of a firms debt to its equity may be used to assess whether or not the company can satisfy its financial commitments. When an organizations total liabilities and equity equal one hundred million dollars, the D/E ratio equals fifty per cent.
The current ratio of an organization is something that you should be aware of if you are interested in the short-term financial health of an organization. This ratio, which can be determined by deducting a companys current assets from its current liabilities, is a useful indicator of whether or not a businesss finances are in good shape. If a companys current assets and liabilities add up to a total of $30 million, for instance, the current ratio would equal 1.5.
The D/A ratio is very important to a firms solvency since it measures the entire financial leverage of the organization. The capacity of a corporation to repay its long-term debt may be determined by taking the entire obligations and dividing them by the total assets; hence, it is essential to be familiar with this ratio. In the example shown below, a corporation has a D/A ratio of 60 per cent when its liabilities are $60,000,000 and its assets total $100,000,000.
When determining whether or not a firm will be successful at turning a profit, one crucial metric to examine is the net profit margin. By dividing a companys net income by its total sales, this ratio provides a useful indication of the overall health of the companys finances. A business with a net profit margin of ten per cent would have ten million dollars in net profit and one hundred million dollars in total sales if it had one hundred million dollars.
References
Jurakulovna, J. G. (2021). The Necessity and Theoretical Basis of Financial Statement Analysis in Modern Management. Academic Journal of Digital Economics and Stability, 7, 89-95.
Fatihudin, D. (2018). How to measure financial performance. International Journal of Civil Engineering and Technology (IJCIET), 9(6), 553-557.
Robinson, Thomas R. International financial statement analysis. John Wiley & Sons, 2020.
Three financial statements are prepared regardless of the business structure (nonprofit, private; nonprofit, public; for-profit, private; or for-profit, public):
Ratio Analysis
Balance sheet.
Income statement.
Statement of cash flows.
Health services managers use these statements to assess how well the leadership team manages assets, properly leverages debt and equity, maintains liquidity and solvency, and achieves profitability. This is done by examining the relationship between figures on the statements and through a process known as ration analysis. Many stakeholders, such as lenders, vendors, leadership, personnel, and the community, are interested in certain financial ratios.
There is a fourth financial statement, referred to as the statement of change in equity, which provides explanations for changes in a firms equity; however, it isnt typically used in performing ratio analysis.
For this discussion:
You are an administrative intern, and your boss, the controller, has asked you to identify one asset management ratio, debt management ratio, liquidity ratio, solvency ratio, and profitability ratio that you believe to be the most important to an organization and then prepare a brief defence of your choices.
The medical field is full of equipment and pharmaceutics that require patents to protect the product and the company that produced or developed it. A medical patent is an exclusive government-granted right to preserve that medical product or even technology from being made by competitors for a certain period (Medical Patent: Everything You Need to Know, 2022). Many feel that these patents on medical products allow those companies to monopolize at the cost of human lives. The COVID-19 pandemic was just one of these examples where many feel this has occurred, with not only the COVID-19 vaccine but many of the products used as personal protective equipment (PPE) used during the pandemic, such as N-95 masks. 3M carries a patent on the term respirator and N95, making it difficult for other companies to produce this type of mask (Stiglitz, 2020). Not allowing other companies to create lifesaving equipment or supplies during a global pandemic can significantly affect how patients are cared for.
If I were the CEO of one of these companies that had produced a high-necessity item that could be used to fight against the pandemic, I would need to do a pro and con analysis on the benefit or downfall of either sharing the specific product or even technology. I also feel that you would need to consider the situations morals. Many think that not sharing the vaccine recipe during the COVID-19 pandemic, the underprivileged countries will suffer and will not have the same advantage as the United States.
According to Rowland, Rauhala, and Berger (2021), drug companies developing the COVID-19 vaccine were only going to sell it to the United States and European countries, as they were wealthy nations. As the CEO, I have to believe in doing the right thing producing as much of the product as possible. Still, if my current company were not able to have enough, I would allow others to be able to make the same product to get it out to the world and possibly save additional lives. This could allow other companies in other parts of the world to distribute products to those in need or even third-world countries. The medical patient could be transferred for a specific time frame for another company to be allowed to make your product. This process is allowable if both parties would agree upon it. It can be labeled for only a specific time frame; the patent would return to the original company.
