The Most Important Lesson on Effective Management

Posted: January 4th, 2023

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Individual Assignment

The Most Important Lesson on Effective Management

            The management of an organisation is considered effective if it enhances productivity on all fronts and reaches its cherished goals. One important lesson is the value of business ethics, which essentially comprises the values, morals, and principles that govern decisions and actions in an organisation. These standards are significant in determining positive or negative behaviour, critical thinking, and decision-making. Business ethics can be subjective based on the corporate culture and the recognition of unethical business practices. Therefore, it is important to emphasize and enforce the same standards and principles across the organisation to guarantee fair practice. According to Crane, Matten, Glozer, and Spence (2019), ethical practices present several legal and cultural advantages to businesses and their external environments.

            To start with, business ethics are parallel to basic human needs. Each individual aspires to be associated with organisations that make the workers feel proud and respected as they perceive them to be ethical. Such firms create a positive working environment where the employees are inspired and motivated to execute their responsibilities. It also encourages employee loyalty while boosting their morale to operate in the company’s best interests. In an ethical workplace, it is easier to promote collaboration and teamwork, thereby building cohesion and creating effective professional relationships. The workers find it easier to approach their leaders with key concerns under the knowledge that their concerns will be heard and addressed adequately.

Similar to all the other business initiatives, a company’s ethical operation directly correlates with its profitability in the short and long term.

            Businesses in the 21^st century have to focus on more than their financial revenues to attract the shareholders. They have to consider their impact on the surrounding community and their relationships with other enterprises. Companies with a clearly-defined corporate social responsibility (CSR) strategy have a higher probability of attracting more stockholders. CSR indicates that the firm understands and upholds their obligation to society, and in turn, the community would hold a more positive perception of the enterprise (Trevino & Nelson, 2016). Conversely, organisations that conduct operations in secrecy often appear suspicious, and it may be challenging to earn the public’s trust.

            Additionally, when a business house encourages ethics, it facilitates better decision-making. Organisational decisions require a critical evaluation of the available resources and the impact of the conclusions on the employees. Therefore, a dialogue is vital to evaluate and conduct decision-making. Managers should encourage the active participation of the staff in the entire process to guarantee that their needs are heard and well-integrated into the final verdict. Davies (2016) adds that business ethics requires organisations to identify the applicable ethical standards in each context and comply with them. As a company grows and expands, it gains a larger workforce where people might have completely different moral standards. These differences might change the overall outlook on the decision-making process. Therefore, organisations should use their mission statements as the guiding framework for guaranteeing compliance with ethics.

            In the absence of business ethics, organisations could spiral into controversial activities and conduct that could affect their credibility. Consumers in the current society desire association with highly-principled entities that place more value to people than financial profit. When the company does not reflect this, there is a high likelihood that they would lose their customers and experience a decline in sales and overall benefits. Employees would also be uncomfortable working in an unethical workplace, and this would cause them to lose respect for their leaders. The company would also experience a decline in performance. When employees find their leaders breaking the rules, they will follow suit, thereby creating an uncomfortable working environment. Employees also get discouraged as they see that their hard work does not necessarily contribute to their success. They would be more inclined to cut corners or to do the bare minimum in their role.

The Most Important Lesson on Contemporary Business Environment

            As volatility is endemic in any business, it is important for any firm to adopt a well-planned, practical style of management to run the organisation. Leadership plays an integral role in guaranteeing the achievement of organisational goals and providing direction to the employees. Morden (2017) describes management style as an approach and manner of implementing plans, motivating people, and offering guidance. It also includes the implicit and explicit actions exhibited by the leader. Kurt Lewin conducted the first popular study on leadership styles used in society today (Morden, 2017). These management variants include delegative, authoritarian, and democratic approaches. Each form presents some strengths and weaknesses, based on its implementation and the reception from the public. However, in more recent years, transformational leadership has emerged as an approach that integrates employees’ needs into organisational goals.

            Transformational leadership draws on diverse strengths and leadership approaches, thereby creating specific and prevailing advantages for the entire organisation (Minbashian, Birney, & Bowman, 2019). This leadership style involves coordination between the manager and the teams to identify the need for change, develop a vision for the modification, and implement the recommended action. The leader using this approach has integrity, and they encourage it in their employees. The organisation also ensures to communicate the main goals correctly and allocates the required resources. The manager places trust in the team rather than motivate them persistently. The group has stimulating responsibilities that capture their attention, keeps them productive and invested in their work. The leader also recognizes exceptional employees and rewards them.

            Transformational leaders should also possess remarkable people skills. The manager should recognize the diversity in the workforce and utilize effective strategies to reach all of them. It is also important to understand the employees’ needs and align their demands with organisational requirements. The transformational leader sets an example for the workforce by providing a stable structure and allocating the essential resources. Employees perceive this leader to be decisive, heroic, vigorous, and to some extent, charismatic. They stay motivated by the leader and build a positive working relationship with each other. They are also committed to meeting the organisation’s vision as it is explained to them under the leadership of the transformation manager.

            The ability to inspire employees and create a comfortable environment for employees results in a lower turnover rate, thereby reducing operating costs. The transformational leader communicates with every employee consistently, thereby understanding their concerns and addressing them promptly. Employees who feel heard and appreciated tend to trust the management, and they understand working in their organisation. Kelly (2018) adds that the workers have a higher probability of enjoying the corporate fit when they work under a transformational leader, and they would stay with the company. Less turnover results in lower operating costs for recruitment and training, and this translates to more financial responsibility for the enterprise. The transformational leader should also similarly interact with clients and train employees to do the same. This approach enables the firm to increase customer retention, potentially reducing the marketing costs. 

