Management theory refers to a collection of various ideas that are used to formulate rules and regulations used in managing a business or an organization. Notably, this kind of theory addresses managers as well as supervisors on how they should relate to the organization in matters of achieving goals and objectives of the business, the motivation of the employees, and finally how to perform to the best of the set standards. Therefore, management theories are very imperative for the growth of the firm which in turn results in high profits.
To start with, every management theory extensively embraces application of science in various matters relating to the organization. It means that the firm works and employs the best to ensure that it maximizes its profitability and clients satisfaction (Monin, 2004). However, this can only be achieved by making sure that all the employees are well trained and fostered within the organization. in order to achieve this, every organization must invest in human capital development to ensure that all workers have skills and knowledge required.
Secondly, every organization must have a wage system that is used and followed when compensating their employees. A salary system guides the management of the organization on how each and every employee should be paid. That is, it highlights the fundamental salary of workers in different grades. Further, it should point out how employees should be compensated for overtime and various benefits which they should be entitled.
Additionally, there is division of work. A management theory applies management of labor in performing various roles and responsibilities of the management and employees of an organization (Hill & Jones, 2013). This will ensure that all work is done by exploiting others. Also, it will ensure that all tasks are completed on time.
Further, every management theory advocates for appointing of experts in an organization or business. These experts have widespread knowledge concerning a subject where they offer consultancy services to the organization. They systematically analyze discrete tasks which might be difficult for an organization or a business firm. With the advancement in the levels of technology and the increasing need for business and organizations to upgrade to the new technology, most of them prefer to hire experts by outsourcing them. Outsourcing is less costly for the organization as compared to the cost of training the existing employees (Cole, 2004).
Selection and training in business and organizations are also imperative features. The management must ensure that it has selected the right candidates during the recruitment period to ensure that they have the best talent with them. After the selection, most businesses and organizations train their employees on enterprises and organization structures and what is expected of them in matters of their roles and responsibilities. Alternatively, employees should receive training regularly to ensure that their skills are up to date and also to enhance career development in all the employees in the business and the organization.
Additionally, planning and cooperation is significant when it comes to management theories. Planning ensures that all the tasks are allocated to specific people who will be held accountable for them. This requires the employees to work as a team in order to deliver the best results out of a given task. Hence, cooperation is vital in ensuring good results have been achieved.
Cole, G. A. (2004). Management theory and practice. London: Thomson Learning.
Hill, C. W. L., & Jones, G. R. (2013). Strategic management theory.Monin, Nanette. (2004). Management Theory. Taylor & Francis.
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