Module 10 - Management and Leadership - Student PDF

Module 10: Management and Leadership  A focus on management and leadership as skills 2 2 Image source: https://phungthanhcuon...

Module 10: Management and Leadership  A focus on management and leadership as skills 2 2 Image source: https://phungthanhcuong.wordpress.com/2013/06/01/manager-vs-leader/ Topics for discussion 1. In business, why is it helpful to focus on management and leadership as skills rather than as roles or titles? 2. Why has the role of a manager evolved from one of “directing” to one of “leading”? 3. What are the four functions of management and what are the critical activities of a manager within each of these four functions? 4. What do you consider to be the top 3 skills of a manager and why do you consider these skills to be important? 3 3 Module 10: Management and Leadership Past, present and future Managers’ roles are evolving Manager - definition - Charged with responsibility for organizing and managing a group of resources (human, natural, and/or financial) to achieve desired results - Accountable for their own work AND the work of others - Authority to - Make decisions regarding use of resources - Direct the activities of others 5 5 Managers’ roles are evolving “People leave managers and supervisors more often than they leave companies or jobs.” Source: https://www.thebalance.com/the-bottom-line-for-employee-retention-1919037 6 6 Managers’ roles are evolving “Great bosses know that the most important thing they do is help employees succeed.” - Jill Giesler, Work Happy, What Great Bosses Know 7 7  Managers’ roles are evolving From “directing” to “leading” Change influenced by: – mobility – complexity of work has increased – organizations are global – change is necessary (i.e. innovation) Result is: – knowledge has to be shared – teamwork – manage from a distance – adaptability Image source: VLADGRIN/iStock/Thinkstock 8 8  In the corporate world Deloitte's Global Human Capital Trends ge source: https://www2.deloitte.com/us/en/insights/focus/human-capital-trends.html#introduction 9  Human Sustainability 10 ource: https://www2.deloitte.com/content/dam/insights/articles/glob176836_global-human-capital-trends-2024/DI_Global-Human-Capital-Trends-2  Test your knowledge Which of the following statements comparing today's workers with those from earlier eras is most accurate? Compared to earlier workers, today's employees are: A. more loyal to the firm. B. less educated and less self-directed.  C. more willing to leave the firm to seek better opportunities. D. more likely to need direct guidance and direction from their managers. 11 11 Module 10: Management and Leadership Four functions of management  The four functions of management Management Process used to accomplish organizational goals through: lannin g rganizing Functions of Managemen eading t ontrolling Image source: Block Letters: Andrej Ivosev/iStock/Thinkstock; Chart: theseamuss/iStock/Thinkstock 13 13  The four functions of management Figure: Figure 8.1, Understanding Canadian Business, 9th Cdn ed. © 2016 McGraw-Hill Education Limited 14 14  Test your knowledge Amanda, a regional manager for Flairol Cosmetics, has just seen a report showing that sales in her region are lower than anticipated so far this quarter. Her next task is to determine the reason for the disappointing results and find a way to get sales up to their desired level. Amanda's efforts are part of the ____________ function of management.  A. controlling B. leading C. organizing D. planning 15 15 Module 10: Management and Leadership The four functions of management - planning  Planning lannin g Anticipating trends and determining the best approaches to achieve organizational objectives – Will inform how you organize, lead, and control Image source: Block Letter: Andrej Ivosev/iStock/Thinkstock; Icon: theseamuss/iStock/Thinkstock 17 17  Planning Includes Developing a strategy – vision, values, and mission statements Identifying and assessing gaps – where organization is now and where it wants to be Developing goals and objectives age source Management Matters/Morley Katz 18 18  Planning Vision: why the organization exists and where it’s trying to – Long-term objective head – Provides a sense of purpose/inspiration – Unites stakeholders in a common destiny Image source: kraphix/iStock/Thinkstock; D2L Corporation 19 19  Planning Values: a set of fundamental beliefs that guide a business in the decisions they make – Core principles – Guide day-to-day decisions – Considers various stakeholders Image source: kraphix/iStock/Thinkstock; D2L Corporation 20 20  Planning Mission statement:an outline of the organization’s fundamental purpose – What – For whom – How mage source: Walt Disney Company 21 21 Planning Examples: Southwest Airlines http://investors.southwest.com/our-company/p urpose-vision-values-and-mission Coca cola http://www.coca-colacompany.com/our-compan y/mission-vision-values 22 22  Planning Planning answers these fundamental questions: What is the situation now? How does this compare to where we want to be (gap identification)? How can we get there from here? Image source: denis_pc/iStock/Thinkstock 23 23  Planning SWOT analysis Internal assessment: Strengths and Weaknesses – Organizational resources External assessment: Opportunities and Threats – Business environment Image source: kraphix/iStock/Thinkstock 24 24 Planning SWOT analysis Conducting an external assessment – PESTLE – Porter’s Five Forces Political 1. Industry rivalry (Current Economic competitors) Social 2. Threat of new Entrants Technological (Potential competitors) Legal 3. Threat of substitutes (products) Environmental 4. Bargaining power of Suppliers 5. Bargaining power of Buyers (customers) 25 25  Planning SWOT analysis Figure: Figure 8.3, Understanding Canadian Business, 9th Cdn ed. © 2016 McGraw-Hill Education Limited 26 26  Planning Goals: Objectives: what a business how to achieve wants to achieve the goals (long term) (short term) SMART Goals Image source: