Week 9 assignment paper Essay Example | Topics and Well Written Essays - 500 words

Week 9 assignment paper - Essay Example The public image of the company is paramount in keeping its customers and retaining its value. People arrive at the decision to purchase goods and services based on personal values. If the company projects the image consistent with public values, then sales may be expected to go up, as well as revenues and profits. This leads to a more valuable company through increased ROI for investors. However, companies negatively perceived are shunned and sales suffer. One need only look at Nike and Gap when news broke out that they outsourced products from child labor and sweat shops in Asia (Thottam, 2005). St. Jude Medical, my organization, is perceived as a reliable provider of quality medical goods, with a solid reputation in corporate responsibility. An organization with a high employee retention rate keeps its trained and skilled workers for a long time. The organization gains the benefit of their long-term experience and expertise, and avoids the cost of having to train new employees frequently. A high turnover rate reduces profitability because of the time new hires go through their learning curves, and the disruptions in the production schedule because of vacancies. Besides, one must â€Å"employ the market† to best serve the market (RBC, 2012). At SJM, employee turnover rate is low, and retention high. Of course, positive news breaks about the company are always welcome, and in the case of negative news, SJM, a Fortune 500 company, has its crisis management team to pre-empt the worst effects. The key to the crisis management plan is prompt, transparent communication with the public. SJM does not rely on PR or window dressing. Instead, its 16,000 engaged employees worldwide become the company’s spokesmen and uphold its brand name, by their own testimony and endorsement. Finally, SJM counters bad news by its good quality products. Yes, D&I practices at SJM develop a sense of community. The organization