Merriam Webster defines management as the act or skill of making decisions about a business, department, sports team, etc. Directing and making decisions about a business is extremely important which is why effective management is vital to any business.
Different companies have different cultures, and therefore management styles may work for one and not the other, but in general there are a few key qualities management needs to have for the business to be successful.
Good management should encourage initiative and innovation. Employees should feel that they can share new ideas or plans and implement them, without direct supervision of their superior. Allowing employees to discuss their ideas openly with management creates a more positive organization, where employees feel valued and know that they are contributing. Also, if employees take initiative on certain projects and creates a new or more effective way of completing the work, it can produce a sense of competition amongst other employees, making them work harder.
Having positive managers is essential for the organizations. Most employees feel more content at work when they get along with management or know that management values them. Receiving feedback for work, whether it is in praise or constructive criticism, allows the employee to improve upon their work, and shows that management cares about the employee and the work they are doing.
Transparency is key to the importance of management. Keeping an open dialogue with employees in regards to progress, opportunities and risks will help employees feel happier and provide them with more understanding of what the company stands for, is going through, and what might be on the horizon. If a company is having financial issues, most employees would rather have knowledge of this so they can be prepared if their position isn’t secure. Employees are able to prepare in case of unfortunate events. Transparency increases trust amongst employees and customers, and is an essential quality of all successful businesses.
Management needs to have careful planning and resource allocation. If there isn’t a successful management strategy, a strategic plan, or simply a direction this could lead to a waste of financial, material and human capital. If management does not have a clear strategy or understanding of the business and potential successes or disappointments/setbacks, there could be a financial mishandling which then could lead to financial strain and cut-backs. Granted, in business nothing can be completely controlled, but if the strategy and communication is transparent from the start of the year, the company will be able to handle any setbacks and not have to lose resources. Remember, having a successful business is a team effort, ensuring everyone is moving in the same direction always helps to better achieve goals.
Management styles vary from person to culture, to size and industry. The most important aspect to remember is to figure out what management style works for your company, and find managers that fit into this mold, and can motivate and improve the work ethic and productivity of the company and the employees overall. If management is cohesive and provides a great environment for employees, the entire company will benefit and succeed.
For more interest in executive coaching, or leadership and strategic planning workshops tailored to your organization, contact BlueFire HR at firstname.lastname@example.org , at 773-793-1362, or at 720-460-1179.
Laura Nelson, LEED GA – Business Analyst