MGM101H5 Lecture Notes - Lecture 3: Mary Parker Follett, Henri Fayol, Theory X And Theory Y

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MGM101: Lecture 3 - What is Business?
Article - LGM Financial Services CEO Adam Hill believes helping others is good for
business
LGM is business to business(sells to another business)
Hill helping employees makes them believe and trust him
He encourages feedback from his employees, not just one way
Some people say its a waste of productivity, say that its a waste of four days
If the company pays the employees to “volunteer” in areas they are interested in, it
strengthens the bond between company and employee
An employee can have the best qualifications but if their personal goals dont line up
with the company's personal goals then they might not make the best fit
An organization prefers someone with marks as well as extra-curriculars
rather than just simply grades
Hill created value of proposition through hiring best people possible
Some managers are just focused on productivity by any means (getting work
done)
Manager focus on what is expected of them
The world needs more managers like Hill; will lead to organizations being
more successful
People dont buy what you sell, they buy why you sell
Major Branches in the classical approach to management
Industrial revolution brought about major change by changing the way people run
businesses
Managers have to think about compensation, resources when hiring employees
As more people got involved, there was need for change in demand for
managers
Looked for ways to do this more effectively to gain competitive advantage,
value propositions, etc.
Classical Approaches: Assumptions: people are rational
Scientific Management ; Frederick Taylor
Designing work systems to be efficient
Job specialization
Doing one job and being good at it; output increase
With so many employees and people, we needed to create levels of
management
Administrative Principles; Henri Fayol
Thinking about how we coordinate activities
About creating systems and procedures as well as documenting them
Design, implement and manage an organization to achieve profit
People are rational, people are gonna be motivated and work hard
Bureaucratic organization; Max Weber
a form of management that has a pyramidal command structure
Very organized hieracrchy
People are rational and driven by economic concerns
Foundations in the behavioural or human resource approaches to management
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Document Summary

Article - lgm financial services ceo adam hill believes helping others is good for business. Lgm is business to business(sells to another business) Hill helping employees makes them believe and trust him. He encourages feedback from his employees, not just one way. Some people say its a waste of productivity, say that its a waste of four days. If the company pays the employees to volunteer in areas they are interested in, it strengthens the bond between company and employee. An employee can have the best qualifications but if their personal goals dont line up with the company"s personal goals then they might not make the best fit. An organization prefers someone with marks as well as extra-curriculars rather than just simply grades. Hill created value of proposition through hiring best people possible. Some managers are just focused on productivity by any means (getting work. Manager focus on what is expected of them.

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