In: Economics
What are the functions of management? How have you seen the functions used well or not used well by your managers? Explain.
Managers set organizational goals in the planning stage, and create a course of action to achieve them. Management takes strategic decisions to set a direction for the organization during the planning phase. Managers will brainstorm various options before selecting the best course of action to attain the objective. Managers typically conduct an in-depth analysis of the current state of affairs of the organization during planning, taking into account its vision and mission, and assessing what resources are available to meet organizational goals.
Organizing aim is to assign resources and delegate responsibilities to staff in order to achieve the objectives set in the planning process. Managers may need to work with other departments within the organization to organize the budget and staffing, such as finance and human resources. Managers aim to create a working atmosphere conducive to profitability during the organizing stage. Typically, managers take into account the motivation and aptitude of employees to match employees with roles and tasks best suited to their abilities.
Leading is about inspiring workers to accomplish organizational objectives and shaping their behaviour. Leading focuses on managing people rather than on tasks, such as individual employees , teams and groups. While managers may direct team members by giving orders and guiding their team, managers who are good leaders typically communicate with their employees using interpersonal skills to promote, empower and motivate team members to perform to the best of their abilities.
Controlling is the process of evaluating the plan's execution and making adjustments to ensure it achieves the organizational goal. Managers perform tasks such as preparing workers when required and enforcing deadlines during the control stage. Managers monitor the employees and assess their work quality. They will administer performance reviews and give input to staff, including constructive comments about what they're doing well and recommendations for change. They may also offer high-performing employees incentives for pay raises.
The right skill set empowers managers to identify, face, and overcome various issues that may arise on the job. The first requires exceptional attention to detail. Top managers can see emerging problems before they're apparent to everyone in the business and recognize the source of the problem. Analytical skills in management are also important. You should be aware of what data is most relevant to your industry, how to collect it and what the numbers that result mean. Managers who are able to motivate their employees are true assets for their firm. Not only does this kind of interaction increase productivity and employee satisfaction but it also sets a good example. Hiring managers are looking for leaders who can spot the strengths of their employees and encourage them to develop their skill sets. Best managers have a keen eye for areas that could be improved and know how to approach these issues diplomatically so employees feel encouraged to make productive changes, rather than being discouraged by their weaknesses.