Functions of Management PDF

FUNCTIONS OF MANAGEMENT DR. MOUMITA ACHARYYA MANAGEMENT FUNCTIONS  Planning  determining organizational goals and a means for achieving them  Organizing  deciding where decisions will be made, who will do what jobs and tasks, and who will work for whom in the company MANAG...

FUNCTIONS OF MANAGEMENT DR. MOUMITA ACHARYYA MANAGEMENT FUNCTIONS  Planning  determining organizational goals and a means for achieving them  Organizing  deciding where decisions will be made, who will do what jobs and tasks, and who will work for whom in the company MANAGEMENT FUNCTIONS  Leading  inspiring and motivating workers to work hard to achieve organizational goals  Controlling  monitoring progress toward goal achievement and taking corrective action when progress isn’t being made THE UNIVERSALISM OFAcross MANAGEMENT Organizations of Different Size and Types Business Governmental Educational Social Health Care Agencies Institutions Services Delivery Across Organizational Levels Across Functional Areas Top Management Middle Production Marketing Finance Personnel Management Lower Management 1–7 COMPASSION STRATEGY – AS A CATALYST FOR CHANGE  https://www.ted.com/talks/chade_meng_tan_everyday_compassion_at_google?language=en INSIGHTS  Compassion is the happiest state ever, compassion is not a chore but fun  Compassion is organic and wide spread  Supporting small initiatives to ig goals, bottom up approach  Compassion to csr structure  3 compoenents: affective, cognitive, motivational (humility, ambition)  Compassion is key to level 5 leaders  Compassion creates inspirational workforce (collaboration, initiative, and creativity)  3 ingredients: create a culture of better good, autonomy, inner development & personal growth).  Ei: search inside yourself: attention training (create quality of mind), developing self knowledge and self mastery (cognitive and knowledge), create new mental habits…..trust, good working relationship. WHAT DO MANAGERS DO?  Describe different kinds of managers.  Explain the major roles and sub-roles that managers perform in their jobs  Is it exciting to be managers? What is exciting and what is challenging? RELEVANCE OF MANAGERIAL/MIDDLE MANAGEMENT POSITION Do you believe any or all of the following statements? Does your boss, or your boss’s boss? The only way someone at a company can truly advance is to be promoted out of their current role. The importance of someone’s job can be measured by how many people are underneath their box on the org chart. The more senior the role, the more the person in it should be paid and rewarded. Outstanding individual contributors should be rewarded with management roles. Anyone who stays in a middle-management role for a long time must not be very good.  Can you reject any of those ideas consciously? They are stubborn relics of an era when workplaces essentially stayed the same for years at a time and when a hierarchical management model helped ensure productivity. But the way we work is changing so rapidly that these outmoded assumptions are now doing serious damage. They are forcing people into roles that they aren’t good at and don’t enjoy. Cumulatively, they create an effect that can send an organization into a downward spiral.  REASONS FOR THESE FALSE BELIEFS Senior leadership feels a magnetic pull to promote top middle managers into positions where they no longer do what they love: coach and connect people. Senior leaders persist in promoting their best individual contributors, without considering their fitness for a people leadership role. Middle managers who do stay in their jobs find themselves pinioned by administrative tasks and stymied by leaders who won’t empower them to make changes. Unfortunately, the word “middle” implies that the person in that spot is on the way to somewhere else—ideally, the top. WHAT CAN BE THE SOLUTION TO REWARD PEOPLE EFFECTIVELY SO AS TO ENSURE COMMITMENT? HUMAN CAPITAL THEORY  Let us think about what makes a candidate succeed or fail at a new firm. Is high performance at one firm guarantee of high performance at another firm?  Are the skills you learn in one job portable to another job?  Human capital can be organized into two types:  General management human capital  Specific human capital  Strategic human capital  Industry human capital  Relationship human capital  Company specific human capital  STRATEGIES TO REWARD EMPLOYEES EFFECTIVELY Salary and bonuses. This seems obvious, but it’s really not. It’s ingrained in corporate culture to pay officers, VPs, and other senior leaders more than middle managers. But why? When appropriate, pay the best middle managers even more than your senior leaders to show how much you value them. If you hear complaints from the executives, make up the difference in equity. Compensation should be commensurate with the value a role creates. Stock and stock options. Speaking of equity, we’ve been surprised to hear how little equity most middle managers receive. Often, it’s zero or a pittance. Let your hardworking managers share in the equity pot, or you might just see them leave for a start-up that showers them with options. Yes, those start-up options need to vest, and they might end up being worthless, but they send an important message: if you help our company succeed, you will be mightily rewarded for it. A bigger sphere. Expand the scope or scale of what someone manages without changing the essentials of the job. School districts sometimes do this with their principals, who are—when you think about it—the quintessential middle managers. Rather than promoting them into superintendent roles, which removes them from the teacher–student action, enlightened school districts will place them in much bigger schools instead. In the retail sector, a company might move an excellent manager from a smaller store to a superstore or give