MANAGEMENT NOTES

PURPOSE OF GROUP FORMATION      A Group is basically an assemblage of people. It can be understood as a collection of individuals (two or more), who come together and interact with each other, so as to achieve the objectives of the  organization . These are the foundation of an organization.   1. Performance:   Group effort can be more efficient and effective than individual efforts because they enable employees to specialize and contribute a variety of strengths. Organizations structure employees into functional and task groups so that they can develop and apply expertise in particular functions, products, problems or customers. The other factor contributing to performance is motivation, and groups can enhance this as well. When employees work in groups, the group is an important force for creating and enforcing standards for behavior. 2. Work Accomplishment: This is the primary reason for the existence of formal groups in organisation...

IMPORTANCE OF GROUP DYNAMICS Kurt Lewin, a social psychologist and change management expert, is credited with coining the term "group dynamics" in the early 1940s. He noted that people often take on distinct roles and behaviors when they work in a group. "Group dynamics" describes the effects of these roles and behaviors on other group members, and on the group as a whole. 1. The group can give the effect of synergy, that is, if the group consists of positive thinkers then its output is more than double every time. 2. The behavior and performance of group provide the primary mechanism for the attainment of organisational goals. 3. Through group membership, individual may be able to satisfy economic, status, safety, security and affiliation needs. 4. Furthermore, group dynamism can reduce labor unrest. Lastly, it reduces labor turnover due to emotional attachment among the group members. 5. Group dynamism can furthermore give job satisfacti...

WHAT IS GROUP DYNAMICS? Group dynamics deals with the attitudes and behavioral patterns of a group. It can be used as a means for problem-solving, teamwork, and to become more innovative and productive as an organization. The concept of group dynamics will also provide you with the strengths, success factors and measures along with other professional tools. Group dynamics deals with the attitudes and behavioral patterns of a group. Group dynamics concern how groups are formed, what is their structure and which processes are followed in their functioning. Thus, it is concerned with the interactions and forces operating between groups. The term ‘group dynamics’ means the study of  forces  within a group. Since human beings have an innate desire for belonging to a group, group dynamism is bound to occur. In an organization or in a society, we can see groups, small or large, working for the well-being. Szilagyi and Wallance define a group as “a collection of two o...

THE ELEMENTS OF REWARD MANAGEMENT A total rewards system comprises all the efforts that an employer can use in recruiting, motivating and keeping employees. According to the Grameen Foundation, a total rewards system includes five elements: compensation, benefits, professional development, recognition and work-life balance. 1. Compensation and Benefits: Compensation refers to the various ways an employee earns money from the company. It typically consists of a base salary or hourly wage but can also include profit sharing and bonuses. Benefits refer to both mandatory programs and employer options. Mandatory programs include worker’s compensation and Social Security, while employer options include paid vacation time and pension programs. 2. Market Rate Analysis: Market rate analysis is the process of identifying the rates of pay in the labour market for comparable jobs to inform decision on levels of pay within the organisation. 3. Professional Development and Recognit...

THE IMPORTANCE OF REWARD MANAGEMENT SYSTEM               The elements of reward management within a business organisation are all the things that they use to attract potential employees into their business which includes salary, bonuses, incentive pay, benefits and employee growth opportunities such as professional development and training opportunities. Having a reward management system in place provides the business with many advantages, especially in small to medium size organisations where the managers must have a good relationship with the employees. 1. Reward management system is very helpful in retaining current employees in the organisation. 2. By the reward management systems employees become loyal with the organisation. 3. Reward management systems inspire, motivate the employees. 4. It is very helpful attracting new employees in the organisation. 5. Reward management always appreciate ...

OBJECTIVES OF REWARD MANAGEMENT                Reward management deals with processes, policies and strategies which are required to guarantee that the contribution of employees to the business is recognized by all means. Objective of reward management is to reward employees fairly, equitably and consistently in correlation to the value of these individuals to the organization. Reward system exists in order to motivate employees to work towards achieving strategic goals which are set by entities. Reward management is not only concerned with pay and employee benefits. It is equally concerned with non-financial rewards such as recognition, training, development and increased job responsibility.   The following are the important objectives of reward management:  1. Maintain remuneration and benefits that are competitive in the     industry. 2. Provide tax-effective purchase of ...

REWARD MANAGEMENT SYSTEMS              Reward management   is a motivational practice that businesses use to reward employees for their achievements and success. The company sets goals and establishes rules for its employees to follow to achieve those goals. It makes sure that employees are clearly aware of these goals, rules, and the rewards they will get for high performance. All employees follow the same reward system, and the system is organized and just. Using a website to track employee development enables the employee and employer to monitor progress and easily identify when goals are reached and rewards earned.              Reward management is concerned with the process, strategy, aims, and the philosophy of rewarding people in organisation. Michael Armstrong defines it in this way : “Reward management is concerned with the formulation and implementation of strat...

STEPS OF CAREER MANAGEMENT Reaching your career goals ultimately leads to a more satisfying work life. The three-stage Career Management Process outlined in this guide will direct you down this path to success. 1. Discover Assess Yourself Research Careers:   In this first stage, you will assess yourself. What are your skills, your values, and your vision? Knowing more about yourself will help you identify the career areas that suit you best. You’ll also research careers to discover what opportunities would be a good fit. 2. Career Management Rules: The organisation needs to decide on the extent to which it ‘makes to buys’ talented people. Should it grow its own talent or should it rely on external recruitment? 3. Skills Measurement: Skills measurement review the stocks of talent available and flow required to demand and supply forecast and performance and potential assessment. They provide the basis for succession and career planning. 4. Performance Audit: ...

IMPORTANCE AND OBJECTIVES OF CAREER  MANAGEMENT Well-planned and executed career programmes will benefit both the organisation and the employees in a number of ways. These include the following: 1. Employment equity:   Guidelines demand fair and equitable recruiting, selection and placement policies and the elimination of discriminatory practices concerning promotions and career mobility- Many affirmative action programmes contain formal provisions to enhance the career mobility of women and other formerly excluded groups, including the development of career paths and the design of formal T&D activities. 2. Changes in Performance Indexes:   Improved employee performance ratings, improved employee morale, reduced turnover rates, reduced employee absenteeism, increased promotions from within and reduced time to fill job openings are other positive indicators for measuring the effectiveness of a career program. 3. Provide Guidance: For employees, the ...

CAREER MANAGEMENT        Career management is conscious planning of one’s activities and engagements in the jobs one undertakes in the course of his life for better fulfillment, growth and financial stability. It is a sequential process that starts from an understanding of oneself and encompasses occupational awareness. An individual’s career is the sole source of one’s natural expression of self. One school of thought describes work as the purpose of life and the source of one’s expression and the purpose of being or existence. Yet others believe that there is a wide difference between an individual’s career and his life. In any case, career is an integral component of one’s life and therefore the need for its management.          Career management is more or less like the organisational management; after all an organisation is nothing but an assortment of individuals! The process of career management begins...