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One of the lessons that I have learnt from Jeff Schmid is that, for a business to survive in the market for a long time, it needs to have competent personnel, who are capable of developing and implementing successful strategies, or those capable of ‘driving’ a business through its already implemented strategies, to ultimate success. The Mutual of Omaha Wild Kingdom Bank was founded over 100 years ago. Its banking strategies include effective deployment of capital and exploitation of synergies. It is clear that, the business’s banking strategy was already set before 1980, when Jeff Schmid graduated from college. Therefore, when Jeff Schmid joined Mutual of Omaha Bank, he utilized his competency in driving the bank’s strategies to ultimate success. These included investment in tactic knowledge, social capital, and human capital.
Strategic management involves effective utilization and protection of human capital, as part of business’s intellectual assets. Effective utilization of human capital entails development of a workforce, which is efficient. Efficiency in workforce can be achieved through planning, providing financial and non-financial incentives to the employees, encouraging team work, and constant communication between the management and the employees. Jeff Schmid has constantly ensured that, the bank’s employees uphold the principles, ethics, integrity, and personality requirements of the bank. This way, he has managed to develop high valued human and social capital for the bank. It is clear that, Jeff Schmid ensures that, communication among the bank’s employees is based on focus, trust, development, goals and objectives, and feedback. During his leadership at Mutual of Omaha Bank, Jeff Schmid has managed to develop a corporate culture, which encouraged teamwork and coaching.
In addition, I have learnt that, strategic management involves constant innovation of a business’s operations. Over the years, during his leadership at Mutual of Omaha Bank, Jeff Schmid has been encouraging innovation among the bank’s employees. Continuous innovation enables an organization to stay ahead of its competitors in the market in terms of technology and the way operations are undertaken, hence achieving strategic advantage over the others.