How can managers of today's organizations benefit from an understanding of the different philosophies and observations that have been made regarding management over the years?
Over the last several years, management decisions have been increasingly brought to the forefront. Part of the reason for this, is because there have been a number of different high profile scandals involving the kinds of choices that were made. A good example of this can be seen by looking at Enron. Where, managers knowingly engaged in a variety risky projects that cost them tens of billions of dollars in losses. To hide them, they would create special purpose entities that were off the books. In the course of time, this led to the eventual accounting scandal and downfall of the company. This is significant, because it is illustrating how these types of actions of created an environment that allowed these kinds of decisions to occur. (Seabury, 2009)
As a result, executives need to understand the most appropriate strategies and observations in the field of decision making. This will improve their ability to effectively respond to a number of different situations. While at the same time, it is creating an atmosphere where there must be a set of ethical guidelines that everyone can follow. To achieve these objectives requires: understanding the various philosophies and insights from some of the top managers over the years. Once this occurs, it will offer how an organization specific ideas, as to how it can be able to apply these basic principles to their own business.
Over the course of time, there a have been a number of different philosophies that have been applied to wide variety of firms. A few of the most notable include: finding creative ways to motivate employees, always be willing to seek out new ways to improve your underlying products / services, address the needs of customers and evaluating the impact of your activities on the bottom line. As far as seeking out ways to motivate employees, the most successful organizations will provide them with different forms of compensation that are competitive. While at the same time, they are trying to include them as part of their basic strategy. As, a corporation will listen to their ideas about: how to improve the products and services that are being provided to customers. In addition to, understanding what issues are most important to staff members. Over the course of time, this basic philosophy will help a company to be able to know how to respond to changes in the market. This is because employees are at the forefront for observing what transformations are occurring. While being able to create compensation packages, that will give the staff a sense of satisfaction; which allows an entity to be able to retain key talent. These different elements are significant, because they are highlighting how executives can be able to understand these different philosophies. Once this occurs, it will have a positive impact on a firm's ability to increase productivity and effectively address the needs of customers. This will create favorable perceptions about the company and what they have to offer. Therefore, this will help the managers of today's organizations to be able to understand how to retain key talent and utilize this to consistently increase productivity. (Bruce, 2006, pp. 9 -- 17) (Allsion, 2011, pp. 15 -- 39)
Always be willing to improve your products and services is when you are focused on finding areas that will help to give your business an edge over the competition. This is when managers must be aware of transformations that are taking place in the markets and then provide products / services that will address these shifts (before anyone else). To do this, you must be focused on the kinds of products that are currently available. Then, look at different avenues for being able to create new products or improve upon the ones that are currently being provided by your organization. (Allsion, 2011, pp. 15 -- 39)
At the same time, it is imperative that you are aware of the price in relation to competitors. Where, you want to ensure that any new products or improvements to the existing one are within the competitions range. Next, you want to focus on how you can expand the kind support for what you have to offer. This means ensuring that customers have the ability to…