Research and development of the value-target management system of foreign economic activity at Lviv socks cooperative, LLC
Students Name: Yaremchuk Tetiana Serhiivna
Qualification Level: master (ESP)
Speciality: Management
Institute: Institute of Economics and Management
Mode of Study: full
Academic Year: 2022-2023 н.р.
Language of Defence: англійська
Abstract: Yaremchuk T. S., Petryshyn N. Ya. (supervisor). Research and development of the value-target management system of foreign economic activity at Lviv socks cooperative, LLC. Master’s thesis. ? Lviv Polytechnic National University, Lviv, 2023. Extended abstract. The dynamic conditions of functioning of the market environment, in which the competitive advantages of a modern enterprise are formed, global trends determine the reorientation of the management system of domestic enterprises in the direction of social prerogatives [1-2]. Domestic scientists consider a person not only as a resource of the enterprise, but also as a social individual with his value system, and point to the relationship between the effectiveness of personnel management and factors that are integrated into the concept of corporate culture [3-4]. The value-target management system was first proposed by the consulting firm Viche Consulting Ukraine, LLC to increase the efficiency of the company’s personnel management and achieve its planned development goals and performance results [5-6]. In practical application, the value-target management model is the basis for evaluating the personnel competencies and forming based on the evaluations plans for their development [6-7]. The value-target management model of foreign economic activity focuses on the enterprise’s foreign economic activity and acts as a powerful tool for increasing its efficiency and effectiveness. The purpose of the value-target management of the enterprise’s foreign economic activity is the purposeful development of the value and target competencies of the FEA managers, aimed at achieving the strategic goals of the enterprise, the planned results of foreign economic activity, as well as ensuring the development of the enterprise on the international markets and strengthening its position among competitors [6-7]. The study object of the master’s thesis is Lviv socks cooperative, LLC, a well-known hosiery manufacturer in Western Ukraine. The scope of the research is the value-target management system of foreign economic activity at Lviv socks cooperative, LLC. The goal of the research is to study the current state of the value-target management system of foreign economic activity at Lviv socks cooperative, LLC, identify key problems of its functioning, and develop measures aimed at its development. Based on the analysis of the current state of the value-target management system of foreign economic activity at Lviv socks cooperative, LLC, the factors influencing its functioning, the key problems that require an urgent solution are identified: 1) ineffective approaches to FEA personnel management at Lviv socks cooperative, LLC; 2) inefficient goal-setting processes at Lviv socks cooperative, LLC in the field of foreign economic activity, difficulties with the application of FEA personnel key performance indicators; 3) imperfection of FEA personnel evaluation procedures at Lviv socks cooperative, LLC. To solve the above-mentioned problems the enterprise is offered: 1) implementation of the value-target management mechanism of the foreign economic activity at Lviv socks cooperative, LLC; 2) implementation of the technology of the development of key performance indicators of FEA managers at Lviv socks cooperative, LLC; 3) implementation of the technology for evaluating the value and target competencies of FEA managers at Lviv socks cooperative, LLC. The purpose of the first measure is to ensure the purposeful development of value and target competencies of FEA managers at Lviv socks cooperative, LLC, which are a priority for the company to achieve its strategic goals and planned results in foreign economic activity. In the value-target management mechanism of foreign economic activity, the motivation and involvement of FEA managers together with a high level of development of their value and target competencies will determine the enterprise’s success in achieving the foreign economic activity goals and provide the enterprise with a competitive advantage. To ensure a clear understanding of the process of embedding the value-target management mechanism into the management of the enterprise’s foreign economic activity, a recommended process of implementation and application of the value-target management of the foreign economic activity at Lviv socks cooperative, LLC is proposed. The second measure provides for the formation of a recommended technology for the development of key performance indicators of FEA managers at Lviv socks cooperative, LLC, as well as provides recommendations on the application of specific KPIs and key value and target competencies of FEA managers, which can be used to evaluate the productivity and effectiveness of their work. The third measure is aimed at improving the procedures for assessing the competencies of the enterprise’s FEA managers. A specific technology for evaluating the value and target competencies of FEA managers at Lviv socks cooperative, LLC is proposed, the application of which will have a significant potential for increasing the efficiency of foreign economic activity, developing individual competencies of FEA managers, and ensuring their motivation and involvement. The implementation of a complex measure for the development of the value-target management system of foreign economic activity at Lviv socks cooperative, LLC will allow the enterprise not only to solve the problems on the scope of research but also to achieve the desired growth of return on assets (ROA), and improve other profitability indicators. Keywords ? value-target management, value-target management system, foreign economic activity, FEA managers, key competencies, domestic enterprises. References. 1. Zakharchyn, H. (2009). Personnel management based on the ideology of organizational culture. Visnyk TNEU, 2, 107-110 [in Ukrainian]. 2. Borshchuk, Ye., Pryimak, V., & Hynda, S. (2016). Human capital as the basis of enterprise development. Demokratychne vriaduvannia, 16/17. Retrieved from https://bit.ly/42xUIjh [in Ukrainian]. 3. Biliak, Yu. V. (2014). Corporate culture as a tool of effective personnel management. Ahrosvit, 10, 39-43 [in Ukrainian]. 4. Hrytsenko, N. V. (2018). Corporate culture as an element of the personnel management system. Visnyk NTU «KhPI», 15(1291), 17-20 [in Ukrainian]. 5. Sinchalova, I. (2019). Value-target management model. Common values and goals turn employees into a team. Upravlinnia personalom, 10, 28-38 [in Ukrainian]. 6. Petryshyn, N. Ya., & Yaremchuk, T. S. (2022). Research and development of value-target management in the conditions of foreign economic activity. Ekonomika ta suspilstvo, 45. Retrieved from https://bit.ly/3ObTpCx [in Ukrainian]. 7. Petryshyn, N. Ya., & Yaremchuk, T. S. (2022). Value-target management of foreign economic activity of the enterprise: model and problems of application. Menedzhment ta pidpryiemnytstvo v Ukraini: etapy stanovlennia ta problemy rozvytku, 2(8), 61-69 [in Ukrainian].