Term Paper on "Pathway to Organizational Management"

Term Paper 8 pages (2566 words) Sources: 8

[EXCERPT] . . . .

Pathway to Organizational Management

With the proper education and tools in Organizational Management one can be the driving force behind a company's growth and prosperity. The beginning of any business decision should include a five (5) and ten (10) year business plan, as well as, people who can manage and contribute to its continuation in growth. Starting with a vision and a mission statement creates the foundation from which to build upon.

Planning is vital for an organization in order for it to achieve its desired objectives, and must be commenced at each and every step of its development. it's essential to first plan on a broad organization-wide level and then to drill down through the diverse levels of the organization so that everyone within it knows what is required of them. Done methodically, this should result in each member of an organization fundamentally having a to-do list that represents their required contributions, directly and indirectly, to the organizations objectives. The objective being to make sure everyone has sufficient responsibility to challenge them, without so much work that they'll feel weighed down and become disheartened (Organizational Management, n.d.).

Vision Statements and Mission Statements are the inspirational words chosen by victorious leaders to clearly and concisely communicate the direction of the organization. By putting together a clear mission statement and vision statement, one can strongly communicate their intentions and motivate the entire team or organization to comprehend an attractive and inspiring universal vision of the future. Mission Statements and Vision Statements do two clearly different jobs. A Mission Statement defines the organization's function and primary objectives. Its main function is internal. It is used to define the key gauge or measures of the organization's achievement and its prime audience is the leadership team and stockholders. Vision Statements also define the organizations intention, but this time it is done so in terms of the organization's values rather than bottom line measures. Values are steering beliefs about how things should be done. The vision statement communicates both the reason and values of the organization. For workers, it gives direction about how they are expected to act and motivates them to give their best. Shared with consumers, it shapes their understanding of why they should work with the organization (Mission Statements and Vision Statements, 2012).

Stewart (NYSE: STC) is a customer-focused, global title insurance and real estate services company that offers products and services by way of their direct operations, network of approved issuing agencies and other companies within the Stewart family. Since 1893, Stewart has served its customers with honesty and service excellence. They focus on smart growth which allows them to remain strong in spite of any external market conditions. Their industry know-how, personalized service, and customized resolutions for almost any kind of real estate deal combine with fiscal strength to make Stewart the favored real estate services provider for people around the world (Stewart, 2012).

The company's current mission statement is "Deliver a magnificent customer experience through innovation in the real estate transaction process" (Stewart, 2012). Stewart offers a full collection of products and services to help a business augment sales and develop their business overall. Whether one is looking for numerous tools and solutions, or only need to focus on one specific area, Stewart can guarantee that they get just what they need. The company provides "marketing resources, title and escrow services, post-closing services, insurance services, innovative technology and much more" (Stewart, 2012).

The company's current vision is

1. "Maintain integrity above all.

2. Be aware of our heritage and build for the future.

3. Respect internal and external customers. Do what you say you will do.

4. Be mindful of the importance of others; give credit for accomplishments and not seek the spotlight for yourself.

5. Have a great deal of pride in your work without becoming arrogant.

6. Create a positive work environment for growth of associates and company.

7. Create and sustain a corporate culture of openness and trust.

8. Be creative in approaches to current business & in developing new business.

9. Challenge all paradigms.

10. Develop sincere personal interest in fellow associates.

11. Maintain positive attitude" (Stewart, 2012).

Although no one knows just what the future will bring Stewart is prepared for whatever may come along. Their purposeful and steady growth has provided a financial position that permits them to persist innovating and spending on key plans which will drive them forward in the market and prepare them for the turn around. They have the capability to leverage the recession and guarantee their continued long-standing, value-added position in the real estate arena. At Stewart, they are working meticulously to provide products and services that add value to the transaction and simplify the process. "Tools like Stewart Online, LenderExpressQuote, SureClose for real estate brokers, the eClosingRoom and electronic signature are moving them toward real time information and enhanced customer experience" (Stewart, 2012).

Stewart is forward-thinking, forthcoming to the environment and altering the way people think of title insurance. Stewart Title is playing a leading role in moving the industry in a greener, more paperless direction. They were the first title insurance company to start a green initiative combining paperless processes with environmentally friendly offices in order to decrease the impact that the industry has on the environment and serve the green market. The Title Industry is a significant part of every person's life. It may seem like an extravagant claim, but the work that is done in this field benefits not only each individual policyholder, but the nation as a whole. And yet, a lot of people are not familiar with what title insurance is, what it does for them and the benefits of having a strong title industry (Stewart, 2012).

In most cases a person's home is the biggest investment that they make in their lifetime. Title insurance protects a person's interest in that investment. It guards real estate owners and lenders against any property loss or harm they might experience because of liens, hindrances or imperfections in the title to the property. Each title insurance policy is subject to exact stipulations, circumstances and omissions. While other kinds of insurance like that of flood, auto or homeowners insurance, provide coverage that centers on possible future events, title insurance guards against loss from hazards and defects previously existing in the title to a property. Some instances of such defects might be inappropriately executed documents from a prior sale of a lien against a previous owner. "Over half of all real estate transactions have a problem somewhere in the chain of title, we find these issues and assist in taking corrective action to enable the transactions to go through and allow our customers to have peace of mind about their new home purchase" (Stewart, 2012).

Another difference between other kinds of insurance and title insurance is in how the policies are paid for. Title insurance is obtained by paying a one-time premium and provides coverage for as long as the buyer or their heirs own the property. This is unlike the yearly or monthly premiums that one must pay for other insurance. If one looks at the price of title insurance over the life of the policy vs. other kinds of insurance they will see that policyholders receive a great value for the money that it costs. "If a homeowner were to pay the national average cost of a title insurance policy and live in their home for just five years, the annual average cost of the title insurance policy would be less than $200 a year. By comparison, the national average cost of a homeowner's insurance policy is over $700 dollars per year" (Stewart, 2012).

Beyond the safety and peace of mind that Stewart provide to their customers, the title industry helps to advance the business process in ways that benefit all of the transaction parties and the nation as a whole.

Stewart saves its consumers $10 billion every year in interest cost through timely closings.

By speeding up the closing process, they save customers and the real estate industry

$1 billion every day.

They provide educational resources concerning the real estate process that empower customers and help progress their transaction experience.

They help collect almost two billion in delinquent Federal taxes yearly, lessening the tax burden for everyone.

They help amass $325 million in past due child support yearly, facilitating children to be properly cared for (Stewart, 2012).

One of Stewart's goals is to build a stronger basis and venture worthy of investing in. There are several areas in which they feel that they can engage improvement. The first area is that of software development. Title companies facilitate the safe transfer of real estate by searching land title records. The companies establish if problems exist with the title that changes hands in a particular real estate transaction and address the problems proactively when possible. The companies also provide insurance to alleviate potential risks. The multifaceted nature of title and abstract searches and the strict necessities… READ MORE

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