Mindful Toys: Updating the Corporate Strategy

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Mindful Toys: Updating the Corporate Strategy

The transformation of the toy industry seems subtle, but it is highly dependent on technological progress. It is no secret that children are becoming more and more involved in online entertainment and the use of electronic devices daily. It is an essential process for humanitys development, as people get used to utilizing digital tools for assistance. Consequently, toys need to be more technological and intellect-expanding in the long run. The case study showed that transformation leads to a renewed workforce and the involvement of young professionals in robotics and design. Mindful Toys needs to transition to a brand-new operating system through goal-based compensation and staff evaluation, diversified monitoring of each department, and long-term market orientation as a marker of success.

Individual employee performance and corporate strategic goals are interrelated concepts, as they characterize the appropriateness of the enterprises long-term goals. Mindful Toys current development vector encompasses new products and enhancements to the existing range to provide friendly and educational playthings. Besides, the company uses product output and sales as critical markers of success, which is the correct strategy regardless of the businesss direction. Any organization is created to generate revenue, and a corporate goal allows one to create a plan to increase profits. The move towards digitizing toys and hiring new staff drives the need to transform the assessment of individual performance. First of all, Mindful Toys should not measure overall revenue and output, but study performance by segment and market. For example, information on AI toys and robots sales will be more valuable in the long run than teddy bears. Therefore, the assessment of personal performance must have specific criteria in each section, since their weight in income will be different after technology installation.

Mindful Toys must use a diversified compensation and goal-based rating system. It was noted that the company seeks to enter new markets, develop original packaging, and motivate new customers to buy their product (Lamb et al., 2018). Consequently, these innovative actions require the transformation of internal management, including HR and optimization activities. The introduction of digital and technological solutions into creation determines the imbalance in revenue between departments. As described earlier, creating and marketing teddy bears and AI toys will have varying prices for both the B2B system and the retail. It makes sense that compensation and evaluation should differ between units since employees perform radically distinct functions in design and adaptation to the audience. It correlates with the concept of team separation and retention, in which HR professionals understand the needs and work of each person and provide them with a decent pay system (Noe et al., 2019). Thus, the companys innovative goals must be accompanied by improved compensation based on each departments purposes set.

Performance assessment methods should address corporate objectives after the upgrade. In other words, hiring innovative staff and moving towards internal and external diversity, taking into account technological progress, determines various values and visions. It will focus on improving the perception of electronic and digital tools by the target consumer. Consequently, the role of designers, testers, technicians, and marketers is being transformed by new demands on output and sales. As noted earlier, similar assessment metrics will be relevant for innovation strategy, but with a change towards diversification. For example, the division of departments based on the planned revenue and the funds spent on production allows for an adequate assessment of personal productivity and its success as a whole. Besides, non-financial indicators such as the opportunity of group decision making, willingness to collaborate, and innovativeness in adjusting operating strategies are predominant in modern business models (Narkunien & Ulbinait, 2018). Thus, Mindful Toys must combine financial and intangible scoring systems to ensure long-term customer focus.

The reason for choosing a multifactor model for studying personnel activities is the diversification of modern business. Differentiation from other suppliers determines the quality of interaction with the audience and the usefulness of the product. Consequently, this method of evaluating the companys performance should be based on several sections, each of which is responsible for the life cycle of a particular assortment. Relevant revenue and output metrics can identify systematic issues and provide timely solutions. On the other hand, it helps to analyze employees efforts from an individual point of view, namely, their contribution to the joint plan. Non-financial metrics are also crucial for personal criteria, as each individual can contribute to innovative solutions, which must be compensated by the company.

Mindful Toys is faced with an innovation challenge in which a renewal of staff and strategic goals is forcing a transformation in internal evaluation criteria. Since the company is moving towards the digitalization of the product, diversification is inevitable in the long term. Each department will contribute individually to the total revenue, demonstrating various spending in the B2B segment. The output and income will remain the main criteria for evaluating personal productivity, but their targets will vary based on the area and the number of workers in it. Besides, the updated metric will help meet corporate needs due to the teams involvement in increasing sales and alignment with their responsibility areas.

References

Lamb, C., Hair, J., & McDaniel, C. (2018). MKTG (11^th ed.). Cengage.

Narkunien, J., & Ulbinait, A. (2018). Comparative analysis of company performance evaluation methods. Entrepreneurship and Sustainability Issues, 6(1), 125-138. Web.

Noe, R., Hollenbeck, J., Gerhart, B., & Wright, P. (2019). Fundamentals of human resource management (8^th ed.). McGraw-Hill Education.

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