Every company must evaluate the effectiveness of their business practices, and make adjustments when necessary. Intersect Investment Company has struggled since September 11, 2001. In the search for a solution to their problem, it is important for Intersect Investment to conduct benchmarking research. The decisions for company restructuring is done by a process called benchmarking. In the case of Intersect Investments, both competitive and generic bench marking, can be evaluated and applied.
The following is an analysis of benchmarking data from 6 companies that have successfully or unsuccessfully navigated through similar situations. Following the analysis, the initial benchmarking material is provided. The benchmarking data along with the analysis can be used to develop alternative solutions for Intersect Investment Company.
While evaluating each company closely, Intersect Investment will pay special attention to each company’s success or failures. Several ...view middle of the document...
Intersect Investment has identified several issues within the organization and needs to make adjustments quickly in order to turn around sales, customer and employee satisfaction trends. Intersect Investments should conduct benchmarking research to determine how to best identify changes that need to be made, analyze the implications of different leadership styles on the change management process, evaluate the influence of leadership on management practices, select leadership styles for a given situation, analyze the factors that contribute to a long-term commitment to change, and appraise future leadership challenges. “Old practices will not be effective in a future that requires innovation, fast responses, horizontal relationships, high engagement levels and optimum performance from assets that are not owned by the company,” (Forman, 2007).
Key Findings: Gap Analysis
Gap #1.First, the senior leadership team will implement an organizational communication plan to prevent distorted communication channels. At minimum, the senior leadership will look into employing a two-way communication system. Senior leadership will make immediate use of an email system as one informal communication channel, however, not to replace the traditional formal face-to-face meeting. There will also be some conflict resolution mechanisms, and contingency plans implemented to support the consistent application of all communication strategies. Emotional intelligence will be developed to support intercultural competence in the workplace. On a quarterly, or bi-annual, basis a more comprehensive strategic review and evaluation is undertaken. Implementation of this goal will reduce the flow of negative within physical and interpersonal barriers, and increase company productivity and profitability.
Gap # 2.Second, the senior leadership will implement an employee retention strategy. Intersect Investments, will provide employee counseling and career development support to help improve their technical skills and market abilities. The company will offer 15% retention bonuses to all employees that remain with the company during its three year plan. Employees will feel valued and remain loyal to the company. This strategy will raise employee morale significantly, and increase productivity.