            Change management can be a challenging endeavour for any business, and the transformational leader has the vital skills required to introduce change and improvements. The manager functions by empowering employees and helping them to understand the need for change (Abubakar, Elrehail, Alatailat, & Elçi, 2017). Through this approach, employees can gain a different perception about the move, and get the motivation they need to implement the transformation. The organisation should train its employees and create opportunities for corporate learning under the leadership of the transformational manager. Their role would include culture binding, developing positive behaviours, and acknowledging high-performance workers. The leader also works with the team to build a vision for the change and oversees its implementation. The ultimate goal is to increase employee effectiveness through corporate learning and create better opportunities for organisational development.

The Most Important Lesson on Teamwork

            Working on the group presentation provided significant insight into a major personal strength revolving around operative communication skills. As a team member, it was vital to possess communication skills as they were vital in motivating and inspiring others to focus on meeting team targets. The student found that they were able to effectively communicate with other team members by focusing on their roles in the team and in the existing differences. It was often necessary to encourage team members to complete their tasks and practical communication skills facilitated successful interactions with others.

            Research by Talman (2018) determined that when individuals work together as a team, there is a likelihood of better effectiveness than when an individual performs the same activity. However, the group needs to communicate at every step to guarantee its success. The learner found that they were able to initiate prompt communication whenever it was required. Using this approach, it was possible to oversee the achievement of set goals, while ensuring that other team members had the necessary time and resources to execute their roles. Working with other individuals required that each person had a better comprehension of their responsibilities and those of others. As a result, it is easier to avoid interfering with each other’s duties or roles. The student used these communication skills to highlight ho their role would be beneficial to the final product. This approach also involved enlightening other members on how their parts are connected and how they can contribute to the final product.

            As a major strength, the student used these effective communication skills to ensure a flow of project activities among members. Team members could end up performing a similar task, leaving other jobs unattended or wholly ignored (Fidalgo-Blanco, Sein-Echaluce, García-Peñalvo, & Conde, 2015). The student performed the role of delegating responsibilities and helping individuals to understand their specific tasks. This was easily achievable by interacting with team members, holding meetings, and promoting transparency. Since group members did not know each other quite well, there was a lack of trust and reliance. Communication skills helped to create an environment where all individuals had equal participation and ensured accountability. The student used these skills to keep all team members updated on the progress and potential challenges that may have occurred.

            As a strength, effective communication skills enabled the student to actively participate in conflict resolution within the group. These skills became evident when some of the team members felt that there was no balance in the distribution of responsibilities for the completion of the project. Consequently,  they became frustrated and were less interested in how the final product would emerge or how it might affect them. Ultimately, this scenario created a hostile environment that made it difficult for team members to interact. The student incorporated effective communication to advocate for the rights of the overworked parties, and to understand why other members were taking on lesser roles. Interacting with both sides of the story provide insight into some of the challenges that some teammates were facing. For example, one student could not get the time to give equal contribution as he worked two jobs and still tried to maintain his grades in class. While his reasoning was justified, it was important for him to understand that group work was part of his final grade. As such, he should allocate some of his study time to improve the team’s performance.

            Another benefit of effective communication for the student is that it also creates openness, which can make it difficult for some individuals to avoid active participation (Salas, Shuffler, Thayer, Bedwell, & Lazzara, 2015). The student used this strength to guarantee that there is no imbalance in the distribution of functions. It also helped in keeping people updated on the team’s progress based on every individual’s performance. This approach was instrumental in identifying difficult tasks and highlighting how they could be approached to improve the results. .

References

Abubakar, A. M., Elrehail, H., Alatailat, M. A., & Elçi, A. (2017). Knowledge management, decision-making style and organisational performance. Journal of Innovation & Knowledge, 4(2), 104-114.

Crane, A., Matten, D., Glozer, S., & Spence, L. (2019). Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford, UK: Oxford University Press.

Davies, P. W. (2016). Current issues in business ethics. Abingdon-on-Thames, UK: Routledge.

Fidalgo-Blanco, Á., Sein-Echaluce, M. L., García-Peñalvo, F. J., & Conde, M. Á. (2015). Using Learning Analytics to improve teamwork assessment. Computers in Human Behavior, 47(C), 149-156.

Kelly, P. (2018). The evolution of risk management thinking in organisations. In The Routledge Companion to Risk, Crisis and Security in Business (pp. 20-46). Abingdon-on-Thames, UK: Routledge.

Minbashian, A., Birney, D. P., & Bowman, D. B. (2019). The thinking styles of managers: Dimensionality, profiles and motivational antecedents. Australian Journal of Management, 44(1), 70-90.

Morden, T. (2017). Principles of management. Abingdon-on-Thames, UK: Routledge.

Salas, E., Shuffler, M. L., Thayer, A. L., Bedwell, W. L., & Lazzara, E. H. (2015). Understanding and improving teamwork in organisations: A scientifically based practical guide. Human Resource Management, 54(4), 599-622.

Talman, J. (2018, August). Enhancing teamwork in group projects by applying principles of project management. In Innovations in Teaching & Learning Conference Proceedings. Talk conducted at the meeting of the Stearns Center for Teaching and Learning at George Mason University

Trevino, L. K., & Nelson, K. A. (2016). Managing business ethics: Straight talk about how to do it right. New Jersey, NJ: John Wiley & Sons.