John Thain, at Merrill Lynch’s CEO has contacted you to help him think of ways t
ID: 470671 • Letter: J
Question
John Thain, at Merrill Lynch’s CEO has contacted you to help him think of ways to improve the performance of the many financial planners working at the company. His specific task for you involves making the controlling process relevant to financial planners. Visiting the company’s website (www.ml.com) might help you as you think about this process.
Reflect on the materials on control The Controlling Process, The Controlling Subsystem, Power and Control and address the following questions:
1. The first steps in the controlling process involve measuring performance. If you were John Thain, how would you measure the performance of the financial planners? Be specific.
2. The second step entails comparing performance to stands.
a. What types of standards would you develop to help assess performance of these financial planners?
b. What information sources would you use for developing these standards?
3. The final step involves taking corrective actions if necessary.
a. What types of corrective actions would you take to help control the performance of financial planners?
b. How would you determine whether corrective actions were necessary?
Explanation / Answer
1. The first step in the controlling process involve measuring performance.Performance can be measured on the basis of various traits depending on the title of the job.So,there are verious ways to measure the performance of a financial planner.If I were in place of John Thain,I would measure the performance of the financial planners on the basis of:
2. The second step entails comparing performance to standards.
a. The type of standards I would develop to help assess performance of these financial planners may be:
b. The information source that can be used for developing these standards may be the past performance records of the employee,employee database,data collected from clients and customers etc.
3. The final step involves taking corrective actions if necessary.
a.To help control the performance of financial planners the following corrective action may be taken:
b. There is no specific way of determining whether corrective actions were necessary.However,it is necessary to take corrective action if there is a huge and very significant difference between the standard and actual performance of the employee
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