them hiring, training, and coaching duties at several additional stores. Title changes. In the case of a store manager, a person’s title might change from junior manager to senior manager to executive manager as their sphere of influence grows. But these title changes can’t be no-cost empty words. A new title can come with measurable rewards and increased responsibility while still keeping the job’s focus at the center of the action. Challenging assignments. Every great manager we’ve met always has ideas about how to make things better. Ask your best ones what they would do if they were in charge. Then, if they’re willing, put them in charge of their great idea. Flexible working arrangements. Just as middle managers can make every effort to accommodate the needs and preferences of their reports, so can managers receive that same consideration from their bosses. BASIC CONCEPTS  Managers: ‘A person who is in charge of others and is responsible for the timely and correct execution of actions that promote his or her unit’s success.  Line employee: “Employees involved directly in producing companies’ goods and delivering the services”.  Staff employee: “An employee who supports line employee”. TOP MANAGERS  CEO, COO, CFO, CIO  Responsible for overall direction of the organization  Responsible for creating a context for change  Develop employees’ commitment to and ownership of company performance  Create a positive organizational culture through language and action  Responsible for monitoring the business environment MIDDLE MANAGERS  Plant manager, regional manager, divisional manager  Set objectives consistent with top management’s goals  Implement subunit strategies for achieving objectives  Plan and allocate resources to meet objectives  Coordinate and link groups, departments, and divisions  Monitor and manage subunits and individual managers FIRST-LINE MANAGERS  Office manager, shift supervisor, department manager  Train and supervise the performance of nonmanagerial employees  Teach entry-level employees how to do their jobs  Encourage, monitor, and reward employees’ performance  Make detailed schedules and operating plans TEAM LEADERS  Facilitate team activities toward accomplishing a goal  Help team members plan and schedule work, learn to solve problems, and work effectively with each other  Manage internal and external relationships “THE ONLY WAY TO LEARN HOW TO MANAGE IS TO MANAGE” EXPLAIN. MICROMANAGING  Do you believe in micromanaging?  One of the worst things you can do as a manager is micromanage-making every decision, watching over every employee, being involved in every single facet of the business.  Experts suggest that managers who try to control everything show an unwillingness to trust employees and that this attitude will eventually make subordinates complacent and less creative.  Instead of trying to solve every issue, managers should focus on giving employees goals and delegating them to work out the details necessary to meet those goals. WHAT DOES IT TAKE TO BE A MANAGER?  Explain what companies look for in managers  Discuss the top mistakes that managers make in their jobs  Describe the transition that employees go through when they are promoted to management  THE MANAGEMENT PROCESS UNDER PRESSURE When you are up to your elbows in alligators, it’s hard to remember that your objective was to drain the swamp. 1–26 WHAT COMPANIES LOOK FOR  Technical skills  specialized procedures, techniques, and knowledge required to get the job done  Human skills  ability to work well with others  Conceptual skills  ability to see the organization as a whole, to recognize how the company fits into its external environment  Motivation to manage  an assessment of how motivated employees are to interact with superiors, participate in competitive situations, behave assertively with others, tell others what to do, reward good behavior, punish poor behavior, perform actions that are highly visible to others, and handle and organize administrative tasks MANAGEMENT SKILLS © 2016 Cengage Learning India Pvt. Ltd. All rights reserved. MISTAKES MANAGERS MAKE 1. Insensitive to others: abrasive, intimidating, bullying style 2. Cold, aloof, arrogant 3. Betray trust 4. Overly ambitious: thinking of next job, playing politics 5. Specific performance problems with the business 6. Overmanaging: unable to delegate or build a team 7. Unable to staff effectively 8. Unable to think strategically 9. Unable to adapt to boss with different style 10. Overdependent on advocate or mentor THE TRANSITION TO MANAGEMENT: THE FIRST YEAR  Initially, managers believed their job was to exercise formal authority and manage tasks After 6 months…  Managers were surprised by pace and workload  Realized subordinates wanted help solving problems they couldn’t solve After 1 year…  Realized that people management is most important STAGES IN THE TRANSITION TO MANAGEMENT MINTZBERG’S MANAGERIAL ROLES https://www.youtube.com/watch?v=3gI quZu1rjQ INTERPERSONAL ROLES  Figurehead  managers perform ceremonial duties  Leader  managers motivate and encourage workers to accomplish organizational objectives  Liaison  managers deal with people outside their units INFORMATIONAL ROLES  Monitor  managers scan their environment for information and receive unsolicited information  Disseminator  managers share information with subordinates and others in the company  Spokesperson  managers share information with people outside of the company DECISIONAL ROLES  Entrepreneur  managers adapt themselves, their subordinates, and their units to change  Disturbance handler  managers respond to problems so severe that they demand immediate action  Resource allocator  managers decide who will get what resources and in what amounts  Negotiator  managers negotiate schedules, projects, goals, outcomes, resources, and employee raises