Process Improvement Plan for the Prudential Insurance Company of America

Introduction

Prudential Insurance Company of America PICA remains a household name in the U.S due to its vast nature in offering insurance-related services to individuals and organizations. For instance, it does the following policies: Life insurance, annuities, mutual funds & investments, Retirement & Pension plans, Long-Term Care Policies, and Group Disability Insurance. However, it faces management problems just like most big ventures. The managers continue falling short of expectations relating to employees' welfare. The venture lack proper strategy in enhancing employee's career development and effective motivation as espoused through its wellness case study report. Therefore, this paper focuses on developing a process improvement plan for the Prudential Insurance Company of America in the two identified areas of management.

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The policies and procedures of PICA are aligned to its vision and mission statements. Critical analysis of these statements gives a direct pointer to overconcentration on consumers' wellbeing at the expense of the workforce that propels it to growth and expansion. The core values only highlight consumer issues devoid of employee's welfare. The organization thrives in a four-point policy which includes: Trustworthy, customer focused, respect, and winning integrity all who are directed towards clients. The wellness case study report exhibited serious maladministration and mismanagement emanating from the managers' shortcomings (Carr, 1975). The financial burden that the workers shouldered particularly at the turn of the economic recession in 2008 points at weaker management that directly reduced workers' motivation. Business exists in a set of environments which include internal and external ones. Therefore, the effects of internal environment can also trickle to outside and potentially harm the prospects of a venture.

David Walonick advanced a study in his article "Organizational Theory and Behavior" in which he postulates various theories in addressing management problems like the one facing PICA. Contingency theory as affirmed in the article studied different business environments and concluded that managers needed to act in rational ways that would lead to positive changes within their premises (Walonick, 1993). PICA managers should utilize the content of the case study and adopt management styles that would offset the financial burdens ranging from study fees, mortgages to car loans to create an enabling environment that would motivate workers (Chartier, 2018).

System theory relates to career enhancement issues in PICA as one of the management's short falling. Walonick construes organizations from the standpoint of systems in which one action in a given sector overly affects the rest of the systems. The management's decision to prioritize clients at the expense of its staff potentially put a negative impact on their wellness as highlighted in the case study (Walonick, 1993). What workers burdened with management can easily lose the tenets of the firm's vision. The error of a manager can negatively shape the reality of a worker and develop unwanted feelings to the extent that they remain unproductive to the venture (Pastinen, 2010). Therefore, the management at PICA should inject positive actions into the system to enhance the career development of its staff.

Conclusion

In summary, the challenges that face most ventures can get created and solved altogether through its management. PICA suffers two issues which include employees' motivation and career enhancement issues. However, this process improvement plan has outlined certain theories as contained in Willowick's article that can get utilized to address them. For instance, the use of contingency and system theory outline their effectiveness to the real world and how they relate to the identified processes.

References

Carr, W. H. A. (1975). From Three cents a week: the Story of the Prudential Insurance Companyof America. Englewood Cliffs, N.J: Prentice-Hall.

Chartier, J. (2018). A Financial Wellness Case Study: Prudential's Employees. Prudential Newsroom. Retrieved from http://news.prudential.com/a-financial-wellness-case-study-prudential-own-employees.htm

Pastinen, M. (2010). High-Performance Process Improvement. Heidelberg Germany: Springer.

Walonick, D.S. (1993). Organizational Theory and Behavior. Retrieved from https://www.statpac.org/walonick/organizational-theory.html