Evaluationof Rent-A-Center’s Mission/Vision Statement and Core Values
Thevision, mission and core values of an organization are critical toolswhich directly affect the performance and behavior. According toDermol (2012), the mission and vision statements are expected toaddress two questions that the key stakeholders may be tempted to askabout a company what the company is and what the soulful purpose is.The mission and vision are expected to show the scope of theorganization’s operations and should be able to differentiate itfrom similar ones in the industry (Joseph, 2009).
Renter-A-Center’smission statement is, “To Improve the Quality of Life for OurCoworkers and our Customers” (Rent-A-Center, n.d.). Based on theabove definition, it can clearly be seen that Rent-A-Center`s missionstatement lacks the direction and meaning. It does not explainvividly, the company`s scope and what its soulful purpose is.
Salem(2012) points out that a good vision and mission statement mustincorporate essential components which include customers,technology, markets, products and services, philosophy, self-concept,concern for profitability and growth, concern for public image andemployees. A closer look at the mission and vision statements ofRent-A-Center shows that they lack most of these components. Thegreatest weakness of the stated mission and core values is that theylack direction. Neither the mission statement, nor the core valuesguide the employees to act in a particular way as expected by theorganization (Cardy, et al., 2011). As previously stated, the nineprinciples of a mission statement as stated by Salem (2011) aremissing. The statement and core values do not explain what sort of acompany Renter-A-Center is instead, it outlines a general statementthat does not help in identifying it. When looking at the core valuesof the company, no reference is made to the customers, a componentthat each organization is expected to incorporate (Cardy et al.,2011). One of the strengths of the mission and core values is thatRenter-A-Center values quality, an attribute that is essential forany business to thrive.
Thecurrent mission and core values need revision to incorporate the ninecomponents as listed by Salem (2011). The vision and core values mustidentify who the customers are and explain clearly what services andproducts are being offered. They should also outline the technologybeing employed and the firm`s strategic plan for survival in themarket. The core values must show commitments of the company towardsits economic goals and objectives.
Cady,S. H., Wheeler, J. V., DeWolf, J., & Brodke, M. (2011). Mission,vision, and values: What do they say?. OrganizationDevelopment Journal,29(1),63.
Dermol,V. (2012). Relationship between mission statement and companyperformance. Annalsof the Alexandru Ioan Cuza University-Economics,59(1),321-336.
Joseph,G. (2009). Mapping, measurement and alignment of strategy using thebalanced scorecard: the Tata Steel case. AccountingEducation: an international journal,18(2),117-130.
Rent-A-Center.(n.d.). Rent-A-Center Company Overview Information. RetrievedNovember 6, 2016, fromhttps://www.rentacenter.com/about-rent-a-center/s/company-overview
SalemKhalifa, A. (2011). Three Fs for the mission statement: what`s next?.Journalof Strategy and Management,4(1),25-43.