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Change in Management at Best Buy

Change in Management at Best Buy

Background of Company

            Best Buy is an American Company that deals in consumer electronics. It has operations in three countries: United States, Canada and Mexico. The firm was originally founded for the purpose of selling audio products but was later to rebrand and focus more on consumer electronics. This speaks a lot about its history of change. The rebranding from its original name “Sound of Music” and the shift from high fidelity audio systems to consumer electronics was aimed at expanding their target market from the youth to people who were more mature and needed a different product list. The company also has a website on which it runs it e-commerce portion of the business, allowing customers to order goods online and have them delivered to them.

What happened to previous leader?

            Senior officials of Best Buy such as then CEO Brian Dun and other senior management personnel like The U.S. Business President and the Vice president of operations in the U.S left the company as the company was being restructured (Musil 2016). The restructuring of operations was done at the district level, the store level, the departmental level and the supervisory level.  Some of the managerial staff were laid off while others were moved to other departments as others were moved to other stores. Thus, even as Best Buy fired a good number of its senior managers, it made effort to retain some of them .Supervisors were also laid off by the company, save for those who worked in critical departments such as the warehouse and the geek squad. The company also laid off people that led departments without being supervisors or managers in the departments. The closure of a significant number of Best Buy stores means that the store managers were also laid off by the company. 

Position of Company at the Time of Previous Leader’s Departure

            At the time the Best Buy resorted to restructuring its operations, it was facing challenges from various areas. One of this areas was the cost of operations. Best Buy at the time operated Big Box stores. This were humungous stores that had expansive floor areas as compared to the other stores that Best Buy competed with. The size of the stores meant that the rent expense formed a major part of the operating expenses (Booton 2016).

            In addition, the management structure of Best Buy was at the time top heavy. The number of managerial staff that earned high salaries was high and thus considerable salary expenses. Managerial staff who did not have a direct input in the basic operations of the firm were draining the resources of the firm. There were various levels of management at the district level, the store level, the departmental level and the supervisor’s level. All this layers of management were stretching the resources of the company.

            The company had also been facing complaints from its customers regarding the various programs that it was running. Customers sued the company on the grounds that the company’s extended warranty program was not approved by the manufacturer and that the program was meant to swindle the customers. Another complaint that the company had the habit of holding goods returned to it under the extended warranty for too long, despite the fact that some of the maintenance of the appliance required only a short period of time. Another complaint was that the company would arbitrarily refuse to perform s on goods purchased under the extended warranty. Other customers complained that Best Buy would make unsolicited calls to them as they sought to advertise themselves. Some of the law suits led to Best Buy paying the plaintiffs a significant amount of money.

            The company was facing competition from more efficient and less cost intensive online sales companies. Consumers were shifting from making physical visits to stores in order to buy products and were now shifting to online shopping. The consumers had shifted to visiting Best Buy stores just for the purpose of viewing the product and then making a purchase elsewhere, especially online (Downes 2016).

            All the factors explained above had led to the reduction in the profitability of the company (Musil 2016). In 2012, the company reported a profit warning as result of the high cost of operations. The situation had been made worse by the reducing value of sales made. Competition from online retailers and changes in consumer shopping practices was cutting back on Best Buy’s position as a leading home appliances retailer.

Strategy New Leader can implement

Motivate staff

            The manager can take several measures to motivate the staff members. Best Buy has been identified as one of the companies in which the lower level managers are expected to adhere to the rules and requests of higher level managers unquestioningly. This dictatorial type of management limits the ability of the staff members to exploit their skills and creativities. It limits the morale of the workers as they are of the opinion that their input will not be considered in decision making. The new manager can increase the motivation of the employees by ensuring flexibility in decision making. The employees should be given the freedom to modify their mode of operation depending on the environment that surrounds them. The rigidity of Best Buy’s management system in decision making should be eliminated to enhance the workers job satisfaction.

            The new leader could also motivate the staff by reducing decentralizing the operations of the stores that are in operation. Decentralizing the operations would enhance the effectiveness of the individual stores by giving the managers the authority to deal with employees without the need of following the long chain of command to the district level manager. Decisions would thus be made faster. Decentralizing the decision making to the individual stores would encourage healthy competition between the branches, thus enhancing the overall performance of the firm.

Increase Investor Confidence

Increasing investor confidence requires a company to take measures aimed at increasing the profit of the company by either increasing the revenue or reducing the expenses. The leader can increase the revenue of Best Buy by increasing the revenue sources of the company. They can do this by increasing the investment on the e-commerce site so as to increase online sales. The online portal should not only be aimed at advertising the products available at the physical store, they should enable the customer make online purchases and have the product delivered at their convenience.

