Innovation Plan for Silver Street Company-Free-Samples for Student

Question: Discuss about the Innovation Plan for Silver Street Company. Answer: Innovation Plan for Silver Street Company Silver Street Company require an innovation plan that can be presented to all stakeholders thereby determining the way forward for business activities. Amanda will be able to present the innovation plan to Silver Street stakeholders so as to improve the mode of operations within the company. From human resource point of view, the first step in the innovation plan for Silver Street Company is training and development. We consider training of workers in the company and development of working culture. The placement process of workers in Silver Street needs to be done through training and development. In that connection, the company will apply mentorship program to train workers so as to fit all work requirements within the company. Through mentorship program, workers will be trained in different aspects of manufacturing in the company (Emerson Steward, 2011). The training program will be divided into different sectors based on the category of job purpose. There will be training on how to manufacture consumer packed goods, chocolate bars, baby food, sweets and other food products. After training program, workers will be distributed to all outlets of operation. Some trained workers will be required to reinforce other workers in senior management team and marketing in Silver Street headquarters. Another portion of trained workers will be required to reinforce sales and marketing offices. The last group of trained workers will be deployed to manufacturing plants such as Western Canada, Central Quebec and Central Ontario. Again, the process of training and development will be facilitated through mentorship program development coordination through department of human resource management. This will ensure workers are drawn from different sections of Canada. The next concept on Silver Street innovation plan relates to recruitment and selection of workers so as to satisfy different job positions in the company (Maslow, 2013). The steps to be followed in recruitment and selection process should focus on increasing recruitment and promotion of workers in the company. Therefore, the first step in recruitment and selection process is to identify different job purpose. This plan will increase recruitment in areas such as manufacturing of consumer packed food, manufacture of chocolate bars, sweets and baby products. This company will consider workers with skill in food and nutrition sciences in this recruitment. The innovation plan aims to design strategies to increase recruitment of relevant workforces for Silver Street Company. Therefore, the plan will apply career fairs so as to increase recruitment. The materials to be applied in career fairs will be suggested by different department such as Silver Street headquarter where top management te am operates. Again, sales and marketing offices will be required to provide a list of materials in career fairs (Arnold, 2010). Manufacturing plants will be required to submit materials for career fairs. Innovation plan team will review and update the materials for career fairs on annual basis through client service human resources division until the plan is fully implemented. Again, the process of recruitment will be integrated with the process of promoting workers. In that connection, promotion and recruitment will be collaborated with communication units from all outlets of Silver Street Company. This will ensure all career opportunities are updated as per the employment guidance and standards of the company (Roberts, 2005). Again, through human resource intervention, there will be development of evaluation framework that will be applied to assess the importance and effectiveness of recruitment process. Another concept that innovation plan focus to initiate is integration of recruitment and training. This will be implemented through use of professional development initiatives (Kanungo Manuel, 2014). We have set a committee in professional development. Through the initiatives of this committee, there will be provision of training in order to develop professionals in different categories of work engagement in Silver Street such as professional manufactures of consumer packed goods and other food products. The nature of work in Silver Street requires technical skills and physical abilities. In that connection, the plan has designed an evaluation framework that focus on effectively delivering different training programs (McGregor, 2012). Again, human resource department has come up with lists of different job segments so as to satisfy different career paths selected by professionals. From human resource point of view, Silver Street innovation plan focus to recruit and select innovative talents so as to train them on skills required to manufacture consumer packed goods, chocolate bars, sweets, baby food and other food products. Through this process, Silver Street will manage to manufacture quality products so as to compete favorably in respective markets in Canada. This will keep the company ahead of other competitors. Lastly, the process of selection will be based on required skills and experience. The mode of selection of workers will be based on level of past performance trend by individual candidates. The innovation plan focus on using recruitment and selection in order to obtain the best recruitment sources as well as to hire the most innovative talents for the job (Billsberry, 2007). We have selected many potential candidates from different diversities so as to find the best talents that will propel Silver Street into a competitive advantaged organization in the globe. We focus to apply different recruitment sources such as recruitment software, recruitment