Question

As of 2010, Xerox Corporation (NYSE: XRX) is a $22 billion, multinational company founded in 1906 and operating in 160 countries. Xerox is headquartered in Norwalk, Connecticut, and employs 130,000 people. Such companies depend on the productivity and performance of their employees. The journey over the last 100 years has withstood many successes and failures. In 2000, Xerox was facing bankruptcy after years of mismanagement, piles of debt, and mounting questions about its accounting practices. How does a company of such size and magnitude effectively manage and motivate employees from diverse backgrounds and experiences especially during a crisis?

500 words typed

Answer 1

Xerox corporation is a $22 billion market worth, multinational comany founded in 1906 and operating in 160 countries. It is undoubtedly a large scale operating company headquartered in Norwalk, Connecticut. It has an employee base of 130,000. Inspite of having an experience of more than 100 years in the market, since 2000, Xerox is facing bankruptcy mainly because of mismanagement, piles of debt and faulty accounting practices. This sort of large scale operating companies depend on their employees to regain lost pride. Hence Xerox should take a few necessary renovations in its system to ressurect the confidence of its employees. The steps are as follows:

Erraadicate corruption from the base:

In order to regain lost pride and operate in the market with efficiency, Xerox management first need to point out where the corruption is taking place. As mentioned above faulty accounting practices has a severe problem for the company. Menegement should introduce a strict external audit to bring out the loop holes in the internal accounting system. If someone is proven guilty for faulty accounting, he or she needs to be terminated from the service on immidiate basis. This can send a good signal to other employees engaged in such corruption. manement should also think where it is lagging in terms of management operations. They should take compare their management strategies with the management strategies of the frontline firms in their field. They must employ some well trained and experienced officials in the important designations to improve the strategy of market operations.

Encouraging the employees with glorious past:

A downturn in business for a long time should affect the mind setting of employees too. They may feel lack of job assurance in the company and some of them may get depressed because of the lowering in business. Management should introduce some programs to inform the employees about the glorious past of the company. management should make the employees believe that Xerox is a company which is operating in large scale for more than 100 years. Hence it is a stable company. They must not think about their job assurance. The employees should be informed that the company is willing to resurrect from this stage and it really wish to hit the top. In order to do the same the company requires support from its employees.

Modenization of equipments, policies and operation:

Being a 100 years old company it must be using some old and basic tools, equipments, policies etc in most of the branches. Xerox management should learn to use modern tools and equipments to improve production and earn a good amount of profit. They must learn the use from the leaders in the market in their field. Management should also look to constantly improving different policy managements. An increase in profit must reduce the pile of debt the company is presently facing.

Learning from the well doing branches:

Xerox is a multinational company. Hence it has many branches in different countries all over the world. There must be some branches which are doing quite well in the field. The management should look at the operation techniques of the well doing branches. It must adopt the good policies and business strategies in all other firms that the wel doing firms are taking. The management should also designate the officials of the well doing branches to higher positions so that they can improve conditions of many other branches.

Learn from the past:

Xerox management should make thorough analysis of the strategies, management and accounting decisions it has been taking since the year 2000. It must find out the places where the company is lacking behind and improve those. Xerox should also evaluate the strategies taken in the past years when the company had been diong great. It must adopt the useful strategies by doing proper modernization of the same.

Rewarding hard working employees:

Xerox management should reward the employees who had been working hard to improve the situation of the companies. Management may designate them with higher position or it may provis=de other rewards. This policy should encourage the employees to work more and work efficienly. Providing an incentive to the employees and punishing the corrupted employees may motivate them to work hard and work clean.