Business Proposal Part 1
Business Proposal Part 1
Grand Canyon University
Running head: ASSIGNMENT TITLE HERE
Business Proposal Part 1 1
May 2, 2021
The following business proposal will go into detail identifying the problem that Related Management Company has, of hiring and maintaining quality staff, as well as discuss potential resolutions to the problem. Property management is a competitive business and it is imperative for a property management company to be able to hire and maintain a quality staff to remain successful and to be competitive. Related currently has a high employee turnaround and is currently spending over 75% of what was budgeted on temporary staffing. This is not an effective way to run a successful business and this is a problem that must be solved. By addressing the problem at hand will enable to employees to be more effective and efficient in their positions as well as save the companies thousands in temporary staff expenses. By investing in staff development the organization will become stronger and more effective which will allow for continued growth and success.
The purpose of this proposal is to identify the problem Related is having within human resources. The company currently is experiencing issues with hiring and maintaining quality staff. We will address how the problem be done feasibly to resolve the pro problem. Related strives to be a leader in the industry and too achieve that we must invest in our on-site employees to ensure that they are living up to their full potential to help the organization reach its full potential as well.
Many new hires within the company only stay with the company for 6 months to a year before leaving the company. Through data obtained by anonymous survey, it has been determined that many employees are unhappy with the lack of training and poor quality of training that exists. Employees feel that they were thrown into the position with little to no training and the training that was received was subpar. Also, many employees are unsatisfied with the salary and benefits compared to that of other property management companies and, feel that there is no hope or chance of them being promoted so they are choosing to seek better opportunities. The high employee turnover has caused continuous issue with being over budget in the area of hiring, causes property staff to be overworked, and property to suffer due to being under staffed. The below graph reflects the percentages of how much over budget spending is affecting the organization. As you can see the profits that shareholders receive are being greatly impacted by nearly 60%
Data and Research Findings
Based on the research conducted regarding the problem, efforts that have been initiated to address the problem have made little to no positive impact at resolving the problem. The organization is also currently spending nearly three times than what was budgeted for temp coverage in human resources. Based on the research series three of problem resolution was more effective than series two, but both strategies are wanting and additional solutions to the problem are required to set the organization on the path of continued success.
The below graph depicts potential solutions and the likely effectiveness or outcome of success. The top three solutions to the problem of hiring and maintaining quality staff are:
1. The Developing strong and effective ongoing training program for employees.
2. Developing effective new employee mentoring program
3. Increasing staff development and training
The heading above would be used if you want to have your paper divided into sections based on content.
Stakeholder Analysis Summary
Company projects require participation, guidance, and approval from a wide range of people across the organization, the stakeholders of the organization. If they don’t understand or agree with the project’s objectives, plans and processes. Any of these company stakeholders can become obstacles in the way of the project’s success. However, if the help and opinions of the stakeholders are enlisted in the beginning, the help and approval of these stakeholders can turn many of these individuals into great supporters of the project initiatives. This is why it is important to conduct a stakeholder analysis before beginning any complex company project, to identify all potential stakeholders and determine how best to earn their support. The following summary will explain information that was derived from our stakeholder analysis and explain the following:
1. Stakeholder attitudes towards the identified problem of hiring and maintaining quality staff.
2. Stakeholder attitudes or previous experience related to past attempts at problem solution.
3. Stakeholder ideas for potential solutions.
4. Identify the key stakeholders that will be sought out to sponsor our implementation of the problem.
5. Identify the stakeholders that will be directly affected by the problem solving.
6. Identify the stakeholders that could pose potential roadblocks to the solving of the problem.
The stakeholders have mixed attitudes towards the identified problem of hiring and maintaining quality. The shareholders are leery of the need to implement change due to the increase in spending it would require. The shareholders feel that in the current financial climate, the increase in spending is unnecessary. Senior level executives would be next on the list of stakeholders. Their feelings toward the change effort are positive. They see the need for change and the positive benefits that the change would bring. However, they must also consider the spending, because their first priority is to keep the shareholders happy. Third on the list of stakeholders is the employees. They also have a positive disposition towards the change. For the most part the anticipated reaction will be positive and welcoming. However, there are always negative issues or reluctant participants when it comes to change. Last on the list of stakeholders would be the residents or the customer. The customer’s attitude is indifferent to the change. Some residents think it is a good idea, but most do not care either way.
Developing and implementing effective ongoing training for employees was found to be the solution to the problem that would produce the best outcome. Currently $1,200 per employee is budgeted for the year. It is projected that the change solution would double the expense per each employee. Even though the cost would double the benefits would outweigh the additional cost by increasing employee morale, strengthening employee skill set, and improve employee job satisfaction in general which would increase productivity. Second on the list of proposed solutions to the problem is developing new employee mentoring program. It is proposed that the implementation of this imitative would be launched in tandem with the ongoing employee training. The only additional cost for this initiative alone would be an estimated $100 per new hire for necessary handbooks and pamphlets needed for training. New hires would be paired with established employees who currently work in the position that the new hire will also work in. and shadow them for two to three weeks. During this time new hires will learn streamlined processes and procedures to allow them to be as effective in their position as possible. The third proposed solution would be increasing staff training and development. This is the most cost effective of the proposed solutions and would not increase spending at all, it would just simply require supervisors to assign more virtual training courses to employees on the employee portal. Even though this is the most cost effective option it is the least likely to produce the desired outcome.
How the Problem is Affecting The Organizaion
The impact on shareholders Financial Cost Associated with the problem Time required to address the problem The cost of the proposals 0.54 0.26 0.27 0.26
The Effort of the Organization to address the problem so far
Cost spent on proposal Time taken to address the problem Extra Human Resources Added The Effectiveness of the Proposal as at now 0 0 3 0.5 Cost spent on proposal Time taken to address the problem Extra Human Resources Added The Effectiveness of the Proposal as at now Cost spent on proposal Time taken to address the problem Extra Human Resources Added The Effectiveness of the Proposal as at now 0.7 0.65 1 0.5
Developing strong and effective ongoing training program for employees. Developing effective new employee mentoring program Increasing staff development and training Creating a competitive benefits package and pay increase incentives Updating processes and procedures utilized in hiring process 0.4 0.2 0.2 0.12 0.08
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