MODULE 1_POM PDF

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 Principles of Scientific Management Science, Not Rule of Thumb Nature of work performed by each worker should be clearly determined. Standardization of Work He believed that there is only one best method to examine efficiency. Harmony, Not Discord Managers are a link between workers and owners. (Attitude) Workers and management should transform their thinking/attitude-Mental Revolution (to achieve organization’s goals) Cooperation, Not Individualism Extension of Harmony, Not Discord. (Regarding work to be done) Workers should be rewarded for their suggestions. Equal division of work and responsibility Close partnership between management and workers. Participation of workers Workers should not blackmail management. Development of each and every Select workers keeping in mind the physical and person to his/her greatest efficiency mental traits required for the job. Worker training to ensure skill development Systematic training  Organizational Behavior Organizational behaviour a contemporary management approach that studies and identifies management activities that promote employee effectiveness by examining the complex and dynamic nature of individual, group, and organizational processes. During the 1950s, a transition took place in the human relations approach. Scholars began to recognize that worker productivity and organizational success are based on more than the satisfaction of economic or social needs. The revised perspective, known as organizational behavior, studies and identifies management activities that promote employee effectiveness through an understanding of the complex nature of individual, group, and organizational processes. Organizational behavior draws from a variety of disciplines, including psychology and sociology, to explain people’s behavior as they do their jobs. During the 1960s, organizational behaviourists heavily influenced the field of management. Douglas McGregor’s Theory X and Theory Y marked the transition from human relations. According to McGregor, Theory X managers assume workers are lazy and irresponsible and require constant supervision and external motivation to achieve organizational goals. Theory Y managers assume employees want to work and can direct and control themselves. An important implication for managers who subscribe to Theory X is known as a self-fulfilling prophecy. This occurs when a manager treats employees as lazy, unmotivated, and in need of tight supervision; then the employees eventually fulfil the manager’s expectations by acting that way. This cycle can have several negative implications for managers, employees, and organizations. McGregor advocated a Theory Y perspective, suggesting that managers who encourage participation and allow opportunities for individual challenge and initiative would achieve superior performance. Other major organizational behaviourists include Chris Argyris, who recommended greater autonomy and better jobs for workers, and Rensis Likert, who stressed the value of participative management. Through the years, organizational behaviour has consistently emphasized development of the organization’s human resources to achieve individual and organizational goals. Like other approaches, organizational behaviour has been criticized for its limited perspective, although more recent contributions have a broader and more situational viewpoint. In the past few years, many of the primary issues addressed by organizational behaviour have experienced a rebirth with a greater interest in leadership, employee engagement, and self-management. The first two consequences, positive and negative reinforcement, are positive for the person receiving them—the person either gains something or avoids something negative. As a result, the person who experiences them will be motivated to behave in the ways that led to the reinforcement. The last two consequences, punishment and extinction, are negative outcomes for the person receiving them: Motivation to repeat the behaviour that led to the undesirable results will drop. Managers should be careful to match consequences to what employees will actually find desirable or undesirable. For example, a project supervisor upset with an employee who makes too many mistakes might take him off the project. But the employee could be pleased. Sometimes employees are reinforced with admiration and positive performance evaluations for multitasking—say, typing emails while on the phone or checking text messages during meetings. This behaviour may look efficient and send a signal that the employee is busy and valuable, but multitasking slows the brain’s efficiency and causes errors. Scans of brain activity show that the brain is not able to concentrate on two tasks at once; it needs time to switch among activities. So, managers who praise the hard work of multitaskers may be reinforcing inefficiency and failure to think deeply. To use reinforcement effectively, managers must identify which kinds of behaviours they reinforce and which they discourage. A well-known adage in management states that “The things that get rewarded get done. Managers should use reinforcers creatively. Mobile games creator Zynga encourages employees to bring their dogs to work. Believing that pets help reduce job stress and boost productivity, the company offers pet insurance, dog treats, and a rooftop dog park. New Belgium Brewing celebrates employee tenure with anniversary milestones. The company awards a limited-edition Fat Tire bike after one year, a one-week paid trip to Belgium after five years, and a four-week paid sabbatical after 10 years. A study found that nearly three-quarters of early-career employees prefer spending money on experiences rather than material goods. The following experiences appealed to younger employees: attending professional conferences, earning an extra vacation day, and going on outings with peers to breweries, sporting events, or adventure parks. These and other rewards for high performing employees, when creatively devised and applied, can continue to motivate when pay and promotions are scarce.  