Nickels Cover Mc Hugh Mc GrawHillIrwin Understanding Business
Nickels Cover Mc. Hugh Mc. Graw-Hill/Irwin Understanding Business, 7/e © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
7 Chapter Mc. Graw-Hill/Irwin Understanding Business, 7/e Management, Leadership, and Employee Empowerment 7 -2 2 © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
CEO Education Source: INC 500 Almanac Mc. Graw-Hill/Irwin Understanding Business, 7/e © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
CEOs’ Economic Background Source: INC 500 Almanac Mc. Graw-Hill/Irwin Understanding Business, 7/e © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Management Activities üLeading üMotivating üDecision Making üManaging Information & Time Mc. Graw-Hill/Irwin Understanding Business, 7/e © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
New Management Approaches- Why? • Global Competition • Business Scandals • Constant Change • Better Educated Workers • Downsizing/Rightsizing Mc. Graw-Hill/Irwin Understanding Business, 7/e © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Management Challenges ùFinding/Training New Employees ùGrowing Global Competition ùFinding/Serving New Customers ùFinancing Long-Term Growth ùDealing with Increased Regulation Mc. Graw-Hill/Irwin Understanding Business, 7/e © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Tips for New Managers ü Be objective. ü Listen to your employees. ü Be the role model. ü Be willing to delegate. ü Respect your employees. Mc. Graw-Hill/Irwin Understanding Business, 7/e ü Develop employees’ trust. ü Audit performance. ü Recognize your limits. 8 © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Management Functions 1. Planning - Strategic Tactical Operational Contingency 2. Organizing 3. Leading 4. Controlling Mc. Graw-Hill/Irwin Understanding Business, 7/e © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Process Of Management Planning Employees Financial Products Feedback Resources Organizing Leading Achievement of Goals & Objectives Location Information Mc. Graw-Hill/Irwin Understanding Business, 7/e Controlling 10 © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Required Management Skills Ø Technical Skills Ø Human Relations Skills Ø Conceptual Skills Mc. Graw-Hill/Irwin Understanding Business, 7/e 11 © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Planning: Create Vision v. Set Vision, Goals, Objectives v. Vision/Mission. Why Organization Exists, Purpose of Organization Mc. Graw-Hill/Irwin Understanding Business, 7/e v. Goals- Broad, Long-Term Aims v. Objectives. Specific, Short. Term Statements v. Continuous Process (SWOT) 12 © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Questions of Planning 1) What is the situation now? 2) Where do we want to go? 3) How can we get there from here? Mc. Graw-Hill/Irwin Understanding Business, 7/e © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Planning Functions Mc. Graw-Hill/Irwin Understanding Business, 7/e © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Management Planning Levels & Time Spans Time Top Mgmt. Middle Mgmt. 2 Years + Mc. Graw-Hill/Irwin Understanding Business, 7/e Lower Level Mgmt. 1 Year, Quarter Days, Weeks 15 © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Management Pyramid CEO, Top Comptroller, Vice Pres. Sales Mgrs Plant Mgrs. Mid-Level Front Line/Supervisory Mc. Graw-Hill/Irwin Understanding Business, 7/e Supervisors Foremen 16 © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Organizing o Self-Managed Teams o Stakeholders o Staffing o Diversity Mc. Graw-Hill/Irwin Understanding Business, 7/e 17 © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Successful Leadership ¶Vision ¶Communicate ¶Corporate Values & Ethics ¶Don’t Fear Change Mc. Graw-Hill/Irwin Understanding Business, 7/e © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Leadership Styles Autocratic Participative (Democratic) Free-rein Mc. Graw-Hill/Irwin Understanding Business, 7/e 19 © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Autocratic: Close Supervision Mc. Graw-Hill/Irwin Understanding Business, 7/e 20 © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Participative (Democratic) Mc. Graw-Hill/Irwin Understanding Business, 7/e 21 © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Free-rein Leader Mc. Graw-Hill/Irwin Understanding Business, 7/e 22 © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Reasons for Empowering Non. Supervisory Employees Ø Increased competition and more demanding customers Ø Loosening of formal organizational structures Ø Fewer, busier managers Ø Predominance of knowledge workers Ø Growing focus on projects & teams Mc. Graw-Hill/Irwin Understanding Business, 7/e © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Manager’s Empowerment Checklist ü Do employees understand your plans and goals? ü Are employees encouraged to utilize these plans and goals as a basis for day-to-day work? ü Does information to employees come soon enough for them to make intelligent decisions about their work? ü Are communication & cooperation encouraged? ü Can questions be asked freely and are individual initiative & creativity encouraged? Mc. Graw-Hill/Irwin Understanding Business, 7/e © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Sources of Management Information Outside Sources Inside Sources Customers & Suppliers Subordinates & Teams Financial Institutions Superiors Other Managers Publications, Conferences Academics & Consultants Mc. Graw-Hill/Irwin Understanding Business, 7/e Meetings & Seminars Manager Mgmt. Info. Sys. Grapevine 25 © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
How Productive are Managers? Effective- 10% High Focus, High Energy Distracted- 40% Low Focus, High Energy Procrastinator- 30% No Focus, No Energy Disengaged- 20% High Focus, Low Energy Source: Southwest Airlines Spirit, “Enterprise Advisory”, May 2002 Mc. Graw-Hill/Irwin Understanding Business, 7/e © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
Controlling • Set Standards – Specific – Attainable – Measurable • Customer Satisfaction – Internal – External Mc. Graw-Hill/Irwin Understanding Business, 7/e • Monitor/Record • Compare Plan & Standards to Results • Communicate to Employees • Corrective Action? ? ? • Corporate Scorecard 27 © 2005 The Mc. Graw-Hill Companies, Inc. , All Rights Reserved.
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