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Decision Making

Decision Making
Evaluating the Importance of Decision Making Successful decision making is one that is devoid of any ambiguity or #tentativeness. Although there is a wide range of choice and alternative techniques to arrive at a decision, timely decision making is what adds value to the decision. The objective is to execute the action plan immediately to avoid delays that might prove costly in terms of #productivity. Defensive #behavior of #managers: Managers who are the key figures to make decisions sometimes play defense to avoid action, blame or change. They exhibit a variety of defensive behaviors which is a wasted effort; this also makes the workers lethargic in their #attitude. Avoiding action is considered to be the best political strategy. Some managers always talk about the rules and regulations that have been followed for ages in that company and want every action to be rigidly adhered to the precedence and neither allows nor admits the need to consider the nuances of a particular case. Decision-making models for entrepreneurs #policies and #procedures: Policies and procedures are of course the prerogative of the top level management, but it is the duty of the manager to suggest reforms in those policies that are obsolete by bringing it to the perusal of the ultimate authorities. How long will you sing the same song “The rules clearly state that”!Also don’t try to pass the buck or play duals, that clearly showcases your inability to handle things and nobody nowadays is prepared to believe false pretense. #expectation of Sub-Ordinates from the Superiors: Subordinates look up to their superiors for support as well as quick solutions for problems of any kind that comes their way; only a person who is quick in reacting to situations with presence of mind and consideration is well liked by and approved of. If you distance yourself from problems or try to prolong a task in lieu of your inability to make a decision, in the short run it might prove helpful in covering up making you look busy and productive. But what happens in the long run? It leads to organizational rigidity and stagnation in terms of productivity and a sag in the #morale of the #employees. Fifty Models for Strategic Thinking  Playing it Safe is not Always Safe: Playing safe is not always safe. Some managers always like to lead a team that has taken up viable projects with a high probability of success. There is no pain but lots of gain. This tactics makes you devoid of risk taking -which according to me is the prime and supreme quality that a manager or a team leader must possess or at least try to develop. Also taking a neutral position in #conflict situations makes you a dull leader and not a person to be much sought after. Finance For Managers What is the result of Poor Decision Making? The first and foremost thing that managers have to understand and admit is that, poor decision making is the root cause of failed course of action. They should have the guts to admit and take up the responsibility for the negative outcome and not to seek some strategically helpless defense mechanisms. Making others a scapegoat for your helplessness doesn’t shield you for long but puts you in the defending territory forever. #defensiveness delays decisions, affects organizational success, sets a bad precedence, increased group conflicts, interpersonal tensions and leads to unreliable evaluations. The long and short of the discussion clearly highlights the importance of recruiting not only a qualified manager but a committed and reliable person who has the ability to take risks and tackle crisis situations with ease and steer the #organization smoothly...
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Values and Beliefs

Values and Beliefs
Values and Beliefs in Organizations What are Values and Beliefs in an Organization: An organisational value is “a belief that a specific mode of conduct is preferable to an opposite or contrary mode of conduct.”  Infosys Narayanamoorthy on Value System : Our team was unique in our commitment to a strong value system. We believed in putting the interest of the company ahead of our own interest. We believed in legal and ethical business. A sound value system is what differentiates long-term players from others. Core Values of an Organization: Increasingly, organizations are setting out the core values that they think should govern the behavior of all their employees. Value statements may be produced which define core values in areas such as: Care for customers Concern for people Competitiveness Enterprising Excellence Flexibility Growth as a major objective Innovation Market/customer orientation Productivity Quality Teamwork But, is that all? By just defining what you think is important to guide the action of your employees may not suffice the cause. How do you put them into action! That’s where the secret lies. Imitating the Boss: How do you make people do what you want them to do! Just by being a precedence or role model for your followers, is that not true? The best example that can be cited is the school atmosphere, where the kids take to their teachers. They simply, blindly follow or imitate whatever their masters do. I think IMITATION is the right word, because it makes people easily inclined to the behavior that is appreciated by the organisation’s atmosphere. When you imitate your boss you get a surreal feeling of being a boss at least for that time being. Loading… Coercion is not the Right Approach: It is a general fact that it is very difficult to train or mould people the way we want to. And again it can be argued that people can be trained or molded very easily when you have the right kind of motivation and guidance. The core values should be INBUILT; it should be there RIGHT FROM THE START. If you have able managers to run your teams it becomes a cake walk for you to train the individuals without much COERCION. The authority and influence which the team leader has over the team says it all. Influencing the Employees the Right Way: Everybody in an organization plays their own role in cherishing the values imbibed and focus on achieving results, and keenness to “GET GOING AND KEEP GOING”. High work output is expected from a clerical staff, the Supervisor can be depended on for effective organization and control of teams and their work. THE MANAGER is clear about what “success “means for the business and is resourceful in overcoming obstacles. THE SENIOR MANAGER maintains focus on the “BOTTOM LINE” despite continuous changes to procedures and systems, and the EXECUTIVE is focused on results even when dealing with very diverse complex tasks and proactive in tackling mistakes. Performance of Value Oriented Organizations: Value Oriented Organisations perform definitely better than others and achieve their targets in a quick manner. Values give direction to the firm backed up by solid principles to guide the action of the employees and also the commitment and determination to achieve whatever is due. Reliance Industries Limited stands as a testimony for a single man’s dream and vision and his core value was CUSTOMER SATISFACTION. To scale to greater heights, you also need STRONG WILLED PEOPLE RIGHT ATTITUDE ACTION PLANS STRATEGIES PERSISTENCE DETERMINATION and PASSION Values add integrity and honor to your organization and you should always remember that to hold your values you have to pay a price but...
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Turnaround Strategy

