Verizon Growth

Learning & Growth
Objective in the learning and growth section is the foundation for achieving the goals set in the business processes, customers, and financial sections. The investment in learning & growth holds the key to future sustainable competitive advantage and will eventually become the intangible assets of the company. As Verizon is a communication/ technology company in a fast-paced industry, it is imperative to have the capability for continuous improvement and innovation in order to achieve Verizon’s product differentiation strategy. Thus, our focus for the learning and growth section will be mainly on employees’ knowledge improvement.
Objective: To retain and attract top talents
Metric: Education level of new hires (+), Comparison of average compensation to industry (+),Total annual internal promotion (+), Employee satisfaction evaluation (+)
The quality of employees hired determines the quality of innovations. Therefore, it is important for Verizon to attract and retain top talents in the company in order to remain competitive in the industry. Verizon’s effort to attract top talent can be measured through the education level of new hires, which will show the company’s ability to hire competent individuals. Verizon’s effort to retain top talents can be measured through compensation comparison across the industry,
total internal promotion and employee satisfaction evaluation. Competitive rewards through compensation and promotion will keep employees happy and loyal to the company.
Objective: To enhance employees’ knowledge
Metric: Hours of training (+), Training passed (+), total bonus for rewarding professional certification (+)
As Verizon’s business nature is closely related to technology, it is imperative for its employees to keep up with the latest update in technology in order to be able to come up with relevant innovations.
Furthermore, knowledge is equally important for ensuring effective day-to-day operations, which may eventually lead to the delivery of quality products and services to customers. Examining employees’ hours of training, numbers of trainings passed and total compensation for professional certification will allow management to decide if the employees possess sufficient knowledge for productive innovation and effective
operations.
Objective: To motivate innovation within employees
Metric: Total new ideas from the innovation center (+), Average bonus amount for rewarding innovation (+) As mentioned before, innovation is a crucial factor that determines Verizon’s ability to lead the market in the long run. Thus, Verizon needs to stimulate innovation among employees in order to be able to grow more effectively. Specific measures include total new ideas from the innovation center and average bonus amount for rewarding innovation. New ideas will eventually turn into new products and services, which directly ties to Verizon’s strategy of product differentiation. The bonus paid for innovation will further stimulate employees’ efforts to generate new ideas. By comparing the total new ideas and compensation paid, Verizon can examine whether its corporate strategy for motivating innovation is effective.
Objective: To improve diversity in workplace
Metric: Percentage of minorities among employees (+), Percentage of minorities among suppliers (+)

A diverse workplace can embrace learning and growth within the organization through the collaborative effort of integrating different point of view into greater ideas for new products/ services. Diversity also brings the opportunity to tap into a new market that may previously be underrepresented due to lack of understanding of a specific group’s cultures and needs. More importantly, diversity can improve productivity as employees with different backgrounds and experiences can complement each other’s strengths and weaknesses. Specific measures include percentage of minorities among employees and percentage of minorities among suppliers.