Benchmarking: Gene one.Essay title: Benchmarking: Gene one.Running head: BENCHMARKING: Gene One.Benchmarking: Gene OneLearning Team BUniversity of PhoenixBenchmarking: Gene OneGene One is about to open an initial public offering (IPO). To begin the organization should benchmark ideas from other industries to incorporate in its business strategy to ensure the IPO is successful. There are a few challenges that Gene One must confront to become a leading company in the biotechnology industry. The first is Gene One will enter into an IPO by restructuring its current organizational culture which will pave the way for the creation of new innovative biotechnological products, increased shareholder confidence, annual growth and an increase in sales. Next, Gene One will strive to increase awareness of its IPO by using its technologically superior product line to attract potential investors. Additionally, Gene One will transform itself into a highly profitable organization that adds value to its customers by creating a culture of continuous improvement and high customer service. Finally, Gene One will initiate its IPO by establishing an organizational structure and culture which will enhance shareholder confidence while increasing its revenue to become a leader in the biotechnology industry. Gene One will focus its benchmarking on organizational culture, leadership and employee attitudes, behavior and emotions in relation to an IPO.
Organizational CultureMcShane and Von Gilnow (2004) describe organizational culture as “the basic pattern of shared assumptions, values, and beliefs considered being the correct way of thinking about and acting on problems and opportunities facing the organization”. A strong organization embodies a culture where all employees understand the company’s goals and objectives. When Vontage, a broadband phone company, first initiated its IPO it was disastrous. The company is paying out 90% of its profits to cover cost like advertisement, basic necessities, and employee compensation. Rosenbush (2006) states that, “the real question is whether the company can acquire its customers in an efficient manner and thereby narrow its losses”. Organizational culture effects employee performance which directly contributes to customer satisfaction. The majority of an organization’s problem does not necessarily lie with the leadership, products, or structure, but with the culture. Altering culture can allow employees to work more effectively. Being tuned to how individuals support an organization’s financial capital can help leaders identify improvements and increase customer satisfaction.
Gene One can emphasize cultural change by setting reasonable targets for its employees to attain in concurrence with initiating its IPO. This change will benefit the company’s performance by constructing a model of traditions for the employees to follow and improve revenue. When deciding to capitalize on the success of their television ads during the 2006 Super Bowl, Go Daddy Group Inc., provider of online registration of domain names, planned a recent IPO worth an estimated $200 million. Unfortunately, for Go Daddy, their decision to go public came at a time when investors were remaining cautious due to concerns over the price of oil and interest rates. The timing caused their efforts to flop at the time of the IPO. According to Yung (2006),”even if they have a very good revenue outlook, business is good and margins are good, investors are just not interested in small technology companies”. This situation is similar to what Gene One will face from investors. Because of this, Gene One must conduct proper marketing of their product and of their future intentions in order to convince investors of the strength and stability they will offer investors.
The Organizational culture must be ready for an IPO to be successful. When MasterCard first announced last September that it planned to go public it was partly as a means to help fight numerous lawsuits that the association and its rival Visa U.S.A. face from merchants over interchange rates. It went through a major personnel restructuring, because its current culture was not ready for the shift from privately owned to a publicly traded company (Jalili, 2006). Gene One must carefully consider the impact of creating an IPO on its employees and culture. McNamara (2006) describes organizational culture as “the personality of the organization”. Recently, practitioners have realize that the concept of culture is essential when trying to manage an organization-wide change noting that organizational change must
be a means for the entire organization to reach out to other people, in the form of a community, and develop a greater sense of teamwork. To address this challenge, organizational change-making should be an organizational culture-building program. The organizational culture can be used in a way that is successful; it can make a positive impact by connecting and caring for its members in the best possible way. Such a culture serves the broader goals of a culture-building program, not only as a means to grow the organization but by a process for expanding the membership. If a culture is successful, then it may be an ideal asset for a business to be able to find new members, as the first step to meeting new members’ needs in the “business of life.” In such an environment, growth is important. A culture is a natural process, and one that is driven by a shared goals and values. It should be a process for which each business owner, business organization, and all other stakeholders have a shared need. Therefore, to understand the importance of an organizational culture and its success, it is necessary to examine both a company’s organizational structure and its internal processes for successful economic success. A company must be able to build a community and a culture around its own values. It must embody a set of values at least consistent with what most business owners do in their individual operations. At the core of a culture-building program are a set of principles, which together constitute a unique foundation for successful economic growth. When a culture of success meets a set of economic goals and ideals, then the success of the company must always come primarily from the values embodied in those values, rather than as part of the business’s economic development. The value of the company is that it provides good leadership. An organization should be built to achieve the following: (1) A culture of success that promotes innovation, innovation, and innovation-driven innovation; (2) a culture where good governance, professional training, and high quality products and services become a necessity; and (3) an organization that encourages and reinforces the principles underlying the company’s values (Kellogg, 2006). If an organization is successful in building a culture of success, then it must follow a set of rules, which constitute a set of norms of the team. Organization leaders must follow these norms to ensure that they abide by them. In the case of the organizational culture, the rules are usually laid down with great caution and respect. The organization must have a system that ensures good service to employees and the needs of the organizations therein. If the employees and organizations are not satisfied with the system, then they may make sure that the personnel that are required to do their jobs properly are trained, engaged, and rewarded. If all the members of a organization are involved at all times with a business, then that business can be trusted to be competitive as well. The principles that the organizational rules govern on how to accomplish this are often outlined in the rules that provide the rules for successful business growth. The rule about how to communicate its principles to management is a common practice among law enforcement and criminal investigations. The rules governing the operation of criminal investigations also generally are common. According to a 1986 report from the Office of Inspector General of the U.S. Treasury Bureau