Management Chapter 2 Slides PDF

 Announcements Class division per venue Quizzes Recorded slides - Chapter 2 Quiz closed on Friday at 16H00 Class online quiz – Chapter 2 opened in class and closed at 14H00 Recorded slides - Chapter 3 Quiz will open on Wednesday at 13H00 until Friday at 16H...

 Announcements Class division per venue Quizzes Recorded slides - Chapter 2 Quiz closed on Friday at 16H00 Class online quiz – Chapter 2 opened in class and closed at 14H00 Recorded slides - Chapter 3 Quiz will open on Wednesday at 13H00 until Friday at 16H00 Class online quiz – Chapter 3 will open in class on Wednesday at 12H30 and close at 14H00 Tutorial Sessions – registered on bb for tutorials This week we start with chapters 1 and 2 Practice questions are on BB Learning Outcomes After studying this chapter, you should be able to: Identify who managers are in an organisation Explain what managers do Understand the managerial process and the tasks of management Understand and classify the roles of managers according to Mintzberg Debate the question as to the manager’s job is universal or not Understand that managers make decisions, manage change, and ensure that their organisations behave responsibly Understand the importance of management Identify the six key managerial competencies that managers need to master.  Chapter 2: Managerial competencies Learning Outcomes After studying this chapter, you should be able to: Identify and define the key competencies that successful managers have Explain the value of each managerial competency Analyse your own managerial competencies Analyse your own emotional intelligence competencies. Managerial competencies The term competency refers to combinations of knowledge, skills, and types of behaviour and attitudes that contribute to personal effectiveness in a variety of areas. Managerial competencies are sets of knowledge, skills, behaviours, and attitudes that a person needs to be effective in a wide range of managerial jobs and various types of organisations. Competencies may incorporate skills but are more than skills: they include the abilities, behaviours, and knowledge that are fundamental to the use of a skill. A skill is an ability to translate knowledge into action. Every manager requires each of these categories of skills, the extent to which the skills are required will differ according to their managerial level, and vary in each of the managerial competencies: Conceptual skill the ability to think analytically and to solve complex problems. This involves an ability to break down problems into their constituent parts, to see the relationship between the parts, and to recognise the implications of one problem for other problems. It involves the ability to see the big picture, to take a systems perspective, and to recognise that an organisation influences and is influenced by the external environment. Interpersonal (human) skill The ability to work well in cooperation with other people. In the workplace, interpersonal skills manifest themselves as enthusiasm, trust, and genuine involvement in interpersonal relationships Technical skills the ability to use specific knowledge, techniques, and resources to perform work.  What is defined as an ability to translate knowledge into action? A. Competency B. Knowledge C. Attitude D. Skill Figure 2.1 A framework of managerial competencies (p. 31)  Communication competency Communication competence refers to the knowledge of effective and appropriate communication patterns and the ability to use and adapt that knowledge in various contexts Communicative competence includes the following components: Informal communication - Casual meetings and brainstorming Formal communication - business letters, reports, orders Negotiation Communication competency transcends the use of a particular communication medium Communication is the most fundamental competency, applicable to all levels of management, and heavily reliant on interpersonal skills, supported by technical knowledge and skill. Dimensions of communication competency Table 2.2 Dimensions of communication competency Source: Compiled by the author Planning and financial management competency Involves deciding what tasks need to be done, determining how they can be done, allocating resources to enable them to be done, and then monitoring progress to ensure that they are done. Time management is of the essence as well as having the necessary financial knowledge. This competency is heavily reliant on conceptual skills, supported by knowledge of technical skills. Included in this category are: Information gathering, analysis, and problem solving Planning and organising projects Time management Budgeting Investment and financial decisions Managing dividend policies. Dimensions of planning and financial management competency Table 2.3 Dimensions of planning and financial management competency Source: Compiled by the author Teamwork competency Teamwork in organisational settings is an important aspect of creating a well-oiled machine to get tasks and projects done. Designing the team is the first step for any team project. This is usually the responsibility of a manager or team leader. In self-managed teams, however, the entire team participates in the design. Team design involves formulating goals to be achieved, defining tasks to be done, and identifying the staffing needed to accomplish those tasks. Team members should identify with the team’s goals and feel committed to accomplishing them. Members of a well-designed team understand its tasks and how its performance will be measured. A well-designed team is capable of high performance, but it needs a supportive environment to achieve its full potential. Conflicts and disagreements among team members are natural, which means that managing team dynamics is necessary for effective teamwork. Dimensions of teamwork competency Table 2.4 Dimensions of teamwork competency Source: Compiled by the author Strategic action competency A manager with a well-developed strategic action competency can diagnose and assess different types of managerial problems and issues that