Socio-Technical Systems Approach Socio technical systems theory an approach to job design that attempts to redesign tasks to optimize operation of a new technology while preserving employees’ interpersonal relationships and other human aspects of the work Software and hardware are interdependent. Without the hardware, a software is an abstraction. When you put hardware and software together, you create a system. This system will be able to carry out multiple complex computations and return the result to its environment. This illustrates one of the fundamental characteristics of the system. Socio-technical system is basically a study of how any technology is used and produced. This helps us to identify the ethical errors in technical and social aspects of the systems. Socio-technical system is a mixture of people and technology. It consists of many items. These items are difficult to distinguish from each other because they all have close inter- relationships. Example: Let’s say, Software engineers in Silicon Valley may build a software with all sorts of bells and whistles expecting everyone to be tech savvy and without even considering the basic configuration of system requirements. If a large scale of people is in fact elderly and unaccustomed to the interface and have traditional systems operating on old technology then again the whole system will significantly reduce. That’s the reason we are interested not only in technical dimension but also domain of Socio-technical systems. The system includes non-technical elements such as people, processes, regulations, goals, culture, etc., as well as technical components such as computers, software, infrastructure, etc Drawing on several classical approaches, sociotechnical systems theory suggests that organizations are effective when their employees (the social system) have the right tools, training, and knowledge (the technical system) to make products and services that are valued by customers. Developed in the early 1950s by researchers from the London-based Tavistock Institute of Human Relations, sociotechnical systems theory explained how important it was to understand how coal miners’ social behaviours interacted with the technical production system. The researchers found that when there was a good fit between these two important internal dimensions and the demands of customers external to the organization, the organizations could reach higher levels of effectiveness. Socio-technical theory has at its core the idea that the design and performance of any organisational system can only be understood and improved if both ‘social’ and ‘technical’ aspects are brought together and treated as interdependent parts of a complex system. Organisational change programmes often fail because they are too focused on one aspect of the system, commonly technology, and fail to analyse and understand the complex interdependencies that exist. While research on sociotechnical systems theory was a precursor to the total quality management (TQM) movement (discussed in other chapters), it also promoted the use of teamwork and semiautonomous work groups as important factors for creating efficient production systems. The researchers believed that workers should be given the freedom to correct problems at early stages of the production process rather than after products were made, when errors would create waste. Sociotechnical systems theory is being used by Oracle Utilities Opower, a company that collects, analyses, and presents data in an easy-to-understand format for utilities companies and their customers. By combining knowledge of “Big Data” analytics with customer behaviour, Oracle Utilities Opower provides visually appealing feedback (in the form of pie charts and easy-to understand billing information) to customers regarding energy conservation and usage. In 2016, the company reported working with 95 utilities companies, earning 3 percent energy savings for their customers and reducing by 19 percent the number of billing related calls from customers. Total Quality Management What is a TQM? Total Quality Management is a management approach that embodies a holistic view of business success. With TQM, a business strives to achieve an exceptional level of performance in every facet of its operations, on both a macro and micro scale and aims to reach its goals organically by optimizing processes. At the heart of the TQM philosophy is a strong concept of quality. Those who embrace this approach view quality as something intrinsic rather than superficial. As such, TQM adopters do not seek to create or even achieve quality but rather to embody it and make it a core part of their companies’ identities. Due to its scope, TQM encompasses a wide variety of principles that serve to foster excellence at a company, from manufacturing and product testing to marketing, sales, and customer service. By putting measures in place to encourage continuous improvement in every area, companies can improve efficiency and achieve greater ROI on their efforts. What can TQM do for a business? One of the primary benefits is operational efficiency. By creating an internal culture of continuous improvement, a company can iterate on its processes to optimize them over time. This eliminates resource wastage and revenue leakage, which improves the overall performance of the business. Adopting TQM also encourages companies to embrace a data-driven approach to business. This promotes an analytical mentality and more intelligent, informed decision-making at the top level. By garnering actionable insights from data analysis and incorporating them into future planning, companies can devise more comprehensive business strategies that drive growth and yield greater ROI in the long term. For those who embrace Total Quality Management, the customer is at the top of the totem pole, but is the employees who allow it to stand tall. For the principles of TQM to take root and yield dividends, there must be a high degree of employee involvement at every organizational level. For this reason, employee empowerment is considered one of the core tenets of TQM.  