MGT100 MIDTERM REVIEW

Effective teamwork

Create a cohesive interpersonal dynamic - Build trust - Cultivate an open mindset - Create a culture of transparent communication - Foster a supportive attitude towards team members Project management and organization - Assign roles based on strengths, but also consider rotating roles. - Create a collaborative work plan. - Set agendas, action items and follow-up - Set realistic timeline

Line and staff organizations

combines line department and staff departments line - plant manager, production manager, supervision staff - accounting, engineering, human resources

Employee benefits

Additional compensation - such as vacation time, retirement savings plans, profitsharing, health insurance, gym memberships, child and elder care, and tuition reimbursement-paid entirely or in part by the company o Could reach 30% of total employee compensation Some benefits required by law o Canada pension plan, Workers' compensation programs o Unemployment insurance

Flexible Work

Allows employees to adjust their working hours and places of work to accommodate their personal needs Flextime allows employees to see their own work hours within constraints specified by the firm A compressed workweek allows employees to work the regular number of weekly hours in fewer than the typical five days A job sharing program allows two or more employees to divide the tasks of one job A home-based work program allows employees, or telecommuters, to perform their jobs from home instead of at the workplace o More than 70% of Generation Y professional are concerned with balancing career and their personal lives

Voluntary turnover

- Employees may leave firms to start their own businesses, take jobs with other firms or retire - Some firms ask employees who leave voluntarily to participate in exit interviews to find out whey their decided to leave - Successful companies are clearly focused on retaining their best workers

What do traditional employee evaluation system typically focus on?

- Productivity: convert productivity into financially metric. - Achievement in pre performance

Superfan & Tim Hortons

An Indian fan Nav Bhatia has been attending Raptors home game since 1985 Tim Horton's sponsoring Raptors since 1989 Raptors represent Canada, not just Toronto Mutual benefits: Nav owns a Hyundai in Mississauga and whenever he is in the spotlight, his company benefits from it; same thing with Drake Negative impact of Raptor's Success: vandalism at the celebration party, buses and police cars are damaged, higher ticket prices for consumers

Why small businesses fail

Approximately 4% of small businesses close after one year Approximately 15% of small businesses close permanently within three years Approximately 30% of small businesses fail within five years Management Inexperience Inadequate Financing Meeting Government Regulations

Wealth Creation

Combining materials, ideas, labour, technology so that the output can be sold for more than costs. This profit brings wealth to the people and society involved in the production. Combination of inputs Supportive environment Means of production Someone who will pay more than costs

How is wealth created?

Develop a product or service that you can sell for more than it cost Trade with economies that will pay for what you have and sell you what you want

Who will create wealth?

Entrepreneurs (From sole proprietors to public companies) SME (small and medium sized enterprises) Large corporations (Private and public) Government institutions

Raptors Case Analysis

Experience economy: we go to an expensive restaurant or go luxury shopping not because we don't have food in the fridge or a handbag in the closet, we go for the experience that is associated with it (feeling fancy) BIRGing (basking in reflective Glory): individuals bolster their self-esteem and self-worth by identifying with another group or individual's success - Wearing a Raptors jersey on the night when Raptors won the NBA championship Companies have been piggy backing off the success of the Raptors - E.g. Google advertisement with Danny Green - Tim Horton's with Nav Bhatia

Who will help? Assistance for Small Business

Investors (angels, venture capitalists, banks, government, etc.) Local, provincial, national governments o Supply infrastructure, tax incentives, etc. Business development bank of Canada is a place where only entrepreneurs can get money, advice, expertise

Managerial Functions

Planning: setting performance objectives and deciding how to achieve them Controlling: measuring performance and taking action to ensure desired results Leading: inspiring people to work hard to achieve high performance Organizing: arranging tasks, people and other resources to accomplish the work

Four Forms of Incentive Compensation

Profit sharing: bonus based on company profits Gain sharing: bonus based on productivity gains, cost savings, or quality improvements Pay for knowledge: salary increase based on learning new job tasks Lump sum bonus: one-time cash payment or option to buy shares of company stock based on performance

Small Businesses vs. Entrepreneurial Business: 3 key differences

Size: small businesses remain small; new entrepreneurial ventures are small now, but are expected to grow rapidly, going forward Age: small businesses may have been that way for many years, even generations; as entrepreneurial ventures age, they grow up Growth goals: small businesses are not expected to grow significantly; may have growth potential, but owners unwilling to take required steps for growth

What is required to create wealth?

