Management in the New Global Economy - Essay Example

MGMT 101-Management in the New Global Economy
Portfolio Tasks Week 1
Question 1: What knowledge, skills, and abilities does a manager need to possess to be both efficient and effective?
Communication is a barrier that hinders management activities and it is involved in every action. The manager decides to perform an action, but it has to be communicated to the team members before it can be implemented. Furthermore, a manager would be effective and efficient if the subordinates are comfortable working with the manager. The subordinates should be able to discuss their problems freely with the manager. Moreover, a manager has to lead by example. A manager has to take responsibility for his subordinates’ actions and has to act as a role model for the employees. Taking responsibility would help the employees to build trust in the manager and this way, they would give their all to perform to the best of their ability. Also, a manager has to be a quick decision-maker. In today’s ever-changing global economy, managers are faced with numerous problems and many of those problems require a quick solution.

Therefore, I feel that an efficient and effective manager has to be a quick decision-maker. Also, an efficient and effective manager should have the technical know-how of the processes used in the organization and should have ample knowledge in his/her field. A manager cannot be successful if he or she lacks professionalism. Being professional in your profession is the key to being efficient in a particular profession. In short, an effective and efficient manager is one who can make the most out of employees and achieves the objectives of the organization by using the optimum level of resources.

Portfolio Tasks Week 2
Question 3: What is a psychological contract?
A psychological contract is an informal contract between the employer and the employee. This type of contract involves tasks and duties not included in the employment contract for both the employer and the employee. According to Wikipedia, “a psychological contract represents the mutual beliefs, perceptions, and informal obligations between an employer and employee.” (n.d.)

Question 4: Compare and contrast the personality and affect approaches to motivation. Are there specific personality traits or affective states that influence performance more than others?
Several people attempted to analyze the factors that motivate humans. Some of the most famous are Frederick Taylor, Abraham Maslow, Douglas McGregor, and Herzberg. Taylor’s scientific management and McGregor’s Theory X are somewhat similar because both believe that people are motivated only through money. Both theories emphasize that workers dislike work and would have to be controlled to make them work. On the other hand, Maslow’s hierarchy of needs and Herzberg’s two-factor theory are also similar because they identified elements other than money that could motivate people. Other elements suggested by both Maslow and Herzberg are recognition for work, esteem needs, a chance for promotion, etc. All theories are interrelated to each other because all theories were presented in an era different than today when managers didn’t interact too much with workers.