Entergy Corporation is an integrated energy company engaged primarily in electric power production and retail distribution operations. It is headquartered in the Central Business District of New Orleans, Louisiana.
The company was founded as Middle South Utilities in 1949 to acquire several companies in the South Central United States that had previously been owned by General Electric. It changed its name to Entergy in 1989, and merged with Gulf States Utilities, based in Beaumont, Texas, in 1993.
Entergy's service territory includes almost all of Louisiana (except the northwest and a small corner of the east), the eastern three-fourths of Arkansas, the western half of Mississippi and part of southeastern Texas.
Evaluation of Management by Objectives
The strengths of MBO as a performance appraisal system are:
* It increases the employee’s involvement in setting performance objectives and increases the motivation required to reach those objectives
* It offers an objective, factual basis for measuring accomplishments
* It is entirely job centered
* It establishes the appraiser as a facilitator of performance rather than a critic of performance
* It assures the organization that all employees are working toward a common purpose
* It supports psychological concept that people will exercise self-direction and self-control in the accomplishment of organizational aims that they have participated in setting.
Organizations that use MBO frequently report that they are very effective, highly motivating performance appraisal systems. MBO systems communicate to employees exactly what is expected of them, and provide clear behavioral benchmarks for performance. Developmental feedback is inherent in the entire MBO process, because the employees skills and abilities are taken into account at the front end when goals are initially set and along the way as progress toward the goals is measured. In an MBO system, goals are highly personalized and reflect the employee’s experience and training (Kulik 2004).
MBO as a performance appraisal tool has also some weaknesses. These include the following:
* It is an organizational philosophy and can not operate at one organizational level without operating at all levels
* MBO ca not be implemented at all organizational levels simultaneously, nor can it be implemented from the bottom up – it must begin at the very top of the organization and works its way down
* It requires a total and sizable commitment of management support, interest, and time if it is to succeed
* MBO is not applicable to all types of jobs. Individuals performing routine, repetitive, or machine-paced jobs are better appraised by another method
* Employees require extensive training before they normally respond in a positive way to MBO (Caruth and Hadlogten 2001).
In addition to management by objectives, the company uses rating scales to measure performance and other work-related factors. Rating scales according to Rudman (2003) are readily adaptable to suit specific jobs and organizations, and there are virtually no limit to the aspects of person or performance that can be rated. In simple terms, rating scales require the reviewer to rate the employee’s performance in an absolute sense, not in comparison to other employees. Employees can be rated on virtually any trait or characteristic or dimension of performance or behavior. The characteristics to be assessed are chosen and each step on the scale is given a brief description in terms of quantity and quality.
The Three Parts of the StrategicManagement Process
Strategic leaders form a firm’s vision and mission.
Firms analyze their external environment and their internal environment.
Firms choose and implement a strategy that to creates unique mix of value for customers and satisfies other stakeholders.
Strategy implementation—the set of actions firms take to use a strategy after it has been selected.
Vision and Mission Statements
McDonald’sTo give each customer, every time, an experience that sets new standards in value, service, friendliness, and quality.
NASDAQTo build the world’s first truly global securities market . . . A worldwide market of markets built on a worldwide network of networks . . . linking pools of liquidity and connecting investors from all over the world . . . assuring the best possible price for securities at the lowest possible cost.
PetsmartTo be the premier organization in nurturing and enriching the bond between people and animals.
WachoviaWachovia’s vision is to be the best, most trusted and admired financial services company.
Mission statements contd…
Bristol-Myers SquibbOur mission is to extend and enhance human life by providing the highest-quality pharmaceuticals and health care products.
GlaxoSmithKlineGSK’s mission is to improve the quality of human life by enabling people to do more, feel better and live longer.
MerckThe mission of Merck is to provide society with superior products and services by developing innovations and solutions that improve the quality of life and satisfy customer needs, and to provide employees with meaningful work and advancement opportunities, and investors with a superior rate of return.
The mission is to be a full-service, global outsourcing company.
A new initiative has been taken which covers all employees is the course “lets lead
change from inside out” in which employees are taught how to react to environmental
and technological changes and how to cope with the situation.
WOW “Winning In Our World” is a workshop held every week to bring employees,
distributors, suppliers, and farmers together where they interact in a harmonious
environment. The challenge of WOW is “Nurturing a winning culture that drives to
achieve the extraordinary by performing to the best of abilities”.
Objectives of WOW:
• Know http://www.iems.edu.pk/forum
Elements of WOW:
• Consumer focus