Systems Approach The classical approaches as a whole were criticized because they (1) ignored the relationship between the organization and its external environment, and (2) usually stressed one aspect of the organization or its employees at the expense of other considerations. In response to these criticisms, management scholars during the 1950s stepped back from the details of the organization to attempt to understand it as a whole system. These efforts were based on a general scientific approach called systems theory. Organizations are open systems, dependent on inputs from the outside world, such as raw materials, human resources, and capital. They transform these inputs into outputs that (ideally) meet the market’s needs for goods and services. The environment reacts to the outputs through a feedback loop; this feedback provides input for the next cycle of the system. Inputs materials and other resources that organizations take in from the external environment and transform into goods and services Outputs the products (goods and services) and services organizations create Systems theory a theory stating that an organization is a managed system that changes inputs into outputs Systems theory also emphasizes that an organization is one system in a series of subsystems. For instance, Southwest Airlines is a subsystem of the airline industry, and the flight crews are a subsystem of Southwest. Systems theory points out that each subsystem is a component of the whole and is interdependent with other subsystems. Building on systems theory ideas, the contingency perspective refutes universal principles of management by stating that a variety of factors, both internal and external to the firm, may affect the organization’s performance. There is no “one best way” to manage and organize because circumstances vary.  Management By Walking Around A compelling management style that has been promoted over the years and decades is “MBWA,” or Management by Walking Around. Just get up from behind your desk and get to know what people are doing, and more importantly, how they are doing. It’s the ultimate way to keep one’s ear to the ground, and get to know what’s happening across the company on a far more intimate basis. However, as you can imagine, it’s quite difficult to walk around a digital network. Maybe you can trot across the globe visiting regional corporate offices, but certainly not calling on employees at their homes. How do you lead and connect with people in today’s digital, remote-working world, in which employees and contractors operate across global networks? The MBWA principle, at least in its original intent, “stops being useful when you're dealing with a workforce that’s global, or you're dealing with a workforce where not everyone is co-located,” says Dr. Tsedal Neeley, Harvard Business School professor and author of Remote Work Revolution: Succeeding From Anywhere. “You need to use digital tools, you need to figure out how can you touch, reach people’s hearts and minds, without being physically there all the time.” Even before the great corporate workplace dispersal of 2020, and in a huge way afterwards, business leaders have been learning to rely on digital tools to achieve such active listening and engagement with their people, Neeley continues. “The world has changed, work has changed, workers have changed.” The role of leader in a digital workplace is evolving from manager to influencer. “In virtual work environments, you cannot be there in person to work side by side, shoulder to shoulder,” she says. “You’re co-located, and sometimes in different time zones. You have to think about outcomes that are important to you, focus on those outcomes, and help people get there.” The job of a leader in today’s digital environment, then, is “empowering people so they can be able to make decisions, to self-govern, and work autonomously, without micromanaging or being a taskmaster on a micro level,” Neeley says. “You have to be a coach and a mentor.” In the post-Covid 2020s, “people have to rethink how they could work together without being in the same place, how they can use technology to be effective, how they reach customers, how they found new customers, how they thought about suppliers and other stakeholders.” At the same time, “people have begun to re-evaluate and appraise their priorities and values,” Neeley says. “But I think some organizations and some leaders are still in denial. But many recognize there's no turning back, so we better embrace this and compete in this environment.” For remote workers, delivering job satisfaction may be easier, as “they have higher job satisfaction because they enjoy autonomy and flexibility.” Still, Neeley cautions, “any time you have humans working together who are not co-located, you have to work harder to get alignment. When you’re dealing with a cross-cultural or global group environment, you need to make sure that you have rules of engagement to help people communicate well. You ensure that you use a language that everyone understands.” In addition, the communication process needs to be “democratized,” she says. “People who tend to dominate conversations need to be dialled down, and those who tend to withdraw need to be dialled up.” Both synchronous and asynchronous communication need to be encouraged — “to give people the opportunity to be at their best when they communicate,” she continues. “Rather than holding a live conversation, if someone is struggling to communicate, allow them to email or use asynchronous means where they can compose their communication, and be comfortable with it.” Even if many people return to offices, digital tools will be important instruments of communication, Neeley says. “People will keep using Zoom, video chats, and Slack. It’s still a way to convene people, and it will continue to be ever-present. These tools have become lifelines for people.” In terms of automation or digital transformation, “there’s no doubt that with AI, machine learning and all forms of algorithmic type of work that we’re going to see increased automation and we’re going to see the presence of AI bots,” she says. “We’re going to have these different tools, robotic automation tools that are helping us with our work. So, we don’t run from this. We need to do is equip ourselves, and help others as well. We need to train people in the use of digital tools and various forms of technical skills, so everyone can participate in a work environment that’s changing. The digitization of work has accelerated.”  McKinsey 7S Framework What is the McKinsey 7S Model? The McKinsey 7S Model refers to a tool that analyses a company’s “organizational design.” The goal of the model is to depict how effectiveness can be achieved in an organization through the interactions of seven key elements – Structure, Strategy, Skill, System, Shared Values, Style, and Staff. The focus of the McKinsey 7s Model lies in the interconnectedness of the elements that are categorized by “Soft Ss” and “Hard Ss” – implying that a domino effect exists when changing one element in order to maintain an effective balance. Placing “Shared Values” as the “center” reflects the crucial nature of the impact of changes in founder values on all other elements. Structure of the McKinsey 7S Model Structure, Strategy, and Systems collectively account for the “Hard Ss” elements, whereas the remaining are considered “Soft Ss.” 1. Structure Structure is the way in which a company is organized – the chain of command and accountability relationships that form its organizational chart. 