outsourcing, recruitment agency management, and recruitment source management, external and internal recruitment along with recruitment process description. The last approach in Silver Street innovation plan considers compensation and benefits. Through proper compensation plan and benefits, the workforce is motivated intrinsically and extrinsically. Silver Street focus on initiating a better compensation plan for workers (Marylene, 2014). This is achieved through increase in salaries and wages across all groups of workers from headquarters, sales and marketing offices along with workers in manufacturing plants in Western Canada, Central Quebec and Central Ontario. Through innovation plan, workers will be compensated for long working hours and overtime work engagement. This will act as a form of extrinsic motivation. Better compensation plan will make workers to be distributed in different manufacturing sectors within the company. There will be equal representation in manufacturing of consumer packed goods, manufacturing of chocolate bars and sweets along with other food products. From human resource point of view, compensation and benefits embedded to workers increase the level of production units in the company (Richard, 2013). This plan will reward workers from the services lender in the company. Silver Street innovation plan incorporate both tangible and intangible compensation and benefits as a sub-discipline of human resources. The plan will recognize workforce efforts in delivering quality products. It will also incorporate work-life and development of workers through career promotions. The total rewards will be achieved once compensation and benefits are integrated. The innovation plan of Silver Street focus on meeting the basic components of workers compensation and benefits. These aspects are achievable through use of four basic categories. First, there will be guaranteed pay to all employees. The plan provides fixed monitory rewards to services rendered by employees. This is achieved through basic salary provisions. This also include provision of commissions and allowances such as house allowance, medical allowance, traveling allowance, risk and hazard allowances. The plan also provide differentials to workers such as holiday differentials and shift differentials. Lastly under guaranteed pay, the plan provides premiums in night shifts and overtime work engagement. The second aspect in compensation and benefits to Silver Street workers relates to variable pay (Ryan Deci, 2017). The plan provides a non-fixed monetary reward to employees. This is based on performance achieved by workers and as a result of discretion contingent. This includes pr ovision of incentive and bonuses to employees of Silver Street in a particular period of time within each fiscal year. Third, we consider benefits that Silver Street uses to supplement compensation and benefits to employees. The plan provides a company car to top superior management team. It also focus on provision of medical insurance to workers and paid time off. Lastly, innovation plan enhances provision of equity-based compensation to workers (Berger Berger, 2008). Through provision of stock options, Silver Street focus on enhancing a long-term workforce engagement thereby making innovation plan a relevant aspect in workers compensation and benefits. All these aspects can be presented to stakeholders of Silver Street so as to demonstrate the commitment of the human resource management team towards uplifting workers compensation and benefits. Conclusion Innovation plan for Silver Street described in the context involves three main steps. First, the concept of training and development of workers has been applied to recruit innovative talents that are required to manufacture quality consumer packed goods. This process enables the company to determine the best candidates to be engaged in different business operations (Thomas, 2009). Implementation of proper training and development process propels career promotion on the company. The second step involves recruitment and selection procedures. The company determines the most appropriate workforce to deliver manufacturing goals and objectives. Lastly, the concepts of compensation and benefits have been applied in the innovation plan so as to recognize efforts provided by workers. Through this form of motivation, workers are able to offer quality services to Silver Street Company without any reservation whatsoever. If the three steps are fully incorporated in the innovation plan above, the stakeholders of Silver Street will be willing to express their interests towards the overall objective of the company. References Arnold, J. (2010). Coaching Skills for Leaders in the Workplace: How to Develop, Motivate and Get the Best from Your Staff. How to Books. Berger, L., Berger, D. (2008). The Compensation Handbook. McGraw-Hill. Billsberry, J. (2007). Experiencing Recruitment and Selection. Wiley Publishers. Emerson, T., Steward, M. (2011). The Learning and Development Book. Association for Talent Development. Kanungo, R.N., Manuel, M. (2014). Work Motivation: Models for Developing Countries. Sage Publication put. Marylene, G. (2014). The Oxford Handbook of Work Engagement, Motivation and Self-Determination Theory. OUP USA. Maslow, A.H. (2013). A Theory of Human Motivation. Start publishing LLC. McGregor, D. (2012). The Human Side of Enterprise. New Yolk, 21. Richard, A. (2013). Job Satisfaction from Herzbergs Two Factor Theory Perspective. Grin publishing. Roberts, G. (2005). Recruitment and Selection. Chartered Institute of Personnel Development. Ryan, R.M., Deci, EL. (2017). Self-Determination Theory: Basic Psychological Need in Motivation, development and Wellness. The Guilford press. Thomas, K.W. (2009). Intrinsic Motivation: What Really Drives Employees Engagement. Berret-Koehler publishers