Icons: Nongkran_ch/iStock/Thinkstock; Banners: University of Waterloo 27  Planning Figure: Figure 8.4, Understanding Canadian Business, 9th Cdn ed. © 2016 McGraw-Hill Education Limited 28 28 Module 10: Management and Leadership The four functions of management - organizing  Organizing rganizing Organizational design and structure – allocating resources People and resources working cohesively to achieve organizational goals and objectives urce: Block Letter: Andrej Ivosev/iStock/Thinkstock; Image: Management Matters/Morley Katz 30 30  Organizing Organizational design e source: Jay R. Galbraith, http://www.jaygalbraith.com/services/star-model 31 31 Organizing Structure – Power and authority – Type and number of job specialties, number of departments, people in each department, centralized or decentralized Processes – Work and information flow – Vertical and horizontal People – Skills and knowledge – Ensuring organization has the required talent to implement strategy Rewards – Motivation – Reinforcing desired behaviours 32 32  Organizing Develop a framework that aligns structure, processes, people and rewards to achieve objectives/goal s Image source: Askold Romanov/iStock/Thinkstock 33 33  Organizing Organizational chart Image source: 8.6, Understanding Canadian Business, 11th Cdn ed. © 2022 McGraw-Hill Education Limited 34 34  Organizing i.e., long-term view strategic planning conceptual (consider the Chief Innovation Officer) focus on resources needed i.e., tactical planning i.e., assign tasks to workers operational technical planning Figure: Figure 8.6, Understanding Canadian Business, 9th Cdn ed. © 2016 McGraw-Hill Education Limited 35 35  Organizing Developing talent Required management skills – Technical – Human relations – Conceptual Image source: Wonderfulpixel/iStock/Thinkstock 36  Organizing Required management skills Figure: Figure 8.7, Understanding Canadian Business, 9th Cdn ed. © 2016 McGraw-Hill Education Limited 37 37  Test your knowledge Top managers make less use of _________ skills than supervisory managers.  A. technical B. conceptual C. human relations D. all types of management 38 38 Module 10: Management and Leadership The four functions of management - leading  Leading eading Communicating a vision for the organization Guiding, training, coaching, and motivating others to achieve organizational goal and objectives Image source: Block Letter: Andrej Ivosev/iStock/Thinkstock; Icon: theseamuss/iStock/Thinkstock 40 40 Leading Leading skills: guiding people towards a common purpose influence (not authority) others (not just direct reports) maximizing the efforts of others motivation and engagement 41 41  Leading Management skills Leadership skills - strive to produce order and - embrace and manage stability change - keep the ship running - propel the ship forward smoothly - growth source- https://phungthanhcuong.wordpress.com/2013/06/01/manager-vs-leader execution : 42 42  Leading Taking a closer look at motivation Maslow’s Hierarchy of Needs Figure: Figure 11.2, Understanding Canadian Business, 9th Cdn ed. © 2016 McGraw-Hill Education Limited 43 43  Leading No leadership approach can be applied to all situations Leadership styles: 1. Autocratic 2. Participative (democratic) 3. Free-rein (laissez-faire) Figure: Figure 8.8, Understanding Canadian Business, 11th Cdn ed. © 2022 McGraw-Hill Education Limited 44 44  Leading Leadership styles Autocratic: Participative Free-rein (democratic): (laissez- making working together faire): managers set decisions to make objectives, without decisions employees are consulting free to do what others it takes to meet those objectives Image source: vasabii/iStock/Thinkstock; Rawpixel Ltd/iStock/Thinkstock; 45 45 chatchaisurakram/iStock/Thinkstock  Leading Knowledge management: collecting the right information, making it readily accessible, and making it known to everyone in the firm – Leadership development – Succession planning Image source: designaart/iStock/Thinkstock 46 46  Test your knowledge Which of the following statements about effective leadership is the most accurate? A. Most effective leaders share certain specific traits.  B. The most effective leadership style depends on who is being led and in what situation. C. The democratic style of leadership will almost always improve the effectiveness of the organization. D. One trait of effective managers is that they consistently maintain the same style of leadership. 47 47 Module 10: Management and Leadership The four functions of management - controlling  Controlling ontrolling Establishing clear standards to measure progress – Providing feedback – Taking corrective action Image source: Block Letter: Andrej Ivosev/iStock/Thinkstock; Icon: theseamuss/iStock/Thinkstock 49 49  Controlling Figure: Figure 8.9, Understanding Canadian Business, 9th Cdn ed. © 2016 McGraw-Hill Education Limited 50 50  Controlling Balanced scorecard Image source: EmilieGerard/iStock/Thinkstock 51 51  Test your knowledge Nick started his own restaurant supply company three years ago. Until recently, he has never really concerned himself with establishing a formal control system. Now, however, he has experienced some financial problems and is concerned that his company may not be operating as efficiently as it should. He has decided that a formal control system is needed. The first step Nick should take to set up a control system is to: A. draw up a formal organization chart. B. talk to his banker to set financial goals.  C. devise a set of clear performance standards. D. design an accident report form so that he can keep accurate records of all accidents that occur. 52 52 For next class A S T u r L i c s O l e ! E t h d u : Mo ule 11 d M o S o c i a l ty n d i b i li a o n s ter 5 p Res ead Cha p R 53 53 Reminders e & u r s r C o c t o s t r u n s o. I n a t o i aterlo a lu ns.uw Ev rceptio s:/ /pe ht t p c a/ no y o u to e ak 0 min s d t h o ul a n 1 is S h o o re t te and pful t m p le h el a nd m co eme ly t s r d e n ext re stu u fut elf. s my 54 54