The interdependence of business and society The diamond

Flexible Benefits

With flexible benefit plans, employees are provided a range of options to choose from medical, dental, vision, life and disability insurance Many companies also offer flexible time off policies instead of establishing a set number of holidays, vacation days, and sick days o An expensive benefit for employers o Employees have freedom to use paid time off (PTO) as they like

Size, Age and Growth: David Birch's Model

"The Elephants" - Large, mostly well-known firms - Considerable overall marketplace power - Difficult for them to change direction quickly o Collectively, they have fired more people than they have hired in the past 25 years "The Mice" - The vast majority of businesses in Canada are quite small: 94.7% of companies employ fewer than 50 people - Examples: small retailers, local service firms (restaurants, auto repair), independent service businesses (consultants, freelancers and designers) - Can typically change direction more quickly than elephants o Many do not aspire to grow large, so long as they remain attractively profitable "The Gazelles" - Based on Birch's definition: a gazelle is a firm that seeks rapid growth AND above average profitability - grows by at least 20% /year for 4 years - Often includes a radical business innovation/implementation of new technology - Not all gazelles are young - many firms only "take-off" after a long period of gradual growths

There is fix cost and variable cost

- Analyze the contribution margin - Marginal cost and marginal benefit - 20% capacity can you even make money with this? - Pay for security

Managers as Decision Makers

- Decision making: the process of seeing a problem or opportunity, assessing possible solutions, selecting and carrying out the best-suited plan, and assessing the results -A programmed decision: involves simple, common and frequently occurring problems that already have solutions -Nonprogrammed decision: involves a complex and unique problem or opportunity with important results for the organization

How is wealth created?

- Develop a product or service that you can sell for more than it cost - Trade with economies that will pay for what you have and sell you what you want

Involuntary turnover

- Employers may terminate employees because of poor job performance, unethical behaviour, or the need for downsizing - Employers must carefully document reasons when terminating employees - Human resource managers must be educated in employment laws so the termination is handled properly

Who is affected the most in the lockdown?

- Hospitality and turisim (the daily workers, hourly workers) - Restaurants - Gas industry People in the lower scale are the one affected the most as they are the ones that tend to work in the hospitality industry. - Entertainment industry Artists and performers are also affected, you can't gather in a theatre. - Workers and health care industry Work longer hours, and higher risk because of being in the frontline - Travel Cruise line (people are scared to go to cruises after the diamond princess) and aircraft

What businesses have been affected the most by COVID-19?

- Hospitality, tourism; travel cancellation leads to closure in hotels, bars and restaurants. - Secondary: transportation, and food service, insurance, retail store,

Is the attempt to establish herd immunity worth the cost?

- In Sweden there is a significant cost of life. - If you get it once you won't get it again.

How has COVID-19 impacted the hospitality industry

- Increased sanitation - Management of people - Change in corporate strategy - Supply change

Does it make business sense to reopen?

- Make sense: every little revenue is better than no revenue. One should get something to cover the fix cost. They still have a cost for example: the animal kingdom- take responsibility of those animal. Money waste wether open or not. - Does not make sense: There is a variable cost (open the gate you have other cost, how much revenue are you getting and how much cost?) operational cost just to maintain the real estate must be million.

When open the gate and people walked in are you increasing your cost?

- People with pass holders- therefore, Disney do not gain revenue from them

Forms of Private Business Ownership

- Sole proprietorships: own by one individual, keep all profit but sustain all the lost by yourself. cons: can take all your asset. - Partnerships: similar to sole but own by multiple owners. - Corporations: separate legal entities, they operate everything can sue and be sued. Pros: financial liability (Can only take asset of the corporation not personal), risk distributed. Cons: double taxation (corporate itself have to pay the taxes for the profit, and the owners have to pay taxes for the profit as well), dilution of ownership (Don't get all the money for yourself), lower control. - Not-for-Profit Corporations: do not pursue profit

Competitive Tactics of Unions and Management

- Strike -Picketing -Boycott Management tactic - lockout

What did Disney do to earn the public confidence to reopen?

- Temperature test - There is a system - Increase sanitation - Social distance procedure

What is required to create wealth?

