Innovative Approaches to Corporate Management
A company is only as strong as its weakest link. In order for it to succeed in today’s competitive market, the company will have to depend on the acquisition and application of good, relevant knowledge on which to base its decisions. For that to happen, good and sound decision making has to be a part of everyday business. Therefore, corporate managers have taken innovative approaches to corporate management by creating consistency and unity towards a purpose, along with an environment where both the company and employees can excel.
Experienced managers have come to realize how they impact their subordinates and that most problems in a company occur as a result of a lack of communication up and back down the “chain of command.” The more informed the employees are, the better managers will be able to instill a common vision and establish consistency throughout. Once one creates that constancy and unity, one will enable the company to have a lasting vision that unifies everyone in the company under a common purpose. For the company to succeed, everyone needs to share the same vision. This can be accomplished by valuing, recognizing, and rewarding the outstanding and dedicated contributions of the many employees who take care of their customers. In doing so, the vision will be clear and everyone will know and will personally be able to relate to and identify with the objectives of the company.
Companies must grow to attract and retain talented and experienced workers. Typically, “talent goes where there is opportunity” (Thurm, 2004, p. 1). Where there is opportunity, there is growth. Too rapid growth will tend to stretch a company and its managers too thin, which can create new problems. A good example of this occurrence was in the 1990s. Enron Corp. was one of fastest growing companies of the 1990s. It was forced to file bankruptcy as a result of the top executive’s embezzlements and fraudulent scandals that cost its employees their life savings.
Every company has managers, all with different leadership styles and strengths. Not everyone has the same style of managing. The assessment and development of their style of leadership is essential to achieving the management strength that the company needs. It is a manager’s job to improve the value of, and make a profit for, the company. In order to do that, he or she has to have everyone onboard “playing from the same sheet of music.” Discipline needs to be established before any team can function as a team. In the article, “It’s your ship: A Navy commander’s grassroots leadership (2003), a Navy commander, Captain D. Michael Abrashoff, took command of his ship, the USS Benfold, encountering very low morale throughout the ship. He utilized what he called his grassroots leadership strategy to raise the ship to be the best ship in the Pacific Fleet. While in command, he incorporated three principles that he used as guidelines for his...