Action Plan-Projects at CVS

Action Plan-Projects at CVS

This action plan intends to lay out the objectives and plans for putting important projects at CVS Health into action while coordinating them with the overarching strategic direction. This action plan focuses on three main objectives: boosting customer satisfaction and loyalty, enhancing employee engagement and retention, and improving operational efficiency and cost-effectiveness. This action plan was developed after thoroughly analyzing the organization’s internal and external factors, including its vision, mission, SWOT analysis, and competitive landscape. Setting precise targets and putting together a thorough plan for achieving them will enable CVS Health to maximize its capabilities and achieve results that align with its long-term strategic goals.

Goals and Outcomes

Goal 1: Increase Customer Satisfaction and Loyalty

Increasing client pleasure and loyalty is one of CVS Health’s main objectives. The goal is to enhance the customer experience, leading to higher customer retention and helpful word-of-mouth recommendations. Building solid relationships and cultivating customer trust gives businesses a competitive advantage when prioritizing customer satisfaction and loyalty (Negassa & Japee, 2023). Pleased and devoted customers are more inclined to support the company’s brand and recommend it to others, which benefits the company’s reputation. A cost analysis will determine the resources needed to accomplish the action plan.

The leadership expenses associated with achieving this aim include fostering a customer-centric organizational culture and attitude. Leaders must aggressively convey the vision and goals to all team members and support the value of customer happiness. This objective supports the organization’s overall strategic direction by highlighting the significance of providing great client experiences. The company seeks to stand out in the industry and strengthen its position by prioritizing client pleasure and loyalty. This aim will impact numerous departments in terms of functional areas. Clinical operations must ensure services are delivered effectively and efficiently, emphasizing patient-centred care and reducing wait times.

Goal 2: Enhance Employee Engagement and Retention

Focusing on employee engagement and retention has the competitive benefit of producing a high-performing staff dedicated to the organization’s mission and values. Customer satisfaction and loyalty result from engaged personnel providing outstanding customer service (Ananda et al., 2022). A cost analysis will determine the resources needed to accomplish the action plan. Costs for implementing development programs, creating recognition and reward systems, and conducting employee satisfaction surveys will all be considered in this analysis.

A helpful and empowering leadership style must be fostered to achieve this goal. Leaders should actively listen to their team members’ issues, resolve them, and regularly coach and provide feedback on their performance (Romo et al., 2022). This objective supports the organization’s overall strategic orientation since it stresses fostering a supportive work environment and investing in employee development. The company hopes to attract and keep top talent by stressing staff engagement and retention, resulting in improved client services.

Goal 3: Improve Operational Efficiency and Cost-Effectiveness

By concentrating on operational productivity and cost-effectiveness, businesses can gain a competitive edge by offering premium services at affordable costs. The company can lower operational expenses and improve customer value by streamlining operations and reducing waste. A cost analysis will be performed to determine the resources needed to carry out the action plan. Costs for process improvement projects, technology purchases, and training activities will all be considered in this study. Fostering a culture of continuous improvement and data-driven decision-making is one of the leadership expenses associated with achieving this goal. To foster innovation, support process improvement projects, and ensure staff members have the skills and expertise to make changes, leaders should provide resources and support (Rousseau & ten Have, 2022). This objective supports the organization’s overall strategic direction by highlighting the economic significance of providing high-quality services. By increasing operational effectiveness, the organization may better manage funds and invest in areas supporting its mission and objectives. This goal will affect clinical operations in terms of the functional area it affects by streamlining patient flows, cutting waiting times, and better utilizing resources. Human resources must ensure staff members are trained in process improvement approaches and given support. Also, IT will be essential in implementing technological solutions and guaranteeing data protection.

Structure

The CVS Health organizational structure has numerous partnerships, affiliations, and contractual agreements. They have partnered in strategic partnerships with other businesses in the sector to benefit from their knowledge and resources, expand their market presence, and generate collaborative opportunities. To stay current on industry standards and best practices, the organization is also a member of professional associations and regulatory agencies. The organization uses a hybrid structure that combines decentralized and centralized components. Operational units have some autonomy in administering their respective regions, while a centralized management team oversees overarching strategic direction and decision-making. As for systems, the organization has implemented robust systems to support its operations, including enterprise resource planning (ERP) systems for financial management, customer relationship management (CRM) systems for customer interactions, and electronic health record (EHR) systems for clinical operations. These systems facilitate efficient data management, process automation, and information sharing across different functional areas.

Financial Data Overview

I would consider several important elements from each financial statement while analyzing CVS Health’s financial information. I would examine net revenue for the income statement because it sheds light on the organization’s top-line performance and revenue sources. Profit or loss numbers would be inspected to evaluate the organization’s profitability and spot any patterns or problem areas. I would place the greatest emphasis on the assets, liabilities, and shareholder’s equity in the balance sheet. I could better comprehend the company’s financial situation, liquidity, and leverage if I knew this. Additionally, I would look at important ratios like debt-to-equity and current ratios to assess the organization’s financial stability and capacity to fulfill its immediate and long-term obligations.

