Management - PDF

CH 1 Talent: -​ Companies have found ways to get extraordinary results not just by being great themselves but also by getting the best out of all of their people. ​ People represent intellectual capital; combined brain power and shared knowledge of an organization's employees...

CH 1 Talent: -​ Companies have found ways to get extraordinary results not just by being great themselves but also by getting the best out of all of their people. ​ People represent intellectual capital; combined brain power and shared knowledge of an organization's employees. ○​ It is a strategic asset that can be used to transform human creativity, insight, and decision-making into performance. ○​ Also a personal asset that can be nurtured and updated. ○​ Package of intellect and skills that set us apart. Intellectual capital equation: Intellectual capital= competency x commitment. ​ Competence= you personal talents or job-related capabilities ​ commitment= how hard you work to apply your talents and capabilities to important tasks. ​ Workplaces today are dominated by knowledge workers; whose minds, creativity, and insight, are critical assets. ​ Hamel: creative economy- he says even knowledge itself is becoming a commodity. TECHNOLOGY ​ We are currently in the fourth industrial age ○​ Where the cloud, internet, automation, robotics and AI are the driving forces of change. ​ In order to succeed in the fourth industrial age, we need a high Tech IQ= the ability to use current technologies at work and in your personal life. GLOBALIZATION ​ = worldwide interdependence of resource flows, product markets, and business competition. ​ A consequence of globalization= job migration; the shift of manufacturing and jobs back home from overseas. ETHICS: ​ = A code of moral principles that sets standards for conduct that is “good” and “right”, as well as bad and wrong. ​ ○​ We depend on people to act in ethical ways. ​ Two indicators of ethics in organizations 1.​ Emphasis given to social responsibility and sustainability practices 2.​ Strength of corporate governance; the active oversight of management decisions and performance by a company's board of directors. DIVERSITY: ​ Workforce diversity :the compositions of a workforce based on gender, age, race, ethnicity, religion, sexual orientation, and able-bodiedness.  ​ Diversity bias is set by prejudice: the display of negative, irrational, opinions and attitudes regarding members of diverse populations. ​ Prejudice then becomes active Discrimination= when some members of groups are unfairly treated and denied the full benefits of organizational membership. ○​ A manager inventing reasons not to interview a visible minority job candidate. ​ Glass ceiling effect: a subtle form of discrimination- an invisible barrier or ceiling that prevents women and minorities from rising to top jobs. CAREERS AND CONNECTIONS ​ Handy: shamrock= a term used to highlight the challenges of developing skill portfolios that fit the new workplace. ○​ First leaf in shamrock= core group of permanent, full-time employees who follow standard career paths.- this number is shrinking ○​ Second leaf= freelancers and independent contractors who offer specialized skills and talents on a contract basis, then change employers when projects are completed. ○​ Third leaf= also replace full time employees: part-timers, who ften work without benefits and are the first to lose their job if someone has to go. ​ Free-agent economy: one where people change jobs more often and work on flexible contracts with a shifting mix of employers over time. ​ Mastering the skills below enables self-management: being able to assess yourself realistically, recognize strengths and weaknesses, make constructive changes, and manage your personal development. Skills to acquire: 1.​ Mastery: good at something 2.​ Networking: to know people and get connected. 3.​ Entrepreneurship: act as if you're running your own business 4.​ Technology: embrace technology 5.​ Marketing: communicate your successes and progress 6.​ Renewal: to learn and change continuously. Social networking tools: linkedIn, Facebook, Wecaht. 1.2 ORGANIZATIONS organization= a collection of people working together to achieve a common purpose. -​ A social phenomenon that enables people to perform tasks beyond individual accomplishment. What is the purpose of any organization? -​ To provide goods or services of value to customers or clients. All organizations are open systems: -​ A system that transforms resource inputs (people, information, resources, and capital) from the environment into products outputs- finished goods or services. How to assess performance by and within organizations? -​ Productivity- measures the quantity and quality of outputs relative to the cost of inputs. -​ Involves both performance effectiveness and performance efficiency. -​ Effectiveness= is an output measure of task or goal accomplishment.  -​ efficiency= input measure of the resource costs associated with goal accomplishment. CHANGING NATURE OF ORGANIZATIONS: Some trends relevant to the study of management: -​ Focus on valuing human capital: The premium is on high-involvement work settings that rally the knowledge, experience, and commitment of all members. -​ Demise of “command-and-control”: Traditional top-down “do as I say” bosses are giving way to participatory bosses who treat people with respect. -​ Emphasis on teamwork: Organizations are becoming less hierarchical and more driven by teamwork that pools talents for creative problem solving. -​ Pre-eminence of technology: Developments in computer and information technology keep changing the way organizations operate and how people work. -​ Importance of networking: Organizations and their members are networked for intense, real-time communication and coordination. -​ New workforce expectations: The new generation of workers is attentive to performance merit, concerned for work–life balance, less tolerant of hierarchy, and more informal than previous generations. -​ Concern for sustainability: Social values call for more attention to the preservation of natural resources for future generations and understanding how work affects human well-being. 