Organizational Objectives

Organizational Objectives

1. Vision

   • Specifies the long term aspirations of a business; where it ultimately wants to be. It often describes how the organisation wants to be perceived. They aim to influence the consumers’ perception of the business.
     • Aims
       • Define the firm’s purpose and long-term goals, often expressed in the mission statement and form the vision.

2. Mission

   • Specifies the aims and objectives of the business in the present. It describes the core activities of a business and it may include statements about moral or ethical issues, objectives about sales, profits or market share, or attitudes and values towards stakeholders like customers and workers.
     • Objectives
       • Types
         • Strategic
           • Medium to long-term objectives set by senior managers to guide the company in the right direction to achieve the aims.
             • Survival
             • Profit maximization
             • Market share
             • Market growth
             • Corporate image
             • Quality improvement
         • Tactical
           • Medium to short-term objectives set by middle managers to achieve the strategic objectives.
         • Operational
           • Day-to-day objectives set by floor managers so that the company can reach its tactical objectives.
             • Team
             • Individual
       • Levels
         • S
           • Specific: should state clearly what you are trying to achieve.
         • M
           • Measurable: quantify an indicator of progress to judge if / when the objective has been achieved.
         • A
           • Achievable: must be achievable within the available resources and specify who will do it.
         • R
           • Relevant: must be useful to the overall process of achievement of your goal.
         • T
           • Time-specific: must conatin a time limit or time period the objective is to be achieved.
       • Changes
         • Internal
           • Negative
             • Can provoke HR problems such as high staff turnover, lack of skills, reducing productivity, and low motivation; financial issues such as poor cash flow.
           • Positive
             • Should also lead to a review of business objectives. Talented employees need to be developed, unexpected revenues invested, new product ideas investigated.
         • External
           • Radical changes are in response to a major change in the external environment, especially if the change undermines the competitive advantage or unique selling proposition (USP).
           • It can be because of a new competition, changing technology, or unexpected economic recession, such as the “credit crunch” that started in 2008.

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