How might you create a proactive versus a reactive approach to turnover toward employee retention?
Thanks so much for sharing your experiences! Let\’s think about this in a slightly different way. What have you experienced on the job related to turnover? What impact does turnover have to the employee that are \”left behind\”?
UNDER CHANGE MANAGEMENT
Let\’s discuss our own experiences. Share an example of how you instituted change at work or at home. How was that change received? Would you manage that change differently? If yes, how so?
Share an example of how you instituted change at work or at home. How was that change received? Would you manage that change differently? If yes, how so?
In a constantly changing world, we survive a variety of changes on a daily basis. How might the concept of paradigms fit into change management? Share one of your own paradigms that you might like to change.
MGMT 530 UNDER PSYCHOLOGICAL TRAPS
****RESPOND 2 THIS STUDENT****
Psychological Traps Jose Luis Prado Email this Author 10/12/2016 9:40:02 PM
I fell in the trap of sunk cost bias. I had a 2004 Lincoln navigator. It has some mechanical issues and I got a quote from one mechanic that was a family friend. He told me that it was not worth it to do the repairs. I chose not to believe him because I loved that SUV and I had already invested so much money on other repairs such as brake pads and rotors and new tires. I took it to another place to get another quote coasted me more money. This mechanic told me what it would cost to do all the repairs. The previous mechanic was right and was just looking out for my best interest unlike this new mechanic I took it to. It would cost me 2,500 to repairs and the Navigator is only worth 4,000 on Kelly blue book. I should have let go of the navigator awhile back and saved me some money and grief.
Provide a real-life example of one of the traps discussed in the text or the lecture. What can be done to avoid that trap in the future?
Estate Case Analysis (graded)
This week, we move from the theoretical to the real world.
The following group decision problem scenario is outside of the formal organizational structure but highlights the difficulty in making decisions in group settings and the need to collectively arrive at a group decision-making process.
Estate Case Decision Problem Scenario
The matriarch of a family passes away after a long illness, leaving a house that needs major repair work, a few antiques, and a small insurance policy.
In her Will, she bequeaths everything equally to her three grown children (two sons and a daughter), but leaves no instructions on how to go about the disbursement of the estate.
The three children have drifted apart over the years and are not very close, but are cordial to one another. The eldest son, who lives locally, is named the executor of the Will. He is somewhat resentful that he served as the primary caregiver of the matriarch and the others were less involved. The other two don\’t get along very well.
The son that is the executor is not sure what to do, but would like to hang on to the house for a while until the real estate market improves and eventually try to sell it for more money than it is worth today.
The daughter thinks that the house should be fixed up with the insurance money and then sold immediately.
The other son thinks that the house should be sold as is and to not put any more money into it, splitting the insurance money between the three.
In summary, the facts are as follows.
Objective 1Achieve the highest sale price (twice as important as the other objectives)
Objective 2Keep reinvestment in repair and maintenance in house at a minimum
Objective 3Complete transaction in the shortest period of time
Alternative 1Sell the house as is. The real estate agent feels that the house would sell for $79,000 and could likely sell the house in approximately one month. No money would be put into fixing up the house.
Alternative 2Fix up the house, and then sell. The real estate agent feels that the house would sell for $96,000 and could likely sell the house in approximately three months. Approximately $15,000 would be put into fixing the house.
Alternative 3Wait until the market improves, then fix up and sell. The real estate agent feels that the house would sell for $120,000 if the market improved, but it would take at least one year. Approximately $15,000 would be put into fixing the house and another $5,000 for ongoing maintenance and upkeep.
Based on the facts described, address the following.
What is the general nature of the problem?
What event triggered the situation?
Are we imposing any constraints on the situation?
What are the underlying elements of the problem?
Are there dependencies on other decisions?
What are the consequences and tradeoffs?
What group decision-making dynamics are in play here?
Based on a weighted scoring model, which would be the best alternative (show your work)?
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