2. Strategy Strategy refers to a well-curated business plan that allows the company to formulate a plan of action to achieve a sustainable competitive advantage, reinforced by the company’s mission and values. 3. Systems Systems entail the business and technical infrastructure of the company that establishes workflows and the chain of decision-making. 4. Skills Skills form the capabilities and competencies of a company that enables its employees to achieve its objectives. 5. Style The attitude of senior employees in a company establishes a code of conduct through their ways of interactions and symbolic decision-making, which forms the management style of its leaders. 6. Staff Staff involves talent management and all human resources related to company decisions, such as training, recruiting, and rewards systems 7. Shared Values The mission, objectives, and values form the foundation of every organization and play an important role in aligning all key elements to maintain an effective organizational design. Advantages of the Model It enables different parts of a company to act in a coherent and “synced” manner. It allows for the effective tracking of the impact of the changes in key elements. It is considered a longstanding theory, with numerous organizations adopting the model over time. Disadvantages of the Model It is considered a long-term model. With the changing nature of businesses, it remains to be seen how the model will adapt. It seems to rely on internal factors and processes and may be disadvantageous in situations where external circumstances influence an organization. Practical Example The McKinsey 7S model can be applied in circumstances where changes are being brought into the organization that may affect one or more of the shared values. Suppose a company is planning to undertake a merger. It will affect how the company is organized since new staff will be coming in. It will also affect the structure of the company, along with strategic decision-making, as new ideas flow in through synergy. In such a case, the McKinsey 7s model can be used to first identify the inconsistent areas – here, it would primarily be the structure, staff, and strategy. After identifying the relevant areas, the company can make effective decisions to optimally re-organize and incorporate the changes in a way that streamlines the merger process – after conducting extensive research and analysis of the consequences that the changes bring to the company.  Corporate Chanakya – Dr. Radhakrishnan Pillai Chanakya was a renowned teacher and strategist of his time. Under his mentorship, his student Chandragupta Maurya successfully overthrew the Nanda Dynasty and ascended to the throne. Chanakya is often credited as the architect behind the defeat of Alexander's forces upon their arrival in India. His strategic acumen led to the unification of various kingdoms, culminating in the establishment of Aryavarta as a single, unified governance system, which later evolved into what we now know as India. Leadership 1. Power In today’s corporate world, intellectual power, manpower, financial power, and the power of enthusiasm and morale are essential. Always remember that power brings responsibilities. The greatest danger for a king or leader is revolt. A revolt against a business leader means dissatisfied employees, shareholders, and stakeholders. To remain powerful, you need to understand the needs of the market, care for old clients while making new ones, and solve all problems immediately. You also need to learn the art of punishment. The CEO or the leader of any organization has a challenging role. He has to get the work done by his team mindfully. Dealing with employees is a difficult task. A leader has to consider their problems, understand where they are stuck, and solve their problems immediately so that work doesn’t suffer. Along with this, he must be disciplined. He should be flexible with the employees but focused on the organization’s goals and priorities because employees are hired to complete these goals. It is easy to get to the top, but it isn’t easy to stay there. Once you are in the leader’s position, all rules change. Now, your priority becomes to get everything right and maintain your position. To avoid downfall, Chanakya advises you to learn to control your senses; you can gain control over yourself by giving up lust (kama), greed (lobha), pride (mana), arrogance (mada), and over-excitement (harsha). If you are a leader of an organization, then you have to make rules. But before making rules, you need to keep some things in mind. First, it would help if you knew why these rules must be followed. As a leader, having a clear vision for the organization is essential. When you are forming governments, take into consideration the benefit of all, not just your own. A person who can handle any situation is compelling. Chanakya says that three common problems come before leaders: 1. People Situation: People who want to reach the top or are at the top must know how to handle people. But every individual is different, and that’s why the way of handling them also varies. Chanakya suggests reading and understanding human psychology. 2. Knowledge Situation: Companies spend crores on research and development in today’s knowledge economy because proper knowledge is essential to advance. Gain knowledge by reading books. 3. Material Situation: Under material come money, machines, technology, etc. Chanakya says you can handle this situation by having a plan already in place. If a problem arises, you must have a backup plan. A leader must avoid eight traps: 1. Ignoring potential problems: As a leader, you must address issues, come out of problems, and adapt to new situations. Great leaders know how to deal with crises and circumstances. The key is not to wait for potential problems to multiply. 