I am writing to inform you concerning the performance of TransGlobal Airlines and the development of the company. In the current business letter, I present the strategic objectives and key performance indicators for each of the following areas of improvement: finances, internal process, customer relationship management, and training.
It is essential to identify the primary objectives of the company in these areas utilizing the S.M.A.R.T. (specific, measurable, achievable, relevant, and time-bound) criteria (Bjerke & Renger, 2017). This approach allows prioritizing the goals of the implemented TransGlobal 2030 plan and allocates the necessary time for achieving the objectives. Furthermore, the classification of the key performance indicators in these areas will allow evaluating the company’s development. Key performance indicators (KPIs) are numerical measurements that are used to assess the long-term performance of the company (Twin, 2021). The strategic objectives and KPIs for the primary areas of improvement are presented below.
Finances: The financial state of TransGlobal Airlines is highly fertile associated with stable revenue growth, earnings per share increase, safe debt to equity ratio, and positive stockholder’s equity. All these variables transparently indicate the advantageous position of the company in the market and the conscious course of the development. Therefore, the primary financial strategic objective is to preserve the current tendencies and maintain the positive balance between assets and liabilities. Both goals are specific, measurable, achievable, relevant, and time-bound, as per S.M.A.R.T. criteria. The key performance indicators in this area of development are revenue growth and earnings per share in the consequent fiscal year. If the company can maintain the current financial tendencies, the said KPIs would reflect the integrity of the chosen development course in the financial reports.
Internal Process: The primary objective of the internal process is to ensure the protection and well-being of the employees. According to the TransGlobal 2030 Vision, safety is considered to be one of the three development goals. The mission implies the introduction of an inclusive culture, elimination of workplace inequities, and protection of the employees’ interests. Therefore, the primary strategic objective for the internal process is to create a comprehensive feedback system so that the employees are provided with opportunities to positively change the workspace environment. The goal meets the S.A.R.T. criteria and is measured by the additional KPIs. The KPIs for this area of development include the number of the employees’ appeals and the ratio of successful resolutions to the problems. It is essential to eliminate the abuse of power dynamics in the workspace and provide every employee with the opportunity to make a positive change.
Customer Relationship Management (CRM): TransGlobal Airlines demonstrates positive tendencies in the CRM area with approximately 27% new customer growth and 80% customer retention. The statistics indicate the high-quality service of the company and the loyal price politics in all the market segments: first-class, luxury, business class, and economy. Similar to the financial area of improvement, the primary strategic objective in CRM is to maintain the current tendencies by providing excellent customer service (meets the S.M.A.R.T. criteria). The KPIs in CRM include client feedback, customer retention, and the influx of new customers.
Training and Learning: Similar to the Internal Process objectives, the current area of improvement emphasizes the safety of employees, but it also addresses the concerns of the customers. The primary strategic objective is to conduct additional training for the staff members, such as the basics of FAA’s SAS (Safety Assurance System). SAS standardizes the working and safety protocols to ensure the protection of the flights (FAA, 2021). Similar to the internal processes, the current area of development meets the S.A.R.T. criteria and is measured by the additional KPI. The KPI includes the number of the occurred emergencies and hazard risks within one year of continuation.
Please let me know if you have any questions or suggestions concerning the identified strategic objectives and key performance indicators.
References
Bjerke, M. B., & Renger, R. (2017). Being smart about writing SMART objectives. Evaluation and Program Planning, 61, 125-127. Web.
Federal Aviation Administration. (2021). Safety assurance system (SAS). Web.
Twin, A. (2021). Key performance indicators (KPIs). Web.