COMMERCE 1E03 Chapter Notes - Chapter 12: Corporate Social Responsibility, Skilled Worker, Key Management
3 May 2018
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1E03- Chapter 8: Management and Leadership
LO1- Managers’ Roles Are Evolving
Resources: A general term that incorporates human resources, natural resources and financial
resources. Resources include the factors of production
• Management is about deciding how to effectively use scarce resources
• Then
o Managers used to be called bosses and their job consisted of watching over other
workers and telling them what to do. They were typically more proficient and
knew the most about the task at hand
o Bosses tended to reprimand those who did not do things correctly
o They were very impersonal
o This way of managing is still used. Also used by coaches
• Now
o Managers tend to be more progressive
o They emphasize teams and team building
▪ Ex. they have created drop-it centers, team spaces and open work areas
o Change their outlook of each task they will adapt their methods to
accommodate for the specific task
o Instead of telling employees what to do, they guide, train, support, motivate and
coach employees
o They emphasize teamwork and cooperation rather than discipline and order giving
• Managers are necessary for communicating strategy, helping employees prioritizing
projects, facilitating co-operation and ensuring that processes and systems aligned with
company goals
• People entering managerial roles now tend to be younger, more of them are female, and
fewer educated at elite universities
• Future managers
o More likely to be working in teams and assuming they may be taking a leadership
role in adapting to climate change
o Will need to be more globally prepared needs skills such as adaptability,
foreign language skills and ease in other cultures
o Change will come more quickly
o Transparency in how managers do their job and how they address corporate social
responsibility will become increasingly important
• Skills needed
o Skilled communicator, Team player, Planner, Coordinator, Organizer, Leader
LO2 – Functions of Management
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• Managers give direction to their organizations, provide leadership and decide how to use
organizational resources to accomplish goals
• In addition, managers today must deal with conflicts resolutions, create trust in an
atmosphere where trust has been badly shaken and help create balance between work
lives and family lives
Managers look at the big picture and their decisions make a major difference in organizations
Management: the process used to accomplish organizational goals through planning, organizing
and controlling people and other organizational resources
The four functions the heart of management
1. Planning
2. Organizing
3. Leading
4. Controlling
Planning: A management function that includes anticipating trends and determining the best
strategies and tactics to achieve organizational goals and objectives
o Ex. Pleasing customers
o Today we create a planning team to help monitor the environment, find business
opportunities and watch for challenges
o Key management function because the other management functions depend heavily
on having a good plan. Plan is usually reflected in a set budget
Organization: A management function that includes designing the structure of the organization
and creating conditions and systems in which everyone and everything work together to achieve
the organization’s goals and objectives
o Today’s organizations are being designed to please the customer and in turn, generate
a profit
o Organizations must remain flexible and adaptable because when customer needs
change, organizations must change along with them or risk losing business
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Leading: Creating a vision for the organization and guiding, training, coaching and motivating
others to work effectively to achieve the organization’s goals and objectives
o Trend is to empower employees and give them as much freedom as possible to
become self-directed and self-motivated
o Once known as directing telling employees exactly what to do
o Today, managers no longer tell employees what to do because knowledge workers
and other employees often know how to do their jobs better than the managers.
o Leadership is till necessary to keep employees focused on the right tasks at the right
time
Controlling: A management function that involves establishing clear standards to determine
whether or not an organization is progressing towards its goals and objectives, rewarding people
for doing a good job, and taking corrective action if they are not
o Simple explanation measuring whether what actually occurs meets the
organization’s goals
LO3 – Planning and Decision Making
Planning
• First managerial function
• Involves setting the organizational vision, values, goals and objectives
• Most valuable tool
Vision: An encompassing explanation of why the organization exists and where it is trying to
head
o This gives the organization a sense of purpose and a set of values that unite workers
in a common destiny
Values: A set of fundamental beliefs that guide a business in the decisions it makes
o Values guide strategic planning through to day-to-day decisions by being mindful of
how all stakeholders will be treated
o Visions inform values and together they unite workers in a common purpose
• Managing an organization without first establishing a vision can be counter productive
• Top management usually sets the vision for the organization then works with others to
establish a mission statement
Mission
statement: An
outline of the
fundamental
purposes of an
organization. It
should
address...
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Document Summary
Resources: a general term that incorporates human resources, natural resources and financial resources. Resources include the factors of production: management is about deciding how to effectively use scarce resources, then, managers used to be called bosses and their job consisted of watching over other workers and telling them what to do. They were typically more proficient and knew the most about the task at hand: bosses tended to reprimand those who did not do things correctly, they were very impersonal, this way of managing is still used. Lo2 functions of management: managers give direction to their organizations, provide leadership and decide how to use organizational resources to accomplish goals. In addition, managers today must deal with conflicts resolutions, create trust in an atmosphere where trust has been badly shaken and help create balance between work lives and family lives. Managers look at the big picture and their decisions make a major difference in organizations.
