Relationship Between a Growth-Focused Company and its Management Team

Relationship Between a Growth-Focused Company and its Management Team

The relationship between growth-focused companies such as Global Medical Imaging (LLC) and their management teams has numerous points that can be drawn for use in the contemporary business world. As such, this paper discusses key takeaways drawn from the case, explains why Global Medical Imaging experienced so many issues with people and delves into how the proposed car wash business could apply human resource (HR) strategies from the case study.

Three key takeaways can be drawn from the case. First, the relationship between the company and its management team is characterized by high-level qualifications and experience. As indicated in the case, the management team was established to be effective and efficient when the right talent was obtained. With the right talent, the company management team obtained managers who were willing to grow their profession alongside the company’s growth in the long term. Hire our assignment writing services in case your assignment is devastating you.

Second, the relationship between the company and its management team was anchored on achieved results. As described in the case study, the changes in the number of people hired to top management positions proved worth noting, and financial results kept improving (Hess, 2011). Thus, financial results such as gross margins and revenues can be used as key performance indicators to define a company and its management. The third key takeaway is the evolutionary nature of the company’s and its management’s relationship. Essentially, this is so because the company owners accepted that as the business grew, they also needed to grow and change based on circumstances to remain relevant. Notably, this was extended to the management team, while all members of the management were required to keep learning and grow professionally.

GMI has caused many people issues for a number of reasons. First, they experienced people issues because they concentrated on hiring people to fill positions rather than hiring the right people. Notably, this was a hiring mistake that nurtured the people issues that the company was to face in the later stages of growth (Villegas et al., 2019). Second, the company faced people issues for failing to align the growth rate with the abilities of their workers. As the company grew, responsibilities for various employees also grew. However, there was no check on whether people could take on more responsibilities than those that existed at their point of hiring. As a result, they had to revert to responsibilities equal to their hiring and hiring new employees for new responsibilities, which caused more issues regarding new people getting new and better positions.

Further, three human resource strategies can be implemented in the proposed car wash business. First, building an effective management team requires hiring the right talent for the right positions. As shown in this case, a company can succeed when people are willing to grow with the company along their professional path. Hiring such a caliber of employees requires a top-grade hiring process that considers all business requirements (Mealiea & Baltazar, 2005). Second, a human resource strategy that ensures workers are well-compensated is required. As is in the case of GMI, an effective management team is made when managers who have served the company for so long are given equity, which allows them to take part in owning the business. As a result, they will work even harder for the company’s success.

Finally, the intended business will establish a performance-based human resource. Notably, this will ensure various employees’ scorecards are checked based on their contribution to the company’s success (Corekcioglu et al., 2020). Additionally, adopting a performance-based human resource strategy will help identify the various management team members who require more recognition for exceptional performance.

References

Corekcioglu, S., Horuz, D., & Paksoy, M. (2020). The influence of effective human resource management on the success of SMEs in Gaziantep and its environment in 2018. Research Papers in Economics and Finance, 4(4), 15-30.

Hess, E. D., (2011). Growing an entrepreneurial business: Concepts & cases. Stanford University Press.

Mealiea, L., & Baltazar, R. (2005). A strategic guide for building effective teams. Public Personnel Management, 34(2), 141-160.

Villegas, S., Lloyd, R. A., Tritt, A., & Vengrouskie, E. F. (2019). Human resources as ethical gatekeepers: Hiring ethics and employee selection. Journal of Leadership, Accountability, and Ethics, 16(2), 80–88.

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During Unit 5, we described the relationship between a growth-focused company and its management team. Global Medical Imaging LLC is a good example of how the business developed a Human Resource (HR) strategy for creating a management team. This is the basis of our Unit 5 Paper.

Instructions:

 Adding to your paper in Unit 5, consider the case study found at the end of Chapter 6 of our text. As you read the case study, focus on the many people issues Global Medical Imaging experienced. Then, answer the following two questions.

1. Identify three key takeaways about the relationship between a growth-focused company, such as Global Medical Imaging LLC, and its management team. Why did GMI experience so many people issues?
2. Consider your business that is the focal point of this course. Based on our text, resources, and this case study, articulate three Human Resource (HR) strategies you would implement to build an effective management team.