Chapter 12 Lecture Slides Student Version PDF

CHAPTER 12 Managing and Leading for Success INTRODUCTION TO BUSINESS Learning Objectives To describe the differences between managers and leaders To differentiate between authority and power To compare different leadership and decision-making styles To explain how a SWOT analysis...

CHAPTER 12 Managing and Leading for Success INTRODUCTION TO BUSINESS Learning Objectives To describe the differences between managers and leaders To differentiate between authority and power To compare different leadership and decision-making styles To explain how a SWOT analysis establishes a vision for the business To describe how coaching and mentoring help achieve goals Managers and Leaders Process vs. Vision Organizing vs. Aligning Position vs. Quality Authority and Power  How To Be an Effective Manager Keep appropriate Accomplish staffing levels by Create professional departmental or Ensure a safe and recruiting, growth area objectives by legal work selecting, orienting, opportunities for managing staff and environment and training employees financial resources employees Create, coordinate, Define objectives, Recommend and Coach, advise, and and enforce assess courses of oversee variances discipline policies, action, and and corrections as employees procedures, and evaluate results needed standards Contribute to the Maintain quality department or service area’s efforts as needed Types of Managers Top managers Functional managers Supervisory or team managers Staff managers Line managers Project managers  The 4 C’s To Be an Effective Leader CONFIDENT CONNECTED COMMITTED COURAGEOUS Types of Leadership Transactional leadership Transformational leadership ○ Visionary ○ Team-centric ○ Engaging ○ Inspiring ○ Inclusive ○ Emotionally intelligent ○ Collaborative Decision Making Styles There are four common Managers and leaders have decision-making styles: issues with: Directive Micromanaging Conceptual Poor delegation Analytical Fear of losing control Behavioral Fear of failure Establishing a Vision A vision is what a company desires to achieve long-run goals and sets a direction for achieving the goals.  The SWOT Analysis Creating a SWOT analysis 1. Identify what factors are in each area. 2. After the list is complete, the following questions clarify the actions that a business can do to be more competitive: ○ How can strengths be better utilized? How do we maintain and improve our strengths? ○ What can be done to improve weaknesses? How much time and effort will it cost to do so? ○ What opportunities can we take advantage of? How do our strengths position us for opportunities? How do our weaknesses limit opportunities? ○ How can we prepare and put plans in place for threats? Do our weaknesses expose us to more risk from threats? How can we use our strengths to reduce the impact of threats? Building a Workplace Managers and leaders need to understand that the most valuable resource is their employees Any weakness that employees have is the responsibility of management to help improve Retaining workers matters Reasons for Employees Leaving Their Job The consulting group McKinsey conducted a study to measure why employees are leaving and why employers think employees are leaving Reasons employees indicated Reasons managers think for leaving their job: employees leave their job: 1. Not being ‘valued by the 1. ‘Looking for a better job’ organization’ 2. ‘Inadequate 2. Not being ‘valued by my compensation’ manager’  In small groups work on discussing the following questions: 1. What would be some key take away from the previous graphic? In-class 2. Where does the disconnect seem to be discussio between employers and workers? n 3. What do you propose to start fixing these issues? 4. As you consider employment after college, what benefits, or offerings would attract you to work for a company? Coaching and Mentoring Coaching & Mentoring Coaching is the development of abilities by providing direction and vision and offering instruction, resources, and support about specific skills. Mentoring is a more experienced person helps by sharing knowledge, typically about helping another person to achieve their personal and/or Coaching: GROW Model for How Leaders Can Be Good Coaches Goal Reality Options Will Mentoring: How To Find a Mentor? 1. Reflect on whether mentorship is a good fit for you 2. Identify your mentorship needs 3. Select people to ask for a mentorship 4. Start with your personal network for a mentor 5. Prepare your elevator pitch You Got This! RESUME BUILDERS Demonstrate active listening and emotional intelligence Identify best people practices Define operations management and list its roles Identify what a supply chain is, along with its components and benefits, key performance indicators, and sustainability practices Articulate what a value proposition is and how the sales function supports a business Describe and execute the elements of a marketing strategy Assess the impact that content and digital platforms have on a digital presence