Strategic Plan Final Submission and HR Reflection

Strategic Plan Final Submission and HR Reflection

Organization Background

In the US, CVS Health is a well-known for-profit healthcare provider. Since its inception as a Consumer Value store in 1963, CVS Health has developed and broadened its product offerings to become a diversified healthcare firm. The company first concentrated on retail health and beauty products before progressively expanding its range to include medications and healthcare services. By acquiring PharmaCare in 1996, a business that managed pharmacy benefits, CVS made a strategic move that enabled integrating pharmacy services with insurance and delivering full healthcare solutions to its clients.

When CVS Health merged with Caremark, another top pharmacy benefit management firm, in 2006, it underwent a substantial transition. This merger resulted in the creation of CVS Caremark Corporation, a vertically integrated business that offered expertise in pharmacy benefit management and retail pharmacy services. The business changed its name to CVS Health in 2014 to reflect its expanding focus and dedication to holistic healthcare. CVS Health has a sizable network of retail pharmacies, specialty pharmacies, MinuteClinic walk-in clinics, and long-term care facilities (Fairchild, 2022). Each of these entities contributes to CVS Health’s purpose of enhancing its clients’ and communities’ general health and well-being.

Internal and External Analysis of the Organization

Internal Analysis

CVS Health has a number of internal advantages that help it succeed in the healthcare sector. The corporation has formed a sizable and well-established network of retail pharmacies, specialty pharmacies, walk-in clinics, and long-term care institutions. Due to its enormous infrastructure, CVS Health can easily provide healthcare services to many customers.

External Evaluation

The healthcare sector is impacted by various external factors, which impact CVS Health’s operations and strategic choices. Ageing populations and rising healthcare needs are two examples of changing demographics that offer CVS Health the possibility to offer specialized services and meet the rising need for healthcare solutions. Moreover, evolving consumer preferences and behaviors, including the shift towards digital health solutions and increased focus on preventive care, require CVS Health to adapt its offerings and leverage technology to meet these changing needs.

Mission and Vision of the Organization

The organization’s objective, “Supporting people on their journey to better health,” sums up CVS Health’s goals and dedication to enhancing health outcomes. The clear and focused mission statement highlights CVS Health’s commitment to helping people pursue better health. Employing “supporting” the mission statement highlights the company’s customer-centric philosophy and suggests a sense of partnership and collaboration (Medini et al., 2020). The mission statement, however, could use more detail to give greater direction and set CVS Health apart from its rivals. CVS Health’s mission statement, “To help people live longer, healthier, and happier lives,” aligns with the company’s goals and presents a progressive viewpoint.

The CVS Health vision statement encapsulates the desired influence the company hopes to have by helping people experience greater overall well-being (Sletbak, 2023). In keeping with the organization’s dedication to all-encompassing healthcare solutions, it strongly emphasizes the value of longevity, health, and pleasure. It would be advantageous to be more specific about how CVS Health plans to achieve this vision or the unique techniques it will use to reinforce the vision statement.

SWOT Analysis

The SWOT analysis of CVS Health provides important details about the company’s Strengths, weaknesses, opportunities, and threats. Strengths-wise, CVS Health benefits from a solid brand reputation that inspires customer dependability and trust. It satisfies various consumer expectations with its diverse service offerings, including retail pharmacies, specialty pharmacies, and clinical services. Healthcare supplies and services are easily accessible thanks to the company’s strong retail presence and a nationwide network of sites.

There are, however, weaknesses that need to be fixed and difficulties. The traditional retail pharmacy business model of CVS Health is under threat from the expanding trend of online shopping and rivalry from e-commerce platforms. Operational inefficiencies and interruptions may result from managing and integrating acquisitions and collaborations (Tseng et al., 2022). Unlike smaller, independent pharmacies, the corporation must combat the perception of impersonal treatment.

There are numerous opportunities for CVS Health to make money. The organization’s substantial retail presence and wide range of service offerings align with the growing need for accessible and practical healthcare services. By strongly emphasizing population health management and preventative care, CVS Health can grow its clinical offerings and wellness initiatives to better serve its customers’ changing requirements.

Threats, on the other hand, need to be addressed. Increasing expenses for prescription drugs and healthcare services make it difficult to control prices and ensure affordability. The retail pharmacy business model of CVS Health is threatened by competition from online pharmacies and e-commerce sites. The need to adapt and adjust operations is also brought on by evolving healthcare rules and policies, which introduce uncertainty and compliance demands.

Action Plan

The action plan defines the goals and strategies for putting important projects into action at CVS Health in line with its strategic orientation. In order to forge solid bonds, gain a competitive edge, and enhance its brand name, CVS Health prioritizes client pleasure and loyalty. Leaders will promote a customer-centric culture and guarantee effective service delivery to do this. In a similar vein, CVS Health seeks to build a high-performing staff committed to the goals and values of the company by concentrating on employee engagement and retention. This entails building a supportive work atmosphere, giving leadership opportunities for growth, and doing so. Lastly, improving operational efficiency and cost-effectiveness will enable CVS Health to offer premium services at affordable costs. This will involve streamlining operations, investing in technology, and fostering a culture of continuous improvement.