1.3 MANAGERS WHAT IS A MANAGER? -​ People in organizations who directly support, supervise, and help activate the work efforts and performance accomplishments of others. LEVELS OF MANAGERS: ​ At the highest level- Board of directors- members are elected by shareholders to represent their ownership interests. ○​ Responsible for making sure the organization is always being well run and managed in a lawful and ethical manner. ​ Below them are CEO, COO, and CFO, or CDO, and vice president. They are all known as top managers. They are an executive team that reports to the board and is responsible for the performance of an organization as a whole, or a large part of it. ○​ Supposed to set a strategy to lead the organization in a way congruent with its purpose and mission. ○​ Pay attention to external environment and be alert to potential long-run problems and opportunities. ​ Middle managers are next in line, they report to top managers. They are in charge of relatively large departments or divisions with smaller units. Deans in universities. ○​ Working with top managers, coordinating with peers, and supporting lower level team members to develop and pursue action plans. ​ Team Leader- a starting job in management. ○​ In charge of a small group of non-managerial workers. TYPES OF MANAGERS: Line managers: responsible for work that makes a direct contribution to the organization's outputs. -​ Retail manager, the president, etc. Staff managers: use special technical expertise to advise and support the efforts of line workers. Functional managers: responsible for a specific area such as finances, or marketing, human resources, etc. General managers: responsible for activities covering many functional areas. A plant manager who oversees everything. Administrators: a manager in a non-profit organization. MANAGERIAL PERFORMANCE: Accountability= the requirement of one person to answer to a higher authority for performance results in their area of work responsibility. -​ Accountability flows up the ladder. Quality of Work Life -​ The overall quality of human experiences in the workplace When is a manager being effective? -​ They successfully help others achieve both high performance and satisfaction in their work. CHANGING NATURE IN MANAGERIAL WORK Upside-down pyramid concept- views the organization as customers as being at the top served by workers who are supported by managers. 1.4 THE MANAGEMENT PROCESS -​ Consists of 4 processes: 1.​ Planning 2.​ Organizing 3.​ Leading 4.​ Controlling 1.​ Planning: a.​ Process of setting performance objectives and determining what actions should be taken to accomplish them. b.​ This way a manager can identify desired results, goals, and objectives, and ways to achieve them. c.​ IOW: setting performance objectives and deciding how to achieve them. 2.​ Organizing a.​ Once plans are set, they must also be implemented. b.​ This is the process of assigning tasks, allocation of resources, and coordinating the activities of individuals and groups to accomplish plans. c.​ IOW: arranging tasks, people, and other resources to accomplish the work 3.​ Leading a.​ The process of arousing people's enthusiasm and inspiring their efforts to work hard to fulfill plans and accomplish objectives. b.​ IOW: inspiring people to work hard and achieve high performance. i.​ Can be done through a common vision, supporting goals. 4.​ Controlling  a.​ Process of measuring work performance, comparing results with objectives, and taking corrective action as needed. b.​ IOW: measuring performance and taking action to ensure desired results. MANAGERIAL ROLES AND ACTIVITIES: Roles: -​ Mintzberg identified a set of roles commonly filled by managers. -​ Interpersonal roles: revolve around interactions with people inside and outside the work unit. -​ Being a figurehead: Would be modeling key principles and policies -​ Leader:providing direction and instilling enthusiasm. -​ Liaison; coordinating with others. -​ Informational Roles: giving, receiving, and analysing of information -​ They will be a monitor: scanning for information -​ A disseminator: sharing information -​ Spokesperson: acting as official communicator. -​ Decisional roles: using information to make decision to solve problems or address opportunities. -​ Disturbance handler: dealing with problems and conflicts -​ Resource allocator: handling budgets and distributing resources -​ Negotiras: making deal and forging arrangement -​ An entrepreneur: developing new initiatives. \ MANAGERIAL AGENDAS AND NETWORKS -​ AGENDA setting= develop action priorities that include goals and plans spanning long and short time frames. How do good managers implement their agendas? -​ Networking= building and maintaining positive relationships with people whose help may be needed to implement those agendas. -​ Good networking creates Social Capital: the ability to attract support and help from others in order to get things done. 1.5 LEARNING HOW TO MANAGE Learning= changing behaviour through experience -​ Preceded by self-awareness. Life-long learning= the process of continuous learning from all of our daily experiences and opportunities. Learning agility= willingness to grow, to learn, and to have insatiable curiosity. MANAGEMENT SKILLS: skill= the ability to translate knowledge into action that results in desired performance. Katz divides managerial skills into three portions: 1.​ Technical 2.​ Human and interpersonal 3.​ Conceptual 1.​ Technical a.​ Ability to use a specific proficiency or expertise to perform particular tasks that bring value to an employer. i.​ accountant engineers, market researchers, financial planners, 2.​ Human and interpersonal skills. a.​ Skills needed in order to cooperate with other human beings. b.​ Manager with this skill usually has a high emotional intelligence. i.​ Ability to recognize, understand, and manage feelings while interacting with others. 3.​ Critical thinking skills a.​ Ability to think analytically. b.​ The capacity to break problems down into smaller parts, see their relations.