MEJO 424 Midterm
From work happy, with this power, people identify with you and what you stand for?
Referent
Reporting financial performance
Reporting internally and externally for sales figures
Who is Peter Drucker?
father of modern management
negotiator
represent team or department's interests; represent department during negotiation of budgets, union contracts, purchases
In Maslow's Hierarchy of needs, which need had to be satisfied before social?
safety
individual contributors
salesman, clerical, technical employees
First level management
supervisor, foreman, office manager
disturbance handler
take corrective action during conflicts or crises; resolve disputes among subordinates
emotional intelligence
the ability to manage ourselves and our relationships effectively
Break even analysis
All companies operating for profit must know how much revenue they need to break even How many advertising units does a tv station need to sell to cover all expenses and earn a profit? Fixed costs represent fixed inputs such as buildings, land and equipment Variable costs, such as the cost of labor, programming material and supplies always change over time.
criticism of POLC
Worry that the P-O-L-C functions are ideal but don't accurately depict the day-to-day actions of actual managers
Chapter 7 Work happy
You should not treat everyone the same -great bosses know that the most important thing they do is help employees succeed -fallacy number one) you help employees succeed by teaching them to work just like you -fallacy number two) you must treat everyone the same Introverts vs Extroverts -extroverts like me get their energy from the outer world of connecting with people. They "power up," in the company of others. At the end of a long day of talking with others at work, they want to go home and talk about it -introverts get their energy from the life of the mind. They are comfortable with solo activities and silence -each of us- introverts or extroverts- can misjudge the other. Think about the impact that can have on the way we manage people -unless you expand your understanding and appreciation of differences, you may miss out on hiring some terrific people who fill your gaps -extroverts are more likely to be running things, and not because they are more intelligent. It's their willingness to step forward and speak out that propels them into the management pipeline, where schmoozing and cheerleading and off-the-cuff speaking are expected and rewarded -introverts are more likely than extroverts to be good listeners -introverts may not be the first to speak in a group -introverts can get weary in meetings that wander -introverts appreciate a heads up -introverts may be less inclined to work a room -introverts might not be the first to come knocking at your door -introverts can surprise you -extroverts are often the first to speak at a meeting and may say more than others -extroverts are often comfortable speaking before a group -extroverts talk well enough but don't always listen well -extroverts are good at working a room -extroverts believe that talking things out is important -extroverts can surprise you Taking in Info -communication) why some people (intuitors) instinctively speak in metaphors and aren't being vague just to confuse you. You can appreciate why other people (sensors) are more than "just the facts, in what they say and what they'd like to hear. -brainstorming -managing change and new ideas) intuitors like revolution, they're comfortable blowing up old ways of doing things. Sensors like evolution, they prefer to adapt to the known Hard Liners and Soft touches on making decisions -praise) thinkers are more likely to assume that praise is given for going over and above the call of duty. Feelers view praise as care and concern -criticism) for thinkers, it's truth before tact. They're not mean people, but for them "what needs work," seems like a better place to start a critique then "what worked" -social interactions) Planners and plungers -dancing with deadlines -work and plat -team tension Preferences and performances -your preferences explain you, but they don't excuse you -our chances of success increase when we work for bosses who know how to get the best out of who we are, who we can become, and by not treating everyone the same Growing team members Fallacies You help employees succeed by teaching them to work like you You must treat everyone the same Introverts & Extroverts Working with introverts Checking in with people after the meeting Gentle prompting for them to speak They may not come to you directly; don't overlook them Deep thinkers Working with Extroverts Often think by talking; may be too vocal Misjudge people or dominate a room Strike a balance between making them feel heard and making them active listeners Detail or Big-Picture Person Detail - sensory Big picture - intuitive people Hard-Liners - people who are tough but fair Soft touches - ideal and relationship focused Planners and Plungers Planner - a judger Plunger - a perceiver Preferences and Performance Understanding your team member, then craft your coaching
Common good
"the sum of those conditions of social life which allow social groups and their individual members relatively thorough and ready access to their own fulfillment." Limitations - "Who determines what the common good is in situations where two or more parties differ over whose interests are violated?"
How do companies use rewards strategies to influence employee performance and motivation?
-Companies use rewards strategies to influence employee performance and motivation by differentiating between the various levels of performance. This strategy is called pay for performance, and it ties the employee's performance level to a consistent framework of rewards at each level. Research indicates that the primary reason that companies implement pay for performance is to be able to recognize and reward their high performers. To implement a pay-for-performance structure, HR and the organization first need to define a compensation philosophy, then perform a review of the financial implications of such a system. Gaps in the current system must be identified, and compensation practices should be updated in accordance with the determined pay-for-performance design. Finally, communication and training are key to help employees understand the context and philosophy, as well as the specific methodology.
Framing
-Jack Abromhoff: former lobbyist (he framed his situation so that ethical issues we're not in the environment at all) -psychologists find we have different ways of looking at issues -become aware of your own frames and recognize what's being left in or out, blind to our own frames and adopt one without even realizing it
Caroucci found that "five ways organizations needlessly provoke good people to make unethical choices" are the following.
-People feel psychologically unsafe to speak up. -Excessive pressure to reach unrealistic performance targets compromises people's choices. -When individuals face conflicting goals, they feel a sense of unfairness and compromise their reasoning. -Only talking about ethics when there is a scandal. -When there is no positive example available, individuals react instead of choosing ethical decisions.
