Creation of An Ethical Culture

The strength of an organization culture influences its ethical climate and ethical behavior of its member.A strong organizational will exert more influence on employees than a weak one. If the culture is strong and supports high ethical standards ,it should have a very powerful and positive influence on employees behavior.An organizational culture most likely to shape high ethical standards is one thats high in risk tolerance and focuses on means as well as outcomes.One should also provide protective mechanisms so that employees can discuss ethical dilemmas and report unethical behavior without fear.

Culture is transmitted to employees in a number of ways which includes stories, language and rituals. Managers must provide ethical leadership. Its also important that managers assure employees who raise ethical concerns or issues to others inside or outside the organization that they will face no personal or career risks. Visibly reward ethical acts and punish unethical ones.Ethics code should also be developed and then communicated regularly to employees and also all the levels of managers should continually reaffirm the importance of the ethics code.Ethics education is being widely emphasized in college curriculum's.Organizations themselves are taking more active role in creating and using code of ethics ,providing ethics,training programs and hiring ethics officers.


Ethical Aspects of Management

Ethical Aspects of Management
The term management has several different connotations that highlight the different aspects of its nature. The study of management has evolved over a period of time along with the modern organizations based on both the experience and practice of managers and a set of theoretical relationships. Over a period of time it has grown into a dynamic subject with its own special characteristics.
Ethics which means rules and principles defining right and wrong conduct are basic truths or guidelines for the behavior. The management at all levels , in all areas , in all sizes , and in al
l kinds of organization will have to face ethical issues and dilemmas.As the managers plan, organize, lead and control they must consider each and every ethical dimensions.If an organization want its employees to uphold high ethical standards , the performance appraisal process should also include this dimension.Ethical reasoning at the conventional level indicates that moral values reside in maintaining expected standards and living up to the expectation of others.
Managers can do number of things in improving ethical behavior and reducing unethical behavior. They can seek to hire individuals with high ethical standards as well as code of ethics.There are no guarantees that a well designed ethics program will lead to the desired outcome.Sometimes corporate ethics program can be little more than public relations gestures, having minimal influence on managers and employees.


Concept of Universality of Management

Universality of Management
Since management is needed in all types and sizes of organization ,at all organizational levels either bottom or top , in all organizational areas- marketing, manufacturing, the people have started showing their genuine interest in improving the way organizations are managed. Organizations that are well managed develops a loyal customer base and increase in revenue whereas the organization that are poorly and carelessly managed finds themselves with a declining customer base and reduced revenue.

With the study of management and achieving broader management knowledge one can easily be able to recognize poor management and work harder to get it corrected. Poor management is most often
due to both inefficiency and ineffectiveness. On the other hand on can also be able to recognize good management and encourage it. In successful organization , high efficiency and effectiveness typically go hand in hand.It does not matter whether we are working as a manager or employee, the things that matter is our presence and interest ,hard work as well interest in achieving organizational goals with full efficiency and effectiveness.
All the activities involved in managing an enterprise are common to all organization whether economic, social or political. The managers however, does all the plannings , organizing in the same way but the way of doing the job may differ, the difference may be due to difference in culture,tradition and history.


Concerns of Financial Management

FinancialConcerns of Financial Management Management is concerned with optimal procurement as well as usage of finance. For optimal procurement ,different available sources of finance are identified and compared in terms of their costs and associated risks.Similarly, the finance so procured needs to be invested in a manner that the returns from the investment exceed the cost at which procurement has taken place. Financial Management aims at reducing the cost of funds procured,keeping the risk under control. Its also aims at ensuring availability of enough funds whenever required.

Role of Financial Management cannot be over-emphasized, since it has a direct bearing on the financial health of a business. Almost all the items in the financial statements of a business are affected directly or indirectly through some financial management decisions.Some of the prominent aspects being affected includes :
  1. The size as well as the composition of the fixed assets of the business.
  2. The quantum of current assets as well as its break up into cash,inventories.
  3. The amount of long term and short term finance to be used.
Thus, it can be stated that the financial statements of business have been largely determined by financial management decisions.Similarly, the future financial statements would depend upon past as well as current financial decisions.


Financial Internship and Values

Financial Internship Financial Management Internship is a joint programmer of training in which educational institutions and business firms cooperate. Selected candidates carry on regular studies for the prescribed period. They also work in some factories or offices to acquire practical knowledge an d skills. This is one of the best platform where students get lots of opportunities to show their talent.Every students get an opportunity of internship which helps them to be perfect and get broader knowledge regarding financial management.
Interns are the one who are trained by an experienced person in a particular field.Every organization search for an intern who can handle any sort of responsibilities on their shoulders with zeal. Interns in any of the organization are treated with respect, and their opinions are both encouraged and valued.They are the one who get lots of support from their trainers because of which they feel comfortable in following their trainers and completing the task.

