MANAGEMENT & HISTORY
The term Management signifies coordination of self
& people’s efforts, efficiency’s and effectiveness to accomplish Individual
& Organizational goals. In the Corporate world it involves the right mix of
organizing, planning, leading, directing and controlling the day to day
activities to accomplish desired objectives of growth & profitability. It’s also generally assumed as a factor of
production including materials, machines and money that is often supplemented
with innovation and tools of marketing. This resourcing encompasses the
deployment and manipulation of natural, technological, financial resources
along with human resources. The foremost function of management is to satisfy
its numerous stakeholders, in rather simpler terms it refers to making profits
by producing valued products and services for consumers and thus providing work
opportunities for the people. Management or to manage was derived from Managgiare, which in Italian means to handle and Manus in Latin which stands for Hand and the French word Maneger meaning to direct a household. The French
word Mesnagement influenced and was later transformed to English word
Management in the 17th and 18
centuries. Before the industrial revolution, the little management functions
were focused around the owners, But the management split between the daily
operational managers and owners with the growth and complexity of the industry
in terms of output and size. By the end of 19th
century the first few identifiable groups containing remunerated managers began
to emerge and their related scientific theories also gained prominence around
the 1920’s. The renowned Havard Business School in 1921was the first to award initial
degree in Master of Business
Administration (MBA), with writers like
Henri Fayol (1841-1925) laying emphasis on the other correlated segments of
managements and their interrelationship matrixes. In 1946, writer Peter Drucker (1909-2005)
was first to present a book on Applied
Management named ‘Concept of the
Corporation’. By the end of the
twentieth century six segments of Business Management gained prominence namely
as Marketing, Finance, Operations, Human
Resource, Information Technology and Strategic Management. Presently in the
twenty-first century it has become extremely multifarious to subdivide them into
different functioning categories but the precise mix of each function is being
absorbed for accomplishment of Total Quality Management (TQM).
CORPORATE MANAGEMENT
The arduous task of proficiently running a
corporation or organization by overseeing different departments and the
complete business is known as corporate management. It integrates the
diversified functions of different departments into a cohesive unit as a whole
to achieve the defined goals of the company. Decisions involving procedures
& policies of the organization and their implementation through the right
channels are formulated by the Management and they are also liable for them and
making the staff visualize the company’s mission and vision through set
procedures and hierarchy. The channels of corporate management are formed by The Managers, General Managers, Chief
Operating Officer and Chief Executive Officer (COO/CEO) and the Board of Directors but the ultimate Onus lies with the Owners of the Corporation.
MAJOR FUNDAMENTALS OF CORPORATE MANAGEMENT
Some of the major fundamentals of corporate
management are listed below:
- Managing Mid &Large Scale Organizations
- Management structures and Objectives
- Management Styles
- Change Management
- Evaluating Organizational Performance
MANAGEMENT STYLES
Management styles differ as per different characteristic
ways of decision making. It is the overall practice of leadership followed by
the manager to execute his ideas. Business, clients, staff and subordinates are
all affected and influenced by the forms of different management styles.
Organization structure, demand and challenges also influence some companies to
adopt a particular management style.
DIFFERENT MANAGEMENT STYLES
a. Authoritative: Long term directions and vision
are the primary objective of this style of management. Here directions are firm
but fair and guides employees clearly. The guiding factors are motivation,
persuasion and feedback on performance. Here vision is laid down by the
management and then work is delegated in accordance to guidelines provided.
b. Directive:
It is a model of military style leadership and can be termed as a
coercive style which demands automatic compliance. This management style
influenced by threats and discipline was earlier the most often used and also
the least effective one. It became unpopular as its commanding nature failed to
raise the morale of the employees and undercut job satisfaction.
c. Democratic: This participative style of management
tends to build consensus and commitment to achieve the organization goals. Here
management strives to tap the collective wisdom and strength of the group. Here
team members feel privileged as their opinion is often considered by a voting
procedure in the decision making events. This approach in crisis can be
disastrous when critical events demand instant decisions.
d. Pacesetting: The criteria of governance here
are high standards of performance or
standard benchmarking. In this style the leader often sets the pace for the
pack to follow and lead if possible but expects the employees to follow self
direction while implementing tasks. It is vital to remain focused while
retaining pace, but should refrain from intrusion in others path. At times this
race to victory sets obsessive behavior in some and undercuts the morale in
other employees, thus polluting the climate of the organization.
e. Affiliative: This style of management
promotes harmony and well being among employees by focusing on team work,
communication and better coordination. Here people come first and tasks are
secondary and there is avoidance of any direct conflict among employees. It is
to be used tactfully, as it tends to hamper corrective actions on down sliding
performance.
f. Visionary: This style encourages new
direction, from the conventional approaches of management. It’s an articulated
and farsighted approach to achieve innovative dreams which promotes
experimentation and calculated risks. Most management gurus are visionary who
take a bold path towards achieving glory to the organization.
g. Coaching: One to one mentoring is the
approach in this style of management as the emphasis is on everyone to succeed.
It promotes long term overall development of the employees while focusing on
organizational goals simultaneously. Training and skill development are key
learning areas (soft skills, image management, behavioral development programs)
and encourages employees to strengthen their skills and improve performance.
Manjul Thapliyal
Principal Consultant
Visions Ahead
www.visionsahead.com
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