In today’s market climate, companies have had to increase their consciousness as to what really matters. The market is demanding more and more that organizations account for the interests of not just shareholders but all stakeholders. Team members, shareholders, customers, vendors, the environment and society’s interests must be in the forefront of consideration of all companies wishing to stay relevant in today’s market and workforce environment. This in more than just the right thing to do, it is an operational imperative that offers significant ROI to a business’ bottom-line. Companies must view themselves as part of an ecosystem; one entity in an interdependent interconnected environment.
What roles do managers and leaders play in today’s environment? There is a direct connection between the way people view their managers and the way they perform. Strong leadership is imperative for shaping an organization into a force that serves as a sustainable business advantage (Kumle, 2006). On the other hand, management is the process of working with people and resources to accomplish organizational goals. Great managers do those thing both effectively and efficiently (Bateman and Snell, 2009).
Scholars such as Friedman suggest that treating the economic responsibility as the most important responsibility of a business, is called a profit-maximising view, and “the social responsibility of a business is to increase its profits.” This kind of view states that a company should be operated on a profit-orientated basis, with its sole mission being to increase profits. This approach would seem to benefit stockholders, as well as stakeholders, as the stockholder is going to benefit from the profit made by the company and will gain something back from the company, however problems can occur when the businesses and companies do not balance their ethical responsibility, as they can therefore be perceived as greed and unable to balance their corporate social responsibility, and will cause a bad name for a business. So although the stockholder may also be gaining profit by doing this (what the company sees as doing the right thing) is not necessarily the right thing to do in terms of stakeholders. However, Friedman would argue that as long as the business is maximising its profit, that is the main point and so the loss of the stakeholders is less important. This argument can be deemed as weak as Friedman’s approach does not mean that stakeholders can be benefited alongside stockholders, and so disagrees with
Unit 2 Individual Project ENGL106 Outline Venture Capitalists are the people that have Venture Capital available for use that businesses can use for startup or expansion. It involves high risk and potential for a high return on the money invested. These investors pool their money and use it and their expertise to help startup businesses that have no prior history and can’t get traditional help from other lending sources. Venture Capitalists are wealthy individuals or a group of individuals that finance and help start up new businesses that can’t raise money by selling stock or getting traditional loans and accept the risk involved in this type of financing. Venture Capital is the money provided to new starting businesses that have a great chance of getting a return to the investor for their money.
Building an organization by grouping jobs into work units and allocating resources C. Identifying business functions and mobilizing leaders D. Being flexible and responsive towards customer needs and the competitive environment Correct! The correct answer is: D. A dynamic organization is, “flexible and adaptive, particularly in response to competitive threats and customer needs” (Bateman & Snell, 2011, p.16). 15. For today’s managers, the organizing function requires a higher focus on which of the following? A.
Confidence's Cost to Collaboration The corporate formula for innovation often focuses on creating a team of experts to cook up the next big thing. Groups of managers -- typically composed of individuals from a variety of fields, including engineering, marketing and operations -- band together to develop new products or services that can create top-line growth. In a recent paper, Wharton management professor Jennifer Mueller and Wharton lecturer Julia Minson looked at the dark side of teamwork -- the tendency of those groups to become insular and less efficient as they grow in complexity. In "The Cost of Collaboration: Why Joint Decision-making Exacerbates Rejection of Outside Information," Minson and Mueller found that people working in pairs were more likely to dismiss outside input than individuals working alone. Mueller
The procedure of recognizing beneficial growth opportunities frequently starts with core business such as customers, the products, channels, geographic areas and services that produce the profits and greatest portion of revenue. The next customer-focused growth strategy supported on the industries to be had with customers. The strategy entails building great impact value suggestions for the new customers. Reinforcing this strategy is the readiness to outlook customers by distinct set of lenses (Schank, Smith, Birkler, Alkire, Boito, Lee, Raman, United States, 2006). A procedure can be build to help the managers and consultant at the customer interface achieve new insights into the customer’s requirements and favorites.
Riordan Strategic Plan Team C MGT/498 November 20, 2013 Instructor Riordan Strategic Plan Strategic planning is necessary for a company’s growth and success. Businesses clearly must define company goals and conduct extensive research to get a grasp of industry trends, which allows them to take advantage of available business opportunities. They can achieve this by carefully analyzing a particular business industry, and an honest assessment of their company's strengths and weaknesses in meeting the needs of the industry. The strategic plan will allow Riordan Manufacturing to focus on a particular niche in the marketplace, which makes sales, advertising, and customer management more effective. The plan allows
It involves modeling the vision, forming teams, influencing them and aligning people to achieve the set goals. Leadership bears the responsibility of inspiring people and producing meaningful changes in the company. Leadership is therefore responsible for positioning people and organizations in the right positions. A good leader has the ability to articulate a vision and assign the right people the right tasks based on their talents. Leaders motivate their subordinates and in return obtain outstanding results from their employees.
HRD as a theory is a frame work for the expansion of human capitol within an organization through the development of both the organization and the individual to achieve performance improvement (Youssef, C., 2012). The concept of HRD has evolved from solely focusing on individual capacity to also building institutional capacity at the national level, through socio-economic policies and development plan and strategies. The need to enhance skills for emerging sectors such as green growth has become particularly important. Groups within organizations use HRD to initiate and manage change also HRD ensures a match between and individual and organizational needs (United Nations office of Ecosoc,