As Christian business owners, we must follow the direction of God and find a balance between the business needs and the needs of patients or individuals in need. Doing both will allow your company to achieve profitability and also allow the demand for the product to be made to help with the global pandemic. As Luke 6:38 and Galatians 6:9 state, Give, and it will be given to you. A good measure, pressed down, shaken together, and running over, will be poured into your lap. For with the measure you use, it will be measured to you and Let us not become weary in doing good, for at the proper time we will reap a harvest if we do not give up (NIV).
The companies that developed the vaccines and treatments in the COVID-19 pandemic provide real-life, real-time examples of protecting patents as business assets while answering social responsibility concerns.
Pandemic Patents
As the CEO of one of these companies, how would you respond to calls to share your companys IP, and under what circumstances? How would a Biblical worldview influence your decisions?
A KPI I have used to manage a global supply chain process successfully is the inventory turnover ratio. This KPI measures how efficiently a company uses its inventory to generate sales. The organization should decide which KPIs to use to successfully manage its global supply chain by considering the specific goals of the organization and the processes involved in the global supply chain.
An organizations goals may include reducing inventory costs, improving customer service, or increasing profits. The organizations global supply chain process may involve the procurement of materials from suppliers, the production of products, and the distribution of products to customers. The organization should select KPIs that will help it achieve its specific goals. For example, the organization may want to track the time it takes to receive materials from suppliers or the number of products customers return.
Reference
Demartini, M., Pinna, C., Aliakbarian, B., Tonelli, F., & Terzi, S. (2018). Soft drink supply chain sustainability: A case-based approach to identify and explain best practices and key performance indicators. Sustainability, 10(10), 3540.
An organization uses key performance indicators (KPIs) to monitor the processes involved in operating a global supply chain to identify strategies that are not performing well and need improvement.
Key Performance Indicators
Describe a KPI that you have used yourself or have seen or read about being used to manage a global supply chain process successfully.
How should an organization decide which KPI(s) to use to manage its global supply chain successfully?
What is the difference between hiring for diversity and leveraging diversity?
Employing for variety alludes to the deliberate exertion of associations to enlist people from various foundations, including race, orientation, nationality, age, and different components of variety. The essential objective is to expand the portrayal of different gatherings inside the labor force. While recruiting for variety is essential to establishing a comprehensive climate, it doesnt ensure the full advantages of variety.
In contrast, utilizing diversity to drive innovation, creativity, and overall organizational performance entails actively utilizing individuals diverse perspectives, experiences, and skills from various backgrounds. It focuses on creating an inclusive culture where all employees feel valued, respected, and empowered to contribute their strengths rather than merely on representation.
In what ways, if any, does your organization leverage diversity within its workforce?
In my company, we actively promote diversity among employees in the following ways:
Participatory decision-making: Our association urges different voices to be heard and esteemed in dynamic cycles. We strive to establish a welcoming environment where everyone is at ease expressing their thoughts and opinions. We cater to decisions by taking considering various perspectives as a result.
Resource groups for employees (ERGs): We have laid out ERGs that unite workers with shared foundations or personalities, like ladies, LGBTQ+ people, and ethnic or social gatherings. In addition to providing the organization with valuable insights and perspectives, these groups also serve as a platform for networking, support, and collaboration.
Education and training on diversity: Our association puts resources into coaching in racial awareness projects to bring issues to light, upgrade social skills, and advance comprehensive ways of behaving among representatives. These initiatives aid respectful interactions and a better understanding of diverse experiences.
Does the leadership in your workplace understand the importance of equity and inclusion? Provide an example to support your position.
Yes, my workplaces management recognizes the significance of equity and inclusion. Our leadership team implemented a company-wide initiative to address pay equity as an illustration of this. They took proactive measures to identify and eliminate wage disparities based on gender, race, or other protected characteristics because they understood the significance of fair compensation. This obligation to value guarantees that representatives are dealt with decently and support a more comprehensive and varied labor force.
What changes would you recommend to improve the benefits gained through diversity and equity in your workplace? P.S I need 3 Reference
Encourage comprehensive authority: Leadership education that emphasizes inclusive practices and behaviors is critical. This incorporates creating pioneers who effectively tune in, esteem assorted viewpoints, and set out open doors for all workers to contribute and flourish.
Programs for mentorship and sponsorship: Establish formal sponsorship and mentorship programs to connect members of underrepresented groups to organization leaders. These programs can help build strong relationships with people from different backgrounds while providing guidance, support, and opportunities for career advancement.
Nonstop assessment and responsibility: Regularly measure and evaluate the progress made in diversity and equity initiatives: track representation, promotion rates, and employee satisfaction with metrics and goals. By holding leaders accountable for achieving these objectives, commitment to diversity and equity can be maintained.