- The interdependence of business and society - The diamond: number of diff

Who's at fault?

- The pastor? He took the website, he decided to take the service. He should take responsibility to his choices- he has the choice to not use the outlet. - Ashley Madison? Make it easier for the affair. Provide outlet to do unethical actions. (they're just offering a service, if it is not them then other business would). Everybody makes mistake and this information guide them to the mistake. Taking advantage who are vulnerable.

Entrepreneurship

- Working for oneself - New market with new or existing products/ services; or an existing market with new products. - No seperation between owner/ manager - process of discovering, evaluating, and exploiting opportunities - creating new organizations of any type- "social entrepreneurs"

Is closing the economy worth the cost?

- choosing to retire early: doctors are retiring early and they won't be able to train future generations. - brain drain - death by starvation: people can't make money because of unemployment - increase of mental health issues - increase in crime - business shutdown forever - dumping milk: because we are wasting less milk as hospitality shutdown there is excess - getting government subsidies - small business can't pay their rent - high levels of unemployment since firms will try to lose some employees to cut cost, a lot of low income people will be affected

Have any businesses benefitted from COVID-19?

- e-commerce - health care services - Face mask factories - delivery service - Game makers

Group roles

- encourager - compromiser - gatekeeper - critic - observer - standard setter - harmonizor

What are the benefits of closing the economy?

- flattening the curve - lower health care cost - high spike of cases and deaths- cause panic: sudden high case of death, people don't want to go to restaurant, travel, ripple effect- now you don't feel comfortable.

Organizing a corporation

- incorporate in the provinces where they operate, but they might choose to incorporate in other provinces. - incorporation can be done at the federal or provincial level - forms the basis on which a government grants a corporate charter

Benefits of Diverse team

- make robust decisions - based decisions on facts and information

What might have led to the creation of fake accounts?

- marketing strategy: trying to get users to pay- as it leads to satisfaction - Men have higher propensity to cheat so women fake acc was essential

Motivating Employees

- motivations tarts with good employee morale (the mental attitude of employees toward their employer and jobs) - high employee morale occurs in organizations where workers feel valued, heard and empowered to contribute what they do best - poor morale shows up through absenteeism, voluntary turnover and lack of motivation

How do you create wealth with an economy on lockdown?

- online: investment in these sector of industry as everything is going online such as school

Should the US government bail out the cruise industry?

- ripple effect: if you don't bail them out your are still hurting others indirectly, you are not cruising you are not flying, you are hurting other industry and customer. - cruise line normally tend to incorporate in other countries to avoid US taxes.

Would you invest in NCL right now?

- stock market could go up significantly: buy low sell high - risk of the industry going under all together.

Outsourcing

- using outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in-country - to save expenses and remain flexible, companies will try to outsource functions that are not part of their core business - although outsourcing might work on paper, the reality might be different

Entrepreneurs characteristics

-Vision: where you want to go -high need for achievement -internal locus of control (control own destiny) -high energy/action oriented: requires a lot of attention in the work -high tolerance for ambiguity: there will be days where you won't have business. -self-confidence and tolerance for risk -high tolerance of failure: comfortable of taking a lost - Creativity: what attracts others

Public (government) Ownership of Business

A government unit or agency owns and operates and Organization. ex. Manitoba Hydro, Toronto Transit Commission (TTC)

Management by Objectives

A structured approach that helps managers to focus on reachable goals and to achieve the best results based on the organization's resources MBO helps motivate individuals by aligning their objectives with the goals of the organization, increasing overall organization performance MBO principals: • A series of related organizational goals and objectives • Specific objectives for each person • Participative decision-making • A set time period to accomplish goals • Performance evaluation and feedback

Leadership Styles

Autocratic: leader-centered; make decisions on own without consulting employees Pros: quick decision Cons: disengaged staff Democratic: involves employees in decisions, delegate assignments, and ask them for suggestions pros: staff/team is motivated and behind the vision cons: decisions may be slow Free reign: o Involves minimal supervision; leave most decisions to employees o Works best with highly educated and motivated teams pros: employees are given freedom to execute their ideas cons: decisions can be inconsistent

The diamond

An effective political system enables economic growth, a developing society must create a financial system capable of transferring funds where they are in surplus to projects where funds are needed.As enabling governments and financial systems grow strong, they enhance the prospects for entrepreneurial activity.Finally, as new enterprises grow, they rely on more sophisticated methods of coordination and control (sophisticated management).

