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Final

MGMT1000 Final.docx

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Department
Management
Course
MGMT 1000
Professor
Jean Adams
Semester
Fall

Description
2011 MGMT1000 Tutorial : B7 Student # : 211417615 TA: Majid Abdi [MGMT FINAL 2011] MGMT Final a) Power is an integral quality in any relationship, and is often found in every business issue. In terms of trained incapacity, stakeholders, social media, teamwork, and empowerment, the use of power is used as leverage by one party over another, intentionally or not, to either gain an advantage or the other party, or to create vicious problems. The concept of abused power helps us understand trained incapacity. Some corporations and institutes often enforce and condition their employees to adhere to a strict guideline of morals and beliefs. Furthermore, the power, or lack thereof, given to the employees, cause them to begin limiting themselves, leading to missed opportunities for learning and development simply due to the ways that they have been conditioned and trained. (NMS,week 1) Stakeholders are a key contributor to the decisions made by a company. They hold significant leverage over the company, as companies must be extremely mindful of the necessities and demands of their stakeholders. By analyzing the needs of a company’s stakeholders by conducting a stakeholder analysis, companies are able to: 1. Use opinions of powerful stakeholders to improve their ideas and gain their support 2. Gain more resources from powerful stakeholders 3. Anticipate the population’s reaction to a project, and work around the findings As defined in the ‘key aspect of the Office of 2020’ (NMS, Week 1), “social media will be the community halls of the future”. The effective utilization of social media as a marketing tool will vastly improve a company’s profitability and brand awareness. (NSM, Week 5) Many companies, even the smaller up-start companies, have designated positions for social media marketing. At the YSBA’s (York Sports Business Association) inaugural Sports Business Conference, Monika Platek, the Social Media Lead at Lead at Canada's Olympic Broadcast Media Consortium, provided a speech about the rising importance of social media marketing, and the leverage that companies that have invested in social media marketing have gained over their counterparts who have stuck to older, less advanced methods. Social media marketing is a true indicator of the importance of a knowledge economy, and the benefits of being innovative and always thinking one step ahead of the competition. The distribution of power within a team is integral for the development of the individuals that comprise the team, and the overall teamwork levels (NMS, The Basics: Building an Effective Team). Without an even distribution of power – or any identifiable source of power – a team will break down and rendered useless. It is important that the key members in charge, that have the power, utilize the power effectively, with responsibility, and do not abuse it. As Uncle Ben said it best, “with great power, comes great responsibility” (Spiderman). Finally, power is necessary in the empowerment of others. By distributing power to different individuals, they are given the opportunity to better themselves and become more accomplished individuals. Empowerment helps to flatten hierarchies, which in effect helps to remove any unbalanced distributions of power. Essentially, companies would be redistributing power. However, the introduction of empowerment into companies help individuals utilize their skills in new ways, and may result in an unlocking of potential, which in the long run, could be extremely beneficial for a company. b) The paradox of power is essentially the circumstance when CEOs – or other persons in high power – are worried about the power that they have over a company. On paper, CEOs are one of the most powerful figures in an administrative and executive hierarchy, however in reality, some may be extremely incompetent and detrimental to the growth of a company. However, in the majority of cases, CEOs are found in a situation of powerlessness due to being placed in traps. (NMS, Week 11) The idea of ‘leadership by connections’, is exactly what it sounds like – the gaining of leadership traits through connections, networking, and meeting new individuals. By acquiring leadership through connecting and networking, high level executives are able to gain insight on how others in their position are able to deal with issues surrounding their field of work. (Guest Speaker) In essence, these two ideas are extremely correlated. The main issue with powerless CEOs is their dependence on their subordinates. Should their subordinates simply refuse, or withhold the CEO’s commands, it would threaten the CEO’s career and cause him to think irrationally and find alternative methods to solve his problems. By acquiring leadership through connections, the CEO can receive advice from others who have been in his position, and discover effective and safe solutions. (NMS, Week 11) Vikram Pandit, the CEO of Citigroup provides a fantastic example of how a CEO experienced the paradox of power, and solved his problems through leadership by connections. After having Citigroup, one of the biggest financial services companies in America, lose everything and come close to having to file for bankruptcy, Pandit was forced to conduct some self-evaluation. With his wife threatening to leave him, and the loss of trust from partners and shareholders, Pandit was left in a powerless position. Following the acts of others who were placed in the same position before him, Pandit decided to give himself a $1 salary until Citigroup was profitable. 