Saturday, August 31, 2019
Filinvest Company Background Essay
Filinvest Land, Inc. (FLI) is one of the leading real estate developers in the Philippines. It is a subsidiary of Filinvest Development Corporation (FDC), which has more than 40 years of experience in real estate development. Founded by Mr. Andrew L. Gotianun, Sr., FDC is the holding company of the Gotianun Family. Originally engaged in the small-scale financing of second hand cars in 1955, the Gotianun FamilyÃ¢â¬â¢s business later expanded into consumer finance in partnerships with foreign institutions such as Chase Manhattan Bank, Westinghouse Electric Corporation and Ford Philippines. By the early 1980Ã¢â¬â¢s, the Gotianun FamilyÃ¢â¬â¢s Filinvest Credit Corporation had become one of the leading consumer finance companies in the Philippines in terms of assets, and the Ã¢â¬Å"FilinvestÃ¢â¬ name had become well recognized in the Philippines. The Gotianun Family entered the real estate business in 1967 through the incorporation of Filinvest Realty Corporation, which engaged in the development of residential subdivisions. In 1984, the Gotianun Family consolidated their real estate interests in FDC after divesting their shares in two family-owned banks, Family Bank and Trust Company and the Insular Bank of Asia and America. By 1990, FDC expanded its products line to include the development and sale of low-cost and medium-cost housing units. FLI was incorporated on November 24, 1989 as Citation Homes, Inc. and changed its name to FLI on July 12, 1993. It began commercial operations in August 1993 after FDC spun off its MISSION AND VISSION The primary responsibility of Filinvest Land is to the people that inhabit the cities, communities, and homes it has created. Filinvest will continually contribute to the economic development of society and will function as a good corporate citizen. II.View point Based on the researcherÃ¢â¬â¢s opinion, Filinvest Alabang Incorporated is a well established enterprise in the Philippines. In fact, Filinvest Alabang Incorporated was ranked as high as number 5; Top Real Estate Companies in the Philippines. Although itÃ¢â¬â¢s a well established company here in the Philippines, still, they do encounter minor and major problems depending on the situation and due to some environmental factors. Since Real Estate is the main source of profit for the company, it is very important that the management will hire highly qualified employees who possess a quality that can help the company grow. And to make the employees perform better, the management should provide rewards that will help motivate the employees to function effectively and efficiently. Overview Although Filinvest Alabang, established a stable place in the market; it should be always equipped with Ã¢â¬Å"contingency plansÃ¢â¬ in case of crisis or if any problems will rise. And in this paper, the researchers will provide a concrete analysis of the problems of the said company, and might will provide solutions for the given problem. III.Time context Filinvest Alabang, Inc. (FAI) was incorporated on August 25, 1993 in connection with the development of Filinvest Corporate City (FCC) in Alabang, a joint venture with the governmentÃ¢â¬â¢s Public Estates Authority. FAI is 80% owned by FDC and 20% owned by FLI. FAIÃ¢â¬â¢s primary project is FCC, a 244-hectare mixed-use development project located at the southern end of Metro Manila and adjacent to the South Expressway in Alabang. FAI uses modern, ecological urban planning and design in developing FCC as an alternative to Metro ManilaÃ¢â¬â¢s business districts. Since the start of its development in 1995, FCC has grown to become a major destination in southern Manila that services all segments of the population with a wide array of retail, office and residential developments. It is home to key anchors such as Insular Life, Asian Hospital and the fast-growing Northgate Cyberzone BPO hub. The second busiest transport terminal in Metro Manila is in the immediate vicinity, making FCC a major gateway for commuters going into and out of Metro Manila from the south. The extension of the Skyway elevated road to Alabang significantly enhances the value of FCC and further increase its attractiveness as the location of choice for offices and residential living in the South of Metro Manila IV. Statement of the problem MAIN PROBLEM: Relationship basis inside the corporation MAJOR PROBLEM: Ã¢â¬ ¢Low recruitment process Ã¢â¬ ¢Lack communication inside the industry MINOR PROBLEM: Relationship basis inside the corporation Ã¢â¬ ¢Reward and benefits of the employees are small and little in hand Ã¢â¬ ¢Salaries and wages are not accommodated well V.Statement of objective Ã¢â¬ ¢To identify the cause of the slow recruitment process in Filinvest Alabang Inc. Ã¢â¬ ¢To provide possible solutions for the slow recruitment process. Ã¢â¬ ¢To analyze problems occurring inside the cooperation and providing solutions to patch-up the problems of employees regarding the delay of their salaries and having less rewards and incentives. Ã¢â¬ ¢To provide solution for improvement of employees and workerÃ¢â¬â¢s skills regarding in handling customers service and maintaining good image of the industry. * Specific Ã¢â¬ ¢To identify the different demands and problems of the employees inside the organizationÃ¢â¬â¢ which they think is affecting their performance. That way, the firm will be able to provide any possible solution so to trim down those types of problems affecting the employee. The study will cover the common types of problems that employees encounters: Salary and Wages, working hours and relationship among other employees. * Measurable Ã¢â¬ ¢The company could provide seminars once or twice a month to address all the concerns that i bothering the employee. That way, the manager will be able to point out what exactly is the problem within the organization. And by providing seminars for the employee, they will be able to know more how to interact with their co-employees. With this type of structure, most probably, the organization will be able to solve any ongoing long term problems within a year. * Attainable Ã¢â¬ ¢The objectives of this study are indeed attainable as it will focus more on solving the problems of the employees. Although it will take some time to discuss, know and solve