General Electric Money America - Assignment Example

GE Money Americas case study Introduction General Electric Company deals with diversified technology, media and financial services, which supports allow it create products that enhance people’s life. GE staff focuses on making “power generators, plastics, jet engines, financial services, medical imaging” and other relevant provisions (Goldsmiths & Carter, 2010). The company has employees with imaginative ideas, which they turn into quality products and services important in solving varying problems. In conducting its services, the GE money combines the trustworthiness of the banks together with the speed of other financial companies supplying their clients with high quality products. The GE money customers believe in the company’s “trustworthy, speed, value, accessibility and flexibility” (Goldsmiths & Carter, 2010). These make them prefer their services. GE Company is the leading provider of credit services to consumers and retailers within fifty countries around the globe. In addition, the company supplies financial products such as credit cards, personal loans, bankcards and mortgagees among other services. “Brief description of the status of the company that led to determination of change” GE Money Americas was facing dissimilar challenges before it got interest in change. The major issue that affected the company in the provided case study was solving the staffing dilemma. In 2000, GE Money Americas encountered some challenges in its staffing, which affected the delegation of the staffing process, inconsistence interview process and it had poor quality candidate from small institutions (Goldsmiths & Carter, 2010). In addition, the company’s staffing process was unsustainable, whereby the cost of hiring was over $8,000 exceeding the time to fill the vacant positions to over three months. Secondly, the company needed some changes because it was facing problems regarding the applicable technology. After GE Money Americas identifying the solution to its staffing process, it thereafter encountered difficulties in handling high volume of applicants that it was getting. Consequently, this negatively affected the manner in, which the company staff were functioning (Arnold, 2008). This challenge occurred due to poor technologies applicable in the company, which hindered it from attaining high volumes of recruiting program. The poor technologies made GE Money Americas to encounter the following technological problems. Firstly, they were unable to acquire the applicant tracking tools, which prevented them from majoring in high volume and exempt hiring. Poor technology within the company made it to produce fewer outlets, thus reducing the total applicants. It also made the company to have less area to report their capabilities. Finally, the company faced issues in managing their technologies on a daily basis, which resulted into poor management of phone interviews as well as the onset interview. GE Money Americas got interested in change because it was facing difficulties in attaining its hiring objectives. This forced the GE Money Americasto depend on other recruitment agencies, which turned out to be very expensive (Zillman, 2008). “Identify the model for change theory in the case study” In handling dissimilar challenges that GE Money Americas was facing, the company in collaboration with Kelly OCG came up with a restored outsourcing model in 2001.This model aimed at solving the problems affecting the centralized staffing process to bring about dedicated body. The outsourcing model led to the introduction of customized and standardized application website. It contributed towards the improvement of candidate quality together with the level of their services. It led to hiring of logistic strategies, which enhanced consistency, efficiency and standardization at the company. It supported the tracking system for the internet-based applicants as well as solved issues related to the measurement of staffing (Goldsmiths & Carter, 2010). I identified the outsourcing model because it was vital to the company by helping it in increasing its total saving at every level of the staffing process. According to Plunkett and Plunkett Research Ltd, (2008), the outsourcing model was preferable due to its streamlined nature that was advantageous to the company because it enabled large number of qualified interviewers to turn out in few recruiting visits. Due to the introduction of this model, the staffing costs of the company decreased by 54%, which resulted from the 80% reductions in travel and relocation costs hence lowering the average cost per hire from $8, 300 to $ 4,900. The model also reduced the time cycle of indirect savings from 115 days to 47 days. Finally, this model was preferable because regarding the research conducted by GE Money Americas; the model helped the company in managing its staffing process, which contributed towards price reduction. Consequently, this supported the company in fostering the quality of its candidates and the ration of hiring interviewers. “Illustrate the types of evaluation information that were collected and how they are used to benefit the company” First, there was a collection of critical information on staffing issues within the organization. Consequently, this information benefited the company since it enabled it to change its ineffective recruitment process. The company introduced the concept of outsourcing in its hiring process. For instance, it used Kelly OCG and RPO companies to recruit its human resources. These outsourced companies made the company