Ethics & Values: Terminal & Instrumental Values
-The Ethics & Compliance Initiative found 22 percent of global workers reported pressure to compromise their standards. -Google; "Don't be evil"; a challenge when you're a multi billion-dollar corporation
balanced scoreboard
-a balanced scorecard is a control system that translates an organization's vision, mission, and strategy into specific, quantifiable goals and to monitor the organization's performance in terms of these goals -examines performance in four areas. Financial analysis, the most traditionally used performance indicator, includes assessments of measures such as operating costs and return-on-investment. Customer analysis looks at customer satisfaction and retention. Internal analysis looks at production and innovation, measuring performance in terms of maximizing profit from current products and following indicators for future productivity. Finally, learning and growth analysis explores the effectiveness of management in terms of measures of employee satisfaction and retention and information system performance
Five ethical duties of Media employees and Six complicating factors
-duty to self -duty to the audience -duty to the employer or organization -duty to professional colleagues -duty to society Complications -ethical decisions have extended consequences -ethical decisions have many alternatives -ethical decisions often have mixed outcomes -ethical decisions have uncertain consequences -ethical decisions have personal implications -ethical norms provide a means of making informed decision
social capital
A capacity to attract support and help from others to get things done
Manager
A person who supports, activates, and is responsible for the work of others
Operational planning
Assumes the existence of organization-wide or subunit goals and objectives and specifies ways to achieve them Short time range (< 1 year) Designed to develop specific action steps that support the strategic and tactical plans
Chapter 5, Geisler
5 Tips to Immediately Improve Your Communication 1. Assume People Are Hungry for Information Managers are gatekeepers of information Subordinates want their supervisors to keep them informed and feel that they receive too little relevant useful information Know why, how and to whom you disperse data on both an ongoing and a situational basis 2. Abandon management-speak Management-speak erodes a leader's credibility Don't sound textbook "Embrace change" "Right-size" or "paradigm shift" 3. Do a 360-degree stroll around your messages before delivering them Before you distribute important information; look in all directions Who else has a stake in the situation? May be too focused on the information's value to your team A message may seem callous toward those who are losing something in the process Run important messages past a trusted coworker 4. Watch your creative language Some bosses refer to stuff from their own generation - assuming their experience is universally shared Gender loaded language Doesn't feel the same if a manager uses it 5. Know when to speak in specifics and when in generalities Ambiguity can be helpful Leave details open so followers can help design the road map to success Hold off on expressing opinions so team doesn't self-censor/echo the bosses idea "Explicit acknowledgment of a hopeless impasse can end a conversation when ambiguous language might preserve the opening for options not yet discovered." Too much ambiguity - especially in times of change, can increase fear, rumors, and conflicting interpretations -Opening Lines & Closing Loops 1. Got a minute? "Hi. I have a minute, but I bet you deserve more, right? Let's set up a time when I'm out from under this deadline." Offering an alternative meeting time 2. Reviewing the report People are nervous about how their work is received Instead of saying, "Let's take a look," and diving into the document to look for holes, start by asking, "What do you love about this report?" or "How can I help?" Establishes you as a coach rather than a correction officer Exposes self-critique before pointing out a weak spot 3. Brainstorming People with insecurities may lay low People with agendas may snipe at others People with creative ideas may be ridiculed "More ideas are better" "Every voice in here is important" "Questions should be for clarification, not criticism" 4. The call to home Opening line shouldn't be about business An acknowledgement that you're on their time Learn names of spouses Address them personally Tone & delivery are equally important 5. Closing the Loop "Sorry, I'll be at an off-site meeting all day. I have to double-check, but I think I'm open between nine and eleven the following morning. If that works for you, I'll get you an answer before the end of business today." Closure means coming to a specific agreement about what will be done, by whom, with a specific date for completion. Closure recap/next step plans Email Traps Signs of closure Fewer email exchanges Bosses are besieged by emails Inferior to face-to-face interaction Email can be tone-deaf Delivering information without context Can be avoided by open lines Email can become a substitute for human interaction Praise Couple it with real interaction Email can cause more work and confusion Email from bosses can seem urgent, even when it's not Email is forever
algorithm
A sequence of instructions that solves a problem via computer
conceptual skills
Ability to identify and resolve problems for the benefit of the organization and its members and thinking of new concepts/ideas; The ability to think analytically to diagnose and solve complex problems ex: picking a location for a new office or decide which product to launch
human skills:
Ability to lead, motivate, and communicate effectively with others, soft skills Ex: counseling employees
Technical skills:
Ability to perform a specialized task involving a particular method or process; The ability to use expertise to perform a task with proficiency
Which of the following is NOT an example of a liability?
Accounts receivable
Business models
Advertising Business to consumer Subscriptions Consumer to consumer Freemium
Laws and Regulations of H and R Departments
Age discrimination in employment act (ADEA) Americans with Disabilities (ADA) Equal Employment Act Fair Labor Standards Act (FLSA) (established minimum wage) Family and Medical Leave Act (FMLA) (eligible employees to take up to 12 weeks unpaid and job protected) National Labor Relations Act (NLRA) (bargaining acts to form unions) Worker Adjustment and Retraining Notification Act (WARN)
Monitoring
Balance sheet: the statement of financial position Assets = Liabilities + Owners Equity Income (P and L) : the statement of operations Statement of cash flow: document used to track the flow of money in an organization. This is important because it allows for bills to be paid on time.
