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Understand the nature of business

Understand the nature of business. 2.02 Understand the leadership and management. Management. Management is the process of accomplishing the goals of an organization through the effective use of people and other resources. 5 Functions of Management. Planning Organizing Staffing

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Understand the nature of business

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  1. Understand the nature of business 2.02 Understand the leadership and management.

  2. Management • Management is the process of accomplishing the goals of an organization through the effective use of people and other resources.

  3. 5 Functions of Management • Planning • Organizing • Staffing • Implementing • Controlling

  4. Planning • The planning function involves… • Analyzing information • Setting goals • Making decisions to accomplish the goals

  5. Organizing • The organizing function involves… • Identifying the work & resources needed to achieve the goals of the business that have been set in the planning stage.

  6. Staffing • The staffing function includes the activities involved in… • Obtaining the employees • Training the employees • Compensating the employees

  7. Implementing • The implementing function involves directing and leading people in order to accomplish the goals set out in the planning stage.

  8. Controlling • The controlling function is used to determine whether a business is accomplishing its goals that were set in the planning stage.

  9. Levels of Management • Top Management • Mid-management • Supervisors • Management by others

  10. Top Management • Executives are top-level managers • Responsible for the direction and the success of the business (controlling) • Set long-term goals (planning) • Held accountable for profitability & success • Examples: • CEO (Chief Executive Officer • President

  11. Mid-Management • Mid-managers are specialists • Responsible for specific parts of the business • Devoted to the organizing, staffing, and implementing functions • Examples • Marketing Manager • Information Technology Manager • Customer Service Manager

  12. Supervisors • First level of management • Responsible for the routine work of a group of employees • Evaluate the work of the employees • Implement the plans set forth by executives and mid-managers

  13. Management by others • Other employees who are not managers, may serve as leaders for a group of employees

  14. Management Styles • The management style is the way a manager treats and involves employees • Tactical • Strategic • Mixed

  15. Tactical • Directive and controlling • Manager makes the major decisions • Stays in close contact with employees while they work • Typically, use for inexperienced employees or during a crisis

  16. Strategic • Less directive with employees • Involves team members with decision making • Typically, used with trusted and/or experienced employees • Limited direct supervision

  17. Mixed • Combination of both tactical and strategic • Effective managers can use both styles in order to accommodate different types of employees

  18. Leadership Styles • Leadership is the ability to motivate individuals and groups to accomplish important goals. • What type of traits should a leader possess?

  19. Leadership Traits • Intelligence • Judgment • Objectivity • Initiative • Dependability • Understanding • Cooperation • Honesty • Courage • Confidence • Stability

  20. Leadership Styles • Autocratic Leader • Democratic Leader • Open or Laissez-faire leader

  21. Autocratic Leader • Used when a leader needs to give direct, clear, and precise orders and makes decisions • Situations to use style: • During an emergency • To direct the work of inexperienced employees

  22. Democratic Leader • One who includes employees in making decisions • Situations to use style: • To monitor quality of work of employees • To direct the work of employees working as a team

  23. Open/Laissez-faire Leader • One who gives little or no direction to employees • Situation to use style: • To monitor achievements and communicate regularly with employees • To direct the work of experienced and trained employees

  24. Human Resources Managers • Human resources managers use the management process of managing employees to achieve the objectives of a business.

  25. Human Resources Management Activities • Planning, staffing, recruiting, & hiring • Managing compensation and benefits • Managing performance of employees

  26. Planning, Staffing, Recruiting, Hiring • Planning & Staffing • Classifying employees • Permanent • Long term commitment • Temporary • Hired for a specific time/job • Full Time • 30 or more hours per week (usually 40+ hours) • Part Time • Short work week

  27. Planning, Staffing, Recruiting, Hiring • Planning and Staffing • Telecommuting – involves performing some portion of or the entire job away from the business • Flextime – allows employees to choose the work hours and days they think will be most effective

  28. Planning, Staffing, Recruiting, Hiring • Planning & Job Staffing • Determining job requirements: • The use of job analysis to determine all the duties for a particular job • Recruiting and hiring employees • The application process • Reviewing applications/resumes • Interviewing applicants • Checking references of applicants • Making a job offer to applicants

  29. Planning, Staffing, Recruiting, Hiring • Recruiting & Hiring • New employee orientation • Paperwork • Training • Mentor

  30. Managing Compensation & Benefits • Compensation method • Time Wage – Direct payment per hour • Salary – Direct payment per week, bi-weekly, or monthly • Commission – Percentage of sales • Piece Rate – Payment per unit produced • Base plus incentive – Direct payment plus performance based pay • Employee benefits • Other items given to employee for working. For example, health insurance, vacation time, sick time, dental insurance, vision insurance, 401k retirement, family leave, etc.

  31. Managing performance of employees • Employee evaluation • Objective evaluations of employees’ quality of work • Promotion • Advancement of an employee to a position with greater responsibility • Transfer • Assignment of the employee to a job in another area with similar responsibility • Termination • Ends employment relationship

  32. Video: are leaders born or made? • http://www.bbc.co.uk/news/business-11730685

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