VR should have a sound management, which is able to cope with any changing situation.
What is the Requirement:
The recreation resort industry is a highly volatile industry. Every now and then the competitors are coming with new strategies. There have been so many mergers among the competitors which has strengthened the weak competitors heavily. Yesterday’s financial weak competitors have become well financed organization today. And they are offering new facilities to the customers. Through their new facilities they are attracting the customers. So in this unstable industry, it is very important to have a sound management which would be able to cope with any changing situation.
How to Implement:
Though the current management has been doing well to make VR profitable. But the profit is coming downwards. So they need to adjust their management. In order to create a good management team, they need to keep an eye on the industry to hire the successful and experience managers from the competitors. And at the same time they also have to build their own leaders from the organization. They have to create an environment which will be suitable for creating leaders. They have to have a proper succession planning of the current important managerial position. And in order to retain the highly potential future leaders of the organization they have to have proper career plan for them. The shiny ones must see their bright future in the organization otherwise they would simply leave the organization and might even join one of their competitors firm and strengthen them.
On the other hand, simply having a good management team does not ensure success in coping with the different situations of the organization. They also have to be empowered well enough so ...