Strategic Management and Business Policy(tenth edition) by Thomas L Essay

Strategic Management and Business Policy(tenth edition) by Thomas L. Wheelen and J. David Hunger (senior in college) MGT485 - Essay Example The Wallace Group is devoid of the vision for the future and is proving not to be a learning organization. According to Wheelen & Hunger, â€Å"organizational learning is a critical component of competitiveness in a dynamic environment† (2006, p. 9). The Wallace Group lacks a vibrant human resource management apparatus that can articulate the changes necessitated to accommodate the growth needs and prospects, efficiently. In order to exploit the opportunities offered by the existing scenario in the best possible manner and to manage the challenges proficiently, there are a number of recommendations. First of all the Wallace Group is required to re-orientate its approach to handle the growing needs of the organization. This re-orientation will involve a major adjustment in the personal management style of Mr. Wallace, his priorities, vision, and future objectives for growth of the company. Mr. Wallace will need to make changes in the organizational structure of the Group to create a conducive environment for a motivated and diversified workforce. To cater for the rapid decision making requirements, middle managers of the company are necessitated to be empowered. Mr. Wallace is hence required to delegate more of his authority. The major organizational changes would involve formulation of a corporate governance policy that will include a board of directors. The board will be responsible for devising str ategies, direction, vision, hire/fire top management, monitor and supervise top management, oversee the use of resources, and care for shareholders’ interests (Wheelen & Hunger, 2006, pp. 36-37). Another important recommendation is to open a reliable and smooth channel of communication. This will ensure feedback of employees and customers reaching the top management without much hitches. In educating the managers to manage an organization as it evolves over time from an entrepreneurial