Key Elements to instill in the plan
Corporate culture
Despite having quite a number of criticism, the theory points out the need for corporations to provide an environment that is safe and conducive for employers ensuring they stay motivated and work exemplary. Nike incorporated the said theory of motivation. For one, the human resources global strategy is based on unleashing employees’ potential and enabling managers to make great decisions. Moreover, insights in the organization are highly valued through frequent brainstorming sessions and group exercise. What’s more, Nike remunerates in employees competitive salaries with numerous benefit packages that go beyond the health insurance and leaves. The company also offers a positive working environment that allows for creativity and team-work. Also, through mentorship and tuition assistance, Nike allows its employees to build their careers. The leaders employed provide opportunities for career development by teaching and amplifying employees’ capabilities, talents, and energies. For example, in 2018, Nike reported a salary increase for more than 7,000 of its employees. It also changed its annual bonuses in response to its corporate culture and raised concerns of equal pay.
Recommendation for Nike’s progress over the next five years.
Nike, under Mike Parker, has been able to double its profits as compared to the prior year. However, with the changes in the environment and availability of niches in the market for growth and improvement, Nike can adapt a few measures to ensure its progress over the next five years. For one, is taking measure against counterfeit Nike products which are increasing daily destroying the brand. These can be achieved through patent protection measures. The company should also seek to reduce its controversies that could affect its brand, such as the ‘Paradise papers’ that revealed Nike’s tax evasion practices, etc.
Conclusion
Management of a business is crucial, and various factors and elements are to be taken into consideration. Corporate culture, organizational structure, organization’s response to change, human resources all should be integrated effectively for the success of the company. Companies should adopt leadership styles that motivate and engage employees to reduce employee resistance and foster career development and company growth. Nike has embraced a successful management practice, which has enabled it to double its profits in the past few years. The matrix structure organization uses transformational leadership to motivate and build employees and consequently run a smooth organization in all its branches.