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Introduction
The Wallace Group is a diversified company focused on technical products and systems. The corporation is structured with three main groups concerned with plastics, electronics, and chemicals. It is also significant to note that government procurement is the primary part of the corporation’s revenue generation. At the same time, the enterprise is profitable and can pay dividends to shareholders, but its structure needs to be reformed.
Problems in the Corporation
The firm has many problems, but most of them are related to the insufficiency of work and the absence of experienced employees. The company’s human resources challenges are present at executives and ordinary workers. First, it is essential to mention that the division of the company’s competencies into three branches and corporate governance organization causes many difficulties (Stybel, 2021). This is because the managers of the departments that have entered corporate administration cannot respond on time to enterprise challenges and problems in their departments.
At the same time, corporate executives require department directors to prepare information that is not their responsibility, which takes a long time to complete. Concerning the hiring of new employees who could fulfill some of the duties, the problem is that the corporation does not offer high salaries; accordingly, qualified workers choose other places for employment.
Another problem is that the Wallace Group wants to enter new markets, but there are no laborers who can manage product development that would not be assigned to the defense field (Stybel, 2021). Furthermore, The Wallace Group does not have a marketing plan and designed products for industrial/commercial implementation. A sales department is also required, but the economy of funds does not allow for workforce expansion.
Solution to Problems
President Wallace personally manages some of the issues that arise globally because other corporate executives cannot effectively exercise authority in their industry and corporate at the same time. The corporation solves the absence of workers with enough knowledge to perform engineering tasks through their internal relocation. If employees are dismissed from the Chemical Group, the director of the other group can delegate a few of his specialists to assist. In contrast, such a solution to the situation is short-term and not consistently effective. It should also be mentioned that the problem of expanding markets has not found a resolution. (Stybel, 2021). Although management has chosen the strategy of entering new fields and establishing control, no effort has been taken to solve the crisis effectively.
My Actions for Resolving Challenges
The personnel problem requires an immediate solution because only an increase in employee salaries and the creation of a new department to promote products in new markets can overcome the internal crisis. The matter is aggravated because the chemical industry generates low profits, so the corporation receives stable but not high revenues. Therefore, additional funds have to be allocated to hire the needful employees and ensure proper functioning. A possible way to find funds is to attract investors who will be interested in expanding the corporation’s products into new markets. A program for management should also be developed to administer the workforce more effectively (Stoyanova, 2019). In this case, hiring professional executives or organizing training will optimize human resources.
Conclusion
Thus, the Wallace Group successfully dealt with the external crisis but received problems within the company. Although, they all arise because of the need for new professional employees, which is challenging to solve because of not high salaries. It should be marked that there is a way to attract funding, such as investing. At the same time, the creation of training programs for managers will optimize the already existing human resources and help expand markets for products.
References
Stoyanova, T. (2019). Strategic management in the formation of the company personnel. Academy of Strategic Management Journal, 18 (1), 1-6.
Stybel, L. J. (2021). Case 2 The Wallace Group [Word document].
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