Development of Individual Ethics

An individual's stage in moral and ethical development is determined by many factors: - experiences - family - education - culture - religion - company environment Individuals have different styles for deciding moral dilemmas.

Creating Wealth During a Pandemic

Case study

Norwegian Cruise Line Raises

Case study

Working at Google

Case study

No lockdown in Sweden

Case study - What Sweden did differently to try and Croatian the Coronavirus Pandemic

Ashley madison

Case study Match maker apps, to have an affair. A cheating website. They are based in Toronto

Starbucks

Case study Starbucks sales account for 57% of the total café market With 14000 stores in the US alone, Starbucks has spread itself too thin 1970: three college students founded Starbucks 1982: Howard Schultz decided to add beverages in Starbucks Opportunities in the international market helped accelerate growth (first international stores in Singapore and Japan) 2007: financial crash - stock decreased by 50%, customers stop buying luxury products 2007: 2945 stores have been opened Profit cannibalization: Over saturation in urban market Starbucks has so many locations, so customers don't have to be loyal to one People were trying to become healthy, so Frappuccino's, the Starbuck's signature drink died and caused Starbucks to close 150 stores

Wells Fargo

Case-Study

Enthusiast determined to enjoy Disney World's reopening

Case-study

Wealth Creation- component

Combination of inputs Supportive Environment Means of production Someone who will pay more than costs

Codes of ethic

Compliance based approached: - increase control and penalize the wrongdoers Integrity-based: - define guiding values - support ethical behaviors - shared accountability

Katz's essential managerial skills

Conceptual skills: the ability to think analytically and achieve integrative problem solving Human skills: the ability to work well in cooperation with other persons Technical skills: the ability to apply expertise and perform a special task with proficiency

Franchising

Contract-based business arrangement between a manufacturer or other supplier, and a dealer, to produce and market the supplier's good or service. - Franchisor and franchisee agreement - 76,000 Franchise in Canada, employee a million of Canadians - make more than 100 billion - Franchising overseas is growing

Corporate culture

Corporate culture: an organization's collection of principles, beliefs, and values Managers use symbols, rituals, ceremonies and stories to reinforce corporate culture

The business plan: a foundation for success

Creating a Business Plan - written documentation that provides orderly statement of goals, methods, and purpose. - Discusses the company's mission and vision - Analyzes unique advantage, customers, and competition

Delegating work assignments

Delegation: the managerial process of assigning work to employees - Providing employees with the responsibility and necessary authority for completing tasks - Employees have accountability, or responsibility, for their actions and decisions Span of management is the number of employees a supervisor manager Centralization means that decision-making is retained at the top of the management hierarchy Decentralization means that decision-making is shifted to the lower levels. Many firms believe it enhances their flexibility and responsiveness to customer needs

Why become an entrepreneurs

Desire: to be a boss to succeed financially job security: you are in control of your own job improve quality of life: work life flexibility

Human Resource Management Responsibilities

Employee recruitment and selection Planning for staffing needs Employee separation Employee training and performance evaluation Employee compensation and benefits

Social media hiring

Employers looks at employee social media.

What is involved in launching a new business?

Entrepreneurship is the highest risk. highest return activity in business. Some entrepreneurs enjoy- even passionated about launching a new company. Greatest challenges: - difficult in raising investment funds - reality is nearly always very different from what was planned - high failure rate

Were the CEO's actions ethical?

Ethical: if the senior managers didn't know what's going on, and those unrealistic goals is to motivate their employees. Upper management was just setting targets to mantain growth, increase profits whatever demands or expectation from the shareholders, which is the primary responsibilities. Not ethical: setting ups unrealistic targets. Lower employees- stay in the company or leave. They didn't fire any senior executives (who are pushing limit to make more profit). the senior executives pushes lower management unrealistic goals and them blames them for their mistakes. Employees? They just followed orders, pressure where put in to them by upper manager. Ceo? They benefitted from the unethical actions by the emplyees, they were the one If the result is unethical the action is unethical

Disney reopening ethical or unethical?

Ethical: thinking about the workers, Disney is still actually losing money despite the reopening. Provided jobs for employees. Unethical: employees are in harm General public: overriding the idea that we are in a pandemic. US is the epicenter, and Florida is the epicenter of the epicenter.

