Final answer:
As the CEO of an underperforming company, short-term changes such as employee engagement, performance evaluation, and financial analysis can help improve the current situation. Long-term changes such as strategic planning, talent management, and innovation can drive growth and profitability.
Step-by-step explanation:
As the CEO of an underperforming company, there are several changes that can be made in the short-term and long-term to rectify the situation:
Short-term changes:
- Employee engagement: Increase employee morale and motivation by implementing recognition programs, providing regular communication and feedback, and creating a positive work environment. This can help improve performance and overall job satisfaction.
- Performance evaluation: Evaluate the current performance of employees and identify areas for improvement. Implement performance management systems and set clear expectations to help enhance productivity and effectiveness.
- Financial analysis: Conduct a thorough analysis of the company's financial situation to identify key areas of concern. Implement cost-cutting measures and identify opportunities for revenue growth to improve profitability.
Long-term changes:
- Strategic planning: Develop a comprehensive strategic plan that outlines the company's vision, goals, and objectives. This plan should include market research, competitive analysis, and a roadmap for growth and expansion.
- Talent management: Invest in recruitment, training, and development programs to attract and retain top talent. Build a high-performing team by promoting a culture of continuous learning and development.
- Innovation and diversification: Encourage innovation and creativity within the organization to drive product and service diversification. Explore new markets and expand the company's offerings to increase revenue streams.