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Understand the nature of business
2.02 Understand the leadership and management.
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Management Management is the process of accomplishing the goals of an organization through the effective use of people and other resources.
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5 Functions of Management
Planning Organizing Staffing Implementing Controlling
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Planning The planning function involves… Analyzing information
Setting goals Making decisions to accomplish the goals
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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.
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Staffing The staffing function includes the activities involved in…
Obtaining the employees Training the employees Compensating the employees
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Implementing The implementing function involves directing and leading people in order to accomplish the goals set out in the planning stage.
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Controlling The controlling function is used to determine whether a business is accomplishing its goals that were set in the planning stage.
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Levels of Management Top Management Mid-management Supervisors
Management by others
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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
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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
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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
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Management by others Other employees who are not managers, may serve as leaders for a group of employees
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Management Styles The management style is the way a manager treats and involves employees Tactical Strategic Mixed
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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
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Strategic Less directive with employees
Involves team members with decision making Typically, used with trusted and/or experienced employees Limited direct supervision
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Mixed Combination of both tactical and strategic
Effective managers can use both styles in order to accommodate different types of employees
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Leadership Styles Leadership is the ability to motivate individuals and groups to accomplish important goals. What type of traits should a leader possess?
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Leadership Traits Intelligence Judgment Objectivity Initiative
Dependability Understanding Cooperation Honesty Courage Confidence Stability
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Leadership Styles Autocratic Leader Democratic Leader
Open or Laissez-faire leader
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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
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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
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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
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Human Resources Managers
Human resources managers use the management process of managing employees to achieve the objectives of a business.
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Human Resources Management Activities
Planning, staffing, recruiting, & hiring Managing compensation and benefits Managing performance of employees
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Planning, Staffing, Recruiting, Hiring
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
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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
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Planning, Staffing, Recruiting, Hiring
New employee orientation Paperwork Training Mentor
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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, etc.
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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
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