Please do Assignment 3
• Assignment 3: Staffing Your Intrapreneurship Plan
Take the intrapreneurship plan you created for Assignment 2. Think about the people you would need and the skills they need to possess to effectively support your intrapreneurial business idea.
Write a four (4) page paper in which you:
1. Assess the type of team you consider the most appropriate to support your intrapreneur idea.
2. Explain how you will recruit (both internally and externally) the members of your team.
3. Identify the key position to lead your team. Then, create the job posting for the position including salary range.
4. Use at least 4 quality academic resources Note: Wikipedia does not qualify as an academic resource, and neither do web-based blogs.
Your assignment must follow these formatting requirements:
• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA format.
• Include a cover page containing the title of the assignment, your name, your professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
• Apply the four (4) functions of management and effective decision making to efficiently utilize resources and achieve organizational goals.
• Integrate the core human resource management functions and considerations into viable recommendations to meet the organization’s operating requirements.
• Examine team concepts and effective communication in the workplace.
• Use technology and information resources to research issues in contemporary business.
Here is Assignment 2 to reference
Intrapreneurship Plan at Liberty Mutual
I think that Liberty Mutual should focus on developing a more creative and innovative means of expansion while improving the quality of its insurance products and services. I believe that if Liberty Mutual would invest the time, money and effort necessary to do a thorough analysis of the market that they will be able to create a strategy that will target the competition. While at the same time showcase the products and services that they have to offer. If the company does this then without a doubt they should certainly be able to improve its current situation in the industry. The company has to be ready to step out of their comfort zone and be willing to try new ideas, set new goals and possibly change the company’s vision.
An example would be for Liberty Mutual to study and analyze the new opportunities that communication technologies has to offer such as social media. If innovation is consistently on-going it will be possible to not only come up with a beneficial way of doing business but also refine it in such a way that it will cut down the financial costs and some of the disadvantages in being in a competitive market.
An innovation department should be created that would focus on new ways of doing things to positively impact the business. The employees working in that department should have the fundamental knowledge of how the business works and should be abreast when it comes to technology and other ways of doing business within the industry. With these two combinations, the department will understand the shortcomings as well as the opportunities that exist in certain departments or business functions within the organization (Hamme, 2015). The department does not have to employ technology in the way of gadgets only but rather even in simple terms such as doing something in a way that is different, more effective and efficient than conventional.
How the Strategy Is Innovative
The idea is an innovative one because it will be the company responsibility to do research in order to come up with new ways of doing things at Liberty Mutual. Granted, strategies such as having an encouraging environment, leading by example, hiring people with different perspectives and offering training amongst the employees could work. Liberty Mutual should not make it one person obligation to come up with better ways of doing things. It should be a team effort. Leaving things the way they are just because they seem to be working fine will eventually make the organization lose business to its competition which could eventually lead to layoffs and disgruntle employees. The world changes at a rapid rate and whatever might have been optional 5 years ago could be essential in the society’s way of living today. The principle of only fixing what is broken does not apply today and finding something that could work better always makes leading the industry a very achievable possibility (Hamme, 2015). With technology not only are there new solutions to old problems but also new ways of solving the seemingly solved problems.
Importance of Innovation for the Growth of Liberty Mutual
If Liberty Mutual is to grow into the global level and do business worldwide it has to embrace innovation. With effective innovation there is better customer engagement, business sustainability, productivity, agility as well as profitability. Growth into new realms such as global which requires a significant amount of capital. For this capital to be collected the organization has to find shareholders and the most attractive element to them is profitability. The more profitable the organization is the more capital it will receive and the bigger it will grow.
With innovation it will also be possible to understand customer demands better and as such it is possible to create more value for them. Innovation also makes the business more sustainable by cutting out disruption and providing new experiences for the involved parties.
The idea will definitely benefit the organization where its return of investment is concerned in a couple of ways. Most of the strategies will be indirect since the innovative ideas are supposed to help in making more sales. The inefficiency could lie in a number of different areas including training, culture, motivation, use of sales data and communication in the company amongst others. Using technologies such as earpieces and video recording goggles can make it easier for the top salespeople in the organization to train the amateurs. If a newly hired employee is struggling to make his sales the technological gadgets will make it possible for the management team as well as other experienced employees to observe him in the field. They will know what he is doing wrong and will be able to train him into correcting the problems and closing more sales (Mann, & Chan, 2011). Eventually, the cost of training the newly hired employee will be compensated with the high number of sales.
Similarly, if the company is expanding into an emerging market on a different part of the globe the department will analyze and see which technologies could make work easier there and which will not. For instance a country with little computers and smartphones might not benefit from social media campaigns. As a result it becomes impossible to make a substantial amount of sales by the use of the technology. So the company would need to come up with another strategy. Another strategy could be for the company to send representatives to those parts of the globe and give presentations in effort to let the people know who Liberty Mutual is, the company vision, what products and services that the company has to offer and most importantly why these products and services are necessary.
The innovation department vision is to have Liberty Mutual provide quality, efficient and valuable products and services to our clients through innovative and technological implementation of ideas.
The employees will be experts in database administrations, hardware as well as software management, social media and an expert in both legal and internal company operations. They will be required to have their own laptop computers so that they can work from home and within the organization at any given time. Laptops are great for researching even in the field but they require a lot of space and it takes time to be set up. The department should also be given tablets so that their work could be more convenient and efficient (Cozzens, Thakur, & Edward Elgar Publishing, 2014).
The innovation department will have to be at the center of the organization in terms of the internal stakeholders as well as departments. There will be limited barriers in the department and members from every department should be able to visit so that they can not only present their problems but also the various suggestions to those problems.
The department leaders should also be given direct access to both the CEO and the board of directors depending on the gravity of the issues being presented.
For instance, if the department is able to prove that the work of a manager is not essential and that it can, instead, be taken care of by software and\or hardware then the manager would never let the report get to the CEO or the board of directors who are only the ones able to handle the issue. In such instances the CEO could open his or her doors to the department and hear them out with the bigger picture in mind. The department could also be given access to going to friendly businesses to observe certain ways of solving particular issues so that they could get a picture of how to implement the strategies in Liberty Mutual.
How Long the Idea Should Be Implemented
Since the insurance industry is constantly changing and is affected by other external factors such as technological advancements and competition, the department should be permanent in Liberty Mutual. Bringing together the organization every once in a while to a town hall meeting to solve particular issues that might not guarantee the business any competitive edge in the industry and ask for suggestions on how to resolve those issues. If the particular industry was a slow one like the oil and energy industry, it would not have been necessary to have the department working the whole year, but it is nots. Outsourcing the department would be cost efficient but it would only highlight the major issues which might fail to differentiate the business from others in the industry. Furthermore, Liberty Mutual and the insurance industry in general sells to the consumer and it is therefore important to constantly find ways through which it will create more value for the customer for the sake of the long run.