Chapter 8 Work Happy
Big Mo Self starters Eager to do quality work Interested in solving problems Happy-even passionate- about their jobs, not just their paychecks -great bosses don't motivate their employees, they help employees motivate themselves Categories of Motivation extrinsic : come from outside the employee- things like salaries, bonuses, perks, and benefits Classic models of extrinsic motivation are piecework and commission selling Intrinsic motivation: competence: I get enjoyment from doing things I'm good at, autonomy: I like to have a choice and a voice in what I do, purpose: I'm proud of having an impact and making a difference, growth: I like moving forward- becoming smarter, better, and more accomplished Identify each employee's key intrinsic motivators and then apply extrinsic motivators to ignite them
Performance Review
Conducted at least once a year Review procedures vary widely Allows the manager to offer formal feedback on the employee's performance; also gives employee a chance to give feedback to the manager Serves as the basis for merit raises Written copy of the review is placed in the employees personnel file Reviews should focus on the specifics of the job and the actual performance of the employee Manager should establish ample time for the review and privacy Employees who believe they have been evaluated improperly should be offered an appeal process If the manager fails to conduct the review process properly, he puts the company at risk of litigation
tactical planning
Conducted by middle management Intermediate time range (1-3 years) p Designed to develop relatively concrete and specific means to implement the strategic plan
Strategic Planning
Conducted by top management SWOT Analysis of the organization and figuring out how to compete (Strengths, weaknesses, opportunities, threats) long time frame (>3 years) Includes the entire organization and formulation of objectives Based on the organization's mission, which is its fundamental reason for existence.
Chapter 4 Geisler
Calm A characteristic of bosses Sully- He consistently broadened the spotlight beyond himself. In every public appearance and interview, he took pains to share credit He resisted the mantle of "hero," preferring instead to attribute his stellar performance to a lifelong focus on rigorous training, systems, practice, and standards. He emphasized values; Sullenberger's book about the event could have been titled with words like "terror" or "miracle" to grab attention -Getting Smart About Emotional Intelligence Emotional intelligence (EI/EQ) - The ability to size up a situation and consciously, strategically select the best response EI Domains: Self-Awareness - know yourself Self-Management - regulate yourself Social Awareness - see things through the eyes of others Relationship Management - interpersonal skills -Managers lacking in EI say: Legitimate - "Do it because I said so" Expert - "Do it my way because I know best" Coercive - "Do it or there will be hell to pay" -Impersonal impact of: Reward - "I know we're going to be celebrating your success" Referent - "This is work that really matters and you're a key part of it" -How to check EI Self Awareness Do you have a good handle on your own strengths and weaknesses Are you able to read your own emotions Do you know if, how, and when your emotions enhance or hijack your thinking Self Management If you are aware of your strengths and weaknesses, do you do something about them? Can you adopt to change and challenges Do you know if, how and why your actions inspire trust in others? Social Awareness Do you have the ability to read the emotions of others? Do you know how to "read the room"? Do you demonstrate genuine empathy? -Relationship Management Do you provide feedback, guidance and inspiration to others? Do you build bonds with people, foster teamwork and network effectively? Do you share a vision that people can see and want to be a part of? -Mistaken Message "Work Like Me" Talk to me 24/7 Sending emails after hours "I like these folks best" Showing favoritism Here's how people should be treated Treating the underperformer badly Life is good/bad/so-so Your behavior and how it looks to employees
Effective bureaucracy
Demands reliability of response and strict devotion to regulations Such devotion to the rules leads to their transformation into absolutes; This interferes with ready adaptation under special conditions not clearly envisaged by those who drew up the general rules. Thus, the very elements which conduce toward efficiency in general produce inefficiency in specific instances.
Forces affecting markets
Economic conditions Technological forces Regulatory forces Global forces Social forces Synergy
Control
Ensure people are behaving ethically
What are major ethical principles that can guide individuals and organizations?
Ethical principles are different from values in that the former are considered as rules that are more permanent, universal, and unchanging, whereas values are subjective, even personal, and can change with time. Principles help inform and influence values.
The law requires federal minimum wage payments to employees and addresses overtime compensation
Fair labor standards act
Chapter 6, Geisler
Even the most organized bosses say they fight a constant battle to control their time "Imposter syndrome," this nagging notion that you're more lucky than talented. It can make you feel impulsive about working harder and putting in longer hours than anyone else, to prove that you really deserve your role Types of imposter syndrome- perfectionist, superwomen, natural genius (person thinks everything should come easy to them), soloist (do it all) and the expert (person who knows it all) Ways to get rid of imposter syndrome 1. make a list of the reasons that you are as qualified as anyone else 2. say your name out loud and add "is awesome" 3. own your accomplishments 4. visualize success The voices in your head influence the three main fronts on the battle to control your time: Demands (duties)- your responsibilities as you know them and the priorities you set Assumptions: what you believe your bosses expect from you and what you think good managers are supposed to do Preferences: the way you like to work; your comfort zones DAP. -the best teaching of time management is custom-tailored DAP AUDIT ACTION PLAN: What? -do i want to improve? shorterm : things I can do right away Longer term: things that are bigger projects Who? -will be my allies in this adventure? -whose help is critical to my success? -who has a stake in the improvement? When? -what's my timetable for the things I want to accomplish short and long term? -what reasonable deadlines should i set for myself so I stay on track? How? -how will I measure success in a real, tangible way? -how will I celebrate my victories in the battle for my time? Delegation Do's and Don'ts Do: review your staff and the duties you want to start delegating. Tell people why you've selected them for a specific assignment. Don't: delegate and disappear. Keep connected so you can give feedback to help. Make certain to let people know that you intend to do this not because you want to micromanage but because you want to be a resource and cheerleader for their success. Do: delegate projects and duties that help staffers raise their profile in the organization. Great bosses use delegation to help employees build both their skills and their reputations Don't: feel guilty when handing over a task you're not crazy about. Do: when you want people to learn and grow- delegate. But provide them with sufficient information and authority so they'll succeed There's a massive difference between delegating work to an employee and delegating responsibility and authority to that person. When to do it yourself and not delegate The situation is urgent and you have a high level of expertise People are in conflict and unwilling or unable to resolve matters themselves People are tired or frightened and need an executive decision to empower them The decision carries a high degree of risk for the decision-maker How do you learn to just say no? options : Delegate (pass it on) Collaborate (share the task with others) Negotiate (offer to do something else that fits with your time and priorities, or agree to stop doing something so you can comply with the request) Decline (say some variation of no thanks) Viral Time management tip If you're serious about getting something accomplished, schedule it- -scheduled time drives out unscheduled time -scheduling times protects you from other temptations and provides the excuse for saying no to other requirements
