Module 10: Management and Leadership Skills

Module 10: Management and Leadership

• Focus is on management and leadership skills as opposed to roles or titles
• Management cycle includes Plan, Do, Check, and Act
• Leader's circle involves setting direction, developing people, motivating people, and aligning people
• Managing has evolved from directing to leading
• Key functions of management include planning, organizing, leading, and controlling

Topics for Discussion

• Why management and leadership should be treated as skills rather than roles/titles in business
• Explain the shift in managerial roles from "directing" to "leading"
• Identify and describe the critical activities within the four functions of management (planning, organizing, leading, and controlling)
• Determine the top three critical management skills and why they are important

Managers' Roles Evolving

• Managers' responsibilities are expanding beyond organizing and managing resources (human, natural, and financial) to achieve desired results
• Managers are accountable for their own tasks and the work of others
• Managers have authority to make decisions regarding resource usage and directing the actions of others
• Employee retention is more affected by the manager than the company itself
• Great bosses help employees succeed

Managers' Roles Evolving - (Continuing)

• The shift from "directing" to "leading" is influenced by increased work complexity, globalization, and necessary change. This necessitates shared knowledge, teamwork, and adaptability in managing from a distance.
• Deloitte's Global Human Capital Trends of 2024 illustrate organizations and humans' need to thrive in a boundaryless world.
• The gap between knowing and doing exists in companies concerning human sustainability. This gap is identified through questions regarding the importance of improving the organization and the company's level in its journey to improve.

Test Your Knowledge (Page 11)

• Today's employees are more willing to leave their jobs for better opportunities compared to previous generations.

Four Functions of Management (Page 12)

• Management is a process used to achieve organizational goals.
• Four functions: Planning, Organizing, Leading, and Controlling

Planning

• Planning involves anticipating trends and determining approaches for achieving organizational objectives

• This informs how organizational structure, leadership, and controlling are structured

• Planning involves developing a strategy, identifying and evaluating gaps (where the organization is now compared to where it wants to be), and establishing goals and objectives

• Elements in a mission statement include the "organization's fundamental purpose," who the organization is dedicated to, and its overall function

• Examples: Southwest Airlines and Coca-Cola are provided as examples of companies that have a clear outline and structure

• Answers fundamental questions: what is the current situation, what are the differences compared to what the organization wants to achieve, and how to get from the present to the desired future state

• SWOT Analysis: -Internal assessment: Strengths & weaknesses (organizational resources) -External assessment: Opportunities & threats (business environment)

• PESTLE analysis: -Political -Economic -Social -Technological -Legal -Environmental

• Goals: Organization's long-term aspirations

• Objectives: Measurable steps for achieving goals (SMART Goals)

Planning

• Contingency and operational plans are types of plans
• Contingency plans are used as back-up plans in case that primary plans fail
• Operational plans involve setting work standards and schedules

Organizing

• Organizing involves designing organizational structure and allocating resources
• Organizing involves having cohesively working people and resources to achieve organizational objectives.
• The environment, strategy, and the structure are important components of the organizing function
  • Organizational design is crucial
  • Resources are important to allocate
• The five essential components necessary for organizing include Organizational design, structure, allocation of resources, working cohesively or together, and achieving objectives
• Essential elements in creating organizing structure include:
  • Organizational chart
  • Determining levels of management
  • Identifying skills
  • Developing talent

Leading

• Communicating a vision for the organization
• Guiding, training, and coaching others to achieve organizational goals
• Leading involves guiding people, influence, and maximizing the efforts of others
• Necessary skills: Motivation and engagement
• Motivation in leading involves understanding the importance of Maslow's Hierarchy of Needs
• Key leadership styles include autocratic, participative, and free-rein.

Knowledge Management, Leadership, and Succession Planning

• Knowledge management involves collecting, making accessible, and communicating essential information throughout the firm
• Leadership development and succession planning are critical parts of leading

Controlling

• Controlling involves setting clear standards for measuring progress, providing feedback, and taking corrective action

• A common tool used for controlling is the balanced scorecard

• Examples include establishing clear standards to measure progress, providing feedback, and taking corrective action

• Establish clear standards

• Monitor and record performance

• Communicate results

• Compare results against standards

• If needed, take corrective action

Test Your Knowledge (Page 52)

• The first step in developing a formal control system involves creating clear performance standards.

This quiz explores the essential management and leadership skills highlighted in Module 10. Participants will discuss the transition from directing to leading, as well as the critical activities within the management cycle. Delve into the significance of viewing management and leadership as skills, and identify the top management skills necessary for success.