New Trends in Management

INTERNAL PROMOTION AND SUCCESSION PLANNING

Promotion comes as a result of ones performance on the job over a period of time, or it could be said to be an advancement in ones profession. Succession on the other hand is a shift in position as a result of promotion, transfer, retirement or death of others. It could be as well a change in policy of an organisation leading to reorganisation of operations and human resources. Getting succession right is vital. There are two approaches that can be used at different times to ensure success. The internal selection approach advocates choosing successors from within, to ensure a smooth transition, preserve company values, and encourage employees by showing a potential career path. Most organisations struggle with how to turn succession into success. It is necessary to use either internal selection or the Darwinian approach at different levels or at different times. For example, a high percentage (80%) of senior roles may be internally appointed, while junior roles are sel...

Performance Measurement and Reward System

As the global war for talent grows increasingly fierce, management of people is a key concern among organisations. Once thought primarily in terms of cost, people in successful companies are being valued as rich sources of talent, skill and diversity, which are critical to the success of the organisation. Managers have identified the shortage of skills as one of the main threat to prospect of growth; they are devoting a greater share of resources to protecting themselves. For this reason, the role of human resource in an organisation has been and continues to be scrutinized in terms of how it can add most value with the rest of the organisation, helping to overcome the challenges adherent in the people agenda. In defining performance measurement, Dessler states that it “means evaluating an employee’s current or past performance relative to the person’s performance standards”. This entails evaluation or assessment of the actual p...

Future Trends and Techniques in Segmentation

Segmentation consists of group of buyers or a process of identifying groups of buyers who share similar set of need and wants. It is the breakdown of the market for a particular product or service into segments of customers, which differs in terms of needs, wants, lifestyle, religion, income level, gender, buying process etc, and their response to marketing strategies. Today’s organisations need fresh thinking on how to operate and compete in the new economy characterised by hypercompetition, customization and digitalisation. An organisation cannot serve all the consumers in the entire market, the consumers are too many and are too diverse in their buying process. An organisation therefore, needs to identify the market segment(s) it can best serve. Organisations been aware of these facts has been segmenting their products offerings to target a particular segment(s) of the market rather than using the old method of mass-marketing. ...

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