The Exceptional Manager Chapter 11. Rewards, benefits and privileges managers might expect2. 7 Challenges to managers today3. 4 Principal functions of management planning, organizing, leading and controlling4. 3 Roles managers must play5. Contributions of Entrepreneurship6. 3 Skills required of a managerManagement is defined as the 1. pursuit of organizational goals efficiently and effectively2. by integrating the work of people3. through planning, organizing, leading, and controlling the organizations resources.OR 1. E E2. I3. POLC rOrganisations value managers because of the multiplier effect. Good managers have an influence on the organization far beyond one person acting alone. The ability to take risks to embrace change and to keep going forward despite fears and internal criticism is important to any managers survival.Management is the art of getting things done through people.

Efficiently and Effectively basically means doing things rightEfficiency the means. Efficiency is the means of attaining the organizations goals. To be efficient is to: Use resources People Money Raw materials, and the like.. Wisely and cost-effectivelyEffectiveness the ends Effectiveness is the organisations ends, the goals. To be effective means to: Achieve results Make the right decisions Successfully carry them out so that they achieve the organizations goalsThe Multiplier Effect: The influence of a manager on an organisation is multiplied far beyond the results that can be achieved by just one person acting alone.

7 Challenges as a ManagerChallenge #1: Managing for Competitive Advantage - Staying Ahead of RivalsCompetitive advantage is the ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them.I. Being Responsive to CustomersII. Innovation (finding ways to deliver new or better goods)III. QualityIV. EfficiencyChallenge #2: Managing for Diversity-The Future Won't Resemble the PastPopulation demographics will never remain the same, and as its constitution changes, so does diversity and variety in organisation strength. Challenge to the manager is to maximize the contributions of employees diverse in gender, age, race, and ethnicity.Challenge #3: Managing for Globalization-The Expanding Management UniverseGestures and symbols don't have the same meaning to everyone throughout the world. Not understanding such differences can affect how well organizations manage globally.Challenge #4: Managing for Information TechnologyMost important is the Internet, the global network of independently operating but interconnected computers, linking hundreds of thousands of smaller networks around the world.E-commerce, or electronic commerce - the buying and selling of goods or services over computer networks - is reshaping industries and revamping the very notion of what a company is.More important than e-commerce, the information technology has facilitated e-business, using the Internet to facilitate aspects of businesses. Far-ranging e-management and e-communication. e-mail - text messages and documents transmitted over a computer network project management software - programs for planning and scheduling the people, costs, and resources to complete a project on time Accelerated decision making, conflict, and stress. The Internet not only speeds everything up, it also, with its huge, interconnected databases computerized collections of interrelated files-can overwhelm us with extra information. Changes in organizational structure, jobs, goal setting, and knowledge management. Employees, for instance, may telecommute, or work from home or remote locations using a variety of information technologies. Meetings may be conducted via videoconferencing, using video and audio links along with computers to let people in different locations see, hear, and talk with one another. In addition, collaborative computing, using state-of-the-art computer software and hardware, helps people work better together. Increased emphasis on knowledge management-the implementing of systems and practices to increase the sharing of knowledge and information throughout an organization.Challenge #5: Managing for Ethical StandardsEthical behavior is not just a nicety; it is a very important part of doing business.Businesses are responsible for upholding their own ethical standards, by Moral Idealism.Challenge #6: Managing for Sustainability - The Business of GreenOur economic system has brought prosperity, but it has also led to unsustainable business practices because it has assumed that natural resources are limitless, which they are not. Sustainability is defined as economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs.Challenge #7: Managing for Your Own Happiness & Life GoalsThe lesson of today is that you're working for yourself - that employees should identify themselves with the job, not the company. Regardless of how well paid you are, then, you have to consider whether in meeting the organization's challenges you are also meeting the challenge of realizing your own happiness.The Four Principal FunctionsAs a manager, you will perform what is known as the Management Process:

Also known as the Four Management Functions:1. Planning 2. Organising 3. Leading4. Controlling

The Traditional Management Pyramid:

3 Levels of Management: Top managers, middle managers, first-line managers.

1. Top managers a. make long-term decisions about the b. overall direction of the organization and c. establish the objectives, policies, and strategies for it.2. Middle managers a. implement the policies and plans of their superiors b. and supervise and coordinate the activities of the managers below them.3. First-line managers a. make short-term operating decisions, b. directing the daily tasks of non-management personnel.Areas of ManagementFunctional Managers VS General Managers.A functional manager is responsible for one organisational activity. E.g. Director of FinanceA general manager is responsible for several organisational activities. E.g. Executive Vice President3 Types of Organisations For-profit Organisation: for making money, by offering products or services. Non-profit Organisation: for offering services to some clients, not to make a profit. Mutual-benefit Organisation: for aiding members, voluntary collections of members such as labour unions, trade associations whose purpose is to advance members interests.3 Types of Managerial RolesInterpersonal, Informational, Decisional

Interpersonal roles Figurehead, Leader, and Liaison managers interact with people inside and outside their work units.Informational roles Monitor, Disseminator, and Spokesperson managers receive and communicate information with people inside and outside the organisation.Decisional roles Entrepreneur, Disturbance Handler, Resource Allocator, and Negotiator managers use information to make decisions to solve problems or take advantage of opportunities.

Broad Managerial RolesTypes of RolesDescription

Interpersonal Managerial RolesFigureheadShow visitors around the company, attend employee birthday parties, present ethical guidelines to employees.

LeadershipResponsible for actions of subordinates, as their successes and failures reflect on you. Training, motivating, and disciplining people.

LiaisonAct like a politician, working with people outside your work unit and organization, to develop alliances that will help you achieve your organizations goals.

Informational Managerial RolesMonitorConstantly alert for useful information, newspaper stories about competition, or conversation with subordinates.

DisseminatorNeed to constantly disseminate information to employees, emails and meetings are necessary.

SpokespersonExpected to put the best face on the activities of work unit or organization to people outside it.

Decisional Managerial RolesEntrepreneurInitiate and encourage change and innovation.

Disturbance handlerFixing problems, due to unforeseen circumstances.

Resource allocatorYou will never have enough time, money, and so we need to set priorities.

NegotiatorWorking with others inside and outside the organization to accomplish your goals.

Entrepreneurship is the process of taking risks to try to create a new enterprise. EntrepreneurIntrapreneur

An entrepreneur is someone who sees a new opportunity for a product or service and launches a business to try to realise it.An intrapreneur is someone who works inside an existing organization who sees an opportunity for a product or service and mobilizes the organizations resources to try to realise it.

Being an entrepreneur is what it takes to start a business. Being a manager is what it takes to grow or maintain a business.EntrepreneurManagerBothHigh need for achievement pursue goals through their own efforts to realize their ideas and financial rewards.Belief in personal control of destiny an internal locus of control, with a belief that you control your own destiny, that external forces have little influence. Both, but especially so for EntrepreneursHigh energy level and action orientation rising to the top for a manager means putting in long hours, but for entrepreneurs, creating a new enterprise requires time and energy. While managers may have a sense of urgency, entrepreneurs are especially apt to be impatient and want to get things done as quickly as possible, making them action oriented.High tolerance for ambiguity Every manager needs to make decisions based on ambiguous information. However, entrepreneurs have higher tolerance as they are trying to do things they havent done before.Self-confidence and tolerance for risk Managers must believe in themselves and be willing to make decisions, but entrepreneurs must be willing to take risks in pursuit of new opportunities, even risk personal financial failure.

In general, both have a high need for achievement, high energy level and action orientation, and tolerance for ambiguity. Entrepreneurs are more self-confident and have higher tolerance for risk.

The Skills Exceptional Managers Need

Technical Skills The Ability to Perform a Specific JobConceptual Skills The Ability to Think AnalyticallyHuman Skills The Ability to Interact Well with People

Technical skills consist of the job-specific knowledge needed to perform well in a specialised field.

Having the requisite skills seems to be the most important at the lower levels of management among employees in their first professional job, and first-line managers.Conceptual skills consist of the ability to think analytically, to visualize the organization as a whole and understand how the parts work together.

Such skills are more important as you move up the management ladder, and particularly for top managers who must deal with problems that are ambiguous but could have far reaching consequences.Human skills consist of the ability to work well in cooperation with other people to get things done.

Such soft skills are necessary to motivate, inspire trust, and communicate with others.

Because of the range of people, tasks, and problems in an organisation, developing human-interacting skills may turn out to be an ongoing, lifelong effort.

The Most Valued Traits in Managers

The ability to motivate and engage others The ability to communicate Work experience outside of the country High energy levels to meet the demands of global travel and a 24/7 world2 | Page