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IFM - Essay Example

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Besides the contributions by the members, the cooperative enjoys the loan facilities that are extended to the cooperative unlike the case with other cooperative societies. Through the lack of ranks within the management positions or the general employee’s positions, the members enjoy an equated level of salaries despite their experience as well as despite their period of stay within the cooperative society. The cooperative society still has relatively low level of operations because it has been in operation for relatively little period after its re-establishment in the last ten years. Based on the reason that the cooperative lacks a well-defined structure of administration, all members comprehensively are wholly liable for the consequences of decisions made. Moreover, the lack of this well-defined structure of management has often placed the business at a risk because the decisions made lack the professional approval because members lack management skills and professional expertise. However, the modern day cooperative operations would suffer severe losses in the event of operating without well laid out structures as Fortune Inc does. Business operations at any level necessitates clearly laid down structures and hierarchy in operations for the ease of its operations. The cooperative needs to establish a central management team who would be responsible in decision making while at the same time taking the responsibilities in consequences resultant from the decision made (Background paper on cooperatives, n. d., p. 1-3; Co-operative in the 21st Century, 2001, p. 6-7). The size of the cooperative, which has an employee base of twenty-five people, is relatively small compared to other large organizations. However, decision-making processes would be very tedious and time consuming while incorporating the decisions of all the employees, hence the need for a clearly established framework of organizational management. The organization incorporates employees from the age of twenties to the mid-fifties and as such has a well-distributed working age. Beside, members are paid on an equal basis through which all employees earn an equal salary besides contributing equal amounts to the cooperative. However, the structure of operation that lacks to define responsibilities as well as the structures of authorities is undesirable due to the reason that the organization would lack command in operations. Moreover, the organization would fail to confer responsibility to any person in the event of liability to be suffered and as such, the people would fail to take responsibility in decision-making or regarding acting on behalf of the organization. Among other objectives to be pursued by the cooperative would be to establish legal documents and register the cooperative as a distinct entity with the registrar of cooperatives. Besides registration, other important documents defining the employees and the shareholders are necessary. Besides the responsibility outline, there is the need to have the cooperative establish a management team who would serve as the vision bearers to the team and therefore champion the ...Show more


FORTUNES INC. COMPANY Instructor Institution Submission Date Fortunes Inc. Company Current and recommended portfolio The Fortunes Inc Company members came together and under the spirit of cooperative (Employee's pension scheme, 2008, p. 4) decided to restore the operations of the business by running as a cooperative and with all members having an equal capacity to decide on the direction to be followed by the business…
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IFM essay example
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