Organizational development in the corporate sector means the proper and effective use of a company’s resources to increase its productivity and overall efficiency. The top management of such business enterprises uses it to study, scrutinize and evaluate their existing manufacturing processes. They carry out such activities to find out ways to improve such procedures and make them more efficient. This also goes a long way in solving many of the problems such establishments are currently facing in such areas. However, it is important for such managerial personnel to remember that when it comes to executing such programs and strategies they need to spend a lot of time and money.
Bharti Jogia-Sattar is a financial executive and accountant working as an Assistant Controller in Glenwood Financial Group Inc., a leading financial company in Los Angeles. She is well-versed in the field of real estate investments and has many years of experience in this sector of the financial markets. She says organizational development is a continuous process that companies engage in to improve their overall efficiency and productivity. It helps to create an environment where individual employees can enhance professionalism and expertise to make a positive contribution to the establishments they work in. The main advantages of organizational development are as follows:
- Enhance employee relationships
Organizational development focuses on improving training programs in an establishment. The company can currently adapt to improving the productivity of their employees. In addition to this, it helps develop better communication among workers within company and encourages team building. This goes a long way in improve the relationship among individual staff members and boosts their morale. It helps them to be aware of what the company requires of them and offers them the resources they need to be productive.
- Help a company to become flexible to change
All companies carry out their business activities in a specific market environment. Organizational development assists such commercial establishments in developing an effective network of contacts among various stakeholders. These include employees, shareholders, customers, suppliers and government agencies within the environment in which such organizations conduct their activities. Such communications are necessary to ensures that these companies adapt themselves to the changes in the business environment. This helps them to take advantages of the opportunities available in such markets and overall various challenges.
- Product Improvement
The most important benefit of organizational development is that it improves a company’s existing products and services. Establishments in the corporate sector can only come up with new and innovative products when they focus their attention on employee development. This means offering a performance rewards to productive workers who make a positive contribution to enterprise. This goes a long way in motivating them to put their best foot forward and enhances their morale.
- Increases profitability
Organizational development helps to improve a company’s bottom-line profits in a number of ways. It is only through increasing productivity, innovation and efficiency that such establishments can increase their revenues. Such strategies and programs also help to decrease operating costs by curtailing employee turnover.
Bharti Jogia-Sattar states that companies who execute organizational development strategies in an effective way can gain the competitive edge in the market faster!