Business Ethics and Social Responsibility

Ethics is more than legality - ethics reflects people's proper relations with one another and how people treat others. - Laws are more narrow and are written to protect us from fraud, theft and violence.

Branding change

Find your moment They changed into a dating website

Franchising cons

Franchise fees future payments (royalties) linked to reputation and management franchise agreement restriction tight control: limited creativity, there's a set of guidelines that you must follow. Frinchisor loses control of franchisee when expanding overseas.

Do you think the change in direction makes strategic sense? Why? Why not?

Good idea, not changing the name (bad publicity is still publicity). They're entering a market with a known name but different service. It is not smart because in the mind of consumer it is still a cheating website. Why: it was smart to rebrand and change their name. Entering the market of a dating website with a different name, eliminated the threat that people are in a website that is not ethical and is not see as good. Why not: in the mind of a consumer it is a cheating website. What type of individual are we looking at and engaging with? That is a market we should stop. They have a very niche market.

Do you agree with Sweden's approach What would you do if you were a policy maker in Sweden? What should a policy maker consider when making these decisions?

Gotta solve the public health issues in order to solve the economic situation Do you agree? No Policy makers you should consider: - formal workers and informal workers: people can be marginalize - the cost of not shutting dow: long term impact or short term - is health the only problem? testing abilities of leaders- can our health care system manage it? (people age, the testing rate, how many beddings)

Creating business plan

In the past, many entrepreneurs launched businesses without a formal business plan Business plans help contemporary entrepreneurs prepare enough resources and stay focused on key objectives

Should Ontario should go back to stage 2?

Infection is happening to people are younger. The increase if exponential Stage 2 would be more severe- school

Minstzberg's 10 managerial roles

Interpersonal roles: how a manager interacts with other people - Figurehead - Leader - Liaison Informational roles: how a manager exchanges and processes information - Monitor - Disseminator - Spokesperson Decisional roles: how a manager uses information in decision making - Entrepreneur - Disturbance handler - Resource allocator - Negotiator

Trump calling Chinese virus

Is legal but not morally correct nor ethical. Leading to discrimination to against Chinese. Trump is accepting this behavior by blaming that the virus comes from China.

why is this different from other recessions?

It is has been a consequence of our response of a health crises. It is not based on a problem in the economy like in the pass recessions.

Why teamwork?

It's also an opportunity for you to grow your skills across multiple interconnected areas so teamwork is not one skill. It's a compilation of all of these different types of skills, communication skills, including things like active listening. Conflict Resolution giving feedback giving feedback is a very challenging skill, actually, how do you give constructive feedback to somebody on reporting on on on what you've been doing and what your product is Intercultural cultural competency working with people who are from different backgrounds, than you Things like accountability and individual responsibility cognitive skills. Those ones you know come into play. Quite frequently, but also with teamwork. self development, things like, you know, being able to reflect on your actions and reflect on your professional development in your growth in these areas. And then finally, project management, which is itself a compilation of all sorts of skills as well. Time management efficient meeting practices and so on. - Collaborative learining - Increase student engagement

HRM main objectives

Job search: provided qualified, well- trained employees for the organization. Work Performance: maximizing employee effectiveness Employee needs: satisfy individual employee needs through compensation, benefit, opportunities to advance and job satisfaction

Managers as Leaders

Leadership: the ability to direct or inspire people to reach goals Involves the use of influence or power Three trains are desired among many leaders: - Empathy - Self-awareness - Objectivity in dealing with others

Why study business/ management?

Many of you will ultimately work for businesses in management functions; some will work for businesses which you own. -Others will analyze businesses - financial/ investment analysis, business journalism - others will manage - people, information, processes... but outside for-profit business - government, not-for-profit organizations

Ashely Madison's Fake Accounts

Most talking to employees or to a robot

Selecting and hiring employees

Must follow legal requirements Failure to follow these exposes company to risk of litigation, bad publicity, and poor employee morale Recruiting and hiring a costly process for employers Some employers require employment tests (eg. Mechanical, computer, language skills)

What do you think each of these leaders employs as their dominant style?

