As a part of a company, one must know what is management and its importance in the overall functioning of the business. Some may think that the word management is synonymous to the word leadership and supervision. However, they may be surprised to find out that management is another factor that it extremely necessary in the daily operations of a company. Leadership is a quality of a person that enables him or her to perform functions and spearhead projects or activities. On the other hand, supervision is a task or responsibility of a person to make sure that those working under one’s directions will be well informed and clearly instructed. These two important words join together to answer the question, “What is Management?”
What is Management
It is very important to know what is management if one works in the corporate world. This industry requires people concerned with the operations aware of what goes on. Every organization must have a point person or group that will be tasked to take care of the immediate concerns of the business which are detrimental in the survival of the company. Knowing what is management will also help individuals, whether or not in position, to understand the need for a company to cope with the ever changing environment and the movement of the competition.
The main function of the management is to organize the movement and spearhead the decision making in the company. Every person and group responsible for the management sector of a business must know the true definition of leadership, which is to be able to take risks responsibly to promote new frontiers in the business. Having good leadership in an organization will also help provide the right description for people working within the company and assist these individuals in discovering what is management as dictated by the culture of the business.
Employing Situational Approach to Leadership
There are many approaches applies to leadership in management. Each individual has their own ways to define what is management for them and this must include the manner by which they facilitate their responsibilities. Depending on the characteristics of the people under management, the approach to leadership is also affected.
There are four main approaches to leadership: Supporting, Coaching, Empowering, and Directing. Supporting Leadership facilitates a group of individuals through the use of positive reinforcement which is best utilized for highly competent employees. On the other hand, Coaching must be applied in order to direct people who are in need of developing their skills. Empowering Leaders are those who provide each individual in their group the ability to experience and define what is management by turning over the responsibility to make decisions from time to time. Lastly, Directing Leadership is needed for highly committed groups in need for development of their competencies.
What is Management in the Corporate World?
After exhausting all the ideas of the corporate world, the question, “What is management?” can now be answered accordingly. Based on the main objective of management, it must always be able to deliver results that are cost efficient. The products or services must go beyond the expectations of the customers to ensure long term profits especially in the case of organizations in the corporate world.
Moreover, the distinct characteristic of those in management are explored to ensure a profitable growth in every business. One of the most important characteristics includes inspiring leadership. It does not only mean that leaders are good decision makers because this also requires leaders who are able to motivate others to work harder. This gives the best definition to what is management in various aspects of the industry.