Chapter 2 - Introduction To Management
Chapter 2 - Introduction To Management
1. What are the challenges of working today? 2. What are organizations like in the new workplace? 3. Who are managers and what do they do? 4. What is the management process? 5. How do you learn managerial skills and competencies?
Talent
People and their talents are the the ultimate foundations of organizational performance Intellectual capital is the collective brainpower or shared knowledge of a workforce that can be used to create value A knowledge workers mind is a critical asset to employers and adds to the intellectual capital of an organization
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Commitment
Competency
Intellectual Capital
Technology
Tech IQ is a persons ability to use technology to stay informed:
Telecommuting Virtual Teams Effective use of online resources
Databases Job searches Recruiting Social Media
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Globalization
the worldwide interdependence of resource flows, product markets, and business competition that characterize our economy
Ethics
Code of moral principles that set standards of conduct of what is good and right
Diversity
Workforce diversity reflects differences with respect to gender, age, race, ethnicity, religion, sexual orientation, and ablebodiedness A diverse and multicultural workforce both challenges and offers opportunities to employers
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Study Question 1: What are the challenges of working in the new economy?
Careers
Organizations consist of three types of workers, sometimes referred to as a shamrock organization:
Permanent full time workers
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Organization
A collection of people working together to achieve a common purpose Organizations provide useful goods and/or services that return value to society and satisfy customer needs
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Organizational performance
Value creation is a very important notion for organizations Value is created when an organizations operations adds value to the original cost of resource inputs When value creation occurs:
Businesses earn a profit Nonprofit organizations add wealth to society
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Organizational performance
Productivity
An overall measure of the quantity and quality of work performance with resource utilization taken into account Performance effectiveness An output measure of task or goal accomplishment Performance efficiency An input measure of the resource costs associated with goal accomplishment
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Manager
Directly supports, activates and is responsible for the work of others The people who managers help are the ones whose tasks represent the real work of the organization
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Levels of management
Board of directors make sure the organization is run right Top managers are responsible for performance of an organization as a whole or for one of its larger parts Middle managers oversee large departments or divisions Team leaders supervise non-managerial workers
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Ten responsibilities of team leaders: Plan meetings and work schedules Clarify goals and tasks, and gather ideas for improvement Appraise performance and counsel team members Recommend pay raises and new assignments Recruit, train, and develop team members Encourage high performance and teamwork Inform team members about organizational goals and expectations Inform higher levels of work unit needs and accomplishments Coordinate with others teams and support the rest of the organization Support team members in all aspects of their work
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Types of managers
Line managers are responsible for work activities that directly affect organizations outputs Staff managers use technical expertise to advise and support the efforts of line workers Functional managers are responsible for a single area of activity General managers are responsible for more complex units that include many functional areas Administrators work in public and nonprofit organizations
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Corporate Governance
Board of directors hold top management responsible for organizational performance
Financial performance
Ethical performance
Sustainability
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QWL indicators: Fair pay Safe working conditions Opportunities to learn and use new skills Room to grow and progress in a career Protection of individual rights Pride in work itself and in the organization
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Managers achieve high performance for their organizations by best utilizing its human and material resources Management is the process of planning, organizing, leading, and controlling the use of resources to accomplish performance goals All managers are responsible for the four functions The functions are carried on continually
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Functions of management
Planning
The process of setting objectives and determining what actions should be taken to accomplish them
Organizing
The process of assigning tasks, allocating resources, and arranging the coordinated activities of individuals and groups to implement plans
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Functions of management
Leading
The process of arousing peoples enthusiasm to work hard and direct their efforts to fulfill plans and accomplish objectives
Controlling
The process of measuring work performance, comparing results to objectives, and taking corrective action as needed
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Networking
Process of creating positive relationships with people who can help advance agendas
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Learning
The change in a behavior that results from experience
Lifelong learning
The process of continuously learning from daily experiences and opportunities
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Figure 1.8 Learning model for developing managerial skills and competencies
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