Obama Sir Alex Ferguson- autocratic leadership, but excels at motivating others Jacinda Ardern- very good at listening to the public, she is very empathetic, similar to Nelson Mandela. Acted with compassion when the shooting happened and most importantly she took action, she banned arms.

line organization

Oldest and simplest form direct flow of authority from CEO to employees Starbucks Case Study

Matrix Organizations

Organizations: project management structure that links employees from different parts of the organization to work together in specific projects - working in a matrix environment can be challenging but presents a great development opportunity Pros: o flexibility in adapting to changes o focus on major problems or products o outlet for employees' creativity and initiative o better cooperation across functions o improved decision making o increased flexibility in restructuring o better customer service Cons: o integrating skills of many specialists into a coordinated team o team member's permanent functional managers must adjust the employee's regular workloads o conflicts between different mangers sharing staff o two boss system is susceptible to power struggles

Maslow's Hierarchy Needs

Physiological needs o Breathing, food, water, pay Safety and security o Health Love and belonging o Team building Self-esteem o Recognize accomplishment Self-actualization o really love what you do

Franchising pros

Prior performance record recognizable company name (brand) proven business model tested management program savings through volume purchases

Who is the people that you are targeting?

Public confidence

Finding Financing

Seed Capital: initial funding for new vendor. Debt Financing: they don't control of your business, it is a loan - Credit Cards - Family and friends - Bank loans - Finance companies - Pros: Higher chance that they would get their money back (investor pov) Equity Financing: money that is invested that you don't have to pay back but share your profit between your dividends and otherwise. - Venture Capitalist - Angel Investors - Pros: would probably have a share that might ensure profit in the future, you have control,and get your interest, in the long run get more money (investor pov)

Corporate management

Shareholders: acquires shares in exchange of ownership: - Preferred shares: get dividends before common shareholders. Have cumulative dividend: dividends accumulate over time. - Common Shares: get the rest of the dividend, they can vote. Have a residual ownership, and have additional money. Board of directors: elected by shareholders to oversee corporation Directors: make major corporate decisions and handle ongoing operations

Compelling visions- leaders who visions change the world

Steve Jobs- Apple Elon Musk- Tesla Jack Ma- Alibaba Jeff Bezos- Amazon

Planning at Different Management Levels

Strategic- top management: Organizational objectives, fundamental strategies, long-term plans Tactical- middle management: Quarterly and semi-annual plans, departmental policies and procedures Operational- supervisory management: Daily and weekly plans, rules and procedures for each department Contingency- Primarily top management, but all levels contribute: Ongoing plans for actions and communication in an emergency

Who's interest was the CEO least concerned with?

The employees got fired and not senior executive was fired (they didn't pay them back nor help them look for job), customers, investors and shareholders in the long term.

Human resource management

The function of attracting, developing, and retaining employees who can perform the activities needed to meet organizational objectives

Goal-setting Theory

The idea that people will be motivated to the extent to which they accept specific, challenging goals and receive feedback that shows their progress toward goal achievement

What is the issue?

The more accounts that the bank has outstanding the better for them in the market place; they have significantly more than others. (They have on avg. 8 acc per person when avg bank have only like three to five account. Because of this push from above, to set up as many acc as possible and cross sell as possible, they couldn't so they ended up creating fake accounts. - higher ups in bank breaches were selling ridiculous quotas on their cashiers and bank tellers, you need to cross sell the many products but they weren't able to keep up and in fear of getting fired, the started to opening accounts under the customers names.

Strategic Human Resource Management

The process by which managers design the components of an HRM system to be consistent with each other, with other elements of organizational architecture, and with the organization's strategy and goals.

Departmentalization

The process of dividing work activities into units within the organization Product departmentalization: organized based on the goods and services a company offers Geographical departmentalization: organized by geographical regions within a country or, for a multinational firm, by region throughout the world Customer departmentalization: organized by the different types of customers the organization serves Functional departmentalization: organized by business functions such as finance, marketing, human resources and production Process departmentalization: organized by work processes necessary to complete production of goods or services

Discussion: Should employers be able to ask about past abuse?

The things you've done in the past might be indicating what you might do it again Going through substance abuse shows that you are strong again - important how this information is perceived Past should be the past; employees shouldn't be discriminated based on past

Douglas McGregor Theory

Theory X: employees are demotivated Theory Y: employees are motivated Theory Z: workers involvement is key to productivity

Which theory of management would work best during COVID-19?

