As I am currently the president and CEO of J-R Equipment, my career is where I always thought it would be. I was chosen by my mother to head this 50 year-old family business. My sole endeavor is to have it continue for another 50 years. More specifically, over the next five years my goal and base objective will be to rebuild J-R Equipment Rental into an efficient, consistently profitable organization which many families are supported with its growth. Heinz Weihrich (2007) writes, “Career plans are built on uncertainty; the future cannot be predicted with accuracy. Consequently, contingency plans based on alternative sets of assumptions should be prepared.” My personal plan will be an ongoing proactive plan with annual reassessments periodically (Wagner, 2010). My objective is to incorporate new technology and old fashioned know how to make ours the best rental company in the area.
Goals and Objectives
J-R Equipment will remain in our family for generations to come with proper management and development. The initial objective in any business is to be profitable. Years ago this company was run by a much larger staff, thus giving the opportunity of time to oversee things properly. This is my personal goal. When this plan is successfully put into practice, a sense of pride and accomplishment knowing that my mother made the correct choice will be satisfaction enough. I do not foresee my compensation or benefits package changing during or after this time. The following current specific goals and objectives are vital to the plan to be a success. This list cannot consider unknown or unforeseen actions. 1. Conduct a complete job analysis on each area within the company.
2. Construct a thorough job description for each job analysis. 3. Work to organize the jobs better to be done so that employees are making good use of their talents to better serve the company’s goals. 4. Review pay scales and update if warranted, this should be done annually. 5. Review benefits package, e.g. Health Insurance, IRA, Life Insurance 6. Annually update the Employee Handbook and new hire package. 7. Streamline the rental process so that customers can shorten the time they are required to spend in the office on paperwork. 8. Educate employees who will utilize the computer system’s available tools. 9. Work to make the equipment inventory more reliable in terms of contracts and status of equipment. 10. Update processes and protocols within the company.
11. Review our service call procedures and update as needed. Job Satisfaction and Attributes
There is a great deal of satisfaction in a job well-done. Knowing that my efforts are useful and usable is more than adequate to me. The typical attributes of job satisfaction is motivation and productivity. When an employee is satisfied with his or her job the employee will almost naturally be excited and motivated, thus increasing productivity. I am no exception to this rule.
Compensation and Benefits
Currently my compensation and benefits are as high as they can be for the company. In the near future I plan to include a key individual life insurance plan to my list of benefits. This life insurance plan would pay the company as the beneficiary to offset costs pertaining to hiring and promoting individuals in the event of my death. Most organizations have at least one employee who is fundamental to the continued success of the business. It could be the owner, manager, or someone with a high level of experience, the loss or death of that person certainly would cause an upset both productively and financially to the company. This insurance benefit could be used to pay off debt, recruit new personnel, or any other useful tool needed to grow the business.
For any business today and subsequently its managers to remain competitive, certain technologies must be utilized so that employees, management, and customers can communicate and conduct business in a simple yet proficient manner. Our computer system was upgraded just last year so I would believe that this system could easily carry us through this plan with regular updates. There are add-ons to the system that could be better utilized. In addition, certain competencies are required to fulfill the position of president and CEO in an effective manner. Competence defined is a gathering of functionality, involving skills, knowledge, and personal attributes, which, combined, establish successful achievement of activity (Adomaitienė, Zubrickienė, 2010). Adomaitiene and Zubrickiene also write that competencies and job experiences become a condition of personal clarity.
The following competencies are required to grow as a manager/owner and thus have the company grow as well. An effective CEO must have the ability to understand, empathize, and assist in each area or department within the company to recognize its connection to other departments. I. Every employee has a role to play in the efficient function of the company, the awareness of each person and their role is a key component in success. II. A working knowledge of the company’s front office or rental software and its capabilities are vital to daily operations. III. A working knowledge of the back office systems and their functionality will prove essential for financial recommendations.
Fortunately, my current experience level with each department is such that I feel as though I am a step ahead already in my plan. These experiences allow me the confidence to discuss any changes that may be initiated to improve the company. Continued access to the departments and their functions will help to keep my competencies up to date.
Training and Education
Training and education are an indispensable part of any plan’s success. The educational background I have will be sufficient to begin this process; however the complete plan will require additional education and a personal in-depth assessment of my own personal strengths, weaknesses, and a thorough knowledge of what items will need adjustment are the first necessary step. My education with University of Phoenix and continued work experience help to complete my understanding of the business process and the functionality of this knowledge.
J-R Equipment’s Role
J-R Equipment’s responsibility is simply to comply with the recommendations made. The department managers will prove essential in the process. Open forms of communication are crucial to the success of our plan and subsequently our company. Regular meetings will be held to mark the successful procession of the plan.
Year One:1.All job analyses and descriptions are complete. 2.Begin working with other managers to formulate ideas for streamlining. 3.Set schedules for employee training on the computer system.
4.Update Employee Handbook.
5.Begin inventory analysis with equipment not available for rental. Year Two:1.Reorganize employees to better suit their skills and talents. 2.Review pay scales of all employees to make certain current state legislation is upheld.
3.Begin review of benefits packages.
4.Continue gathering ideas for streamlining.
5.Revise/implement training schedules.
6.Update Employee Handbook.
7.Continue inventory analysis with spot check inventory reconciliation.
Year Three:1.Complete review of benefits packages.
2.Update Employee Handbook and new hire package.
3.Continue inventory analysis.
4.Begin to put into effect ideas for streamlining the rental process.
5.Review pay scales of all employees
Year Four:1.Update/review streamlining processes.
2.Update Employee Handbook and new hire package
3.Continue ongoing inventory analysis.
4.Review pay scales
Year Five:1.All processes should be completed
2.Review new processes for functionality
3.Review needs for additional training.
4.Review pay scales and benefits packages
5.Update Employee handbook.
6.Formulate a Mentoring Program
A mentoring program can be formal or informal. The informal plans offer much more than the formal plans. Informal programs are more driven simply because both parties are motivated, and the relationship would be more relaxed and without boundaries (Chao, 2009). Formal programs are certainly more rigid, more structured, and more visible. Currently there is no formatted mentoring program in place even though I was mentored without even knowing it. I do however intend to formulate a program by the end of the five year period. This is largely dependent on employee and family growth within the business. There are several candidates currently that will be given the opportunity for experiential growth to a higher level of responsibility. The program itself will need to address the ever-changing working world and its part in an individual’s life (Patton, McIlveen, 2008).
A career development plan has been difficult to prepare. My career has almost always been J-R Equipment. I have been raised here and groomed for this business and am thankful for that education. I and my siblings were raised in this business, my children were raised in this business, and now my grandchildren are being raised here. I could not be more proud or motivated for our continued success.
Adomaitienė, J., & Zubrickienė, I. (2010). Career Competences and Importance of Their Development in Planning of Career Perspective. Bridges / Tiltai, 53(4), 87-99. Chao, G. T. (2009). Formal mentoring: Lessons learned from past practice. Professional Psychology: Research And Practice, 40(3), 314-320. doi:10.1037/a0012658 Morgan, M. (2011). Building Personal Equity. Strategic Finance, 93(6), 16-61. Patton, W. (2009). Practice and Research in Career Counseling and Development— 2008. Career Development Quarterly, 58(2), 118.
The Value of Key-Person Life Insurance. Retrieved from
Courtney from Study Moose
Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/3TYhaX