Management is an art of getting things done by the people, for the people and with the people. Just as the brain coordinates and regulates all the activities of a person, management streamlines and regulates the activities within an organisation. In fact, it is the effective management that guides, directs and integrates human efforts towards the achievement of certain organisational goals. Thus, management is the dynamic element that gives life to every business. Many enterprises follow different management practices as a part of their core operations.
There are various objectives of enforcing management practices in an organisation. The major motives are stated below:
1. Profitability
It is imperative for an enterprise to continuously earn profits for a successful and uninterrupted run. Different management practices ensure that the enterprise earns sufficient profits to cater to its diverse needs. The management practices emphasise on optimum utilisation of manpower, capital, materials, machinery and other resources thereby ensuring a maximum output at minimum cost.
2. Prosperity and growth of business
Management practices aim at continuously improving the performance of the organisation. These aim at expansion and diversification of business thereby creating an environment where people are motivated to work with their optimum level of productivity.
3. Change and innovation
A business operates in an ever-changing environment. In this age of digital evolution, research and development are necessary to develop novel and better methods. So, in order to cope up with the challenges posed by the uncertainties of future, effective management practices come as handy. These aim at technological advancements and adoptions of innovative ideas that keep the business abreast amidst competition.
4. Skill development of employees
For any organisation, manpower is the biggest asset. It is more important than the materials or any other resources. Thus, it is important to value and enhance the employee’s skills. Various management practices aim at mobilising the best talent. These facilitate proper training and skill development of each and every employee. In this way, they act as a catalyst in the overall development of manpower.
5. Discipline and morale
Management practices aim at improving discipline within an organisation as these include exercising authority, assigning responsibility and introducing procedures of evaluation and control. The practices emphasise motivating the employees through financial and non-financial incentives. These instil a sense of achievement in the employees and it also raises the morale of the employee by creating and maintaining a sound work environment.
6. Rightful decision making
Decision-making is an essential part of management. The managers have to take several decisions on a day-to-day basis. The quality of decisions determines the future of the enterprise. Effective management facilitates in making the right decisions at the right time.
7. Improving image of the organisation
The management practices create a better workplace and allow the organisation to operate more professionally. Thus, it attempts to build and maintain a sound image of the organisation.
8. Minimising the element of risk
Businesses operate in an uncertain environment and face several types of risks. Various management practices facilitate risk estimation and prediction of future events so that the organisations prepare themselves to face unexpected events.
The aforementioned points depict the significance of incorporating management practices in an organisation. Many organisations are realising the importance of these practices and so they are seeking for expert manager who can impose the management practices effectively. Thus, you need to be equipped with deep industry knowledge and managerial skills in order to be considered for the position. In such a scenario, an industry-specific course like MIT-SDE’s PGDM and PGDBA courses can brush your managerial skills and act as a catalyst in your career path.