Theory Y: employees must be motivated Depend on the industry.

businesses social responsibility

To the general public to the customers to the investors and financial community to employees

Is it illegal to ask a prospective employee about past alcohol or substance abuse. Do you agree?

We should be able to ask because it is another way to get to know a person. Only legal in driving It should be illegal because past action should not be a determinant of who they are now.

Assistance for small businesses

When a bank loans money to small business and it is not paid back, the government will guarantee payment of 85% of the loan if the loan applicant had successfully applied to the Canada Small Business Financing Program Business Incubators - Local community initiatives to share resources for small start-ups. The Canadian Association of Business Incubators is a national association of member organizations

Considering all stakeholders, what are the arguments for and against allowing Ashley Madison at all?

Why should they be able to operate: - there is a a market for it - there is no regulation - Employee perspective: the company was so focus on making money, the company didn't consider the employees, and put them in an uncomfortable position (in an unethical position). They could potentially stigmatize, it will attract the attention but bad impression. - Harm investors: When they brought in investor they brought in tricks, use of engagement, how many users there are, and investors would buy this. However, this is unethical because the number of users and engagement are fake.

Discussion: Yahoo Case

Working from home (telecommuters) had been banned Why is this a good decision? - The company is struggling - wanting to have all hands-on deck - Easier to control and monitor employees when they are physically there - employees were actually wasting time at home - Opportunities for group communication Why is this a wrong decision? - Key competitor - Google offering flexible benefits such as free time to develop your ideas, free food and many opportunities to practise self-care

What are organizations like in the new workplace?

Workplace changes that provide a context for studying management ... - Belief in human capital - Demise of "command-and-control"•Emphasis on teamwork - Preeminence of technology - - Embrace of networking - New workforce expectations - Concern for work-life balance - Focus on speed•Open concept office layouts are increasing -'WFH' is becoming more common

Should the TTC allow Ashley Madison ads?

YES: where do we draw the line? There is ads for Tabaco but it is not good for the society. Substance abuse should not be put on the ads. Suicide exist and people would be aware of it (some people will use it as reverse psychology). They should be able to operated as a company. NO: They are normalizing cheating; it is harmful for society. There is no regulatory environment and they are trying to take advantage of it.

Should there be a limit or ceiling on compensation for executives (discussion)

Yes: because no matter the executive contribute to the company, every small process are done by the employees. They depends on lower employees to make what they want. However, one wants the best leader posible for their company therefore, the more you pay them the more likely to work for you. No: because this executives are trying to make profit to the company and the shareholders, the compensation are motivating them. They make that money because the company is making that money, they have bonus. They are not going to make money unless the company makes money. The lower ranking employees should have some bare minimum limit (enough to eat) There shouldn't be a limit as long as they can afford to pay them this much CEOs have to have incentives - their salary is a reflection of how the company does o If the company is losing money, the CEO might not be able to get paid at all Paying less to CEO doesn't mean that lower ranking employees are getting paid more (i.e. they may be paid to shareholders instead)

Servant leadership

a non-traditional view of leadership where the leader/manager see their role as serving the needs of the team

Equity theory

an individual's perception of fair and equitable treatment

What do you think the dominant management style is of Nelson Mandela?

ask people opinion and listen to them before making a decision.

Why bankruptcy is good?

being able to reinvest in the business. get rid of debt and come back as an Organization

Typical small- business ventures (home based business)

benefits: 1. allows for more control of business 2. Allows for more control of personal time 3. keeps startup and operating expenses low drawbacks: 1. owners can feel isolated 2. business has less visible to customers

Contributions of Small Business to the Economy

creating new jobs, creating new industries, and innovation, amount for 29% of the GDP, offer Customize services

Are there any drawbacks to their approach?

employees need to have strong self-discipline - Google also doesn't know if spending this much money on providing perks actually improves productivity or not - hard to prove. You can't keep an eye for everyone. Maybe it's not their environment but the fact of working at such a big company.

Performance Appraisals

evaluation of and feedback on an employee's job performance

job enrichment

expand employees job duties to empower employee to make decisions and learn new skills leading toward career growth

job enlargement

expanding employees responsibilities by increasing the number and variety of tasks assigned to worker.

