The importance of innovation

Why Innovation Matters

• Innovation sustains development by helping companies maintain a competitive edge.
• Innovation should occur in various areas, including products, services, management systems, production processes, and corporate values.
• Companies are unlikely to survive without innovation.

Current Challenges for Managers

• There are governmental challenges at the federal, state, and municipal levels.
• Managerial and policy challenges exist.
• Businesses face local and global challenges.
• Large and small firms have their own challenges
• Individual employees face job insecurity and career challenges.

Managers Who Make a Difference

• Effective managers guide through turbulence.
• They expect the unexpected and embrace change.
• They create a vision with cultural values.
• They foster a collaborative workplace.

Definition of Management

• Management involves attaining organizational goals effectively and efficiently.
• This is done through panning, organizing, leading and controlling organizational resources.

Four Management Functions

• Planning involves selecting goals and ways to attain them.
• Organizing involves assigning responsibility for task accomplishment.
• Leading involves using influence to motivate employees.
• Controlling involves monitoring activities and making corrections.

Organizational Performance

• It is the organization's ability to attain goals through efficient and effective use of resources.
• Effectiveness is the degree to which the organization achieves its stated goals.
• Efficiency is the use of minimal resources to produce a desired volume of output.

Management Skills

• Conceptual skills involves the cognitive ability to see the organization as a whole.
• It also involves the relationship among its parts.
• Human skills are the ability to work with and through other people effectively as a group member.
• Technical skills involves understanding and proficiency in performing specific tasks.

When Skills Fail

• Managers often make mistakes due to demands of the rapidly changing environment.
• Poor communication and failure to listen to employees are contributing factors.
• Suppression of dissenting viewpoints and lack of team building in trust and respect are also contributing factors.

Management Types

• Vertical differences includes top, middle, project, and first-line managers.
• Horizontal differences consists of functional and general managers.

What is it Like to Be a Manager?

• A transformation occurs when making the leap from individual performer to manager.
• There are adventures in multitasking.
• Manager roles are informational, interpersonal, and decisional.

Managing in Small Businesses and Not-for-Profit Organizations

• Small business managers act as spokespersons and entrepreneurs.
• Not-for-profit managers are leaders and resource allocators.

Management and the New Workplace

• The new workplace involves bits-information as resources and flexible, virtual work.
• It includes empowered employees who are free agents.
• New workplaces feature a digital and e-business driven technology.
• There are diverse workforces with employees that connects to customers.

Turbulent Times: Managing Crises and Unexpected Events

• Stay calm and be visible.
• Put people before business and tell the truth.
• Know when to get back to business.

Australia's Managers: Improving from a Low Base

• Australia's managers are hardworking, egalitarian, open, genuine, direct, honest, and ethical.
• They are innovative, independent thinkers, flexible, adaptable, resourceful, and technically sound.
• They take short-term views/lack strategic outlooks.
• This also relates to being complacent and not developing open-mindedness.

Sustainable Development

• Sustainable development involves making balanced and equitable financial, environmental, and social outcomes.
• These outcomes are for both the short and longer terms.
• This is the 'triple bottom line' of organisations.