____ are used to compare firms to their own financial history, to other companies, ot to industry averages?
Financial ratios
How to be a good leader
Focus (resources) Simplify Take responsibility end to end When behind, leapfrog Put people before products Don't be a slave to focus groups Bend reality Impute Push for perfection Tolerate only "A" players Stay hungry and foolish Engage face to face Know both the big picture and details Combine the humanities with the sciences Emotion (al intelligence)
Chapter 10 Work Happy
Getting better at delivering negative feedback Seven Deadly Sins of the Too-Nice Bosses Workplace problems fester as you postpone dealing with them Mediocrity (and worse) flourishes because you don't challenge underperformers Needed change is delayed as you hesitate to push people out of their comfort zones Good employees who crave constructive criticism don't get it Good employees are unfairly saddled with extra duties as you work around the weakness of others Bullies, bigmouths, and malcontents roam free You lose respect Negative Feedback Tools Light weight Information (no news or bad news)- when you have to deliver bad news, the best method involves realism and optimism: tell the truth, acknowledge the pain, and encourage people to see beyond the setback Clarification Concern- a negative feedback at a fairly low level of threat to the employee, but it is nonetheless critical of performance. When you are expressing concern- your emotional intelligence skills should guide your choice of tone. Friendly but serious usually works fine if you: describe the behavior, explain its impacts, and state the change you expect Heavy weight Correction- describe the behavior, explain its impacts, and state the change you expect, discuss the part you'll play in helping the person improve, and include a reality check about potential consequences of failure Intervention Sanction 10 steps to make difficult conversations easier Know your goal (goal for the employee- stop making so many mistakes) that leads you to the goals for the conversation: to inform the employee about the unacceptable level of mistakes he makes, detailing what they are and the harm they cause. Know yourself Prepare (gather information, look up) Start strong Don't pile on Focus on behaviors Expect emotion (avoid hyperbolic language, anticipate tears, don't fight with fire or gasoline Stay on track End smart Follow up
What has been the evolution of human resource management over the years, and what is the current value it provides to an organization?
Human resource management began in its first "wave" as a primarily compliance-type function, with the HR staff charged with enforcing compliance of employees and running the ongoing administrative processes. In the second wave, HR became focused on the design of HR practice areas, which could be built upon best-practice models. Wave 3 of HR brought with it the concept that HR should be a true partner to the business and should support the business strategy through its programs and services. Finally, in the fourth wave, HR is still a partner to the business, but it looks outside of the business to customers, investors, and communities to see how it can be competitive in terms of customer share, investor confidence, and community reputation. Some key areas that HR supports within the employee life cycle process include: human resources compliance, employee selection and hiring, performance management, compensation rewards, and talent development and succession planning.
What is talent acquisition, and how can it create a competitive advantage for a company?
Human resource management plays the important role of managing the talent processes for an organization, and it is critical in the process of acquiring talent from the outside. Talent acquisition is the process of determining what roles are still needed in the organization, where to find people, and whom to hire. Hiring top talent is a key source of competitive advantage for a company, and not all organizations are good at doing it. The impact of hiring is especially magnified when you talk about top leadership talent. The right leadership candidate can make all the difference in an organization's growth, performance, and trajectory over the years. HR should work with the business to assess need and specifics of the job, develop a pool of candidates, and then assess candidates for the right person to bring into the organization.
How does the human resources compliance role of HR provide value to a company?
Human resources helps protect the company and its employees to ensure that they are adhering to the numerous regulations and laws that govern the employment relationship. The impact of noncompliance can be very costly and can be in the form of financial, legal, or reputational cost. Some of the key legislation that HR manages compliance around includes the Fair Labor Standards Act (FLSA), the Age Discrimination in Employment Act (ADEA), the Americans with Disabilities Act (ADA), and the Family and Medical Leave Act (FMLA), among others. Some of the best practices for informing and holding employees accountable are to provide education and training to explain the regulations, to provide reference documentation for guidance with the regulations, and to schedule regular compliance audits to ensure that processes are being followed. Scheduling regular internal HR audits help the organization plan and feel comfortable with its level of preparedness and illustrates the value that a strong HR group can bring to the organization.
Entrepreneur
Initiate projects that lead to improvements; delegate idea-generation responsibilities to others and identify best ideas to act on.
The text offered three perspectives of workplace diversity. Which one valued cultural diversity?
Integration and learning
Depreciation and Amortization
Internal revenue service (IRS) allows companies to depreciate, over time, the costs of tangible assets such as equipment Amortization is similar to depreciation but it deals with a firm's intangible assets such as programming contracts Depreciation and amortization provide companies with tax savings
SWOT analysis
Internal- Strength Weaknesses External- Opportunities threats
Categories of Managerial Roles: Informational, Interpersonal, and Decisional
Interpersonal Managerial Roles: figurehead, leader, liaison Figurehead: Perform formal duties like greeting visitors and signing contracts and other legal documents Leader: Motivate, train, counsel, communicate, and direct subordinates Liaison: Maintain and manage information links inside and outside the organization Decisional Managerial Roles: entrepreneur, disturbance handler, resource allocator, negotiator
Planning
Involves setting objectives and determining a course of action for achieving those objectives Requires managers to be aware of environmental conditions facing their organization and forecast future conditions Requires good decision makers Must establish objectives Must identify alternative courses of action for achieving objectives Must formulate necessary steps and ensure effective implementation of plans Constantly evaluate the success of their plans and take corrective action when necessary
Financial intelligence
Joe Knight Share the numbers with the employees (psychic ownership) and it changes the way they perform (drives success) Business is like a game and without finances you're playing a game with no score Every organization has to generate more in flow than out flow Least a general manager needs to know : one, two, or three key numbers and key drivers that bring rewards to the employees and train those employees on those metrics There are no bad questions Ad Agency example Financial ratio
Budgeting
Managers need budgeting in order to achieve established financial goals and objectives All managers usually participate in the budgeting process Setting priorities and goals in individual departments Capital budgeting is defined as the long-range planning, evaluation, and selecting of projects covering more than one fiscal cycle The executive managers should explain to the department heads what areas of their proposed budgets are being cut or modified Successful budgets contain a degree of flexibility
Which of the following statements is NOT true of a modern media organization structure?
