Introduction to Corporate Management
Aspect of the management deals with all kinds of projects and the production function of the business and also the productivity of the employees. The Corporate Management of the business refers to the managers and executives that as the primary leaders of the company. The extent of the managerial roles can be found in various fields of the organization such as the human resource department, the IT department, the legal department and the executive department and so on.
The success of any business organization mainly depends upon the success of the Corporate management of the organization. Since the corporation usually refer to the large business organization with various departments and division held for production of the good and services for the ultimate consumer. Hence the management style of the organization also depends upon how large is the organization and the corporate culture prevalent in the organization.
For example, the public companies usually have an elected board of members who further selects the management team so as to run the various functions of the corporation effectively and efficiently. This also means that the board of directors does not interfere with the day to day working of the organization and acts as an advisor to the selected team of managers because the interference may cause a chaos in the organization and may also compromise the working capacity of the management and the organization both.
It is if often broken down according to the divisions or the function to be performed. Some of the most common corporate management positions held by the organization are president, the vice president, the chief operating officer, chief executive officer, the chief financial officer and the chief information officer. The various management positions are given a specific staff to handle, which handles some specific tasks given to her division. The management structure of the corporation can often be designed into a chart so that the structure can be best informed and understood by the employees of the organization.
The decision-making process can also be divided into two kinds; one being the centralized decision making process in which the decision is made by the top-level management only and the lower level management have no say whatsoever in the decision making process. The second kind of decision-making process is the decentralized form of decision making in which the lower-level management makes most of the decisions and has a greater say in the overall decision-making process of the organization.
Sometimes the companies may even hire some expert professionals to define their management style. This is important because the individuals can give a better insight to the company and provide an unbiased and an objectified view to the position of the company and hence advise them with the most suitable management style. Also due to the emergence of the corporate world on such a large scale in the recent times and due to the stiff competition prevalent in the market place, it is important for the organizations to have a well working management style. A good corporate management helps in the better management of the organization and hence in turn results in the success of the organization.
Top 10 Rules of Corporate Management
But just a good Corporate Management is not going to make sure whether the company is a success or not. It is important for the company to make sure that the management style is of equal success. Hence to make sure that the Corporate Management style is a success, the organization needs to follow some definitive rules as discussed below:
The main objective of the Corporate Management is to efficiently and effectively utilize the resources that the management has in hand. The resources include the staff appointed, the technology used in the organization and the equipment put to work. Efficient and effective management of the resource would include the minimization of production time and enhancing the productivity of the company so as to be able to increase the profits of the organization. It is also important for the efficient corporate leadership to be able to efficiently utilize the available resources in hand, whether scarce or abundant and to work accordingly.
2. Policy formulation
The corporate management also has the responsibility of formulating the policy such that they are stringent enough to make the employees follow them to the ‘T’ but should be flexible enough so as to be able to change according to the changing work environment. Also the policies formed by the corporate management should follow the various rules and guideline set for the industry. The policy formed should be able to bring together the various departments and branches of the organization and make them work towards one unified goal.
The various corporate heads of the various divisions and departments also have the important task of catering to the finance needs of their department keeping in mind the overall financial position of the company. One of the many functions of the corporate head is to define the budget for the company as a whole or the department that they are heading and spend accordingly. For example, the HR manager would be working towards providing the maximum salary to the employees working under him or in the organization while keeping in mind the efficiency of the employee and the amount of money that the company is able to spend. Hence the budgetary function of the manager can be very tasking and important as well. Because if the corporate budget management prepared is not in accordance with the company, then it can affect the company adversely.
A coordination between the various divisions of the organization through various communications, meetings and an organized line of passing the information results in the coordination of the organization as a whole and in turn helps the managers to be able to fulfil various goals and objectives of the organization. it also helps in the coordination of the sales level with the production level so that the demand of the product is met with the supply from the company, also the advertising campaign should be undertaken after proper coordination with the finance department so that there is no over spending on the advertising and hence putting the company in a fix or under spending and not being able to reach the customers properly.