The revenue can also be increased by diversifying into sale of other products. At the moment, the company is specializing on the sale of mobile phones. Focusing on one product type when one has the capability of selling a wide variety of home appliances is likely to negatively affect the value of sales. The company should not abandon its original model of being a on stop shop for the purchase of home appliances. On the contrary, it should exploits its online presence to offer more products and at a lower prize.

The company could also increase investor welfare by reducing costs. This could be done by slimming down on the management team. The ratio of employees engaged in management to those engaged in the revenue generating activities should be reduced so as to ensure that most of the costs borne by the company area actually used in generating revenue. The salaries of the management staff could also be reduced so as to reduce the salary burden that the firm incurs. Allowances of senior management staff could also be reduced or eliminated.

The company should enhance the efficiency of operations by using smaller stores. The big-box stores may be imposing to competitors and attract customers, they are however inefficient as thy increase the rent expense. Smaller stores require a lower number of staff members to run and have lower overhead costs. The firm could thus increase its profit margins by abandoning the big-boxes concept and using smaller sized retail outlets.

Increase consumer confidence

First and foremost, the company should address the customer complaints pertaining to its services. The company should desist from making calls to customers about the products they are selling. Such practices are likely to anger the customer and prevent them from visiting the stores. Any customer programs they roll out such as the customer loyalty program should be well managed and should not inconvenience the customer’s use of the product in any way. The members of staff should also be trained and encouraged to handle customer queries with care to prevent a situation where the interaction between customer and staff member discourages the customer from making a repeat purchase.

The key to creating value to the customer is ensuring the availability of a product when the customer needs it and at the right place. This can be accomplished in two ways; company could choose to increase the number of stores or may choose to make it easier for the customer to purchase to purchase the products on their mobile phones by creation of a mobile friendly e-commerce website. Best Buy should also ensure the continued reliability of its products by purchasing inventory direct from the manufacturer. Affordability of the items on sale should be maintained so that competitors cannot gain an edge over Best Buy in the market.

Why Change Management is necessary

            Managing change during the transformation of the operations of Best Buy is essential as it will ensure that the outcomes from the change process are favorable.  Managing change will require the new leader to incorporate all the employees whose operations will be affected by the change process. Consulting the staff members to be affected will reduce their resistance to change and thus make the transformation process cheaper and quicker (Coch and French 54).

            Change management is also required in planning the activities that are to be performed in implementing changes. Proper planning reduces the costs incurred and makes the change process faster as the people to be involved in effecting the change are aware of the activities that they must perform. The changes being implemented must be realizable and realistic. Employees to be transferred to other departments or stores should be informed accordingly. Employees who are to be laid off should also be informed some time before being laid off. Change management has a cultural aspect. The new manager should avoid too. The shift in culture should not be as drastic as to discourage people’s belief in the new culture system.

Background of the New Leader

The shareholders selected Hubert Joly as the new CEO of Best Buy due to the belief that he was an expert at turning around the fortunes of companies.  He has worked in many other companies before, in the position of CEO. His background is predominantly in the hospitality industry because most of his senior management positions prior to joining Best Buy involved engagements with hotels (Businessweek.com). Joly is a hands on manager whose style of management involves paying close supervision to all activities of employees.

Can Style of New Leader Fit the company

Joly’s hands on management approach is a departure from Brian Dunn’s approach that promoted delegation to the worker regarding how to perform the job. The Results Only Work Environment that was previously in force reduced teamwork between workers as they worked away from the work place. Joly’s approach to leadership ensures that each worker can identify with him as Joly modifies his leadership style to suit each individual worker. Joly also adapts some distance from the worker. The ultimate effect of doing this will be informing in the workers the just how serious the work place environment is. His style can thus fit Best Buy as it will result in closer monitoring of employee performance, and thus improving the performance of Best Buy (Bhasin 2016).

Works Cited

Musil, Steven. "Best Buy Shares Fall On Earnings Warning, Management Shake-Up". CNET. N.p., 2016. Web. 4 Mar. 2016.

"Hubert Joly: Executive Profile & Biography - Businessweek".Businessweek.com. N.p., 2016. Web. 4 Mar. 2016.

Coch, Lester, and John RP French Jr. "Overcoming resistance to change." Human relations (1948).

Downes, Larry. "Forbes Welcome". Forbes.com. N.p., 2016. Web. 4 Mar. 2016.

Booton, Jennifer. "Should Best Buy Close The Book On Large Retail Stores? | Fox Business". Fox Business. N.p., 2012. Web. 4 Mar. 2016.

Bhasin, Kim. "BEST BUY CEO: Here's Why I Killed The 'Results Only Work Environment'". Business Insider. N.p., 2016. Web. 4 Mar. 2016.