Fashion House (A) Case Study Help
In addition to this, the company should have a closer look over the methods that could help in attracting the maximum number of customers. On account of the current situation of the company; it would not be feasible for the company to further reduce the headcounts since the prior reductions bought a massive amount of negative publicity to the company and did not help it in achieving the defined objectives. Additionally, it affected the sales of the company and the morale of the employees. Therefore, the company need to thrive in order to gain the employee’s trust, which could be done through improving their morale and making them motivated and encouraged to a greater extent.
One of the effective methods for achieving the turnarounds, includes the change management. The company could revisit the strategic approach, in order to develop the problem solving strategy. The company must place major emphasis on retaining its existing employees and attracting the new talent, to address the emerging issues. One of the cost efficient ways of boosting the sales and performance of the company as a whole, is customer retention. The company could make efforts to retain its existingcustomers rather than acquiring a new customer base. By doing so, the company would be able to have great financial outcomes. (Rogers, 2020). Providing compensation and rewards to the employees would encourage them to work actively and collaboratively, for achieving the company’s common objectives. (Schaffer, 2017).
Question 3
The CEO of the company needs to include some pointy edges in his strategic and operational approach, such as: allowing the employeesto build on the work of each other and working collaboratively, recognizing them not only for their own work but also for how well other employees are capable and proficient in making use of that work. The employees should be provided with compensation, feedback and coaching in order to make them efficient and capable enough to contribute to the overall success of the company. Following the principles of leadership on the values of learning, innovation and creating a positive impact, is another priority which could be utilized by the new CEO. He should overemphasize the right cultures in order to contribute to the cultivating new capabilities and concepts.
In addition to this, the company needs to restructure the finance as solving the core problem is significant, or else all the efforts would miserably fail. The restructuring under the current management and ownership could be done by embedding the operational and strategic oriented decisions, which includes recognizing as well as rewarding the positive and contributing behaviour of employee, creating the climate change, implementing and sustaining change, celebrate short and long terms wins and applying more powerful academic growth mind-set concept in order to encourage new & creative ideas from every single employee and solve the complex business problem. The nature as well as the timelines of an effective internal communication would last dramatic impacts over the conduct of business& specifically on its valuable employees. The company should modernizing the marketing efforts, reducing cost with outsourcing and using efficient time strategies with core consideration over improving the financial performance in the market............................
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