2. a) Globalization is, and continues to be an essential aspect of what shapes the office of 2020. However, we are only now beginning to see the true affects globalization has on, not just our global economy, but our global society, culture, and politics as well. These forces of impact caused by globalization have created both a positive and negative affect on Canadians as outlined by our multitude of guest panelists throughout the MGMT1000 course. “Business students have a huge role in being the next model that will change and develop the world”. A quote by Russ McLeod, the guest speaker from Me to We, it clearly indicates the kind of impact that globalization has had for the career opportunities of, not really just business students, but all types of employment. More than ever, students are pursuing careers abroad in different countries thanks to the effects of globalization. It helps to open doors for us, and provides us with opportunities that were never before given to generations before us. The impact of globalization is just now becoming evident, and it will only increase over time. The effect of globalization in creating new cultural experiences for individuals has been dramatic. The introduction and newfound importance of globalization has forced individuals to travel to diverse and exotic locations in order to conduct business and activity. It is now a key quality for individuals to approach cultures with an open mind and accept them for what they are. Being cultural diverse and understanding is now an essential skill for all people. According to Joe Cornacchia, the Brazilian guest speaker who was a member of our November 15th, the effects of globalization were clearly evident in how he conducted his work. By being forced to visit new locations and explore new cultures, he was able to broaden his view of the world and gain insights on new perspectives and outlooks. He believes that the ability to understand concepts from multiple points of view is essential in transforming oneself from an individual of the past, to one of the modern day. The effects of globalization can also be found in the newly reformed ethics and codes pertaining to corporate social responsibility. With globalization now occurring at a phenomenal rate, it is integral that corporations and business focus, not only on the domestic social responsibility, but the international responsibility as well. Having located my BPTP idea in Faisalabad, Pakistan, I was able to conduct research on the social conditions of employees in the area. Many are paid under minimum wage, and forced to work overtime. These sorts of conditions, if discovered by global humane societies, would be detrimental to a company’s reputation and clientele base. With the introduction of globalization, companies should now embrace the difficulties faced by these individuals in impoverished nations, and do their best to aid those in need. It is the responsibility of more fortunate, successful companies to pioneer the change necessary in the third-world and socially irresponsible nations. Other companies will follow their example, and being to adhere to more responsible code of ethics and principals. As stated by Jane Gilbert, another guest panelist, ‘by diversifying their support, more people and corporations can help to achieve conservation goals.’ Active contributions to charity funds, and education to third-world countries, are just a couple examples of what a socially responsible corporation can contribute. As indicated by our guest IBM panelists, technology is bringing the world together at an alarming rate. With the internet, nothing is time-consuming anymore, all actions are instant and can be accessed by the second at almost any location in the world. Globalization is the key factor to the development of new communication technologies. LotusLive, and Skype, are only a couple of examples of an unending list of software that have been solely developed for long-distance interaction. With the continued development of globalization, we can expect to see new and improved forms of technology released that will be directly affecting the methods we utilize for communicating overseas and over long distances. 2.b) A specific organization with global reach that I admire is the world wildlife fund (WWF). It is an international organization that seeks to protect animals, their habitats, and essentially do what they possibly can to save endangered species. One of the first wildlife funds created, the WWF has created a ripple effect in the international community, as it has been the pioneer for many other funds. Furthermore, the WWF follows the essential TBL mindset. It distributes the majority of its funds towards wildlife conversation and research, displaying proficient utilization of its funds in boosting social and environmental necessities. A specific organization with global reach that I do not admire is Yele Haiti. Yele Haiti was a charity created by celebrity and politician, Wyclef Jean. Yele Haiti’s main objective was to raise funds for the reconstruction and distribution of relief for Haitians after the earthquake. Recent investigations have shown that from the $16 million that was collected, only a third of the donations went directly to relief funds. Investigations have shown that $1 million were transferred to a non- existent corporation in Florida that occupies the same address as Wyclef Jean’s property. A blatant violator of TBL, I am complete disgust of the actions conducted by Mr. Jean, and therefore dislike the entire organization very much. 3. a) As the Vice President of Human Resources for a fast-food organization, the top three qualities I would look for are the ability to coach, communicate and establish solid teamwork skills. For a machine-like organi
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