Media organizations are moving toward hierarchical organizational structures
Types of market structure
Monopoly: a single seller of a product exists and dominates the market Oligopoly: three or more sellers of a product Monopolistic competition: exists when many sellers offer similar products that are not perfect substitutions for one another Perfect competition: multiple sellers and a homogenous product
Why is ethical leadership important in organizations?
Organizational leadership is an important first step toward identifying and enacting purpose and ethical values that are central to internal alignment, external market effectiveness, and responsibility toward stakeholders.
The management process: planning, organizing, leading, and controlling
Planning: the process of setting performance objectives and determining what actions should be taken to accomplish them Organizing: assigning tasks, allocating resources, and coordinating the activities of people and groups to accomplish plans Leading: the process of arousing people's enthusiasm and inspiring thier efforts to work hard to fulfill plans and accomplish objectives Controlling: the process of measuring work performance, comparing results to objectives, and taking corrective action as needed
Chapter 3 Geisler
Power Grid of Leadership -Legitimate Power "Stripes"- Title and rank or status within and organization -Expert Power "Smarts"- Knowledge and skill one brings to the role -Coercive Power "Stick"- Ability to threaten and follow through on threats with punishment Reward Power "Sweets"- ability to provide something of value in exchange for positive or efficient performance -rnt Power "Substance"- ability to gain the respect of employees through one's integrity, proud to be on the same team Managers V. Leaders
Chapter 9 Work Happy
Performance Management You're constantly focused on the quality of your products and your personnel You hold people accountable You protect against backsliding and complacency You help good employees get even better Hire good people and give them great feedback The best feedback is intentional : it's a priority and you commit to it ongoing : you never miss an opportunity specific : it's clear and detailed Feedback is information with intent to influence Positive Feedback Tools Information (updates or good news) Reinforcement Appreciation Encouragement Praise (to power up think of the 3 S- specific, sincere, and soon) but three ways to sabotage this praise (big but syndrome, sting of superiority or control, and big strings attached) Tools to double your feedback Take inventory Know your goals for each person Know their goals too Watch the work with your feedback glasses on Deputize more eyes and voices
How do performance management practices impact company performance?
Performance management is a critical business process that the human resources group manages for the business. Performance management aligns the work of individual groups with the overall business objectives and enables the business to work toward its goals. Performance management should also help the company differentiate between different levels of employee performance through the management of feedback and a rewards structure. Performance management also allows a company to identify its poor performers and provides a consistent process for tracking and managing poor performance in a manner that is fair and consistent with the law. There has been much discussion of best practices for a performance management process beyond a formal, annual process that often feels cumbersome to the business. However formal or informal, human resource management needs to ensure that the process helps to differentiate different levels of performance, manages the flow of feedback, and is consistent and fair for all employees.
POLC
Planning -Vision and mission -Strategizing -goals and objectives Organizing -organization design -culture -social networks Leading -leadership -decision making -communications -groups/teams -motivation Controlling -systems/process -Strategic human resources
monitor
Seek and receive information from a variety of sources (web, industry journals, reports, and contacts).
Which of the following is NOT an example of an asset?
Stock held by owners
What are the benefits of talent development and succession planning?
Talent development and succession planning processes provide organizations with the systems needed to assess and develop employees and to make the appropriate decisions on their internal movement and development. One important talent development process involves a talent review, in which leadership discusses the employees in its groups in terms of their performance and potential. Performance is based on current performance management evaluations on the current role. Potential is based on behavioral indications that would predict future high performance and promotability in an organization. There is then a discussion on the follow-up actions and development plans for the employees, based on where they fall in the performance/potential matrix. The benefit of this process is that the organization gains a better understanding of where the top talent is within the organization and can make plans to manage the development of that talent. Another key process for managing talent is succession planning. In this process, leadership and HR meet to identify leadership roles and other critical roles in the organization, and then they discuss a potential pipeline of internal and external successor candidates at different levels of readiness for the role. The output of succession planning is that an organization gets to understand the depth of its talent bench and knows the gap areas where it may need to focus on developing or acquiring additional candidates.
Utilitarianism - Consequentialist "Ends Justifies Means" Approach
The utilitarianism principle basically holds that an action is morally right if it produces the greatest good for the greatest number of people. An action is morally right if the net benefits over costs are greatest for all affected compared with the net benefits of all other possible choices. Limitations - does not consider individuals, and there is no agreement on the definition of "good for all concerned." Use of this principle generally applies when resources are scarce, there is a conflict in priorities, and no clear choice meets everyone's needs
Levels of Management
Top Management: Execute Management guide the performance of the organization as a whole or one of its major parts Middle Management: employees at the middle and first-line level of management might also have managerial responsibilities that span departments as the leader of a team. oversee the work of large departments or divisions First-Line Management Rank-and-File Employees
spokesperson
Transmit information to people outside the organizations through speeches, interviews, and written communication
Why should you be concerned about finances?
