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Ch 1 The Management Process (Working today (Ethics (Ethical expectations…
Ch 1 The Management Process
Working today
Globalization
The worldwide interdependence of resource flows, product markets, and business competition that characterize our economy
Job migration occurs when firms shift jobs from one country to another
Ethics
Code of moral principles that set standards of conduct of what is “good” and “right” in one’s behavior
Ethical expectations for modern businesses
Integrity and ethical leadership at all levels
Social responsibility
Sustainability
Technology
Tech IQ is a person's ability to use technology to stay informed:
Checking inventory
Effective us of online resources
Telecommuting
Diversity
Workforce diversity reflects differences with respect to gender, age, race, ethnicity, religion, sexual orientation, and able-bodiedness
A diverse and multicultural workforce both challenges and offers opportunities to employers
How diversity bias can occur in the workplace:
Prejudice
Discrimination
Glass ceiling effect
limiting advancement of women and minorities
Talent
Intellectual capital is the collective brainpower or shared knowledge of a workforce that can be used to create value
A knowledge worker’s mind is a critical asset to employers and adds to the intellectual capital of an organization
Commitment * competency = intellectual capital
Careers
Organizations consist of three types of workers, sometimes referred to as a shamrock organization:
Permanent full time workers
Freelance or contract workers
Temporary part-time workers
Free-agent economy
People change jobs more often, and many work on independent contracts
Self-management
Ability to understands oneself, exercise initiative, accept responsibility, and learn from experience
Management Process
Functions
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 coordinating work activities
Leading: The process of arousing people’s enthusiasm to work hard and direct their efforts to achieve goals
Controlling: The process of measuring work performance and taking action to ensure desired results
Organization
Organizational performance
Value is created when an organization’s operations adds value to the original cost of resource inputs
When value creation occurs:
Businesses earn a profit
Nonprofit organizations add wealth to society
“Value creation” is a very important notion for organizations
Factors
Productivity
An overall measure of the quantity and quality of work performance with resource utilization taken into account
= output / input
Performance effectiveness
An output measure of task or goal accomplishment
doing the right thing
Performance efficiency
An input measure of the resource costs associated with goal accomplishment
doing the thing right
Defintion
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
Managers
Levels of management
Top managers
are responsible for performance of an organization as a whole or for one of its major parts
Middle managers
oversee large departments or divisions
Board of directors
make sure the organization is run right
Team leaders
supervise non-managerial workers
Importance of human resources and managers
People are not ‘costs to be controlled ’
Managers must ensure that people are treated as strategic assets
Manager
The people who managers help are the ones whose tasks represent the real work of the organization
Directly supports, activates and is responsible for the work of others
Managerial performance and accountability
Accountability is the requirement to show performance results to a supervisor
Effective managers help others achieve high performance and satisfaction at work
Corporate Governance
Financial performance, Ethical performance, Sustainability
Board of directors hold top management responsible for organizational performance
Quality of work life (QWL)
An indicator of the overall quality of human experiences in the workplace
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