2. Managing tactics and not leading growth: Leaders tend to get too tactical when they become risk-averse. They begin to follow more than lead. As a result, they forget what their teams need and what to expect from them. Instead, leaders should always be focused on growth and improvements. 3. Allowing employees to become complacent: Complacency is a common trap that leaders fall into, and it can be noticed in the performance of their employees. As a leader, you are responsible for setting the tone for your departments and organization. 4. Stop selling change: If you do not embrace change, you are disabling the organization. Instead, change should be embedded as part of the company’s culture. Change keeps employees on their toes and allows you to filter out talent the organization doesn’t need. 5. Ineffective use of resources: As a leader, be mindful of how to use resources to strengthen the organization’s value proposition. Discover new ways to utilize resources and challenge the whole organization. 6. Mismanagement of corporate culture: Leaders must have substantial control over their corporate culture and not be afraid to test new dynamics. 7. Losing passion for the mission: Always remind your organization that you serve a mission statement and are progressing towards it. However, don’t ever forget your passion for it. 8. Ignoring the management and development of talent: Your employees and your organization deserve your full attention at all times.  Management 1. Strategy A good strategy is an essential requirement for success. Examining the teachings of Chanakya Neeti and world history reveals that people who achieved greatness were often not the strongest but had a good strategy. The reality is that intentions have no significance. What matters most are the consequences of your actions and the actions of others. For example, if someone jumps from a terrace, they will get hurt regardless of their intentions. A reasonable person cannot avoid the consequences of performing a foolish act. Choose your friends wisely and be more attentive while choosing enemies. Make an action plan and prepare a good plan B. Life is short, and opportunities are limited. Stop complaining and being passive. Identify your goals, create an action plan, and pursue your dreams. 2. Employees A good leader should always take care of the safety and security of employees because they are the ultimate wealth of the organization. Employees should feel secure when they enter the organization, and the organization should invest in security. Management should hire carefully because even one bad employee can ruin the whole culture. The natural tendency of employees is to change jobs to enhance their career profiles, which is not wrong. However, employees should prepare themselves and gather information about new job opportunities before making a change. It is not only new employees who come for employment; ex-employees may also reapply. The company should be welcoming to these employees while also considering why they left initially. Employees should be properly trained to meet the company's quality standards. Similarly, employers must recognize and reward productive employees to motivate them. 3. Teamwork Teamwork can be broadly divided into two major categories: teamwork values and tasks. Teamwork values involve maximum participation, improving communication, appreciation, and collaboration within an organization. Since the most valuable resource in any organization is the workforce, it is essential to recognize it. Leaders should quickly identify areas of expertise. Successful companies make it a rule to overcome differences and work as a team, covering all weaknesses and reducing the chances of task failure.  Vedic Management Title: Achieving Organizational Well-being Through Mental Resilience In an era where business pressures are relentless, discover how mental well-being forms the cornerstone of organizational resilience. This article explores how ancient Vedic practices, Yogic Counselling, and Kootaneeti, can equip leaders with the serenity and strategic prowess to navigate the tumultuous waters of modern enterprise. Navigating the complexities of today’s dynamic business landscape demands not only strategic acumen but also a focus on the mental resilience of those at the helm and their teams. The collective mental health within an organization is not merely a courtesy; it’s an operational imperative. The success of a business hinges on the psychological fortitude of its leaders and their ability to foster a supportive environment, rather than perpetuating a high-stress culture. In the realms of both academia and commerce, there is a gaping void in understanding and nurturing the mind, which is often mistakenly conflated with the brain. This oversight can lead to mismanagement of mental resources, exacerbating stress and impacting life and work. Yogic Counseling and Kootaneeti Can Help Market fluctuations present their challenges. In upbeat times, business seems to flow more smoothly. However, when faced with economic downturns, the pursuit of organizational survival can overshadow all else. In such periods of turmoil, maintaining a serene mind becomes paradoxically elusive yet critically necessary. Modern academia and scientific disciplines, while advancing our understanding in many areas, have yet to offer robust solutions for maintaining mental equilibrium in the business context. It’s in this gap that the ancient Vedic practices of Yogic Counseling and Kootaneeti may provide valuable insights. Yogic Counseling is not about physical exercise but is a pathway to mental stability and bliss through understanding the deeper aspects of one’s mental state. Offered at no cost, it guides individuals toward achieving and sustaining inner peace. Kootaneeti, on the other hand, is a study in strategic wisdom—a Vedic approach to navigating life’s complexities. In a world where plans fall short, Kootaneeti encourages the development of deep-seated strategies over superficial quick fixes, promoting lasting resolutions that prevent recurrent issues. Vedic Wisdom for Clarity and Support These ancient practices are increasingly relevant and can provide solace and strategic direction to those feeling isolated and overwhelmed in their entrepreneurial journeys. Our complimentary Yogic Counseling sessions and the free eBook “The Strategic Wisdom of Kootaneeti” are resources available to all. Furthermore, for those preferring a more interactive approach, our upcoming workshop “Kootaneeti for Entrepreneurs” might be the perfect opportunity. Leading a business or team is a solitary path, often misconstrued as self-serving or harsh, leading to a sense of isolation. It’s crucial to recognize that with the right tools, such as Yogic Counseling and Kootaneeti, this journey can be navigated with strength and clarity, ensuring the mental well-being of the leader and, by extension, the health of the organization. Title: Importance of Detachment in Leadership 1. Trust and Betrayal: A Thin Line It’s an age-old Vedic adage: “It is not betrayal, but our misplaced trust, that hurts us.” We trust, expecting unwavering loyalty. And when that trust is broken, the pain feels unbearable. But is it the act of betrayal that causes the anguish or our own misplaced trust? Trust is a beautiful thing, but like all things, it requires discernment. 