Universal: applies to every type of business Everyone wants to earn a profit Finances are the way we keep score By understanding financial matters and the underlying business issues, you will be promoted The leader of the organization is always responsible for the financial success Have to be aware of fraud
Universalism - Duty Based Approach
Universalism is a principle that considers the welfare and risks of all parties when considering policy decisions and outcomes. needs of individuals involved in a decision are identified as well as the choices they have and the information they need to protect their welfare. Limitations - may not always prove realistic or practical in all situations. principle can require sacrifice of human life—that is, giving one's life to help or save others—which
Market
a place where consumers and sellers interact with one another to determine the price and quantity of the goods produced
Budgeting is usually ___ process in which managers project anticipated revenues and expenditures
an annual
strategic alliance
an association designed to provide benefits for each of its members
Performance efficiency
an input measure of resource cost associated with goal accomplishment
The Glass Ceiling Effect
an invisible barrier limiting career advancement of women and minorities
Performance Effectiveness
an output measure of task or goal accomplishment
Of facebook, google, and apple, which company derives the smallest percentage of its revenue from dual market product makers?
apple
Scientific and ethical practices in corporate social responsibility (CSR)
are one way that ethicists, business leaders, and consumers can support moral self-regulation of technologies.
Leadership
as the ability to influence followers to achieve common goals through shared purposes. A leader's influence is referred to as "the tone at the top."
Which of the following summarizes the firm's financial condition at a particular point in time?
balance sheet
Three types of managerial skills:
conceptual, human, technical
resource allocator
decide who gets resources; schedule, budget, set priorities
middle level management
department head, branch manager, dean of a school
Terminal values
desired goals, objectives, or end states that individuals wish to pursue Freedom Security Pleasure Social recognition
agenda setting
develops action priorities for accomplishing goals and plans
Ethics
essentially involves how we act, live, lead our lives, and treat others. Our choices and decision-making processes and our moral principles and values that govern our behaviors regarding what is right and wrong are also part of ethics.
cost structures
expenses needed to create products in a market
business ethics
is applied ethics that focuses on real-world situations and the context and environment in which transactions occur
informational managers
monitor, disseminator, spokesperson
barriers to entry
obstacles new sellers must overcome before they can enter a particular market
Vertical Integration
occurs when a firm controls multiple aspects of the production, distribution, and exhibition of its products (Disney)
Shamrock Organization
operates with a core group of full-time long-term workers supported by others who work on contracts and part time
Disseminator
pass the information on to others in the organization through memos, e-mails, phone calls, etc.
Free agent economy
people change jobs more often, and many work on independent contracts with a shifting mix of employers
Ethical Relativism
people set their own moral standards for judging their actions. Limitations - following one's blind spots or self-interests that can interfere with facts and reality.
product differentiation
perceived differences among products
Warren buffet and other rich investors try to avoid a market described as
perfect combination
Environmental scanning
planners must be aware of critical economic conditions facing their competitors and customers. Planners must then attempt to forecast future conditions Forecasts form the basis for planning
instrumental values
preferred means of behavior used to obtain those goals -Being helpful -Honest -Courageous -Independent -Polite
top management
president, chairman of the board, Vice Presidents
intellectual capital
the collective brainpower or shared knowledge of a workforce
economics of sale
the decline in average costs that occurs as additional units of a product are created
Productivity
the quantity of goods and services produced from each unit of labor input
open system
transforms resource inputs from the environment into product outputs
dual-product marketers
while media companies produce one product (radio, tv program, website, etc), they participate in separate good and service markets (usually involves the selling of advertising)
Chapter 2, Geisler (What Employees Never Forget—and Never Forgive (and Why They Don't Like Your Evil Twin)
-3 Things employees never forget My bosses apologized when they were wrong My boss responded to my mistake with forgiving wisdom My boss responded to something in my personal life with empathy. -3 Things Employees never forgive My boss lies My boss takes credit for my ideas My boss is a different person around his or her superiors -Evil Twin Employees don't always perceive things how they are intended ex. determined- ruthless, high standards- impossible to please -Open Door Myth Bosses think that because some employees are comfortable strolling in and talking to the boss, the policy is working. However, this does not account for those who do NOT walk in. Just because they don't come to you, doesn't mean that nothing is wrong. -Million Dollar Question Is there anything you need more of or less of from me? (Be open to all answers)
Ethical dilemmas
(i.e., situations and predicaments in which there is not an optimal or desired choice to be made between two options, neither of which solves an issue or delivers an opportunity that is ethical) -Occur from an unawareness of how to sort out and think through potential consequences of our actions or inaction.
Justice - Procedures, Compensation & Retribution
All individuals should be treated equally Justice is served when all persons have equal opportunities and advantages (through their positions and offices) to society's opportunities and burdens Fair decision practices, procedures, and agreements among parties should be practiced; and Punishment is served to someone who has inflicted harm on another, and compensation is given to those for a past harm or injustice committed against them. Limitations - the question of who decides who is right and wrong and who has been harmed in complex situations.
Sarbanes-Oxley Act
Congressional reaction in 2002 to well-publicized financial scandals involving infamous companies such as Enron, Worldcom and Tyco Sarbanes-Oxley imposed significant changes and protocol for financial reporting and the role of corporate auditors Each CEO has to "sign off," on the truth and validity of financial statements or face criminal prosecution Amended just eight years later due to the financial crisis of 2007-2008 (the Dodd-Frank Act)
How did the Italian Renaissance affect the progression of management theory?