The managers also need to maintain proper control over the workings of the organization through proper reviews and reports and proper feedback from the employees of the organization. The reporting structure of the company often gives and insight to the managers about the strengths and the weaknesses of the organization and hence results in the proper redressal of any kind, if required. The control exercised by the managers also helps in ensuring that the employees are doing all that they can to fulfil the business objectives and goals and are working according to the business plans formed.
The staffing function performed by the manager is very crucial as they have to ensure that the employees appointed for the job are suitable for the job academically and intellectually. Also they have to make sure that employees appointed have the right set of mind to be able to work towards the completion of the organizational goals. They have to make sure that the staff of the organization should be competent enough to be able to combat various situations that may arise during the completion of the organization goals and objectives.
A key feature in the success of any organization is a good communication network between the employees and between the employees and the managers as well. Hence a part of the many duties to be performed by the manager is to ensure that there is proper communication system in the organization where the employees can put in their suggestions on various aspects of the organization and can also put across their grievances and seek proper redressal for the same. A good communication network in an organization can do wonders for the success of the organization as the employees would be more satisfied in their job and also the managers will come to know about any shortcomings of the organization and take timely actions necessary to combat that.
8. Performance appraisal
Performance appraisal done by the managers for their employees is an important tool in any organization. the performance appraisal conducted by the managers not only helps the managers in defining the level of enthusiasm in the employees and define how well they are working towards the fulfilment of the organizational goals but it also helps the employees and keeps them motivated in working towards the fulfilment of the desired goals with much more zeal and enthusiasm. Performance appraisal done by the managers is also important for the organization and the success of it because with the various appraisal techniques, the managers can estimate the level of the goal fulfilment and how much work has been done by the employees. Also this helps the manager in identifying the under-working employees and take corrective actions against them so that they are able to do a better job at the goal fulfilment of the organization.
9. Training and development of staff
The training and development of staff is really important so that the new recruits can understand the way the company works and can understand the rules and regulations of the organization. If they are not aware of the various rules and regulations of the organization then they might not be able to give their best and may not be able to fulfil the objectives of the organization. Also the corporate business management training and development of the existing employees is of equal importance as is the training of the new employees. The existing employees need to be trained on the new ways of working and be informed about any changes brought about in the organization and need to be brought at par with the new employees so that the working of the organization is not at risk and the both the new and the old employees can work in perfect harmony. It is the job of the manger to make sure that the employees of the organization, new and old are properly trained to work in the organization and are aware of the various aspects of the organization so that the management of the organization can be a success.
10. Technological development
Due to the changing technological times and with the emergence of new technology it is important for the manager to make sure that the technology used by them in their organization is not obsolete. Using obsolete technology will not only make the working slow and inefficient but will also threaten the success of the organization and the management as well. Hence it is important for any organization to keep their technology updated and to keep their staff updated on the technology. This is also the job of a manager. In many large scale organizations this job of keeping the technology up to date might be specialized to the IT department of the company but to inform the department of the obsolete technology or the inefficient technology is the job of the manager. This is important so that the working of the employees is not affected and the employees can work with complete efficiency. But in small scale companies, this task of the changing the technology is not specialized to a specific department but is done by the head managers himself.
Managers do not have just one function to perform but have several other functions that need to be performed by the manager for the smooth working of the organization. So the success of the corporate management depends on various different factors. And none of the factors can be undermined or given any less importance in the whole working of the organization. Hence for any manger, it is important to first understand the roles and responsibility of the manager and understand the implications of not stepping up to the opportunity. Hence it can be easily understood that the success of a manager in the organization is just as important as the success of the organization itself.
This has been a guide to Successful Corporate Management. Here we have discussed the basic concept with top 10 effective ways to successful corporate management. You can also go through our other suggested articles to learn more –