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WDA- FASTCAT CASE

PHASE 0

HRM A GROUP-3 2013

The document contains the organizational and compensation objectives

of FastCat.



TABLE OF CONTENTS

Contents

Introduction ______________________________________________________________________________________________ 1

Organizational Objectives ________________________________________________________________________________ 2

Compensation Objectives ________________________________________________________________________________ 4

Compensation Strategy __________________________________________________________________________________ 5

Looking Ahead Phase I ___________________________________________________________________________________ 6

Group 3 Members ________________________________________________________________________________________ 7



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Page 1

Introduction

FASTCAT COMPANY HIGHLIGHTS

Medical communication software provider.

Healthcare support software for small and medium scale industries.

Privately held company.

Workforce of 200.

Revenue of $36.5 million and net income of $8.9 million.

Focus on patient-physician interface in ways that improve patient care.

Maintain reputation of providing best medical software at affordable cost.

HIGHLIGHTS OF PROBLEMS FACED BY FASTCAT

Revenue growth so far has not been strong.

Percentage of new customers has increased but not to a considerable amount.

Entering of big competitors into the small and medium scale industries.

Employees wary about their growth prospects under current economic conditions.

Customers raising concern about the cost of products.

FASTCAST’S THREE PRONGED STARTERGY

Leaders at Fastcat are pursuing a three pronged strategy to meet the challenges of markets and customers.

EXTERNAL INFLUNECE

The government will implement HITECH/ARRA act which will bring urgency by the customers to

implement/upgrade EHR software which will usher tremendous industry growth. FastCat has to make sure

its strategy objectives allows it to ride the wave of change and establish a sustainable, cost effective position.

Increasecustomer base

with newproducts

Expand basewith new

categories ofparticipanst

Expand intonew

geographies



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Page 2

Organizational Objectives

COST CONTROL HIGHLIGHTS

As mentioned in the case numerous times, with the increasing competition there needs to be something that

differentiates “FastCat” from its competitors. The main objective of the organization is to provide quality

products at a competitive price and to achieve this the organization has decided to keep a lid on their

operational costs.

INNOVATION

To sustain in this competitive era with big players like IBM also targeting the same market segment as

“FastCat” it is imperative for the organization to constantly innovate and produce superior quality products

which give value for money to its customers. As a result it is a constant endeavor of “FastCat” to invest in

R&D and come up with innovative products which can benefit both the doctors and patients.

INCREASE CUTOMER BASE

Being an aspiring organization “FastCat” wants to increase its customer base both within the territory of its

homeland as well as abroad. Growth and expansion is vital for any business to prosper in the long run and

the same is true for “FastCat” as well. With the competition pressing on its heels it makes even more sense

for “FastCat” to use its advantage of being the first mover and capture as many markets as possible.

END TO END SOLUTION

One of the major concerns that Fast Cat faces at the present is threat from larger competitors as it is more

viable for them to provide additional services apart from the core software such as application services and

management solutions. These additional services have a very high margin and contribute to a significant

jump in revenues. Hence it is imperative for Fast Cat to foray into the domain of end to end services.

CUSTOMER SATISFACTION

As per Fast Cat’s new mission statement, it is the intent of the company to measure its success by that of its’

customers’. The company also wants to focus on designing high quality solutions in collaboration with its

customers and wants to make them a part of the team. Also, as per a survey of the customers it is come to

the fore that some customers feel that the Fast Cat Products are not worth their cost. Hence, the company

needs to focus on customer satisfaction

EMPLOYEE VALUE CREATION

Fast Cat has clearly identified in its mission statement that it wants to focus on the recognizing the

contributions of its individual team members as they have been the backbone of the company in developing

products that have been a notch above the competitors. Also it has recognized that it would rather promote



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employees to leadership roles than bring in external talent as the familiarity with the company’s products

would be higher for its own employees. Hence, employee value creation is also an important objective for

the company

UNPARALLED PRODUCT QUALITY

FastCast has built its reputation as providing the best medical software available. FastCat wants to have

enough employees who will produce outstanding quality and high reliability products. It also intends to

“drill deeper” and “expand sideways”. This means the company wants to sell new products to its existing

customers as well as cater to the needs of entirely new customers. These two objectives can only be fulfilled

if the products and services are of superior quality so that even the larger players can’t eat into the share of

FastCat.



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Compensation Objectives

INCLREASED EMPLOYEE PRODUCTIVITY

One of the major issues faced by FastCat is the reduced

FAIRNESS IN PAY

To keep up the morale of the employees it of utmost importance for the organization to have a fair and

transparent compensation system in pay. Having worked in IT industry for some time we as a group

understand that problems relating to fairness in pay can hugely demotivate employees and increase employee

attrition. And increased attrition is something that “FastCat” cannot afford and to keep that in check a fair

compensation policy should not be overlooked.

ENHANCED EMPLOYEE COMMITMENT

According to the survey on employee engagement, the employee commitment of “FastCat” employees is low

as compared to the national survey. This is something which concerns the administration of “FastCat” and

compensation structure will be so created that it addresses this issue.

DRIVING INNOVATION

Innovation is a key Business objective for the organization and thus it has to be incorporated and cultivated

in the company's culture. So to promote a innovative culture, we will have a compensation policy that will

incentivize innovation at individual level as well as team level.

EFFECTIVE COMMUNICATION AND COLLABARATION

Again to facilitate better customer and employee satisfaction, communication and collaboration is one key

area where the organization needs to focus. So we have so form of rewards in connection with customer

feedback received. Also how quickly the teams respond to their customers, be it external or internal, i.e.

inter-team deliverables, will be a factor while deciding the compensation strategy. Compensation policy will

also include some form of bonuses based on team's ROI from its deliverables.

CAREER PLANNING

Our compensation policy will also focus on some form of leadership development program or sponsoring

higher education and professional courses for high performers.



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Compensation Strategy

Objectives Strategy

Increase employee productivity 1. Reducing errors and defects.

2. Shorten product life cycle time

Fairness in pay

1. Transparency in PMS

2. Pay for performance

Enhanced employee commitment 1. Total reward program

2. Flexi pay benefits

Driving innovation 1. Successful execution of innovative idea

2. Agile risk taking

Effective communication and collaboration 1. Incentive based on client feedback

2. Recognition for market responsiveness

3. Team based incentives

Career planning 1. Leadership development programme for highperformers

2. Promoting higher education only for starperformers



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Page 6

Looking Ahead Phase I

1.1 Executive summary

1.2 Recommend Strategy and objectives

1.3

Recommend an internal structure

1.4 Recommend an implantation plan

1.5

Summary and rational



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Page 7

Group 3 Members

NAME: AKSHAY SEQUEIRA

ROLLNO: H13009

NAME: ANIRBAN GHOSH

ROLLNO: H13010

NAME:CHERI BHENGRA

ROLLNO: H13017

[email protected] [email protected] [email protected]

NAME:SHUBHANG

AGRAWAL

ROLLNO: H13050

NAME: SOMIL GOEL

ROLLNO: H13051

[email protected] [email protected]

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