Crusades - series of military expeditions to recover the Holy Land from the Muslims Brought wealth & technological advances into Europe from the Muslim world Italian Renaissance - reintroduction of classical knowledge and the emergence of new knowledge & learning Basic printing press spread knowledge commercial activities may well have prompted such inventions as double-entry bookkeeping and motivated companies to hire business managers to coordinate and direct their operations The first multinational corporations were located in Italy but had branches across Europe. The Florence Company of Bardi was a multinational bank that provided loans to various kings, including Edward III of England.
Rights - A Moral and Legal Entitlement; Based Approach
Grounded in both legal and moral rights Legal Rights - entitlements that are limited to a particular legal system and jurisdiction. Limitations: It can be used to disguise and manipulate selfish and unjust political interests, It is difficult to determine who deserves what when both parties are "right," and Individuals can exaggerate certain entitlements at the expense of others.
How do bureaucratic and administrative management complement scientific management?
Fayol & Weber Focused on top management who set strategy, direction & coordination of the organization Weber focused on middle management Fayol's 3 principle ideas Unity of command - company's management should speak with only one voice Workers focused on the social aspects of their jobs as well as on the monetary compensation they received for doing the job. Notion of justice within an organization and on the idea that an organization must decide issues fairly and equitably. Fayol's 14 Principles of Management Division of Work Authority Discipline Unity of Command Unity of Direction Subordination of Individual Interest Remuneration Centralization Scalar Chain Order Equity Stability of Tenure of Personnel Initiative—Employees should be given the necessary level of freedom to create and carry out plans. Esprit de Corps 5 Functions of Management Planning Organizing Staffing Controlling Directing Weber Modern bureaucracy - decisions made on a formal basis
How did Frederick Winslow Taylor influence management theory, and how did efficiency in management affect current management theory?
How did Frederick Winslow Taylor influence management theory, and how did efficiency in management affect current management theory? Management would set the rate of work expected for the day, and in response, workers would band together to limit production. "soldiering," - a deliberate reduction of productivity on the part of the worker. Frederick Winslow Taylor Father of scientific management Coined "soldiering" Taylor stressed piecework production, meaning that workers were paid for how much they produced. Taylor's major contribution was that he prized knowledge and science over tradition and rules of thumb. He broke down each act of production into its smallest parts and watched the best workers perform their jobs. First-class work - workers should do as much work as they are physically and mentally capable of doing. Those who were not physically or mentally capable of keeping up with production and job demands were sent to different areas in the plant where they could work most effectively. Taylorism - 4 Principles of Management A manager should develop a rule of science for each aspect of a job. Scientifically select and train each worker. Management and the workforce should work together to ensure that work is performed according to the principles of management. Work and responsibility should be equally divided between management and workers.
Organizing
Involves developing an organizational structure and allocating human resources to ensure the accomplishment of objectives represented by an organization chart (provides a graphic representation of the chain of command) Decisions made about the structure of an organization are generally referred to as organizational design decisions Decisions made about the nature of jobs within the organization are generally called job design decisions. Job design was based on principles of division of labor and specialization The more narrow the job content, the more proficient the individual performing the job could become. However, it is possible for jobs to become too narrow and specialized. Tediousness can result in negative outcomes like decreased job satisfaction and organizational commitment, increased absenteeism, and turnover. Many organizations have attempted to strike a balance between the need for worker specialization and the need for workers to have jobs that entail variety and autonomy. Many jobs are now designed based on principles like empowerment, job enrichment and teamwork. Many different ways to departmentalize: Organizing by function Organizing by-product Organizing by geography Organizing by customer
Controlling
Involves ensuring performance does not deviate from standards Consists of 3 steps establishing performance standards Comparing actual performance against standards Taking corrective action when necessary. Performance standards are often stated in monetary terms such as revenue, costs, or profits Performance standard can also be stated as units produced, a number of defective products, or levels of quality or customer service. Managers at all levels engage in the managerial function of controlling to some degree. Managers should not attempt to control or to manipulate the personalities, values, attitudes, or emotions of their subordinates. Requires a clear understanding of where responsibility for deviations from standards lies. Control techniques are budget and performance audits. Audit: involves an examination and verification of records and supporting documents. Budget audit: provides information about where the organization is with respect to what was planned or budgeted for Performance audit: Determines whether the figures reported accurately reflect performance.
Leading
Involves the social and informal sources of influence that you use to inspire action taken by others. Subordinates should be enthusiastic about exerting effort to attain organizational objectives. Personality research and studies of job attitudes provide important information as to how managers can most effectively lead subordinates. Studies of motivation and motivation theory provide important information about how workers can be energized to put forth the productive effort. Studies of communication provide direction as to how managers can effectively and persuasively communicate. Studies of leadership and leadership style provide information regarding questions, such as, "What makes a manager a good leader?" and "In what situations are certain leadership styles most appropriate and effective?"
How did the Industrial Revolution affect the progression of management theory?
John Florio - italian bringing the concept of management to England Emergence of Hudson Bay Company & East India Company Adam Smith The Wealth of Nations; specialization in jobs Steam engine lowered production and transportation costs, thus lowering prices and allowing products to reach more distant markets.
Managers vs. Leaders
John Kotter The manager- Copes with complexity Plans and budgets Organizes and staffs Controls and problem-solves The leader- Copes with change Sets a direction Aligns people Motivates people Warren Bennis The Manager- Promotes efficiency Is a good soldier Imitates Accepts the status quo Does things right The leader- Promotes effectiveness Is his or her own person Originates Challenges Does the right things
What are the types of values that motivate ethics at the individual level?
