Risk Management in Social Recognition Program

Based on the profit and loss analysis

It is evident social recognition is a feasible program which will contribute to the success of the organization. Despite the benefits associated with the program, there are some risks which can be a barrier to the success of the same. The risks are threats or probability of damage or injury which are caused by the external or internal vulnerability. My company is a multinational corporation, hence, cultural differences; delays on the program completion and inconsistency are the key risks which might affect the implementation of the program, therefore, the success of the organization (Charvátová).

Cultural differences

This is defined as the various languages, beliefs, practices, and expressions which are considered unique to people of certain national origin, race, and ethnicity. Multinational Corporation composes of employees who have different behaviors, language, beliefs as well as expressions. The employees can also be classified on basis of different ages composing of the young and the old, education with a number having higher education and the place of upbringing which compose of the group who grew in rural and metropolitan areas. Despite the employees having common similarities in the skills they possess, chasing the same mission or goals, they have some differences which may at times outweigh the common matters. Social recognition may not be perceived commonly by all employees. For the young team, being recognized may work for a number of employees and not work for others. In some cultures, social recognition may be perceived as a form of showoff since all employees do not have the same ability. If cultural differences are not efficiently managed prior to the implementation of the program, culture clash and inefficient outcome from the same may be witnessed (Cadieux, 2016).

To manage these risks, I will promote the appreciation of these cultural differences. I will adopt a program in different countries which I will allow the employee to share their beliefs or cultures with everyone. This program will ensure that the organization is fun since they are able to share some aspects of their culture such as their ceremonies, food and any other which can guide the organization on the best form of recognition which will suit different cultural settings. I will also encourage the employees to be involved in the internal article writing to inform the management whether the culture is effective and how the organization can improve the same (Sonnenstuhl, & Trice, 2018).

Delay in the program completion

Implementation of the program entails the completion of several stages by different organizational departments. The program will be planned and executed by the IT, finance, and human resource departments. The delay from any of the department may result in the damage in the outcome of the project’s outcome. For example, if the human resource department delays in providing training to the employees or do it inefficiently, there will be an effect on the program outcome.

Managing this risk will call all the departments involved to work together in completing the same. I will continuously monitor and evaluate the program to ensure that all the departments are working efficiently to fulfill the purpose of the project (Charvátová).

Inconsistency in the employee recognition

In a social recognition program, it is important to understand the action and behaviors which will be recognized and rewarded. Failing to do this consistently may be referred to as being sporadic which may result in two key things. First, the behaviors and the actions may be discouraged leading to the inefficiency of the program. Secondly, the employee may feel discouraged and may refer to the program as unfair such that they will not be motivated by the same. Therefore, inconsistency in the recognition program and the rewards of the same may significantly affect the effectiveness of the outcome of the program (Sonnenstuhl, & Trice, 2018).

Managing these risks will entail the involvement of the employees in assessing the effectiveness of the effectiveness of the project. I will ensure that the assessment will be continuous while still making sure that effective communication is done to the employees on the contribution and the efforts by the management. I will encourage the employees to speak out the effectiveness of the same which ensures consistency.

Conclusion

Business risks are one of the key uncertainties for every organization. Hence, identifying and managing them before inflicting any effects on the business is helpful in ensuring the efficient operation of the organization. Hence, risk management will be essential in ensuring the effectiveness of the social recognition program, therefore, maximizing the outcomes (Cadieux, 2016).

References

Charvátová, I. B. D. CROSS-CULTURE DIFFRENCES IN LEADERSHIP.

Cadieux, R. E. (2016). Team leadership in high-hazard environments: Performance, safety and risk management strategies for operational teams. Routledge.

Sonnenstuhl, W. J., & Trice, H. M. (2018). Strategies for employee assistance programs: The crucial balance (No. 30). Cornell University Press.