Functions of Management
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Functions of Management
Management is prevalent in all businesses. However, what is management? More important, what is successful management? In order to determine the answer to those questions, one must look at the functions of management. In any organization, the ability to use the four function of management; planning, organizing, leading, and controlling, will determine the success of that organization. So what are the steps involved in these four functions of management and how do they play a part in an organization? This paper will look at the various components of the four functions of management and how they apply to the organization I am currently employed by: Wells Fargo Bank.
Planning
Planning is the first function of management. During this process an organization will set specific goals it wishes to achieve and decide how the company desires to go about reaching those set goals. They design a strategy of actions necessary to accomplish an organizations specified target.
The planning function includes numerous activities that need to be completed. These actives include; analyzing an organizations current situation, anticipating what the future holds for that organization, determining the companys objectives, deciding what activities the company will engage in, choosing a corporate and business strategy, and determining the resources needed to achieve the organizations goals. (Bateman and Snell 2002)
The infrastructure at Wells Fargo calls for the planning stage to not only occur at a company-wide corporate level but also at a regional and district level. The planning function even extends down to the branch level, in which the branch managers are encouraged to give input on what goals the individual branches will achieve and how he or she will go about doing so. While the main office will set the overall company goals and vision, it trickles down so that the locations responsible for the achievement of the goals, plays a large part in determining the correct actions necessary to achieve the goals. This helps the organization to be more efficient in setting goals and leads to better profitability of the company because realistic goals are created.
Organizing
Organizing is the function in which human, financial, physical, informational and other resources are assembled and coordinated. (Bateman and Snell, 2002) Activities included in this function are: attracting people to an organization, specifying job responsibilities, grouping jobs into work units, allocating resources, creating conditions so people and things work together to create maximum success.
When looking at the activities in organizing, it is an imperative function to an organization. During these activities, the organization determines who its employees are going to be, what those employees are going to do, what resources an organization will have, and how everything is going to work together to make the organization either succeed or fail. This function builds a dynamic organization. (Bateman and Snell, 2002)
Organizing is one area that is constantly changing at Wells Fargo. The organization realizes how important of a function organizing is and makes sure to keep up-to-date on a continually changing environment. In fact, one of the employee benefits offered by the company is a referral bonus for referring a qualified individual to the organization. They realize that the employees of the company know what kind of people they want to work with and by providing a good working environment; there will be greater productivity.
Leading
Stimulating people to be higher performers is the function of leading. This is also known as mobilizing people. The activities include close day-to-day contact with employees, through directing, motivating and