Turnaround Strategy
What is Turnaround Strategy Distress signals start flying around when a particular company, whether multinational, corporate or medium sized, is subjected to financial pressure and is at the brink of bankruptcy. What was happening all along? No body knows and nobody wants to be held responsible. The CEO has to bear the brunt and alas, extermination! Aim of Turn-around Strategy: The overall aim of a turn around strategy is to bring back a firm to normalcy which has been under distress in terms of acceptable levels of profitability, solvency, liquidity and cash flow. Turn around strategies should be very carefully formulated so as to stabilize the firm in distress, i.e., to bring the company out of the hole and then go for long term planning. Turn around can be in the form of operational efficiency management, financial restructuring, marketing management or savings in the form of cost reduction or liquidity in the form of asset reduction.  Facebook Marketing: A Step-by-Step to Your First 1000 Fans! Turn around to see what is around: We have seen so many such occurrences at the global level and micro level. Some companies rejuvenate like a phoenix bird from the ashes, some go haywire, and some dissolve into thin air. It all depends how well you handle the situation with either the help of an external expert consultant or you might want to go for joint venture or collaboration in order to save you skin from mounting interest payments or you right royally sell the company if somebody is ready to takeover. Either way you have to do something! “Turn around to see what is around”. Don’t see what you want to see See what has to be seen Change the CEO (He is the Ideal Victim!) Resurrect your employees’ confidence Cut down costs Look for Alternatives Lie low for Sometime(till the situation favors) Slowly capture the market by innovative Campaigns and ads Paint a new picture about your company Review your Mission and Vision statements Work on targets Bang on the right target customers and clients Strengthen your Channel of Distributors Go smooth with the bankers (You need them always!) Have confidence in yourself Crisis management is necessary Stress busters like yoga and meditation mandatory Evolve Strategies One step at a time (Slow and steady) Fear and Panic grips the organization in situations of crisis. So the first step would be to stay cool to assess the situation by calmly reviewing the damage with all the concerned people. The next step would be to stop the bleeding by cutting all unwanted costs, unnecessary overheads, and the final stage would be renaissance, recovery, renewal or by whatever name you want to call it, even if it means negative investment or profit. Proper Planning, Inventory Control, Strategic prepositions, Renewal of old strategies in accordance with the situation, Tightening finance controls, Defining the credit management limits, all these are precautionary measures which will hold you from falling into the danger of handling a crisis situation, as” recovery of damaged integrity is going to cost you more than ploughing back your profits....
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Organizational Assessment