Organizations often discuss the benefits of diversity; however, in many instances, these organizations simply hire a more diverse workforce and then expect the benefits to follow.
Based on this weeks readings and your own professional experience, respond to the prompts below:
What is the difference between hiring for diversity and leveraging diversity?
In what ways, if any, does your organization leverage diversity within its workforce?
Does the leadership in your workplace understand the importance of equity and inclusion? Provide an example to support your position.
What changes would you recommend to improve the benefits gained through diversity and equity in your workplace?
Post your initial response by midnight on Wednesday, and reply to at least 2 of your classmates initial posts by Sunday, midnight in your time zone.
Todays workforce contains members of four different generations, and the interactions of the various generations in the workplace lead to conflict caused by the formation of perceptions about each other. Intergenerational perceptions can lead to stereotypes, preconceptions, or tensions which yield conflicts and impact productivity and performance. Intergenerational conflict is between younger and older employees or a more abstract conflict between two generations, mostly involving prejudices against another generation. The intergeneration conflict entails, in general, the cultural, social, and economic discrepancies between generations in the workplace. The generational differences in the workplace lead to three types of conflict value-based,
behaviour-based, and identity-based. Generational conflict sources arise from power and control, technology, generational differences, and organisational culture. The conflict resolutions discussed in the paper include mediation, dismantling stereotypes, uniting generations, proper communication, and focusing on each generations strengths. This literature review aims to examine conflict resolution in the workplace as it pertains to specific generations and the potential different strategies management must use to communicate effectively.
Summary
First, according to McKenzie (2015), mediation is vital in resolving workplace relationship conflict. Intergenerational conflict in the workplace results from the formation of stereotypes and judgments among different generations, especially millennials and Generation X. In an ideal workplace, generation X is the manager and people holding the position of power. At the same time, the front line is millennials, who have different work ethics and approaches to life compared to Generation X (Xiong & Wang, 2018).
The source argues that mediation is the standard method of alternative dispute resolution in resolving workplace relationship conflict. Poor interpersonal relationships in the workplace are frequently identified as sources of stress which cause conflict (Messarra, 2014). A mediator will help unite millennials and Gen X by establishing a neutral ground, proper communication, and organizational culture that dismantles stereotypes and improves interpersonal relationships. In addition, Zhu et al. ( 2016) argue that mediation is useful since it helps the different generations in the workplace make their demands. Common ground is reached that enables all the generations to work together for a common goal. ADR is the standard form of mediation. It is applied in any organization since it is less expensive, can assist in repairing relationships, and allows greater control by disputants over the resolution period.
Moreover, work ethics and valuing the sources of motivation in workplace behaviour differ between millennials and older generations. According to Mahmoud et al. (2014 ), another source of generational conflict in the workplace is generational differences in valuing motivation and work ethics. Organizations are responsible for managing generational dissimilarities in the workplace and ensuring all the multigenerational and diverse employees communicate and collaborate to achieve overall organizational goals successfully. Mahmoud and Reisel (2014) also state that when employers can understand employees needs and attend to each generations perspective, the organization benefits and increases motivation, productivity, morale, and retention. The millennial generation is increasingly becoming the largest workforce and is described as technologically savvy, better educated, and ethnically diverse (Shelley André, 2018). On the other hand, generation X and baby boomers are in a position of power and tend to be traditional in their methods, which creates tension and rift with the millennials. Millennials are motivated by money and value engaging and challenging tasks, a robust employer brand, and a conducive working environment that allows them to be creative and innovative.
Another critical aspect is understanding and managing intergenerational conflict in the workplace. According to Urick et al. (2017), the generation gap and differences between generations are the sources of conflict, mainly the differences in values, behaviours, and identity in achievement, image, and ego. The millennials perceive the older generation as outdated regarding technology and trends. In contrast, the old perceive the millennials as irrational and lacking the moral values and patience needed in the workplace (Winter & Jackson, 2016). The stereotypes and perceptions are sources of intergenerational conflict, and the management needs to develop strategies that dismantle them and make communication across all generations smooth and effective. Zizek and Cic (2017) argue that the different generation in the workplace differs in behaviour patterns, attitudes, expectations, habits and motivation mechanism, and the generation gap helps in the business process but require the balance of the needs of all generations to ensure productivity and efficiency is not affected by the conflict that arises. Superior-subordinate conflict is another interpersonal conflict in the workplace that arises from the difference in attitudes, power, and behaviours between the two groups (Cucina et al., 2018). The millennials dislike being commanded and yelled at the workplace, which may create tensions in the workplace, leading to absenteeism, lack of job satisfaction, motivation, and productivity.