2. Expectations vs Reality When we expect love and receive hatred, the disparity can be jarring. As Rishis declared “It is not others’ hatred, but our contrary expectations, that causes us pain.” To love without expectations is to love freely, and in doing so, we free ourselves from the shackles of pain. 3. Preparedness Over Conspiracies The world is full of conspiracies. Yet, say the Rishis “It is not others’ conspiracies, but our inability to remain prepared, that causes irreparable damages.” Life will always have its unpredictable moments, and our power lies in our preparedness to face them head-on. 4. The Mirror of Strength and Weakness The battlefield isn’t just external; it is internal. “It is not our enemy’s strength, but our own weakness, that causes us great defeat.” To recognize, accept, and work on our vulnerabilities is a show of true strength. 5. The Art of Handling Loss Loss, in any form, is a part of life. “It is not loss, but our inability to handle it, which causes great stress.” Embracing impermanence is the key to understanding and handling loss. 6. Economic Conditions vs. Mental Conditioning While global financial trends affect us, “It is not economic conditions, but our own mental conditioning that leads to financial hardships.” A robust mindset, combined with adaptability, is the cornerstone of financial wellbeing. Through these lenses, the solution becomes clear: Detachment. Yet, detachment shouldn’t be confused with indifference or lack of emotion. True detachment is a profound state of inner peace, coexisting harmoniously with love. As Krishna declared to Arjuna in Vyasa’s Mahabharata “Detachment without love is a ruse.” Detachment equips us with the clarity to navigate life without being swayed by its highs and lows. It allows us to remain in a state of internal bliss, irrespective of external circumstances. As beautifully put, “We cannot change what’s happening outside; but we can certainly change our emotional and physical responses.” The vast oceans of life come with their strong winds and tumultuous waves. While we might not have control over the winds, we do have control over our sails. By adjusting our sails – our perspectives, reactions, and expectations – we not only navigate through the storms but also enjoy the journey, ensuring that we reach our desired destination. In the grand voyage of life, detachment isn’t about withdrawing; it’s about sailing forward with wisdom. Title: : The Futility of Management Jargon: Why It Rarely Works, Yet Managers Persist In the realm of business management, jargon has become a pervasive part of the professional lexicon. Buzzwords, acronyms, and complex terminology abound, often masquerading as the key to effective communication and leadership. However, despite their widespread usage, management jargon seldom achieves its intended purpose. This article explores the reasons behind the futility of management jargon while shedding light on why managers continue to employ it despite its limitations. The Seduction of Management Jargon The allure of management jargon lies in its ability to create an illusion of expertise and professionalism. Managers are often drawn to these linguistic shortcuts as they seem to offer a means of communicating complex ideas quickly, establishing credibility, and fitting into the business environment. The use of jargon can create an air of exclusivity, making managers feel like they are part of an elite group that possesses specialized knowledge and insider language. Consequently, they adopt and perpetuate these terms as a means of signalling their competence and conforming to prevailing managerial norms. The Pitfalls of Management Jargon Lack of clarity: Management jargon is notorious for its ambiguity and lack of clarity. Buzzwords and catchphrases often obscure the intended meaning, leading to misinterpretation and confusion among team members. When communication becomes convoluted, it hampers collaboration, diminishes productivity, and breeds misunderstandings that can result in costly mistakes. Barriers to effective communication: The primary purpose of language is to convey ideas and facilitate understanding. However, management jargon often acts as a barrier to effective communication, excluding individuals who are not familiar with the terminology. This can alienate team members, inhibit meaningful engagement, and impede the flow of information across departments and hierarchies. Disconnect with reality: Management jargon tends to detach leaders from the realities of the workplace. By relying on abstract terms and conceptual frameworks, managers may lose touch with the practical challenges and concerns of their teams. This disconnect can erode trust, hinder problem-solving, and create a divide between managers and those they lead. Lack of authenticity: Jargon-laden communication can give rise to a sense of artificiality and insincerity. When managers rely too heavily on buzzwords and corporate-speak, it becomes challenging to discern their genuine intentions or emotions. This can undermine trust and make it difficult for teams to connect with their leaders on a meaningful level. Ineffectiveness in driving change: While management jargon may be used to inspire and rally teams around new initiatives or change efforts, it often falls short of creating real impact. Buzzwords and slogans alone do not drive meaningful change. Genuine transformation requires clear communication, well-defined goals, and tangible action plans that resonate with employees at all levels. Why Managers Persist with Jargon Despite the inherent drawbacks, managers continue to