What are the Functions of Management? Management has been considered an integral part of achieving organizational desired goals and objectives. The functions of management consist of setting plans about what & how to achieve and concentrating on managing, directing, and controlling all organizational components so as to make the achievement of predetermined organizational goals as…
Esprit De Corps Principle The principle esprit de corps refers to mainly two words “Unity is Strength” and “Teamwork”. It states in the organization there should have harmonized teams that work together to achieve common goals. It describes the organization as a team and all its employees are team members who must work together to…
Initiative Principle The initiative principle states that there should be freedom for employees to do the given tasks in new ways as they see fit. This management concept makes the assumption that every employee should have trustworthy flexibility to make decisions and build strategies. Employees shouldn’t be penalized for insignificant errors or work. They wish…
Principle of Stability of Tenure The principle stability of tenure of personnel refers to job security in the organization. It states that in the organization there should be job security and stability in the position. Here, stability mainly indicates to how stable the job or position of employees is. It tries to eliminate frequent changes…
Equity Principle The principle of equity states that all the members of the organization should be treated with fairness, kindness, justice, and respect. It restricts treating employees in terms of position, age, gender, religion, and so forth. This principle describes that managers must realize that maximum loyalty and devotion of employees can be extracted only…
Centralization and Decentralization Principle Centralization and decentralization are the two means to manage the organization. This principle states that there must be a balance between centralization and decentralization. Centralization means the authority to make important decisions is only vested in top managers. They enjoy the right to make decisions that subordinates should have to follow….
Order Principle The order principle of management states that there should be a right place for everything in the organization whether it is materials or people. This principle’s main theme is “a proper place for everything, and everything should be in the proper place.” Maintaining proper order of every organization’s elements is essential to get…
Principle of Scalar Chain The principle of scalar chain refers to an unbroken line of authority from top-to-bottom or bottom to top that ensures effective follow of information in the organization. To this principle, in the organization, there should be a clear path or specific chain for communication. The chain defines the path through which…
Subordination of Individual Interest to General Interest Principle The principle Subordination of Individual Interest to General Interest states that the group or organizational objective should be given priority over the individual employee’s objectives. It emphasizes individual objectives should be given second priority and organizational objectives first. This management principle aims to establish a cordial balance…