Discuss and Evaluation
Workplace mediation is a method that is effective both in small and big workplace conflicts since ADR helps in mending relationships between generations in the workplace and improves interpersonal relationships. The modern workforce is diverse and includes four generations, including baby boomers, generation x and millennials, that differ in behaviour patterns, motivation mechanisms, work ethics and values, and satisfaction levels. In the case of superior-subordinate conflict, mediation can help restore trust between the two groups and ensure both sides benefit from improved productivity, motivation, and job satisfaction. The Multidimensional Work Motivational Scale (MWMS) measures the work motivation dimension among different generations in the workplace, which is the primary source of intergenerational conflict (Cucina et al., 2018). The different types of motivation include extrinsic, intrinsic, ad motivation. Workplace conflict resolution regarding a specific generation in the workplace requires the managers and organization to identify what motivates each group.
Today, millennials require a combination of various elements in the workplace to achieve job satisfaction and motivation. Identifying and motivating each generation will help resolve the conflict caused by generational differences in motivational mechanisms. In addition, the procedure used by Winter & Jackson ( 2016) shows that organization needs to explore issues facing young professionals by conducting an open-ended survey on their challenges and how to solve them. In the workplace, conflict resolution starts with building an organizational culture that promotes equality and fairness without stereotyping or discrimination in any group. Poor interpersonal communication in the workplace and lack of common ground makes it difficult for the various generations to see eye to eye, and the organization ends up suffering from reduced production, low morale, and lack of motivation.
The biggest challenge young professionals face today is the generational difference in organizations where older generations are in power positions while younger generations are on the frontline. The differences in work ethics, procedures, and perception of things cause conflict. The older generation values face time and working certain hours, while the millennials have grown up learning how to work smarter, not harder (Cucina et al., 2018).
Finding the balance between these conflicting differences will help resolve the issues and enable the different generations to work together to achieve a common goal. In the article by Xiong and Wang (2018), the authors methodology and research design are based on measuring employees subjective evaluation bias regarding labour relations and using Chinese participants.
In the workplace, the bias between employees of two generations leads to conflicts in labour relations, and the company needs to apply conflict management strategies. The article gives an international perception of conflict resolution about two specific generations in the workplace. Generational differences are the common theme in all articles and the primary source of conflict in the modern workforce. The formation of bias, stereotypes, and prejudices by different generations in the workplace makes it hard for various groups to work together since they negatively perceive the other generations method of operation, rationale, and decision-making (Winter & Jackson, 2016). From the management perspective, integrative cooperation at the workplace should be based on the needs of all generations and trying to find a balance that will unite them. Although generational gaps are important for the business process, it is disadvantageous when it causes conflict that lowers employees productivity and causes tensions.
According to Andre (2018), embracing generational diversity is important, and managers have the role of reducing and managing workplace conflict that results from generational differences. In nursing, intergenerational differences can lead to conflict and disagreements, especially when the old nurses subject the new nurses to pre-existing tendencies of trial-by-fire methods. The solution to intergenerational workplace conflict is properly assessing the generational factor causing the conflict. The Baby Boomers do not like to be micromanaged, while the millennials are used to detailed instructions and hovering over authorities (Cucina et al., 2018). Understanding what is causing the generational conflict is the first step in solving and addressing the issue. Second, focusing on each generations strengths in the workplace and assigning the right work to the right generation. Managers need education and training to develop generation-specific strategies such as knowing their employees. A baby boomer manager should know the needs of the millennials and understand the new developments in methods of doing work and the use of technology (McKenzie, 2015). On the other hand, a Gen X manager should take time to develop a trusting relationship with older generations to avoid alienating them and causing friction in the workplace.
Conclusion
In conclusion, conflict resolution in the workplace as it pertains to generation requires the assessment of generational differences and the sources of conflict. Today, the diversity and presence of many generations in the workplace cause a conflict caused by differences in work ethics, motivation mechanisms, values, perception and attitudes. The formation of stereotypes, biases and prejudices against each generation is another cause of conflict, making interpersonal communication hard and affecting productivity, morale and job satisfaction.
