Podcast
Questions and Answers
What is coercive power based on?
What is coercive power based on?
What type of power is based on an individual's expertise and knowledge in a particular field?
What type of power is based on an individual's expertise and knowledge in a particular field?
What is the primary difference between reward power and coercive power?
What is the primary difference between reward power and coercive power?
What type of power is derived from a person's own charisma and leadership abilities?
What type of power is derived from a person's own charisma and leadership abilities?
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What type of power is bestowed upon an employee by an organization, based on their title and role?
What type of power is bestowed upon an employee by an organization, based on their title and role?
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What is the primary purpose of coercive power?
What is the primary purpose of coercive power?
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Which principle of good corporate governance ensures that stakeholders have access to information about the organization?
Which principle of good corporate governance ensures that stakeholders have access to information about the organization?
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What is the primary goal of social responsibility in an organization?
What is the primary goal of social responsibility in an organization?
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What is the primary characteristic of legitimate power?
What is the primary characteristic of legitimate power?
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What is the primary purpose of discipline in an organization?
What is the primary purpose of discipline in an organization?
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What is the primary goal of fairness in an organization?
What is the primary goal of fairness in an organization?
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Study Notes
The Five Forms of Power
- Coercive Power: The ability to influence others through force, threats, or punishment, making them comply against their will to avoid negative consequences.
- Reward Power: The capacity to offer incentives, such as monetary rewards, promotions, time off, or other benefits, to motivate others to do something they might not want to do.
- Legitimate Power: The authority granted to an individual based on their title, role, or position within an organization, giving them the right to make decisions and take actions.
- Referent Power: The power derived from a person's charisma, personality, and attitude, earning them admiration and loyalty from others, who are willing to follow their lead.
- Expert Power: The influence gained through specialized knowledge, skills, and expertise in a specific field or area, making one's opinions and advice valuable and trustworthy.
Forms of Power
- Coercive power: the use of force to make someone do something against their will to avoid a negative consequence
- Reward power: the ability to provide monetary incentives, promotions, time off, etc. to get others to do things they do not wish to do
- Legitimate power: power bestowed upon an employee by an organisation, based on their title and role
- Referent power: power derived from a person's own charisma, where people admire and are willing to follow the leader
- Expert power: power gained through expertise, knowledge and information in a particular field
Principles of Good Corporate Governance
Principle 1: Discipline
- Behaving according to universally accepted behaviour
Principle 2: Transparency
- Making an organisation's information available to employees and the public
Principle 3: Accountability
- Having systems in place to ensure stakeholders can clearly see what decision-makers are doing
Principle 4: Responsibility
- Board members acting responsibly to all stakeholders and ensuring corrective action is visible
Principle 5: Independence
- Composition of the board and stakeholders to avoid potential conflict
Principle 6: Fairness
- Having systems in place for checks and balances, and respect for all
Principle 7: Social Responsibility
- Ensuring the organisation is aware of social issues and maintains high ethical standards
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Description
Learn about the five forms of power, including coercive, reward, legitimate, referent, and expert power, and how they are used in organizational management.
