Free «Local Designers Market Share in the Philippines» UK Essay Paper
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Noir is an evening dress rental company that enables women to wear designer's clothes at reasonable prices. The company allows their clients to buy attractive and fashionable clothes while spending substantially less money for shopping. Noir’s target audience is middle-class earners who count for the majority of people living in Philippines. The organisational structure of Noir includes four Boards of Directors (BOD) and the Chief Executive Officer (CEO) as the Secretary. The BOD guides running of the business through policy formulation.
The CEO reports to the BOD, as they monitor day-to-day functioning of the business. The Chief Financial Officer (CFO) is controlled by the CEO. The CFO is engaged in financial policies of the company and drawing the books of account (Drucker 1974, p. 14). Noir has various departments which include Procurement department, Innovation and Research Department, Customer Service Department, Sales department and the Human Resource department. Each of the department is headed by a manager who is tasked with daily running of the department, as well as organising and delegating duties to employees in the department (Sen 2008, p. 38). All the five departmental managers are ranked directly under the CEO. The sales department involves sales representatives who are not permanent employees of Noir but are hired by contract, commission, or periodically. They are answerable to the Sales department manager who acts as their head. The organisational structure of Noir, therefore, runs from the BOD to the CEO, to the CFO, to departmental managers (who are accountable to the CEO), and finally to the employees.
Before employing the staff, Noir fulfils a recruitment drive. Noir's management team entails the CEO, the CFO, and the five departmental managers. Noir’s potential employees should own both academic credentials and practically proven practice. All the five present departmental managers were working in other companies in Philippines, but Noir offered them better opportunities. Each of the managers has more than three years in a management position and holds academic qualifications in management (Falcone 2002, p. 45). The move was to make sure that Noir, as a profit-making company, engages the best talents in the market.
The CEO and the CFO of Noir were shortlisted and recruited as highly qualified employees. The BOD of Noir has realised that it is highly important to work with the best professionals in the country in order to run a successful business. In the effort to do so, it researched the best performing companies and solicited the CEO. The chosen candidate holds Undergraduate degree in Commerce and Master's degree in Business Management (Singh 2010). However, for the company his experience matters most. As for the CFO, he was also solicited from a banking organisation. The employee majors in accounting.
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The management and what can be referred to as the company's executive should streamline their operations within the company's organisation structure. To gain successful results, the CEO of Noir instructs the departmental managers to report to him every morning concerning the previous day's operations. He also demands that the CFO makes a weekly financial report and presents it on every Monday. The management team has developed a working structure of holding weekly meetings which take place every Monday. The meeting is to report on the progress and propose or make any changes that can lead to the development and growth (Sen 2008, p. 32).
To avoid conflicting objectives, the CEO in conjunction with the BOD formulates the responsibilities of every manager and gives them the list of duties. The managers on their side organise the employees in their departments by assigning responsibilities and evaluating their performance (Kamauff 2010, p. 56). The BOD meets once a month to check on the progress and propose or improve certain policies. The designed organisational structure allows the employees of Noir to work without instances of conflicting interests.
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During the hiring process, the five departmental managers should pass two-level interview. The aim of the interview is to evaluate the changes that the potential employees created in the previous institutions they worked with. The attention is paid to the type of strategy the individual initiated, its relation to other employees, as well as to the way they were viewed both by the other employees and by external environment (Falcone 2002, p. 46). Finally, the interview results suggest five departmental managers that have shown the capability to strategise, communicate, and have a good public image.
The main requirement for the potential CFO is to be a real budget controller. The CFO of Noir has been elevated to a higher financial management position in the banking industry as compared to his previous job. He has shown prerequisite knowledge of financial management. Noir's CEO is an outgoing and open-minded person who could anticipate the growth of the company. His skills are proven by successful initiatives that he has implemented in the institution he previously worked (Grazia1984). He is a goal-oriented person who can convince the management to follow his ideas and objectives. He is known to possess good communicative and leadership skills, which allow him to guide his juniors and give them equal chances.
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Noir deals with women wear. Trends in women clothes are known to constantly change, while new designs are developed each day (McDonald & Galassi 2003, p. 98). However, there are those models that enjoy customer loyalty over time. As a successful company, Noir needs to cater the market and note new trends in women fashion. Currently, the company does not command the services of fashion designers. Nevertheless, the CEO has already realised and is consulting with the Board of Directors about adding fashion designers to the innovative and research department, as well as to the sales department. Fashion designers in cooperation with the research team will continually scrutinise both the Philippine cloth market and the world market to be able to be well-informed in the sphere of new fashion (McDonald & Galassi 2003, p. 103). They will also respect the opinions of designers and clients to know the market trends. By implementing these initiatives, Noir will remain relevant in the market.
The CEO in conjunction with the BOD has developed a motivational strategy for their employees. The approach came with the realisation that for the Noir staff to deliver their duties and reach the approval of (Rent-The-Runway of the United States of America), the team needs to feel motivated. The company has developed a plan of recreational opportunities for the staff. The party will be established every year in order to distinguish the achievements of the company. It will be culminated with the award ceremony, where the best employees are rewarded (Sen 2008, p. 51). The cost of motivation is estimated to be less than eight of Noir's taxed profit.
Additionally, the staff will be taken out on a vacation during country holidays, where they will bond and communicate so as to break the work monotony. All measures to motivate are budgeted at a maximum of an eight of the taxed profit. In conclusion, Noir plans to hire more employees, as the business grows and the customer base increases. The number of employees to be hired will depend on growth, and, therefore, will be done over time.
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