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Having been in the petroleum market for quite a while, the Saudi Marco Organization has become a staple of continuous success. However, operating in the environment of the global economy is challenging the organization into altering its traditional patterns of corporate management (Brockett and Rezaee 124). Particularly, the changes tone of its current core businesses, i.e., Drilling & Workover, deserves to be mentioned. Since the above-mentioned obstacles on the company’s way to establishing its global influence can be removed with the introduction of the YoS (Year of Service) program into the company’s design and the improvement of its competitiveness rates, the need to motivate the staff members, which can be solved with the help of financial incentives and the adoption of a different leadership strategy (Wilkins and Carolin 43), emerges.
To carry out the study and prove the efficacy of the suggested model, the Work Schedule, and the End of Service Award tools have been incorporated into the organization’s framework. As a result, the entrepreneurship is bound to remain in contact with the Drilling Foremen as the firm’s key partners and the most valuable resource.
The other program, which is bound to lead to 20% increase of the End of Service Award, is likely to be welcomed with open arms by the company’s staff and boost their performance rates significantly.
In order to maintain the quality of the staff’s performance high and make sure that each of the employees is loyal to the company, therefore, preventing dropout rates in the firm, the organization will have to consider not only financial but also social incentives. Particularly, the public acknowledgment of the company members’ efforts and their success is likely to trigger a rapid increase in their motivation rates, recent studies explain (Gupta and Shaw 2).
Moreover, by improving the climate of the workplace environment, in which the staff members are to operate, one may expect a significant boost in their performance rates; recent studies show that the efficacy of communication and the absence of tension have a tremendous impact on the outcomes of the staff members’ efforts (Mura 116).
Apart from the above-mentioned concepts, the Saudi Marco Organization may also consider the tools such as job flexibility and opportunities for further training and career development, seeing that the above-mentioned characteristics of the workplace environment top the charts of the employees’ requirements (Richenhagen 108).
By introducing the above-mentioned elements into its framework, the firm is likely to build a very strong organizational commitment among its employees and emphasized the significance of corporate values to each member, therefore, raising the rates of loyalty among the latter. Consequently, the efforts of the people working for the organization are likely to increase, therefore, leading to improved performance and, thus, a rapid increase in the form’s competitiveness. The latter, in its turn, is bound to help Saudi Marco excel in the realm of the global economy and increase its sustainability rates (Larkin 14).
Being a part of the global economy presupposes addressing a variety of challenges, the threat of being beaten by the numerous competitors, and failing to retain sustainability being the key ones. The Saudi Marco Corporation, which is planning to expand, may retain its popularity and even attract more customers, therefore, gaining success globally by investing in its staff members and offering them incentives along with professional growth options.
Brockett, Ann and Zabihollah Rezaee. Corporate Sustainability: Integrating Performance and Reporting. New York City, NY: John Wiley & Sons, 2012. Print.
Gupta, Nina and Jason D. Shaw. “Employee Compensation: The Neglected Area of HRM Research.” Human Resource Management Review 24.1 (2014): 1–4. Print.
Larkin, Amy. Environmental Debt: The Hidden Costs of a Changing Global Economy. London, UK: Macmillan, 2013. Print.
Mura, Ladislav. “.Performance of Human Resource Management in an Internationally Operating Company.” Serbian Journal of Management 7.1 (2012): 115–129. Print.
Richenhagen, Martin. Simply Management: A CEO’s Approach to Daily Effectiveness and Lasting Success. New York City, NY: iUniverse, 2013. Print.
Wilkins, David and Greg Carolin. Leadership Pure and Simple: How Transformative Leaders Create Winning Organizations. London, UK: McGraw Hill Professional, 2012. Print.