employ jargon for various reasons: Cultural conformity: The use of management jargon has become deeply ingrained in organizational culture. Managers may feel compelled to use it to fit in, demonstrate their knowledge, or conform to the expectations of their peers and superiors. Professional identity and status: Managers may associate the use of jargon with professionalism and status. By adopting these terms, they seek to project an image of competence and expertise in their field. Ease and convenience: Management jargon offers a convenient shorthand for conveying complex ideas. It may seem expedient to rely on well-worn phrases rather than taking the time to articulate thoughts clearly and concisely. Fear of being perceived as inadequate: Managers may fear that eschewing jargon could make them appear less knowledgeable or capable in the eyes of their colleagues or subordinates. Using jargon can provide a sense of security and reinforce their position as authoritative figures. Conclusion Management jargon, despite its widespread usage, often proves ineffective in achieving its intended purpose of clear communication and leadership. The barriers it creates, the lack of authenticity it fosters, and it’s disconnect from reality undermine its value in the workplace. To overcome these challenges, managers should prioritize clarity, authenticity, and genuine engagement with their teams. By embracing plain language and fostering open communication, managers can build stronger relationships, foster collaboration, and lead more effectively in a jargon-free environment.  Global Management: Trends and Challenges Trends Business trends today are largely driven by technology. However, as we develop a better understanding of a technology - artificial intelligence (AI) being the obvious example - we also understand what it isn't. In 2024, this will lead to new perspectives on what makes us human. Generative AI Everywhere The Boston Consulting Group asserts that “to be an industry leader in five years, you need a clear and compelling generative AI strategy today.” AI and machine learning have been making waves for more than a decade, and are thoroughly integrated into many of the products and services we buy from major companies. Now, generative AI puts the power to create and intelligently automate the customer experience - as well as internal operations - in the hands of nearly every organization. Soft Skills and The Human Touch As it becomes increasingly feasible to automate technical aspects of work - coding, research, or data management, for example - the ability to leverage soft skills for tasks that still require a human touch becomes critical. For this reason, in 2024, we will see organizations increasing their investment in developing and nurturing skills and attributes such as emotional intelligence, communication, interpersonal problem solving, high-level strategy, and thought leadership. The Skills Solution We’ve been hearing about the skills shortage for several years now. Changes in hiring practices that emphasize selecting candidates with the specific experiences and skills needed for a role, rather than qualities such as educational attainment or age, are a part of the industry's response and will continue to be a strong trend. We will also continue to see increased investment in training and upskilling, particularly around disruptive technologies such as generative AI and skills that will be in demand in an AI-driven economy. Sustainable Business One driver is clearly customer demand, as research continues to show that consumers increasingly prefer companies with a solid commitment to reducing their environmental footprint. On the other hand, as the green economy grows, we're learning that green solutions often lead to bottom-line growth. For example, Walmart dramatically reduced its spending on fuel and vehicle maintenance by transitioning to an EV delivery fleet. We'll also get better at spotting greenwashing, where companies pay lip service to environmentalism in an attempt to divert attention from environmentally unfriendly practices. Personalization-at-Scale One driver is clearly customer demand, as research continues to show that consumers increasingly prefer companies with a solid commitment to reducing their environmental footprint. On the other hand, as the green economy grows, we're learning that green solutions often lead to bottom-line growth. For example, L’Oréal has developed personalized cosmetics to match customers' skin types, and Nike and other manufacturers offer custom shoes in thousands of combinations of styles and colours. This will lead to companies of all sizes offering customized solutions to build stronger relationships with customers. The Data Economy Data is an increasingly valuable business asset. By 2024, more companies will have streamlined their operations and improved their customer offerings by taking a strategic approach to their data. As a result, they will be ready to take the next step - monetizing data itself to drive new business opportunities. Leading the way are companies like John Deere, which has pioneered the model of selling data from its sensor-laden farm equipment back to farmers as insights to improve productivity. As access to large-scale data collection and AI- driven analytics becomes increasingly democratized, we'll see this trend adopted by smaller companies in niche and diversified sectors. The Customer Experience Revolution Imagine a line on a graph that rates your customers' sentiment at every touchpoint where they interact with your company, goods, or services. This illustrates the concept of customer experience. While traditionally a company might build a business model around superior quality or value, in 2024 the impetus is to ensure that every single interaction and experience makes the customer smile. This means personalized marketing that delivers what they need at the right time, on-time delivery, frictionless setup and installation, and efficient problem resolution. It's becoming increasingly common for companies and brands to appoint a Chief Experience Officer to ensure these principles are fully integrated into all business strategies. Remote and distributed work It's no longer about companies surviving the pandemic, it's about offering flexible arrangements, valuing employees' time and harnessing the potential of a global workforce. Yes, workers returning to the office has been a theme of the