Organizational Assessment
ORGANISATIONAL ASSESSMENT- MOTIVE AND MEANS Organizational assessment involves creating a picture of “what it is”. The snapshot should provide a clear view of the present position of the company and it should indicate whether there is a need to go for a change process. The data provides a baseline which can be used as a reference point to measure change in the future. Employee opinion surveys and climate surveys form a critical part of this measurement process. The key to an effective assessment is being clear about the goal of the process and being specific about the questions the intended exercise must answer. Cultural assessment: This provides information about core dimensions of organizational culture which includes satisfaction with the work itself, satisfaction with pay and benefits, opportunities for advancement, satisfaction with leadership and supervision, motivation, common values and performance commitment. If the leader proves to be aggressive, committed, value driven, so will be the employees who obviously take after their leader to fulfill his vision. The purpose behind analyzing the culture of an organization is to determine its efficiency level and to generate recommendations for continuous improvement. This exercise should not be a one-time affair as periodical inputs and feedback are excellent ways to align culture with the vision. In this way, management is better able to anticipate and prevent any potential problem, and to assess employee attitudes regularly. Survey administration: Surveys are administered to large groups of employees at one time and it is emphasized to be anonymous to erase any apprehensions in their minds. Open-ended questions allow employees to express their opinions about areas that need improvement and also the problem areas or bottlenecks that hinder their development. Report generation: The statistics collected is summarized and presented for each and every dimension covered in the survey. The report compares the organization’s current culture with previous administrations of the survey. Such open ended discussions bring out the problem areas which the management had not been previously aware of. Feedback to management and employees: The managers discuss the outcome of the survey in order to gain a better understanding of the various issues facing the organization, and decide on a plan to give feedback to their employees. This is a kind of human resource strategy which helps the management to bridge the gap between various levels of the organization and its members. Recommendations to the management: A final report submission by managers of the respective departments along with their recommendations for management’s perusal is the final step in organizational diagnosis and with the approval of “the big boss” action plans are executed that aid in improving the organizational effectiveness. The notion of this entire exercise is to provide insight into the current skill levels of the work force and to design an effective plan for performance improvement based on the assessment of total development...
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Redesigning Your Workplace

Redesigning Your Workplace
REDESIGNING YOUR WORKPLACE IN RESPONSE TO EXOGENOUS FACTORS Big corporate firms generally face #challenges in the form of Lack of co-operation between subunits Increasing complaints from the customers Rising #Operating costs Dip in the morale Major changes in #technology All these signs are indications of a not so enterprising #organizational climate and it calls for quick #decision making regarding introducing some changes that bring some positive development in terms of improved #efficiency and increase in #productivity. Effective people are preferred to rather than efficient people as the former does the right thing and the latter does things right. Growth of  Organizations: The challenges mentioned above may make an organization’s existing #structure, #management practice or its culture obsolete for the new situation. Growth of an organization should be a result of collaborative effort of all the units of an organization and it is objective and not subjective. An organization is comprised of different elements which interact in deciding the organizational effectiveness. The #task or goal, technology, structure, people and the internal and #external environment of the firm; all these coexist and hold the firm together. Be it a school, a hospital, a union, a club or a #business enterprise the interactive nature of these elements make the process of managing very difficult. Medical tourism and business travel are becoming more popular in Asian countries as it increases the scope of collaboration of industries that can coexist to enjoy a win-win situation. Who is an #Effective Manager? An effective manager anticipates these challenges and proactively initializes a planned change. He strategically prepares the organization to be subject to planned change by manipulating the structure, technology and #behavior. Understanding the dimensions of change helps him to manage change better as people are always resistant to change. Modern enterprises right from the start have to install and implement “systems” that are technologically most modern and hire suitable people who are techno-savvy; because technology rules the world and the development of new software programmes and hardware components feed on themselves every day. Developing an Organization as a Whole: Behavior of people is unpredictable but controllable. Individually oriented #training and development programmes does not prove much to the benefit of the organization as it creates apprehensions in the minds of the individual that are related to the culture and #attitude of his superior and subordinates. The idea of developing the organization as a whole through team building is a better perspective as it renews the enthusiasm of people working for you and as a team they feel more cohesive and adhered. Synergy plays its role in improving the interpersonal relationship amongst the team members. Firms are becoming more modern in their outlook. For instance, a showroom whose purpose is to showcase your products also provides entertainment by its aesthetic value. Only if the customer is impressed by the artistic way of your exhibit, will he enter your showroom. Change is inevitable and it improves the health of an organization. The focus should be on “total system change” and the orientation is towards achieving desired results as a consequence of planned activities. Flat Organizational Structure: You would have come across the latest buzz word “flat organizational structure”. This is designed in order to bridge the gap between front line #employees and the executive level. If there is only few levels of management, the process of #communication is more effective, the art of delegation becomes mandatory and need for participation in the decision making process involves all the employees which in turn reduces bureaucracy. There is no set pattern or set of techniques that suits all the organizations when they go for a change. But the #change...
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