Employees are the one who work with their interns to make them perfect and to provide them with the valuable hands on the field of the financial management. Interns are financially compensated for their hard work and their all time efforts. Student interns who are outstanding in their work get an opportunity if growth within the agency and they are also provided with some challenging and meaningful assignments.


Creative Strategies of Management

Most of the people would disagree , mainly the experts on what skills and practices should be required for basic , financial management. However , all those categories listed below mainly occurs in workshops and seminars based on management skills and practices. All these workshops and seminars mainly on supervision includes wide range of topics.

Categorization of management skills and practices

Management skills and practices has been categorized accordingly :

  1. Designing employees
  2. Employee training
  3. Personnel policies

Every one in the organization must have skills and practices and should be confident in handling each and every task successfully so that the organizational objective to be achieved is fulfilled with complete zeal. There are various functions to be performed inside the organization such as :
  1. Planning
  2. Organizing
  3. Staffing
  4. Directing
  5. Controlling
In order to achieve the organizational goal management must follow all these functions with full efficiency. A manager should apply the acquired knowledge in a personalized and skillful manner in the light of the realities of a given situation. A manager should be involved in the activities of the organization, should study critical situations and formulate his own theories for use in a given situation which gives rise to different styles of management.


Concept of Functional Organizational Structures

Organizational Structures Organizational structure is the outcome of the organizing process.The need for an adequate organization structure is felt by an enterprise whenever it grows in size or complexity. If everyone in a company is in their perfect place and knows his duties , in such cases company's activities will works with maximum results (output) and minimal costs (input) that is with full efficiency and effectiveness.
As an organization grows, coordination becomes difficult due to the emergence of new functions and increase in structural hierarchies. Thus, for an organization to function smoothly and face environmental changes, it becomes necessary for the some to pay attention to its structure.
This organizational structure consists of two types:
  1. Functional structure
  2. Divisional structure

An organizational structure provides the framework which enables the enterprise to function as an integrated unit by regulating and coordinating the responsibilities of individuals and departments. The span of management to a large extent gives shape ton the organizational structure. It is very necessary for an organization to define their powers and to avoid the duplication of functions. Organizational structure mainly depends on the development of the products.
Large multinational corporations require an organizational structure that can run the usual business functions. It is quite difficult for a multinational companies to create coordination among units which can be achieved through rules and procedures , the ways in which the units works.Through coordination one can easily achieve its stated goal.

A proper organizational structure is essential to ensure a smooth flow of communication and better control over the operations of a business.


Fundamental Organizational Duties and Responsibilities

  1. Every organization made up of more than one person having different personalities, background, experiences and objectives requires one or the other form of structure . In organization there are different objectives and management has to achieve all the objectives in an efficient and effective manner.The main objective of an organization should be to utilize human resources as well as material resources to the maximum possible advantage.
  2. Every companies are owned by the shareholders and the duties of these shareholders are to choose the directors who can to look after their interest. The directors then appoints the managers who are able to handle the business and run the business on a day-to-day basis. Management through its motivation power and leadership can help individual in developing team spirit, cooperation and commitment to group success.
  3. Every business needs to add to its prospects in the long run, for which it is necessary for the business to grow. To remain in the industry management must exploit fully the growth potential of the organization. Every shows their responsibility towards society as well as the country in order to earn name and fame. Growth of a business in terms of sales volume increase in the number of employees, the number of products or the increase in capital investment.


Management Theories and Practices

Organisational Management

  1. Managers are those person who manages the work of an organization and seeks towards meeting the organizational objective.Management has been described as: 'the process of planning , organizing, leading and controlling the efforts of the members of the organization as well as enterprise resources efficiently and effectively to achieve stated organizational goals'. Although management does not satisfy all the requirements of a profession , it is to a large extent professional in character. A manager's job is to maintain control over the way of an organization does things, to keep close watch on the works being performed inside the organization and at the same time to lead, inspire and direct the people under them.Managers at the top level spend more time in planning and organizing than managers at lower level organization.

  2. In a company the shareholders are the one who have the right to elect a Board of directors to represent their interests. Thereafter a Managing Director will be appointed who has overall responsibility for running the company. The managing director will then appoint senior managers to run the company.The type of managers to be appointed depends on the organizational structure of the company. Each manager in an organization is given an area of responsibility who are responsible for motivating the employees ,creating confidence in them , making them perfect in handling the organizational work with more zeal.

  3. Shareholders are the owners of the company who owns a part of share in the profits of the company. Executive directors are responsible for ongoing decision that are required to be made in the business . On the other hand non-executive directors provide regular advice to the company but are not directly involved in the day-to-day supervision of the company. Directors of the organization are the elected representatives of the company who directs the employees and their leader on how to handle the task and achieve the goal.In order to achieve the organizational goal one should be fair and honest enough in dealing and handling their works.