Pick a company you are familiar with—what would it need to do differently to comply with the five lean principles?
If we can choose Walmart, it can do the following with the five lean principles, Or you can apply the same to any company of your wish, since I'm explaining this to you in a general way and not in a company specific way.
The five lean principle are:
Identify value - the way to identify value is by the overall need of the product or service by a customer, does the need exceed the price, what is the timeframe for reaching the customer.
Map the value stream - after the value has been identified, it identifies that actions and process necessary to produce a product, that process can be in design, production, procurement, HR, administration, delivery, or customer service. The idea is to identify and eliminate any steps in the process that do not lead to the overall value of the product.
Create Flow - after the unneeded steps have been eliminated, the next step is to ensure that the remaining steps flow cohesively and result in a higher productivity and efficiency.
Establish Pull - with the more effective flow of process the customer can "pull" the product quicker when needed, this eliminated a loss of capital in inventory that sits for months at a time until a customer needs it.
Seek Perfection - the continuation of evaluating the processes and constantly striving to improve.
In setting pay
Skill profile - the skills that are actually needs to fill the role
importance - how critical the role is to the organization
supply and demand - If the economy is good and jobs are plentiful, you may have to pay more to attract talent. When the job market is tight, you may have a greater talent pool from which to draw without paying a premium
information - getting a sense of other jobs and average pay rates from Glassdoor.com or salary.com
industry - the industry in which you are looking for employment, it is typically known some industry pay more/less than others
Pick a company you are familiar with—what would it need to do differently to comply with...
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