Kenneth Goodpaster and Laura Nash characterized at least three dimensions or levels of ethics that help explain how individual and group values, norms, and behaviors of different stakeholders interact and respond with the aim of bringing just relationships with one another in transactions.
geographic marketers
Radio, television, and satellite networks operate in a national market Local radio and television stations compete in regional areas Internet and digital platforms are not bound by geography
Principles of Ideal Bureaucracy
Specialized roles Recruitment based on merit Uniform principles of placement, promotion, and transfer Careerism with systematic salary structure Hierarchy, responsibility, and accountability Subjection of official conduct to strict rules of discipline and control Supremacy of abstract rules Impersonal authority (i.e., office bearer does not bring the office with him)
Describe management in the ancient world
Sumer - Writing and trade Current southern Iraq Flourishing merchant culture Currency Hammurabi - written commands and controls & laws 282 laws that regulated behavior Set wages, established accounting Nebuchadnezzar - incentives Babylonian king Incentivized cloth weavers for production Ancient Egyptians - division of labor, coordination & span of control Sun Tzu - Division of labor, communication and coordination Han Dynasty - Development of Bureaucracy Ancient Greeks - division of labor Romans - standardization Italians - accounting, corporations, multinational corporations John Florio - management of English language
networking
The process of creating positive relationships with people who can help advance agendas
Chapter 1 Geisler (The Challenges and Joys of Management—a Reality Check)
Top 5 challenges for bosses -Managers disappoint people every day. Criticism of people's work. Limited promotions Scheduling issues Still try to "please everyone" Don't write off people as whiners or malcontents when they complain to you. Don't sidestep by sugarcoating bad news or dodging tough conversations. Building trust with staff is paramount. Explain the standards and values that drive your decisions. Even when people don't like the outcome of a management decision, they will react less negatively and be more accepting if they believe the process by which it happened was fair. -Managers push people out of their comfort zones. Requiring that people learn new skills and work across old boundaries Adaptation to new technology increase productivity while maintaining quality Older workers to reporting to younger managers Don't bulldoze employees Terror is rarely a good motivator. Change is a constant part of management life. Be smart and persistent. Custom-calibrate your pressure to the individual. Does this person respond best to a shove or a shoulder tap? Be moderately assertive most of the time, so even-keeled about it that people barely notice. Be prepared and able to power up or down based on the situation and other people involved. -Managers are routinely caught in the middle. Pressure managers to step up along with the expectation to defend employees you're a translator, negotiator, and shock absorber attempting to satisfy and reconcile diverse, conflicting demands. Don't diss managers or distance yourself from their decisions by telling your team that it is out of your hands. Become adept at "managing up" by keeping your bosses in the loop about the progress and potential of your people Build alliances with fellow managers. Set an example of collaboration with them that your team can follow. -Managers can't always tell people what they want to know. Responsibility to handle sensitive business and staff matters with discretion. Needing to keep people in the loop while being discrete about sensitive business and staff issues constantly balancing two conflicting goals: to be as transparent as possible, feeding employees' reasonable hunger to know what's going on—and to be a trusted steward of a business's proprietary information. Don't hoard information to build an empire. Don't develop a reputation for sharing mainly with people you like (that's gossip) or for being inconsistent in your communication. Don't assume people know which types of information managers are ethically and legally bound to protect. Commit to sharing appropriate information generously. Educate people about the kind of communication you won't spread freely (sensitive business strategies or data that could help competitors, employee personnel files or private health issues.) Deliver news personally to people most affected by bad news so they don't learn it secondhand. -Managers make mistakes. How to manage the fallout of a mistake determines whether you keep—and even build—your credibility. Don't assume you must always appear smarter than your staff Don't think you'll look weak if you ask for their advice or admit you don't know something. Don't cling to a shaky position just to save face. Don't hold yourself to a different standard of accountability than your staff. Don't fear that apologizing for a mistake undercuts your standing as a leader. Recognize that the way you respond to your employees' mistakes shapes the way they view yours. If you're a hothead or slow to forgive, your actions will come back to haunt you when you stumble. Apologize sincerely and specifically -Rewards of key management You leverage your expertise and develop new skills. Engage in continuous learning about your industry and its future, your people and their needs, plus the fiscal, legal, technical, political, and social aspects of leadership. You have the chance to move from smart doer to wise leader. You have the power to build a workplace culture. As a boss, you can make certain that a mission statement isn't simply words or wishes: it is values in action. You help people succeed. Your coaching, feedback, and mentoring pays off as your employees reach their goals and yours. And as you help people depend less on you for their decisions and do the right thing for the right reasons on their own. You design strategy and guide execution. You turn that company intelligence into overall strategy, then turn strategy into ground-level tactics. You manage meaning and share a vision. Put form to feelings and make it safe for people to talk about things that matter. Be the person who helps people make sense of things, understand the most important goals, and pave the road ahead."\
Relevant ethical questions can be asked to prevent a crisis:
Who is responsible for preventing and addressing what happens to individuals, the public, our institutions, and government and who is responsible for preventing such crises and harmful effects from occurring and reoccurring? At whose and what costs? Whose responsibility is it to protect and preserve the common good of societies? What ethical and moral principles should and can motivate individuals, groups, and society members to act to change course?
Normative ethics
refers to the field of ethics concerned with asking how should and ought to live and act
Virtue Ethics - Character-Based
based on character traits such as being truthful, practical wisdom, happiness, flourishing, and well-being. Limitations - some individuals may disagree about who is virtuous in different situations and therefore would refuse to use that person's character as a principle. Also, the issue arises, "Who defines virtuous, especially when a complex act or incident is involved that requires factual information and objective criteria to resolve?"
concentration in the market
number of producers, or sellers, in a market
team leaders
report to middle managers and supervise non-managerial workers
total costs
represent a combination of fixed costs and variable costs
cognitive intelligence
the ability to think systematically and identify cause-effect patterns in data and events
self-management
the ability to understand oneself, exercise initiative, accept responsibility, and learn from experience