their problems, still it is very important for the part of the management to address all the employee concerns so that they will be able to function well. * Realistic Ã¢â¬ ¢The plan is bound to be effective if itÃ¢â¬â¢s implemented, although it will take some time to execute it properly. * Time bound Ã¢â¬ ¢The target audience of this study is mainly the employees of this organization. And this plan should be implemented for a year. VI.SWOT analysis Strength Filinvest Alabang Incorporated has been one of the leading Real Estate developers here in the Philippines. Boasting a total of 70 Billion assets and earning an all-time high of 20 Billion of sales the year 2011, this year, they aim to earn higher; 30 Billion of sales, so to provide Filipinos a chance to experience a dynamic living in a vibrant master planned city. What gives Filinvest Alabang Inc. an edge compared to other Real Estate developer? Simple, they bounded their project in a very good location, wherein the city is connected to 5 major road points; giving them maximum exposure to businessman, commuters and even prospect buyers. In terms of their recruitment routine, applicants undergo a series of observations, interviews and training so to identify if they are well qualified for the job and somehow has the ability to achieve the given job description. With this type of assessment, Filinvest Alabang Incorporated accepts highly qualified sellers to help the company achieve its target mark for this year, making sure that the ones they accept will be able to function really well. Weakness Given the amount of time that the recruitment process takes to finally hire employees, there is a possibility that they might miss out other highly qualified applicants due to the long process of interviews and series of training. Some applicants might lose their interest given the time that the training process eats. And due loss of interest of applicants, thereÃ¢â¬â¢s a blink of probability that other Real Estate companies will snatch the chance of getting those type employees and definitely that gives Filinvest a slight margin of disadvantage. Opportunities With a well renowned name in the industry of Real Estate, that puts Filinvest Alabang Inc. in a good position as a top of mind priority for businessmen and job applicants. Knowing that selling real estate requires a huge workforce, evidently the corporation is in search of many inspiring job applicants who want to earn big money. And Filinvest Alabang give those kinds of opportunities to unemployed individuals who wants to make a living. They actually have a very flexible standard when they hire applicants, because they canÃ¢â¬â¢t throw away the fact that they need an individual with great talent, given that he/she wasnÃ¢â¬â¢t able to meet one of the required standards to be hired be swatted away. Threats Obviously, Filinvest ALabang Inc. is not only the renowned RealEstate developer here in the Philippines. Other top competitors Ayala Land and SMDC for example use different kind of strategies to lure prospect buyers to buy their luxurious properties and of course, they have a different style of training used to hone the skills of their employees. With the presence of other top real estate companies, that makes the stakes of hiring highly qualified employees divided among those corporations. VII.Alternative courses of action Detailed Background Check. ( Past Employment ) To make the process of recruitment shorter, the Human Resource management could use a background check with regards to the individualÃ¢â¬â¢s past employments (if available), whether he/she has background working on a sales team which will help clarify points if the individual is capable of being part of the Filinvest Alabang sales team. Putting a little bit of emphasis on the applicantÃ¢â¬â¢s background would help shorten the period of training knowing that he/she is capable of being a seller. That will definitely help cut the expenses that the company supply for training and seminars as part of the training program Experience Experience is definitely a plus when you apply for a job. And for Human Resource managers, an applicant with plenty of experience makes the job easier. Knowing that the individual is already knowledgeable of the job description and knows what are the functions of being a seller, those type of statistics may lead to fewer training and interviews. But the management definitely should not rest easier; they should conduct a detailed background check regarding the past performance of the applicant like consulting the previous company where he/she worked for about how he/she dealt with the stress of the job and etc. VIII.Recommendation Ã¢â¬ ¢Conduct seminars for improvement of customer relationship and as well as the employee to employee relationship. Ã¢â¬ ¢Conduct monthly meeting to be aware of the status of each organization of the corporation. Ã¢â¬ ¢Get feedback from customer to distinguish the quality and satisfaction of service and products the Filinvest offers. IX.Action plan / time constraint The Human Resource management could make a proposal to be sent to the higher level management regarding the issue of slow recruitment process and suggest that they should focus more on analyzing and looking briefly at the individualÃ¢â¬â¢s experience by conducting background check so to lessen the time that the training and interviews are taking. That way, the recruitment process would somehow speed up, and in case they get better results, they should continue to do it or perhaps improve the system more. And in case that the strategy is not working out, they should try to evaluate on what seems to be out of sync and once they were able to point out the problem, they should be able to come up with good solutions to the problem. X.Conclusion The researcher recommends that the management of Filinvest Alabang Incorporated should speed up the process of hiring highly qualified employees without sacrificing their thoroughness in selecting the best among the job applicants. They could focus more on looking briefly at the resume of the employee and perhaps, they could perform through background check on the individual to ensure that they are qualified for the job. That way, they could cut the cost allotted for many sessions of trainings and undying interviews.