Gene One Benchmarking
Gene One Bench Marketing Gene One has emerged as a maverick amongst the small field of revolutionary biotech firms. The company has created a product that extends the shelf life of tomatoes and potatoes without the need of chemical deterrents. This discovery has propelled Gene One to become a formidable competitor in terms of revenue. The company’s growth has reached $400 million within the past eight years. Gene One’s success has been one of the many events that have helped sparke stakeholder interest in biotechnology. The revitalization of industry interest has fostered Gene Ones decision to create an aggressive strategy to align themselves with the market demands. The company seeks to create target goals of 40 % in annual growth. Gene One would like to strengthen there presence by capitalizing on the potential revenue of the stock market. This paper will identify the problems and recommend benchmarking solutions to offset the issues and concerns that may impede their desired profitable outcomes. In order for Gene One to keep up the competitive pace within the Biotech Industry the company seeks the needs of IPO capital for new development, advertisement, and marketing if it is to remain successful. In addition, without assessing all the risk factors the company faces many challenges to come:
Employee Turnover Today society, it is critical for a team to develop a specific direction and create a mission statement in order for the team to be successful (Pilnick, 2005). Creating a mission statement is one of the several factors essential for efficient team building, among clarifying the roles of each team member, and emphasizing the significance of effective communication (Pilnick, 2005). In the case of Gene One, the vision formed by the CEO, Don Ruiz was not distinct among the other key players and an agreement on this vision was necessary to realize the strategy and make the IPO happen. The vision of the company was undergoing a transformation due to the new strategy that was in order; all of the key stakeholders were on the same page. Gene One seemed to be straying away from focusing on using gene research that “creates new and better produce varieties that can change the lives of people around the world” and those involved with the research were not motivated by the new strategy. There was confusion by Gene One over the purpose and the outcome of there business practices. Operating under the misconception concerning business outcome and purpose was identified in a cultural context of business problems (King, 2005). This confusion leads to Gene One developing issues with employee turnover, which could have a significant negative impact on the realization of the new strategy. In today’s business climate, managing an organization’s human capital could be based on companies simply not having the quality of quantity of leaders needed for the challenge they may face in minimizing employee turnover (Hsieh & Barton, 1995). “Developing a group consensus can reduce frustration and conflict among subordinates and they will be more likely to achieve their goals and objectives” (Lindell & Brandt, 2000, p 332). A research study conducted by Development Dimension International Inc., (DDI) a consulting firm, revealed that two of the top factors driving retentions are the quality of the relationship a person has with his or her supervisor or manager and the amount of meaningful work (Berthal & Wellins, 2001). Just look at the cost of replacing a non-management employee, it could estimate out at 30% of that employer’s annual salary. Replacement cost for managers can approach 50% of salary. An overall amount for an organization with 10,000 employees and managers can total $12.6 million per year (Berthal & Wellins, 2001).