Business Strategies Attached you will find 2 responses by 2 students on Report on the strategic plan of your company. Reflect on how the strategic plan rel

Business Strategies Attached you will find 2 responses by 2 students on Report on the strategic plan of your company. Reflect on how the strategic plan rel

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Attached you will find 2 responses by 2 students on Report on the strategic plan of your company. Reflect on how the strategic plan relates to the organizational structure, leadership, mission, vision and core values of the company. Discuss how strategic planning could benefit you as you engage your own personal economic life. 

You will respond to the students separately. Please extend discussion and give them feedback and add anything you may find our about their topic 

No wikipedia or blogs allowed as references 

Running head: BUSINESS STRATEGY

BUSINESS STRATEGY

2

Student 1: Linda Michel

Cigna International is a healthcare firm committed to establishing a better and extremely sustainable health care system. The company seeks to attain this core objective by enhancing health equity, lowering health risks, improving health status, and promoting preventive health interventions. Furthermore, this healthcare firm is inclined towards meeting specific care delivery models and has the flexibility to work things out in meeting the needs of stakeholders at anytime and anywhere they are located. The three major areas of focus by Cigna company towards improving the health status of the community are health and well-being, the environment, and engaging in responsible and inclusive business (Hanway, 2006).

The organizational structure of Cigna international is hierarchical, beginning from the chief executive officer to the employees working in various departments. The chief executive officer for Cigna international is David Cordani, while the other leaders occupy positions as board members. Some of the board members that influence the direction of Cigna international include William DeLaney, Eric Foss, Elder Granger, Neesha Hathi, mark McClellan, John Partridge, and Kimberly Ross (Hanway, 2006). This organizational structure signifies the diversity in the workforce of Cigna healthcare Company.

Cigna international embraces democratic and transformative leadership styles in its healthcare services. Cigna’s leadership development philosophy is anchored in its values and purpose for providing healthcare services to patients. Therefore, the company equips its leaders with the necessary resources to deliver for their patients, customers, and communities in general. The company thus avails leadership-development opportunities for employees working at various management levels that include both broad and targeted solutions that follow the organizational mission, values, and purpose (Hanway, 2006). Furthermore, under the transformative leadership style, the company drives business results by developing complete packages of leaders by creating a conducive environment that permits leaders to stay, contribute, and grow their careers (Hanway, 2006).

The leadership training program within Cigna international has successfully been adopted to keep up with the changing needs of employees across the globe. Amid the COVID-19 pandemic, the company-sponsored 10,000 of its leaders to attend formalized leadership-development programs and learning sessions to foster their knowledge, skills, and competencies (Daniels, 2007).

The vision of Cigna Healthcare Company is to provide patients with comprehensive health care coverage with “no surprises.” On the other hand, the company’s mission is to improve the health, well-being, and peace of mind of individuals it serves by making healthcare services simple, affordable, and predictable. Cigna international has gone out of its way to make the care services easy for clients to access by providing them with the opportunity to choose when, how, and where they want to access these services. The services are made affordable by permitting patients to use their insurance covers that cater to all of their healthcare needs with low or no incidences of surprise. These vision and mission statements guide the working of all the 74,000 stakeholders in serving customers, clients, and communities in general.

Cigna International has five core values that drive it towards achieving its set goals and objectives. The first value is that it cares deeply about its customers, patients, and coworkers. Under this value, the firm addresses the physical, financial, emotional, social, and environmental aspects of the well-being of all the stakeholders it collaborates within various activities (Chu, 2004). Secondly, the firm also partners with viable individuals, collaborates, and keeps its side of the promise. For instance, the firm successfully partnered with over 1 million providers and reduced opioid use among customers by 27 percent (Chu, 2004). The third value is that the company can innovate and adapt better healthcare services to improve healthcare quality, affordability, and experience. Finally, the company works in unison for a sustained future and implements timely responses for individuals facing the challenges of a disaster.

In my own economic life, strategic planning may be advantageous in various aspects. For instance, strategic planning could benefit me by being proactive rather than reactive. It enables me to foresee the future and prepare accordingly for future occurrences instead of reacting to occurrences that may seem costly because certain activities must be undertaken. I could also benefit from strategic planning by setting a clear direction for my economic lifestyle. A strategic plan will offer a much-needed foundation for me to grow economically by evaluating my successes, rewarding my efforts, and establishing boundaries for an informed decision-making process.

References

Chu, M. (2004). Cigna settles with health care providers. Journal of Law, Medicine & Ethics, 32(1), 177-180.Retrieved on 31st January 2022, fromhttps://www.cambridge.org/core/journals/journal-of-law-medicine-and-ethics/article/cigna-settles-with-health-care providers/7A7FAC00AEDCDBFB8201DD266DD72AB0

Daniels, S. E. (2007). Six sigma at Cigna. Quality progress, 40(5), 43.Retrieved on 31st January 2022, fromhttps://www.smartersolutions.com/orl/71_Quality_Progress_Six_Sigma_at_Cigna.pdf

Student 2: Hillary Ziolkovski

Strategic planning is the ongoing organizational process of using available knowledge to document a business’s intended direction. This process is used to prioritize efforts, effectively allocate resources, align shareholders and employees on the organization’s goals, and ensure those goals are backed by data and sound reasoning (Noto & Noto 2018). It establishes future goals and targets and describes the strategies it will implement to reach them.

SouthState Bank’s strategic plan focuses on the future and the prospect of success. The bank has an active, diverse and engaged board which provides the management team with advice, counsel and effective challenge to help ensure strong governance over strategy and decision-making. They have a superior management team which operates within a healthy culture. Their board consists of 16 members, 10 of which are independent. The directors stand for election annually. The leadership team is made up of 65 executives that operate in all areas including, operations, mortgage sales, commercial and consumer banking (SouthState Corporation 2022).

The bank fosters building a strong culture based on the core values of remarkable experiences, local market leadership, and meaningful and lasting relationships, and an environment where employees feel respected, included and heard. SouthState’s workforce is the highest asset, and their success is a direct reflection of the talent and tireless efforts of our people. With the focus on people, SouthState should focus on being open to hearing from their workforce and allowing them to be involved in the decision-making process. The bank has gone through multiple mergers and acquisitions that can impact the work-life quality for their employees. The mergers and acquisitions caused stress for personnel and therefore, leadership should understand and recognize the hard work of their employees.

SouthState has implemented a range of initiatives targeted toward sustainability and reducing operating expenses, which, in turn, benefits their stakeholders and the greater community. In this regard, they have implemented many day-to-day energy-efficient practices, including various power-saving capabilities, a host of paperless solutions, and certain recycling programs. SouthState has a mission to focus on the customer by operating in excellent markets that continue to have resultant economic activity which promotes further growth.

Strategic Planning-Personal Economic Life

There are benefits of strategic planning that can be used in personal economic life. The major benefit of planning is to focus on a forward vision. Creating a personal goal allows you to focus on what the outcome will be while making adjustments in everyday life. Once the how and why of the goal is chose, it creates an increased sense of responsibility. Taking part in the strategic planning process forces you to examine and explain why you’re making each decision and back it up with data.

Reference

Noto, G., & Noto, L. (2018). Local strategic planning and stakeholder analysis: Suggesting a dynamic performance management approach. Public Organization Review, 19(3), 293–310. https://doi.org/10.1007/s11115-018-0403-0

South State Corporation. AnnualReports.com. 2022, from https://www.annualreports.com/Company/south-state-corporation

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