All the sources used in the paper have information regarding intergeneration conflict and strategies to resolve the issue. The main resolutions recommended in the paper are finding a balance between the needs of each generation, assigning jobs based on generational strength, dismantling stereotypes and stabling good interpersonal communication and organization culture that values all generations.
References
?i?, . V., & iek, S. . (2017). Intergenerational cooperation at the workplace from the management perspective. Nae gospodarstvo/Our economy, 63(3), 47-59.
Cucina, J. M., Byle, K. A., Martin, N. R., Peyton, S. T., & Gast, I. F. (2018). Generational differences in workplace attitudes and job satisfaction. Journal of Managerial Psychology.
Mahmoud, A. B., Reisel, W. D., Grigoriou, N., Fuxman, L., & Mohr, I. (2020). The reincarnation of work motivation: Millennials vs older generations. International Sociology, 0268580920912970.
McKenzie, D. M. (2015). The role of mediation in resolving workplace relationship conflict. International Journal of Law and Psychiatry, 39, 52-59.
Messarra, L. C. (2014). Conflict resolution styles and personality: The moderating effect of generation X and Y in a non-Western context Leila Canaan Messarra, Silva Karkoulian, Abdul-Nasser El-Kassar. International journal of productivity and performance management, 65(6), 792-810.
Shelley André, R. N. (2018). Embracing generational diversity: Reducing and managing workplace conflict. ORNAC Journal, 36(4), 13.
Urick, M. J., Hollensbe, E. C., Masterson, S. S., & Lyons, S. T. (2017). Understanding and managing intergenerational conflict: An examination of influences and strategies. Work, Aging and Retirement, 3(2), 166-185.
Winter, R. P., & Jackson, B. A. (2016). Work values preferences of Generation Y: performance relationship insights in the Australian Public Service. The International Journal of Human Resource Management, 27(17), 1997-2015.
Xiong, W., & Wang, T. (2018). Labour relations and new generation employees. International Journal of Conflict Management.
Zhu, Y., Yang, H., & Bai, G. (2016). Effect of superiorsubordinate intergenerational conflict on job performance of new generation employees. Social Behavior and Personality: an international journal, 44(9), 1499-1513.
Have you observed or personally experienced generational conflict?
Generational Conflict
What arguments or accusations have you heard, and in what situations do you think these conflicts usually arise? Who, if anyone, do you think might profit from generational conflict and the sense that ones own generation is under attack? Consider differences in social, religious, or political beliefs, or consider different responses to major events such as a pandemic.
Be sure to respond to at least one of your classmates posts.
Demand for healthcare is determined by an individuals degree of consumption in the event of disease; the amount of consumption varies depending on income, service pricing, education, norms, social traditions, and quality.
Distance to a healthcare facility, user fees, household educational status, service quality, and degree of illness influence the demand for healthcare services.
Access to comprehensive, high-quality healthcare services is critical for promoting and maintaining health, preventing and managing disease, minimizing premature disability and mortality, and attaining health equity for all Americans. With the rise of new diseases and the existing scenario, there is always a demand for additional healthcare facilities and healthcare professionals to help contain the problem and aid in research to find remedies and ways to prevent the spread of other infections.
There is a growth in the aging population, which raises the need for caring services, requiring more healthcare workers to be employed.
Higher workload, psychological discomfort, a lack of quality personal protective equipment (PPE), social exclusion/stigmatization, and a lack of incentives, coordination, and adequate supervision during their service are some of the symptoms that healthcare workers are scarce.
Reference
Scheffler, R. M., Campbell, J., Cometto, G., Maeda, A., Liu, J., Bruckner, T. A., & Evans, T. (2018). Forecasting imbalances in the global health labor market and devising policy responses. Human resources for health, 16(1), 1-10.
Cohen, J., & van der Meulen Rodgers, Y. (2020). Contributing factors to personal protective equipment shortages during the COVID-19 pandemic. Preventive medicine, 141, 106263.
The U.S. healthcare system is complex; it deals with human lives, technology, information, money, materials, diverse health professionals, and other providers and is resource-intensive. Regardless of the technological situation of a healthcare facility, care providers are indispensable. No healthcare facility can operate without doctors, nurses, other professionals, and support providers. The demand for health services is enormous, and healthcare costs continue to rise, with high insurance premiums. However, many healthcare facilities are facing shortages of health workers.
Discuss the relationship between the demand for healthcare, the availability of healthcare professionals, and the indicators that suggest shortages.
