Strategy for Success on Polyone's New Piping Products Essay

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Polyone Corporation: Balanced Scorecard

In order to analyze the strategic goals created by PolyOne Corporation, the organization will follow the insights provided through a balanced scorecard. A balanced scorecard is a tool that aids an organization in attaining its financial objectives. This is achieved by associating and creating objectives within strategic goals gained through the organization's business model (Pearce & Robinson, 2013). This balanced scorecard will allow PolyOne to break the mission statement down into objectives. These objectives are designed to provide direction for employees while tracking the companies stated mission and vision values.

Financial Perspective

PolyOne Corporation needs to focus on developing their innovative edge and appeal to new customers, in an effort to increase and grow within the industry. The target is to reach a 5% increase of clients in the first year and an 8% increase in the second. This will be attained through increased marketing campaigns to win new clients followed by a commensurate increase in production levels. In an effort to increase profit margins, production costs will be reduced by 40% in the first year, and 55% in the second. Some of the causes for the high costs of production have everything to do with wastages of resources, presence of dummy workers and a work schedule that has much idle time. In this case, the plan is to cut down on the wastages, downsize the workforce to optimal number and revise the time schedule. Additionally, PolyOne Corporation plans to increase profitability by 15%, and overall competitive edge. A rise in profit margins, reduction in expenses, and a boost in customers will positively affect shares and shareholders. Each of these elements measurable, and should regularly be analyzed to ensure growth and change where required.

Customer Perspective

Customers are an important aspect of every organization. Working to build customer satisfaction and overall happiness within the organization will aid in retention of current clients and help draw in prospective clientele. PolyOne Corporation intends to increase customer satisfaction. Later, it will analyze the shift in satisfaction through customer surveys. Interaction with current, previous, and potential customers will regularly happen, and customers will be able to take surveys online or over the phone. The new department is setting targets of a 12% and 22% increase in customers in the first and second year. It intends to increase the number of customers by making its products more appealing. PolyOne's management understands that customer satisfaction is the best way of winning customers' loyalty. The intention is to entice the employees to be ready to purchase the company's new products that are in line, the Larger Plumbing Piping.

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Keeping in contact with clientele is vital if the organization intends to increase satisfaction and improve profits. Open contact through surveys, customer service representatives, and services will also help the organization build on their dwindling reputation.

Internal Perspective

PolyOne Corporation is going to begin hiring and training employees for the new division immediately. With the use of the balanced scorecard, the organization hopes to increase productivity, enhance consumer relations and increase profitability. Before implementation, strategic plans are fully organized each department is properly staffed, and the appropriate activities required to reach desired objectives are set into action at the properly. In an effort to get the division started in a timely fashion, quarterly goals will be set into place, and assessed quarterly. One goal is to improve continuously through communication between management and employees, and the communication between employees and consumers. Communication with employees is helpful in determining whether the division is being implemented, whether the expectations are achievable, and where the division is thriving or failing. Change can be stressful within an organization, and it is important to make sure the change does not negatively affect employees and consumers. Reaching out to employees, creating a constructive work environment, and promoting positivity will all aid in employee retention. Employee behavior affects consumers, and it is the responsibility of the organization to build on employee satisfaction. Operations within the new division are imperative: it is required that the employees have a fast resolution response time. Potential problems could arise, especially within the first year. The ability to resolve any issues that may arise within the new department, in a fast and effective manner, is a requirement. The management must regularly analyze the ways problems are resolved including the time taken to resolve them.

Learning & Growth

Learning and growth amongst employees is a very important aspect of a business (Pearce & Robinson, 2013). A high turnover or low retention rate within an organization can cost a company a lot, in a number of ways. The amount of time and money put into constantly training new employees can drain on profit, raise expenses, and create poor company image. Increasing productivity by raising satisfaction levels through added benefits will help with retention. Asking employees to answer surveys can provide insight into working conditions, satisfaction, pride, and any suggested changes. Education is equally important, as informed employees make for productive employees. Communicating company goals, strategic plans, and short-term objectives will help with overall growth and productivity. This can be obtained by holding regular meetings, and building on….....

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