past 12 months. But employers are also ensuring that they retain the ability to work with geographically dispersed teams and attract talent from anywhere in the world. For these reasons, we'll see the number of job postings with "remote" or "hybrid" locations remain well above pre-Covid levels throughout 2024. Diversity and Inclusivity Talent comes in all ages, shapes, sizes and colours. Unconscious racist, sexist or ageist bias can easily seep into systems around hiring, training, performance management or development, resulting in talent being marginalized, mismanaged or overlooked. There has always been a business case for ensuring diverse and inclusive workforces, but in the age of AI, as we increasingly rely on machines to make decisions that impact humans, it's more important than ever. Resilience. Ensuring an organization is protected from whatever threat is around the corner. That could mean cyber-attacks, economic downturns, environmental events, war, global pandemics, or the emergence of a disruptive new competitor. It's about taking what we've learned from companies that have survived and even thrived in turbulent times and using it to plan and prepare for what might happen tomorrow. Despite my crystal ball, the future is never certain, and building resilience to any threats that might emerge will be a key business trend in 2024.  Challenges 1. Globalization Far more than in the past, today’s enterprises are global, with offices and production facilities all over the world. Corporations such as Starbucks and Adidas transcend national borders. A key reason for this change is the strong demand coming from consumers and businesses overseas. Companies that want to grow often need to tap international markets where incomes are rising and demand is increasing. Globalization also occurs via cross-border partnership. Netflix created partnership agreements with cable and cell phone operators across the globe and expanded its reach to every country except China, Crimea, North Korea, and Syria.51 Not only does Netflix offer local subscribers access to its massive database of movies, documentaries, and TV shows, but it also provided funding to local producers to create new content for global consumption. 2. Technological change The Internet’s impact on globalization is only one of the ways that technology is vitally important in the ever-changing business world. Technology both complicates things and creates new opportunities. The challenges come from the rapid rate at which communication, transportation, information, and other technologies change.65 Until recently, for example, desktop computers were a reliable source of income, not only for computer makers but also for the companies that make keyboards and a whole host of accessories like wrist rests and computer desks. But after just a couple of decades of widespread PC use, customers switched to laptops, tablets, and even smartphones for their computing needs, requiring different accessories and using them in different ways. Any company that still makes desktops has to rethink its customers’ wants and needs, not to mention the possibility that these customers may be doing their work at the airport or a local coffee shop rather than in an office. 3. The importance of knowledge and ideas Companies and managers need new, innovative ideas. Because companies in advanced economies have become so efficient at producing physical goods, most workers have been freed up to provide services like training, entertainment, research, and advertising. Efficient factories with fewer workers produce the cereals and cell phones the market demands; meanwhile, more and more workers create software and invent new products. These workers, whose primary contributions are ideas and problem-solving expertise, are often referred to as knowledge workers. 4. Collaboration across organizational boundaries One of the most important processes of knowledge management is to ensure that people in different parts of the organization collaborate effectively. This requires communication among departments, divisions, or other subunits of the organization. Toyota keeps its product development process efficient by bringing together design engineers and manufacturing employees from the beginning. Often, manufacturing employees can see ways to simplify a design so that it is easier to make without defects or unnecessary costs. Toyota expects its employees to listen to input from all areas of the organization, making this type of collaboration a natural part of the organization’s culture. The collaboration is supported with product development software, including an online database that provides a central, easily accessible source of information about designs and processes. Along with this information, employees use the software to share their knowledge— best practices they have developed for design and manufacturing. 5. Increasingly diverse labour force The labour force is becoming more and more diverse. This means that it is likely that your coworkers, customers, suppliers, and other stakeholders will differ from you in race, ethnicity, age, gender, physical characteristics, or sexual orientation. To be an effective manager, you’ll need to understand, relate to, and work productively with these individuals. The increase in gender, racial, age, and ethnic diversity in the workplace will accentuate the many differences in employees’ values, attitudes toward work, and norms of behaviour. In addition to leveraging the strengths of diverse employees, effective managers need to find ways to connect with diverse customers, suppliers, and government officials References: Books 1. Principles and Practice of Management (10e) – TN Chhabra 2. Management (15e) 2021 – Bateman, Konopaske – McGraw Hill 3. Corporate Chanakya – Radhakrishnan Pillai Links 1. https://corporatefinanceinstitute.com/resources/management/mckinsey-7s-model/ 2. https://www.forbes.com/sites/joemckendrick/2022/02/25/managing-by-walking-around--- digitally/?sh=2d4cca252c2a 3. https://www.vedic-management.com/achieving-organizational-well-being-through-mental- resilience/ 4. https://www.vedic-management.com/importance-of-detachment-in-leadership/ 5. https://www.vedic-management.com/the-futility-of-management-jargon-why-it-rarely-works-yet- managers-persist/ 6. https://www.forbes.com/sites/bernardmarr/2023/09/25/the-10-biggest-business-trends-for-2024- everyone-must-be-ready-for-now/?sh=63c7c90159ab