get the best talent who in turn worked hard for its consequent success (Goldsmith et al 2009). There was also determination of the kind of relevant technology to the operations of the company. Some of the ways in which this technological aspect benefited the company include the efficient management of applicants. For instance, there was the establishment of suitable technology applications that regulated the number of applicants. This technology enabled the company to create an orderly application procedure for their future human resources. In addition, there was an introduction of alternative interview procedures. In particular, the company established proper phone interview procedures, which also saved the company time (Goldsmith et al 2009). The company established the strategies that would make it reduce unnecessary costs. In particular, the company transformed its operations to more lean ones. For example, the company reduced the length of time in which their applicant waited for feedbacks after interviews. There was also a commendable increase in its production because of the high profit margins. In addition, the company expanded its operations to reach their unexplored markets (Effron & Ort 2010). The company evaluated the expansion plan in the future of its operations. Therefore, there were unanimous decisions to create other in Latin America. Moreover, the company used prominent advertising agents to advertise itself in the respective new markets. In addition, the company ensured that the candidates in their new branches did not undergo lengthy hiring procedure. For example, candidates in these new branches were not required to pass unnecessary steps like their previous applicants. Moreover, the company ensured their candidates interacted with their respective localities in great lengths. The interaction made them more confident in their working hence increasing their efficiencies (Zillman, 2008). “Speculate about success of the changes within the next five (5) years and how adjustments could be made if the results become less than ideal”. This company is likely to register commendable levels of success in the next 5 years because of the changes made. For example, the company could be the best because of the human resources it has. One of its changes included outsourcing other companies to help it recruit. Consequently, the outsourced companies brought the best and effective talent in the company. There are several adjustments, which can be made when the company has problems with its human resources. It could introduce refresher courses to its human resources that display incompetent characteristics. Moreover, the company can change its partners if they are not successful in implementing the respective aspects of change. Alternatively, it can have frequent meetings that will in turn address any problems that might arise (Goldsmith et al 2009). The introduction of advanced technological applications in its operations has the possibility of creating several positive impacts on the company. First, the company will reduce its cost on previous traditional practices. In particular, the costs that would be spent on funding the physical interview are saved for other important company operations. For example, the saved funds could aid in the advancement of the company or motivate the existing human resources. The company could also hire IT professional to correct any irregularities that arise while using the different technologies. In addition, the company could hire the best human resources in IT to prevent any problems with their technology (Effron & Ort 2010). The introduction of lean procedures in the company is likely to make the company more successful because of the positive changes it brings. For instance, the lean procedures ensure that this company satisfies their respective customers in the desired manners. Therefore, the company will have an improved PR, which will in turn increase its profit levels. There are possibilities that this change to lean systems can fail the company in certain ways. The company could create professional boards that will analyze the individual lean procedures and their respective weaknesses. Then there can elimination of procedures that are not beneficial (Goldsmith et al 2009). Conclusion Diverse aspects of change are necessary for the success of most companies. Therefore, companies need to ensure that they have change in their operations throughout their respective quarters. In addition, they should identify the areas companies that need regular change to prevent inefficiencies in the company. References Arnold, C. E. (2008). How you can profit from credit cards: Using credit to improve your financial life and bottom line.Upper Saddle River, N.J: FT Press. Effron, M., & Ort, M. (2010). One page talent management: Eliminating complexity, adding value. Boston, Mass: Harvard Business Press. Goldsmith, M., & Carter, L. (2010).Best practices in talent management: How the world's leading corporations manage, develop, and retain top talent. San Francisco: John Wiley & Sons. Goldsmith, Marshall, Carter, Louis, & Best Practice Institute. (2009). Best Practices in Talent Management: How the World's Leading Corporations Manage, Develop, and Retain Top Talent, Epub Edition. Pfeiffer & Co. Plunkett, J. W., & Plunkett Research, Ltd. (2008).The almanac of American employers 2009: The only guide to America's hottest, fastest growing major corporations. Houston, Tex: Plunkett Research Ltd. Zillman, D. N. (2008).Beyond the carbon economy: Energy law in transition. Oxford: Oxford University Press. Read More