might arise. Such a manager thinks in terms of relative priorities rather than ironclad goals and criteria. All managers, but especially top managers, need strategic action competency. Top managers must perceive changes in the organisation’s environment and be prepared to take strategic actions, such as executing specific plans assigning priorities to decision-making that is aligned with the organisation’s strategic goals and mission considering the long-term implications of decisions Dimensions of strategic action competency Table 2.5 Dimensions of strategic action competency Source: Compiled by the author Global awareness competency Global awareness competency is about carrying out an organisation’s managerial work by drawing on the human, financial, information, and material resources from multiple countries and serving markets that span multiple cultures. Not all organisations have global markets for their products and services, nor do they all need to set up operations in other countries to take advantage of labour that is cheaper or better trained. Global awareness competency is reflected in cultural knowledge and understanding, and cultural openness and sensitivity, as well as an ability to use interpersonal skills effectively in a multicultural context Dimensions of global awareness competency Table 2.6 Dimensions of global awareness competency Source: Compiled by the author Which of the following is a component of communicative competence? A. Informal communication B. Formal communication C. Negotiation D. All of the above Understanding the organisation falls under which key managerial competency? A. Teamwork competency B. Strategic action competency C. Communication competency D. Planning and financial management competency Which managers specifically need strategic action competency? A. Middle managers B. Upper middle managers C. First-line managers D. Top managers Emotional intelligence and self- management competency Emotional intelligence (EI) is a form of personal and social intelligence that enables a person to perceive, understand, and manage their own emotions and the emotions of others, express and control emotions appropriately, and listen to others with empathy Taking responsibility for your life at work and beyond involves self-management competency. Self-management in an organisational context comprises what a person knows about their emotions, and the ability to manage those emotions in such a way as to establish positive relations and exchanges with other employees, customers, and suppliers. A person should be able to motivate themselves in different situations. Dimensions of emotional intelligence and self-management competency Table 2.7 Dimensions of emotional intelligence and self-management competency Source: Compiled by the author The changing nature of work and important competencies In the 4IR era, the future of work will be characterised by the following: Automation is more likely to replace tasks and activities within an occupation rather than eliminate jobs in their entirety. An increased demand for goods and services due to rising incomes will act as a countervailing force against technology- induced job displacement Increased productivity within an industry can increase demand in other industries. Technology adoption may not always be economically feasible, and may result in a potential lag in technology adoption.  A 2017 study by the McKinsey Global Institute estimates that as many as 375 million workers globally may need to transition to new occupational categories requiring workers to continuously learn new skills. New occupations are likely to be concentrated in the nonroutine and cognitive category requiring higher- order cognitive and soft or socio-emotional skills (soft skills). The demand for higher-order skills, combined with a decrease in the need for specialised skills, means that learnability is more important than ever. 21st century competencies should be underpinned with: Being technologically savvy and aware of the role of data and data science, for example, how data is used could profile people as objects in the 21st century. Thus, knowledge of the legislative environment, such as international policies, governance, liability, privacy, human rights values, and legal personality, is important. Being knowledgeable about surveillance, such as the IoT, cellphones, and public cameras, which raise concerns about free will and privacy. Understanding the role of intellectual property, liability, new business models, and human rights are important. Understanding how natural language processing (NLP) will allow further development and cooperation between humans and robots.  Which of the following defines complex problem solving and cognitive complexity in the 21st century? A. Ethics B. Humanistic approach in decision-making C. Changing what one is thinking about D. All of the above  ___________ is neither good or bad, nor is it neutral. (a) Technology (b) Robotics (a) and (b) (d) None of the above  What is the ability to assess one’s strengths and limitations accurately called? A. Self-confidence B. Emotional self-awareness C. Self-control D. Self-assessment Important 21st century skills Figure 2.2 Important competencies and skills for the 21st century (p. 49 – 50) Source: Compiled by the author based on information from the World Economic Forum (2020) Chapter Summary We defined managerial competencies as sets of knowledge, skills, types of behaviour, and attitudes that a manager needs in order to be effective in a wide range of managerial jobs and various organisational settings. A distinction was drawn between managerial competencies and skills The extent to which the skills are required differs according to their managerial level and vary in each of the managerial competencies There are six managerial competencies The changing nature of work and important competencies were highlighted The process of obtaining and organising resources and achieving goals through other people by managing them is dynamic rather than static Change is a continual reality in today’s 4IR business environment