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Lecture 3

MGM101H5 Lecture 3: What is Business(cont'd)

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University of Toronto Mississauga
Dave Swanston

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 ● Organizations as communities: Mary Parker Follet ● Theory X and Y: Douglas Mcgregor ○ Theories of human motivation ○ Theory X: lazy, motivated by rewards ○ Theory Y: good management practices, motivated and dedicated to making
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