Chapter 1

• Characteristics of the dynamic new workplace:

  • Opportunity & uncertainty
  • Global
  • Knowledge-driven
  • Performance-driven
• Intellectual Capital:

  • People
  • Collective brainpower / shared knowledge of the workforce creates value
  • Knowledge worker: the mind of employees is a critical asset
• Globalization:

  • National boundaries
  • Worldwide interdependence: resource flows, product markets, competition
  • Interconnected
  • Economic trade blocs/agreements
• Technology:

  • Internet, WWW, Computers, Info Technology
  • Demand for knowledge workers & skills
• Diversity:

  • Composition of the workforce
  • Differences
  • Issues: prejudice, discrimination, glass ceiling
• Ethics:

  • Code of moral principles
  • Corporate governance: Management decisions & company actions overseen by Board of Directors
• Careers:

  • Types: Core workers, Contract workers, Part-time workers
  • Skills Portfolio
• What is corporate governance?

  When company decisions are overseen by board of directors
• Knowledge driven


  A workplace that is driven by the knowledge of the workers
• Skills portfolio


  The skills that you have as a worker
• Definition of organizations:

  • A collection of people working together for a common purpose
  • 3 characteristics: purpose, division of labour, hierarchy of authority
• Organizations as Systems:

  • Consist of interrelated parts
  • Open systems transform resource inputs into product outputs
  • External environment influences and provides feedback
• Organizational Performance:

  • Value creation: profits or add wealth (nonprofit)
  • Productivity: quantity and quality of work
  • Measures: performance effectiveness, performance efficiency
• How do you create value?

  Profits (adding wealth or value), Productivity (the quality and quantity of work)
• Managers support and are responsible for the work of others
• Managers coordinate human resources with material resources to produce goods and services
• Managers are responsible for achieving the highest level of performance for the least amount of inputs
• Managers work in for-profit organizations, while administrators work in public/non-profit organizations
• Functional Managers work in a single area like finance, while General Managers oversee complex, multi-functional areas

  • Example of General Manager: Plant manager
• Management is the art of getting things done through people, and the science of making good decisions
• The four functions of management are planning, organizing, leading, and controlling. You can use the acronym PLOC to remember the four functions.
• Total Quality Management (TQM)

  • Continuous improvement (must always strive to improve)
  • Meeting customer needs
• Interpersonal roles

  Figurehead, leader, liaison
• Informational roles


  Monitor, Disseminator, Spokesperson
• Decisionalroles


  Entrpreneur, Disturbance handler, Resource Allocator, Negotiator
• Technical skills


  Your expertise/proficiency at certain skills. Important at the entry level of your job
• Interpersonal (Human) skills


  How well you work well and cooperate with others. Must be highly proficient in emotional intelligence (EQ). Important at all managerial levels
• Three levels of management


  Top level management (CEO/COO), Middle management (General managers), First-line/bottom management (Supervisors)
• Managerial Competency


  How competent a manager is, influences performance level. Important for managerial roles and the different functions of management. Is also important for agenda setting and networking.
• Key characteristics of management


  Communication

  Teamwork

  Self-Management

  Leadership

  Critical Thinking

  Professionalism
• Planning


  Involves determining objectives, strategies and action plans to achieve organizational goals.
• Leading


  Involves motivating and directing employees to accomplish shared objectives.
• Organizing


  Involves developing an organizational structure and allocating human resources to ensure the accomplishment of objectives.
• Controlling


  Involves ensuring that performance does not deviate from standards. Consists of three steps, which include (1) establishing performance standards, (2) comparing actual performance against standards, and (3) taking corrective action when necessary.
• Top/Upper Management


  Is responsible for organizational performance, makes the strategic decisions, and considers external environment and trends
• Middle Management


  Makes the operational decisions, implements action plans, and heads large departments/divisions
• Lower Management


  Oversees non-managerial workers, ensures work teams meet performance objectives consistent with goals
• Line Managers


  Contribute directly to goods/services. Examples include: Retail managers, CEO, Plant managers
• Staff Managers


  Work in specialized areas like marketing, accounting, legal. Examples include: CFO, HR Director