Management is such a big word for most of us, but business people and management enthusiasts have named some principles in the field. These are fundamental truth and based on practice that provides smooth managerial decision making. Businesses succeed and fail according to how it is managed, decided upon and finalized.
10. Division of Labor. All duties should be divided and then subdivided to different persons according to their expertise in a particular area. This is to avoid confusion in the line of work. The workforce should first be identified according to his/ her expertise then assigned to a task that is familiar and/or connected to that specialization.
9. Authority and Responsibility. Higher-ups and subordinates. People in the corporate world should learn to accept that authority and responsibility co-exists. Authority is the right of the superiors to get the specific jobs done as they like it as exact as they have commanded. Responsibilty, however, is the obligation of the subordinate to fulfill the job assigned.It is acknowledged in the professional world that authority should come with responsibility to avoid being irresponsible and responsibility goes han-in-hand with authority to make every worker effective with his duties.
8. The Boss. An employee should be responsible to a single boss in a specific duration, this will encourage familiarity with employers and subordinates. A work designation that requires dual subordination should be avoided unless absolutely essential to avoid discrepancy and broken chain of command.
7. One Direction. There should be one crystal clear plan for a business group having similar and related activities that are inter-connected. When the goal is all set, all the members of the group should be clearly oriented with the objective, target and general-to-specific plan.It should be noted that, without unity of direction, unity of action cannot be achieved.
6. Discussion. A business group should have an absolutely fair discussion among required parties to avoid misunderstanding and to have one solid decision-making accordingly.A group that does not discuss important matters fail most of the time.
5. Equality. The management should give similar fair and just treatment to all employees. One should not be discriminated against age, caste, sex, religion, nationality and relation.It is essential to maintain harmonious relations between managers and their subordinating staff. Although, equity does not mean total absence of punishment for example tardiness.
4. Order. Proper and systemic arrangement of things just as their tasks were arranged should be observed. Arrangement of things is called material order and placement of people is called the social order.
3. Discipline. For every action there is a consequence, just like in a cause and effect situation. And discipline in the workplace means sincerity, obedience, respect of authority and observance of existing rules and regulations in the enterprise.
2. Initiative. Every management should provide opportunity to its employees to suggest ideas, experiences and new method of work. This higly develops an atmosphere of trust and understanding among workers and employers.
1. Fair Compensation. Employees should be given satisfying and rewarding benefits for core tasks performed as well as for extra work assigned. As possible, it should accord satisfaction to both parties.