Management Functions in Corporate World
Hello everyone! Today I am going to share my experience of attending a corporate connect event, organised by Globsyn Business School, where Mr. Samindra Roy, eminent personality and partner of Unigrow Solutions, explained to us about the various management functions, which are dynamic social processed, needed to run an organization.
Mr. Roy further added that careful ‘Planning’ is considered to be one of the prime management functions. Planning is future oriented and determines an organization’s direction. It is a rational and systematic way of making decisions today that will affect the future of the company. It is like an organized foresight as well as corrective hindsight. It involves the predicting of the future as well as attempting to control the events. An effective planning programme incorporates the effect of both external as well as internal factors. The external factors are shortages of resources; both capital and material, general economic trend as far as interest rates and inflation are concerned, dynamic technological advancements, increased governmental regulation regarding community interests, unstable international political environments, etc. The internal factors that affect planning are limited growth opportunities due to saturation requiring diversification, changing patterns of work force, more complex organizational structures, decentralization etc.
According to him, ‘Organizing’ is another important factor when it comes to management functions. He told us that organizing requires a formal structure of authority, and the direction and flow of such authority through which work subdivisions are defined, arranged and co-ordinated so that each part relates to the other in a united and coherent manner in order to attain the prescribed objectives. Thus the function of organizing involves the determination of activities that is needed to be done in order to reach the company goals, assigning these activities to the proper personnel, and delegating the necessary authority to carry out these activities in a co-ordinated and cohesive manner.
We also learned from him that ‘Staffing’ is the function of hiring and retaining a suitable work-force for an enterprise, both at managerial as well as non-managerial levels. It involves the process of recruiting, training, developing, compensating and evaluating employees, and maintaining this workforce with proper incentives and motivations. Since the human element is the most vital factor in the process of management, therefore, it is extremely important to recruit the right personnel.
‘Directing’ is another function which is concerned with leadership, communication, motivation and supervision so that the employees perform their activities in the most efficient manner possible, in order to achieve the desired goals. The leadership element involves issuing of instructions and guiding the subordinates about procedures and methods. The communication must be open both ways so that the information can be passed on to the subordinates and the feedback received from them. Motivation is very important, since highly motivated people show excellent performance graph with less direction from superiors.
Mr. Sen told us that ‘Controlling’ is another important managerial function that consists of those activities which are undertaken to ensure that the events do not deviate from their pre-arranged plans. The activities consist of establishing standards for work performance, measuring performance and comparing it to these set standards and taking corrective actions as and when needed, to correct any deviations.
Although it was more of a theoretical session but yet it was one of the most interesting sessions I have ever attended in my student life, and I thoroughly enjoyed every bit of it because ‘Management Functions’ is very crucial and interesting domain.
PGDM Batch-08, Globsyn Business School