Advice for Manager Employment - Coursework Example

 HR Management This might be no new information for people associated with economic world that corporate executive compensations (salaries) are way out of line when compared with the wages of other workers in the same company. It’s not even necessary that those high paid executives contribute to company’s success. Many among them oversee huge company failures and are forced out of the offices. There is time when company has had to leave a number of workers to continue it’s working, which obviously shows that the company is in serious downfall situation. In these circumstances one would expect that executive’s salaries would be cut to meet the demands but this never happens. In fact this might happen that lowering of salaries is bought to meet the demands of executive salary packages. A recent annual report on executive compensations and salaries by Policy Studies (IPS) showed that CEO’s of 50 firms that left off many of their workers in the economic crisis took home nearly $12 million on average in 2009. (Abowd, J. M., & Kaplan, D. S. (1999)) Setting Your Career Goals Importance of Setting Career Goals for Yourself Career goals play a key vital role in determining your destination. A new location always needs to be identified and searched through its address. Without the destination address one might go off course. Our career goals are the addresses to our destination. To get your mind focused on your life’s objectives, you first need to define them precisely. After that, you can easily identify the distractions in your path. Clearly set goals can really serve as a motivational factor in a person’s life and boost our self-confidence. Get Started:  Long Term Goal Planning How to start with setting goals? For this exercise take a notepad and pen. The first step to start off with is setting long term career goals. For example think about yourself as to where you see yourself five years from now. Exercise brainstorming and answer these key question and pen down their valuable answers. Read your mind and write all the ideas bulging in your mind. You can change the time period i.e. five year to 10 year as per your own comfort. 1. Where do I want to be in my profession 5 years from this time? 2. Why do I would like to be there? 3. How I can be able to get there? 4. What other skills or guidance will I need to get there? 5. Who can assist me catch there? After you are done with brainstorming, review what you have written and try to figure out clear and precise answers to each question. Here are some examples for your convenience as to how someone might end up answering these questions: 1. I wish for being head of my company. 2. I truly enjoy what I do and I consider in what this business stands for. 3. Firm work, become known in the business, build dealings, offer my clients with high value service. 4. I must take some courses in management. 5. My present supervisor would be an exceptional mentor. If your answers are similar to the above mentioned examples, you can move forward as you have successfully set goals for your future Short Term Strategy Now the next step is to set short term goals which will form the basis for supporting your long term goals. For this exercise another similar brainstorming activity and pen down your short term goals. To explain this activity let’s consider two short term goals based on the above mentioned long term goals: 1) find best suited management courses and allocate them in nearest best available time. 2) Discuss a long-term relationship with my supervisor in detail. Some of the long term goals may require short term goals to pave the path for the ultimate destined goals. These step-by-step procedures will lead to the address of our destiny. Some examples with the pointer of “building relationships within the firm” can be: • Join professional groups and those organizations that have a good number of people enrolled in it, to get your name out there. • Show by your attitude and make presentations to show your expertise and knowledge about the industry. •Try to use social networking site efficiently.   •Get in touch with community circles and programs. These pointers may depend and change as per you requirements, your caliber of work, your personality and your industry.   SMART principle should be abided to generate a good and healthy mission statement. S-Should be SPECIFIC M- Can be MEASURABLE A-Easily ATTAINABLE R-Precise and RELEVANT T-TIME bound (Mcgirt, E. (2002, 12 01)) The bull market employees desired to the dream of acquiring wealth in such proportions that only the stock market could bring. This resulted in the case that pension became the only serving benefit for retired people. Now the constant market recession has given pension a new niche; favoring people who are near to retirement. Pension plans serves a lifetime opportunity in the form of payment. But despite this old trend of appreciating retired workers, one should not simply rely on this old-fashioned company pensions to fund the golden period of life. They are expensive to cater and market losses directly affect pension administrators. Now companies are looking forward for cash requirements for the first time in 15 year period. (Dickens, W. T. (1987)) Prepare a list of do’s and don’ts for managers to use as guidelines in disciplining employees. Use at least one academic article as a reference in your answer. Be sure to cite this article in APA style Dos The key factors to employee disciplines are: Keeping employees updated about the company policies Practice employee equity Proper documentations Recommending and alerting employee of his/her mis-conduct Addressing problems and issues on time Don’ts Setting Goals- Most of the company managers are unaware of the abilities and skills of setting schedules for employee’s better performance. Apart from this employee also need to know in advance what is expected from them and how can they serve at their best. Not knowing each other may harm the company from both manager and employee’s perspective. Criticism: Some employee tends to take suggestions, recommendations and suggestions personally or even ignore them without engulfing them. It’s not easy for managers to inform his/her employee about his poor performance. But they must be told yet in a cool and constructive way. Catch people in the Act: Managers need to catch employees in right time to teach them to carry out right things. If both the manager and employee focus on creating positive relationship and disciplined behavior many of the problems can be blocked in the initial stages. (Ragins, E. R., Cotton, J. L., & Miller, J. S. (2000)) A research study which worked with 120 people concluded that 100% of the mentoring systems despite having good responses had several drawbacks. These samples recognized the values of mentoring with those guided with mandatory systems. The study also showed that informal relationships were closer to the accomplishment of organizational goals. The study also concluded that mentoring should be an informal and intentional process. If we further look upon the study, the data is influenced by the exclusion of certain public/private organizations that should have been categorized under the umbrella of this study. I believe that some organizations should be using mentorship programs because individuals reach these clubs because of personal motives that have nothing to do with professional intentions. From my present business and relationships perspective, the idea of mentorship is in the form of an informal and voluntary system. Partners do not consider acts of leadership management and training to be crucial for mentoring systems as its characteristics relates with many mentoring qualities. Mentoring is a valuable process as each person specializes in different arena according to his/her interests and knowledge in diverse fields can aid in the success of an organization. Bibliography Abowd, J. M., & Kaplan, D. S. (1999). Executive compensation:six questions that need answering. (Master's thesis). Mcgirt, E. (2002, 12 01). Corporate america's best benefits america's largest companies struggle to keep employees happy in spite of higher health-care premiums and deflated retirement accounts. MONEY Magazine, Retrieved from http://money.cnn.com/magazines/moneymag/moneymag_archive/2002/12/01/333149/index.htm Dickens, W. T. (1987). Employee crime, monitoring, and the efficiency of wage hypothesis. Retrieved from http://www.nber.org/papers/w2356.pdf?new_window=1 Ragins, E. R., Cotton, J. L., & Miller, J. S. (2000). Marginal mentoring: The effects of type of mentor, quality of relationship, and program design on work and career attitudes. The Academy of Management Journal , 43(6), 1177-1194. Retrieved from http://www.jstor.org/discover/10.2307/1556344?uid=3738832&uid=2&uid=4&sid=21101035940163 Read More