Communication, Managing and Monitoring Strategic Change

At CVS Health, communication is key to managing and monitoring strategic change. All stakeholders are aware of the change initiatives, their goals, and progress, thanks to clear and regular communication. It is crucial to Establish a communication strategy that includes frequent updates, town hall meetings, and targeted messages to different stakeholder groups(Ogechi Adeola et al., 2023). By supplying clear and accurate information, CVS Health can encourage comprehension, participation, and buy-in from its staff, clients, and other stakeholders.

Strong leadership is needed to manage strategic change since they must be able to direct and inspire workers at all stages of the procedure. The vision, justification, and advantages of the change initiatives should be aggressively communicated by leaders, who should also address any issues or ambiguities. They should promote an environment where employees can voice their ideas, worries, and comments.

Strategic change must be monitored as it progresses to ensure the anticipated results are being attained. Setting up measurements and key performance indicators (KPIs) that align with the change initiatives’ goals is required. By regularly monitoring and examining these indicators, CVS Health can assess the success of the change initiatives and spot any gaps or areas that need to be adjusted. Employee and stakeholder impressions of the change and its impact can be learned using feedback methods like surveys, focus groups, or one-on-one conversations (Rousseau & ten Have, 2022).

Reflection

From a strategic perspective, employee development activities significantly influence corporate success. These programs are essential for improving employees’ talents, knowledge, and skills, promoting innovation, productivity, and overall performance. Investment in staff development becomes essential for long-term success as firms deal with ever-changing business environments and rising competition.

First off, employee development programs help to create a workforce that is capable and skilled. Organizations can improve employees’ technical proficiency and professional abilities by offering training programs, workshops, and educational opportunities(Li, 2022). As a result, workers produce greater quality work and achieve better results because they have the skills and information needed to perform their responsibilities effectively. A skilled workforce delivers better results and positions the organization as a leader in its industry, attracting top talent and gaining a competitive edge.

Initiatives for employee development also promote retention and engagement. Employees are more likely to be motivated, devoted, and satisfied in their jobs when they have access to possibilities for growth and progress. Higher engagement and productivity result from their perceptions of their value and support from the company. Additionally, engaged workers are more likely to stick at the company, which lowers turnover and the related expenses of hiring and training new staff. Organizations are able to keep institutional knowledge and skills, enabling more seamless operations and improving organizational performance.

Employee development programs strategically match the organization’s long-term objectives and vision. These programs help create a high-performance culture where staff members are motivated, empowered, and given the tools they need to advance the organization’s goals. Employees who are growing and developing into valuable assets that can take on new tasks, manage teams, and aid in the accomplishment of strategic goals. Employee development programs also aid businesses in creating a pipeline of potential leaders, enabling a seamless succession planning procedure and strategic continuity.

References

Fairchild, D. (2022). Growing Acceptance of Retail Health Care. NEJM Catalyst, 3(11). https://doi.org/10.1056/cat.22.0311

Li, L. (2022). Reskilling and Upskilling the Future-ready Workforce for Industry 4.0 and Beyond. Information Systems Frontiers, 24(3). springer. https://doi.org/10.1007/s10796-022-10308-y

Medini, K., Wiesner, S., Poursoltan, M., & Romero, D. (2020). Ramping Up Customer-Centric Modular Design Projects: Mobile App Development for Pandemic Relief. Systems, 8(4), 40. https://doi.org/10.3390/systems8040040

Ogechi Adeola, Mogaji, E., Katuse, P., & Kojo Kakra Twum. (2023). Conclusion: Towards Effective Public Sector Marketing Communications in Africa. 267–284. https://doi.org/10.1007/978-3-031-17863-4_11

Rousseau, D. M., & ten Have, S. (2022). Evidence-based change management. Organizational Dynamics, 51(3), 100899. ScienceDirect. https://doi.org/10.1016/j.orgdyn.2022.100899

Sletbak, S. M. (2023, May 30). Exploring how mentoring facilitates migrant employment and well-being in Norway: A Salutogenic Approach. Bora.uib.no. https://bora.uib.no/bora-xmlui/handle/11250/3070426

Tseng, M.-L., Bui, T.-D., Lim, M. K., Fujii, M., & Mishra, U. (2022). Assessing data-driven sustainable supply chain management indicators for the textile industry under industrial disruption and ambidexterity. International Journal of Production Economics, 245, 108401. https://doi.org/10.1016/

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Revise your final comprehensive Strategic Plan to include improvements because of developing a deeper understanding of the concepts and strategies, as well as instructor feedback.

Your final submission will include the following sections:
• Organization Background
• Internal and External Analysis of Organization
• Mission and Vision of the Organization
• SWOT Analysis
• Action Plan
• Communication, Managing and Monitoring Strategic Change
• Reflection (see instructions below)
Reflection: 300-500-word reflection looking at the influence employee development initiatives have on organizational success from a strategic standpoint.
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.
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.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.