Performance Measurement, Nucor's case study
1.Nucor performed very well because of choice of a successful strategy. The most significant part of it from the corporation's point of view is that every plant worked as a single company. They had to show reports to the headquarters but all everyday events had to be solved inside the plant. It allowed the company to react fast for local changes. Another important point in the strategy is the level of wages. Basic payment of managers was quite low. They were granted many bonuses when the company was earning money, but when there was a hard time, they received much less than managers of competitive entities. Regular employees' wages were also dependent on general performance. Moreover, they had many additional bonuses like full insurance and health care. An important thing which brought new employees to the company was that it did not fire people. When one worked well, his or her job was secured.
2.The successful management of Nucor’s involved in the stragic management of production, human resource and technologies. Nucor concerted about competitive production in steel industry. A variety steels, high quality production and reasonable price, which are contribute the competitive advantage to Nucor. It is critical for the firm to meet demand which helps to increase market share.
The second success factors refers to employee management. Nucor empowers employees to help give specific work objective which can be fit with plant goals (including producing goal, performance evaluation and compensation). Those goals were set through the reorganization of workers, analysis the employee’s activities. Consequently, the point view of human resource considered as vitriol part for Nucor to be reputable.
Moreover, innovations in manufacturing techniques provide additional examples of mini-mill. New processes and manufacturing techniques are constantly being updated. Technological management conduct a leader role in the steel...
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