Personnel/Staffing

CVS Health maintains a broad workforce comprising clinical and non-clinical employees. Hiring and keeping qualified healthcare workers like doctors, nurses, and allied health professionals has built strong connections with providers. The organizational structure includes human resources (HR) as a crucial function in hiring, training, and performance management. HR provides training and development initiatives, guarantees compliance with labour rules and regulations, and fosters a positive work environment (Cahyadi et al., 2022). The company loves its workers and works hard to offer attractive benefits, pay packages, and chances for professional progress.

Implementation Schedule

Utilizing the department’s capabilities and resources is part of the strategic initiative’s implementation timeline to ensure successful execution. The department can allocate and coordinate the resources required, such as qualified individuals, technological solutions, and financial allocations, to support the strategic objective. The department’s competencies, including specialized knowledge, technical abilities, and experience, will be used to successfully carry out the action plan. This alignment ensures that the department’s competencies and expertise directly support the organization’s strategic goals. The action plan is created to align with the organization’s strategic orientation by addressing important priorities and objectives specified in the strategic plan. It supports the organization’s overall mission and vision by focusing on goals that enhance customer satisfaction, employee engagement, and operational efficiency.

Conclusion

Implementing the action plan is essential for achieving the identified goals and aligning with CVS Health’s strategic direction. By enhancing customer satisfaction and loyalty, improving employee engagement and retention, and optimizing operational efficiency, the organization can strengthen its competitive advantage, deliver high-quality services, and ensure financial sustainability. The action plan involves leveraging resources and competencies within the department, matching them to the strategic initiative, and allocating them effectively. Subsequently, this ensures that the department’s capabilities and expertise directly contribute to the organization’s overall mission and goals.

 References

Ananda, S., Kumar, R. P., & Singh, D. (2022). A mediation analysis of perceived service quality, customer satisfaction and customer engagement in the banking sector. Journal of Financial Services Marketing. https://doi.org/10.1057/s41264-022-00160-1

Cahyadi, L., Cahyadi, W., Cen, C. C., Candrasa, L., & Pratama, I. (2022). HR practices and corporate environmental citizenship: Mediating role of organizational ethical climate. Journal of Positive School Psychology, 6(2), 3083–3100. https://journalppw.com/index.php/jpsp/article/view/2038

Negassa, G. J., & Japee, G. P. (2023). The Effect of Bonding, Responsiveness and Communication on Customer Retention: The Mediating Role of Customer Satisfaction. Journal of Relationship Marketing, 1–17. https://doi.org/10.1080/15332667.2023.2191111

Romão, S., Ribeiro, N., Gomes, D. R., & Singh, S. (2022). The Impact of Leaders’ Coaching Skills on Employees’ Happiness and Turnover Intention. Administrative Sciences, 12(3), 84. https://doi.org/10.3390/admsci12030084

Rousseau, D. M., & ten Have, S. (2022). Evidence-based change management. Organizational Dynamics, 51(3), 100899. ScienceDirect. https://doi.org/10.1016/

ORDER A PLAGIARISM-FREE PAPER HERE

We’ll write everything from scratch

Assessment Description
At this point, you have now completed a brief description of the organization you will be focusing on throughout the course and your instructor has approved the use of this organization (Topic 1). A clear internal and external analysis has been done and you have a better understanding of the organization’s internal assets and external competition (Topic 2). You have analyzed the current vision and mission statement and discussed areas that were lacking or needed improvement as well as areas or aspects that were clear and well-defined (Topic 3). A SWOT analysis has been completed to ensure a clear understanding of the organization’s current position (Topic 4).

Action Plan-Projects at CVS

Now, in Topic 5, you will create an Action Plan. The Action Plan should be 1,000-1,250 words and focus on goal setting and the establishment of those goals. Identify two to three goals that you can focus on within your organization. By identifying only a couple we want you to really explore and clearly identify all aspects that would be surrounding that goal and implementation. Please make sure to include details in your action plan. You will want to focus on the following:
1. Goals and outcomes
• Is there a competitive advantage? Cost analysis?
• Leadership costs?
• Alignment with overall strategic direction?
• Functional area impact (Examples – Clinical Operations, Human resources, Marketing, IT, HIMS)
2. Structure
• Including alliances, affiliations, contractual relationships, etc.
• Hybrid?
• Is the organizational structure in place- current/future?
• Systems?
3. Financial data overview
• Include a summary of what financial data you examined or would examine. For each financial statement, describe the specific factors that informed you or would inform you (net revenue, profit loss, balance sheet major).
4. Personnel/Staffing
• Include provider relationships as appropriate.
• Organizational structure
• Human resources
5. Implementation schedule: Develop an implementation schedule that identifies the resources and competences in your department and describe how they are matched to the strategic initiative. Identify how your action plan aligns to the organization’s strategic direction.
While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.
Be sure to cite three to five relevant credible sources in support of your content. In addition to sources found at the GCU Library, government websites, or those provided in topic Resources, you may need to search your chosen organization’s website or interview someone within that organization.