CH 1- Quiz

Talent

• Companies succeed by maximizing their employees' intellectual capital, which combines brainpower and shared knowledge.
• Intellectual capital is a strategic asset, transforming creativity and insights into performance.
• Intellectual capital is also a personal asset, capable of growth and development.
• Intellectual capital is a package of intellect and skills that differentiate individuals.
• Intellectual capital is measured as competence multiplied by commitment; competency is personal ability and skills while commitment is the dedication of applying these skills.

Intellectual Capital Equation

• Intellectual capital = competence × commitment
• Competencies: individual skills and talents relevant to their roles.
• Commitment: dedication in applying talents and abilities to important tasks.

Technology

• The fourth industrial revolution is characterized by cloud computing, internet access, automation, robotics, and AI.
• High Tech IQ is essential for success in this era. This involves the ability to use current technologies effectively both personally and professionally.

Globalization

• Globalization leads to interconnectedness in resource flows, product markets, and business competition.
• Globalization often includes job migration or offshoring, where manufacturing and jobs move from developed to developing countries.

Ethics

• Ethical conduct sets standards for good and right behavior in organizations.
• Companies depend on their employees acting ethically.
• Indicators of employee ethics include corporate social responsibility and sustainability practices and the strength of corporate governance.
• Good governance involves oversight by directors.

Diversity

• Workforce diversity reflects gender, age, race, ethnicity, religion, sexual orientation, and disability status.

Careers and Connections

• Handy's shamrock model recognizes the changing nature of the workforce.
• The first leaf of the shamrock represents permanent, full-time employees with standard career paths, but this leaf is shrinking.
• The second leaf is composed of freelancers and independent contractors.
• The third leaf includes part-time employees.
• The workforce is now more flexible and contracts are more common.
• Self-management skills are vital: assess yourself realistically, recognize your strengths and weaknesses, make positive changes, and consistently develop your skills.

Organizations

• Organizations are groups of people working toward a shared goal to achieve a shared purpose.
• Organizations are open systems, transforming inputs into outputs.
• Inputs include people, information, resources, and capital.
• Outputs are finished goods, services.
• Productivity is measured by the quantity and quality of outputs relative to the cost of inputs.
• Effectiveness relates to task completion, while efficiency relates to resource utilization.

Managers

• Managers supervise and support others' work efforts.
• Organizational levels of management include the Board of Directors, Top Managers (e.g. CEO, COO, CFO), Middle Managers (e.g. department heads), and Team leaders.
• Top-level managers guide overall strategy and long-term direction of the company.
• Middle-level managers manage departments and coordinate activities within the organization.
• Team leaders manage small teams of workers.
• Managers need to be effective to help employees achieve high production as well as high job satisfaction.

Managerial roles

• Roles of managers include interpersonal, informational, and decision roles.
• Interpersonal involves relationships with individuals, inspiring them, and networking.
• Informational involves collecting, analyzing, and disseminating information.
• Decisional roles include handling problems, making choices, allocating resources, and being an entrepreneur.
• Managers need to understand what the workforce needs in terms of working conditions and job satisfaction.

Managing Process

• The management process encompasses planning, organizing, leading, and controlling.
• Planning involves setting objectives and determining the actions to achieve them.
• Organizing involves assigning tasks, allocating resources, and coordinating efforts.
• Leading involves motivating, inspiring, and guiding individuals.
• Controlling involves measuring performance, comparing results with objectives, and making necessary adjustments to ensure goals are met.

Types of Managers

• Line managers directly contribute to the organization's outputs.
• Staff managers advise and support line workers.
• Functional managers specialize in specific areas (e.g., finance, marketing).
• General managers oversee multiple functional areas.
• Administrators are managers in non-profit organizations.

Managerial performance

• Accountability is the responsibility of managers to answer to higher authorities for performance.
• High-quality work life reflects good experiences in the workplace.
• Effective managers foster high performance and satisfaction in their teams.

Managerial Agendas and Networks

• Agenda setting involves creating priorities and action plans.
• Networking is crucial to acquire support and develop strong relationships.
• Social capital is the ability to obtain support and help from others.

Learning How to Manage

• Learning in management means continuous skills development using experience.
• Self-awareness is a necessary component of learning.
• Lifelong learning is important for managers and is the willingness for constant growth and development.

Management Skills

• Katz identified three essential managerial skills:
  • Technical; proficient in a specific skill to do a task
  • Human and interpersonal; excellent interaction and empathy skills
  • Conceptual; analyze problems, understand relationships of components in a problem, and think strategically.