Essay on Implementation of a Corporate Strategy or a Future Policy Rollout

               It is important to understand that every business organizations have to go through a business cycle, and they have to keep an eye on this business cycle to see their current standing because the corporate strategy or future policy rollout will be based on their current position. The beginning stage of the development is seed & development, where a business startup has not been made a reality. It is the stage to develop a great business idea, and then comes the next stage of the startup. Once a business idea has been developed and tested, then it is time to go for it. Once a business is started, and it goes well, then it goes through the growth stage, where good income is generated. The next stage is the expansion stage, where it is needed to expand the business because everything seems to settled down. Then the last stage is Maturity, which leads to an exit in the end (Petch, 2016)

               It is important for JP Morgan to understand, what their current stage of the business lifecycle is, and how they can extend its period with certain measures. Looking at their current position in the market, it can be said that JP Morgan is going through a maturing cycle, where things are quite settled for the company in so many ways. The company is looking to extend its later stages of the business cycle by giving more focus to three areas. The first major theme is “participation with protection”, which means that they are looking to add more protective layers for their business portfolios and to achieve that, they are giving attention to more quality. The second major theme adopted by JP Morgan is “harvesting yield”, which means that they are looking to get their returns with the help of yields, rather than getting them from their capital. The third major policy theme is “finding growth in low-growth world”, which means that they are going to focus on other growth areas having great potential for the future (GOLDBERG & MANOUKIAN, 2019)

               It is vital for a company to realize that they cannot afford any mistake during the strategy implementation because it is the most critical thing for them. Once the strategy has been formulated, then it should be implemented accordingly. The company should set its annual goals and objectives in the strategy implementation, along with resource allocation. The entire company with all its resources has to come together at this stage because all efforts are needed during the implementation & execution of strategy. The implementation process asks to prepare questions, which should be answered accordingly. For instance, what kind of resources will be allocated, and when they will be allocated. How many resources will be used and how people will be managed during this whole process. It is vital to develop a work culture as well at this point, which is helpful in achieving the objectives. These are some of the important things to be considered during the strategy implementation, and if anything goes wrong, it can hurt in so many ways. So, proper implementation of the strategy is indispensable for the organization (Kong, 2007)

               It is critical for a company like JP Morgan to identify viable approaches so that they can identify the right set of talent, and then prepare them for the next level positions, which are important in implementing the corporate strategy. The first good approach is to use the idea of an assessment center. In an assessment center, the ability of a candidate is measured through case analysis, group discussions, interviews, decision making, and different games. The other viable approach for a company is to develop a considerable performance appraisal system. It will help to identify top performers. The other great approach, which is mostly used by organizations, is to use the idea of job rotation. They should keep rotating the jobs of employees to see how they perform in different roles, and how effective they have been during their rotation. It will help them to prepare for future positions with high requirements (Montana & Petit, 2008)

               It is also essential for a company like JP Morgan to understand, what is more important, strategy or culture. In my opinion, culture and strategy are both critical in so many ways, so their compatibility should be developed accordingly. It means that both terms are crucial to achieving goals and objectives. For instance, if a company has developed a good strategy, but it could not develop good work culture, then it will be hard for them to achieve their goals. On the other hand, If the strategy has flaws, but work culture is good, still the objectives won’t be fully achieved because effective work culture can’t tune the strategy itself. So, both should be in good shape and conform to each other. That’s why I believe both culture and strategy are important on equal terms (Myatt, 2012)

               Moreover, business organizations should also realize that they need to improve their business processes as much as they can, and Six Sigma is one of the tools, which can really help them to improve their overall processes. It is a data-driven approach that comes with viable statistics to keep things on the right track. JP Morgan realized the importance of Six Sigma as a technique to make improvements in its processes, so they implemented it. The Six Sigma team of the company identified flaws in its valuation order time, which could be reduced very easily. So they applied the model, and when things were analyzed with stats, it was revealed that there was a great area of improvement, so they were able to make a considerable reduction in their valuation delivery time (LDCQP, 2017)

References of Implementation of a Corporate Strategy or a Future Policy Rollout

GOLDBERG, A., & MANOUKIAN, J. (2019). Navigating a maturing cycle. Retrieved December 15, 2019, from https://www.jpmorgan.com/securities/insights/navigating-a-maturing-cycle

Kong, E. (2007). A review of the strategic management literature: The importance of intellectual capital in the non-profit sector. 28th McMaster World Congress (pp. 1-26). McMaster University.

LDCQP. (2017). SIX SIGMA reduced valuation delivery time at JP Morgan & Chase. Retrieved December 15, 2019, from https://qualitysixsigma.com/six-sigma-reduced-valuation-delivery-time-at-jp-morgan-chase/

Montana, P. J., & Petit, F. (2008). Motivating And Managing Generation X And Y On The Job While Preparing For Z: A Market Oriented Approach. Journal of Business & Economics Research , 6 (8).

Myatt, M. (2012). Culture vs. Strategy - What's More Important? Retrieved December 15, 2019, from https://www.forbes.com/sites/mikemyatt/2012/05/29/culture-vs-strategy-whats-more-important/#2548227372f0

Petch, N. (2016). The Five Stages Of Your Business Lifecycle: Which Phase Are You In? Retrieved December 15, 2019, from https://www.entrepreneur.com/article/271290