Balanced Scorecard

financial (profitability and sales), customer (new customers, and customer satisfaction), internal business processes (efficiency improvements and cycle time), learning and growth (training provided and conference attended)

Herzberg's Two-Factor Model of Motivation

hygiene factors: result in satisfaction motivator factors: can produce high levels of motivation if present - job responsibilities - achievement - recognition - growth opportunities

What is small business?

independent business with fewer than 100 employees and revenue less than $2 million. small businesses account for aprox. two thirds of the employment in five Canadian industries: non-institutional health care, construction, accommodation and food, forestry and other service - 97% of Canadian firms - Aprox. 2.7 million self-employed individuals - launching pad for entrepreneurs

Did NCL make the right decision to disclose its "going concern" problems?

it appears that you are up heart with your investors- investors must trust you. not disclosing it leads to stock market drop, difficult to raise capital (now they are at higher risk, customer scared to book)

Companies monitoring work from home activity

it can be demotivate but it depends in which jobs. Doing random check is more reasonable.

Why bankruptcy is bad

it is bad when it happens in really large number

Do you feel the working environment at Google is a key contributor to their success?

laissez faire approach, innovation (their vision). Yes it attracts many employees and eventually motivate them. Employees are happier.

What challenges did Starbucks face and how did they respond to the challenges?

o Customers wanted to be healthy - sales went down because the demand of Frappuccino's declined o When people stopped going to Starbucks, they closed the stores for one afternoon so that baristas can be trained how to properly make drinks and make a visit to Starbucks a truly wonderful experience

What's next for Starbucks and why? What is the Halo effect and what is Starbucks expecting from it?

o Halo effect - roasteries (elevate existing Starbucks brand), making existing locations more elevated o The roastery can possibly replace small, less profitable locations

How has good management contributed to the company's success

o Identifying problems and offering solutions o Sales were being cannibalized by other stores - too many Starbucks' in close proximities

Effective performance reviews

o Take place several times a year o Are linked to organizational goals o Are based on objective measures o Take place in the form of a two-way conversation Some firms conduct peer reviews (assess performance of co-workers) May conduct a 360-degree performance review, a process that gathers feedback from a review panel that includes co-worker, supervisors, team members, subordinates and sometimes customers

-Why is it ethical in a general public perspective

opening up to the general public is a rational, everybody knows the consequences. The fact of you going there is the choice of each individual. As Disney closes other businesses close down, for example: hotels, and restaurant closes. - Duty to provide service - Duty to provide profit to the shareholders

Strategic Management

process of analyzing a company's competitive situation, developing the company's strategic goals, and devising a plan of action and allocating resources that will increase the likelihood of achieving these goals

Chapter 11 Bankruptcy

protects an insolvent firm from creditors during a period of reorganization to restore profitability allows you to restructure your debts, you are not actually closing down. Business must come up with a plan to repay their debts. pros: they can still operate normally

Who's interest was the CEO most concerned with?

the CEO's own interest rate- the CEO wants to make more money Putting the Shareholders interest first: they are the one operating the company and it is essential to make the shareholders satisfied.

Compensation

the amount of money or benefit given to an employee for their work

wage

the amount paid by hour

salary

the amount pay calculated in a periodic basis

Which stakeholders were most harmed by this?

the customers, the people that are getting married. (Ethics change when our values change in which change within time)

Strategic Human Resource Management

the pattern of planned human resource deployments and activities intended to enable an organization to achieve its goals

Downsizing

the process of reducing the number of employees within a firm by eliminating jobs downsizing has negative effects: - anxiety, health problems, and lost productivity among remaining workers - expensive severance packages paid to paid-off workers - a domino effect on the local economy

Expectancy Theory

the process people use to evaluate the likelihood that their efforts will lead to the results they want and the degree to which they want those results

job rotation

the systematic shifting of employees from one job to another

What does it mean to be highly levered?

they have a high debt equity, makes it risky for the investor if you can go under. You are boring a lot more than refinancing. The good thing you can get your business going, but the downside is that you are risking bankrupcy.

Google has created a distinct corporate culture

•Flat management structure. •Employees can spend 20% of their time on anything they want. •Conducive to creativity, innovation and employee satisfaction which therefore attracts better talent Everyone in the world would want to work for google.

Settling Labour-management Disputes

• Most labour-management negotiations result in a signed agreement without a work stoppage • Mediation is the process of settling labour-management disputes through an impartial third party • Arbitration adds a third party who renders a legally binding decision