Finance, Accounting And Banking>>
Unit 1 (part 2)
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The four functions of management have different implications for different levels of management. In the present assignment, we will consider a top-level manager from the finance department. He performed leading and controlling functions in the best manner because he led the lower level employees and controlled the situation by rectifying the mistakes made by them. The manager was responsible to check the inventory management procedures in the company. The main responsibility was to check whether the inventory of raw materials is managed in a way that there is no problem in the production department. The manager has to make sure that the planning function is improved. The planning has to be done by the middle managers on the basis of feedback from the lower staff. Thus, the planning function has to be improved so that timely changes in inventory can be placed. This is necessary because there have been some instances where the delay has occurred in production due to unavailability of raw materials. The most important function of management is leading because this covers all other functions as well. If people are planning and organizing properly but there is a lack of leadership, things will not go good.
Being a manager, I am at the esteem level of Maslow's hierarchy because there is a sense of respect in my workplace for all individuals. Even if something bad occurs, the seniors do not curse us rather they teach us how to manage things better.
An empowered employee will be at the self-actualization stage of Maslow's theory. This is because he would be able to express his talents properly. There will be less fear of things going wrong because he will be managing all the things from start to end. He will find interest in experimenting with things because he will be allowed and motivated to show all his skills and talents.
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