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Bobs behavior and emotions can be linked to a combination of factors, including his personality traits, emotional intelligence, and the team dynamics at the organization. Investigating these aspects can contribute to a greater comprehension of the circumstance and how it could have been averted.
When one considers Bobs character, it is clear that he is the type of person who is both outgoing and driven to succeed. He is forced to grow and is willing to take risks and push himself to his limits. He is also likely to be more impulsive and predisposed to action without thinking, which can result in him making decisions without taking the time to think about the repercussions of such choices. His response to Annettes comments demonstrates his rashness and lack of caution, as he lashes out without pausing for even a second to ponder the implications of what he has just said.
There is also the possibility that Bobs actions can be explained by his high level of emotional intelligence. Because he lacks self-control and cannot keep his emotions in check when criticized his emotional intelligence is probably lower than Annettes. This is demonstrated by the fact that he cannot take criticism well. He cannot evaluate the situation impartially and instead reacts emotionally. This lack of emotional intelligence can be considered a contributing cause to the issue, as it stopped Bob from responding to the event more productively and constructively than he had been able to until now.
The team dynamics can somewhat explain Bobs actions as he works at the business. There is a good chance that the team was not cooperating in a productive and effective way. This can be evident in how the team members did not seem to communicate effectively or collaborate meaningfully. This lack of team cohesion may have produced some friction and resentment between the team members, which may have led to Bobs reaction to Annettes words.
When comparing Annette and Bob regarding their personalities and emotional intelligence, it is abundantly evident that Annette possesses more emotional intelligence than Bob. In the face of constructive criticism, Annette will likely have a heightened awareness of her feelings and an improved ability to control them. Additionally, she has a better chance of objectively evaluating the circumstance and responding to it more effectively and effectively.
In his role as CEO, Jay was expected to take further measures to guarantee that the team was working together in a productive and effective manner. This may have included holding frequent team meetings to make sure that everyone was on the same page and to discuss any issues that were coming up as they arose. Jay should also have created measures to handle the matter when it initially appeared rather than waiting for it to grow to the point that it did. Jay had the chance to confront Bobs behavior and explain why it was improper. He also could have provided tools to help Bob and Annette better understand how to work together efficiently. However, he chose not to do either of these things.
Now, it is up to Jay to take the necessary steps to ensure that Bob, Annette, and everyone else in the organization know the acceptable actions and those that are not acceptable. This could involve drafting a statement that outlines the companys standards and principles and giving staff training and resources to assist them in understanding how to manage difficult situations such as the one that emerged between Bob and Annette. Jay needs to take measures to ensure that Bob is held accountable for his actions and that he is allowed to learn from this experience. In addition, Jay needs to ensure that Bob is allowed to learn from this experience. This could involve giving Bob therapy or coaching and conducting regular check-ins to verify that he is acting responsibly for his choices and outcomes.
In the end, Bobs actions and responses can be explained by several, including his tonality traits, his emotional intelligence, and the dynamics of the team at the organization. It is abundantly clear that Jay should have taken steps to ensure that the team was working together productively and effectively, and he should now take steps to ensure that Bob, Annette, and the entire organization understand what behaviors are acceptable and what behaviors are not good. By doing so, Jay will be able to contribute to the creation of a working atmosphere that is both healthier and more productive, as well as ensure that circumstances of a similar nature will not emerge in the future.
In conclusion, it is unequivocally evident that Bobs behaviors and responses can be traced to several different causes. Jay can ensure that the team is working together productively and that everyone is held accountable for their activities by taking an in-depth look at the situation and grasping the variables contributing to the problem. By doing so, Jay will be able to contribute to the creation of a working atmosphere that is both healthier and more productive, as well as ensure that circumstances of a similar nature will not emerge in the future.
References
Goleman, D. (1998). What Makes a Leader, Harvard Business Review, volume 76, number 6, pages 93-102.
Case #2: Bobs Meltdown: DUE September 23 (before class). To complete this assignment, you must read the article titled Personality. The theory discussed in the papers Personality and What Makes a Leader by Daniel Goleman will provide the information and knowledge you need to analyze the case study, Bobs Meltdown.
Bobs Meltdown
Who do you think is most responsible for Bobs situation and why? Please explain your opinion and thought process using the chapter readings: personality, emotional intelligence, team effectiveness, and other theoretical concepts youve read thus far to support your thought process.
In your opinion, which person, in this case, exhibits high emotional intelligence, and which individual shows the least emotional intelligence? Please share examples that support your thought process and opinion.
Were Bobs actions in the cafeteria justified? Why or why not?
