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Management Overview

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We were introduced to the basics of what leadership consisted of. We were taught to recognize effective and ineffective leadership styles. Management was introduced and we learned to tell the difference between management and leadership.

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As an entrepreneur, these basic leadership skills will help me lead my team and organization.

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We were shown the importance of business ethics, social responsibility, and diversity. The course taught us that gender and age diversity will allow a meaningful advantage over companies that do not implement the diversity.

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How hiring a gender-diverse workforce can improve a company's bottom line

Men and women have different viewpoints, ideas, and market insights, which enables better problem solving.

Gender diversity is vital to any workplace. Not just because it's a laudable goal; it simply makes bottom-line business sense. If you need proof, look no further than a recent Gallup study, which finds that hiring a demographically diverse workforce can improve a company's financial performance.

The study of more than 800 business units from two companies representing two different industries -- retail and hospitality -- finds that gender-diverse business units have better financial outcomes than those dominated by one gender:

Gender-diverse business units in the retail company have 14% higher average comparable revenue than less-diverse business units (5.24% vs. 4.58%).

Gender-diverse business units in the hospitality company show 19% higher average quarterly net profit ($16,296 vs. $13,702) than less-diverse business units.

And if the gender-diverse business units are also highly engaged, financial performance improves dramatically. Retail units that are diverse and engaged have a 46% higher increase in comparable revenue. Similarly, diverse and engaged units in the hospitality company have a 58% higher net profit than single-gender and less-engaged units. These results show the additive effect of gender diversity and engagement on a company's bottom line.
The advantages of gender-diverse teams
Our research suggests that gender-diverse teams perform better than single-gender teams for several reasons:

Men and women have different viewpoints, ideas, and market insights, which enables better problem solving, ultimately leading to superior performance at the business unit level.

A gender-diverse workforce provides easier access to resources, such as various sources of credit, multiple sources of information, and wider industry knowledge.

A gender-diverse workforce allows the company to serve an increasingly diverse customer base.

Gender diversity helps companies attract and retain talented women. This is especially relevant as more women join the labor force around the world. Companies cannot afford to ignore 50% of the potential workforce and expect to be competitive in the global economy.

For these reasons and others, it makes sense for businesses to make gender diversity a priority.
What companies should do
A key finding of this study is that gender-diverse and engaged business units outperform those that are less diverse and less engaged. Managers not only need to increase gender diversity in business units but also create workplaces that engage employees. Open, trusting, and supportive relationships among coworkers and supervisors unleash the power of diversity by enabling employees to turn their differences in thought, behavior, skills, knowledge, and talent into innovative ideas and practices that can drive a company forward.

Secondly, the study finds that gender diversity varies substantially across business units within a company, which in turn affects the business performance of these units. To achieve the real benefits that diversity can bring, leaders and managers must look carefully at the gender balance in specific business units when designing and implementing a strategy to increase diversity. A blanket policy designed to increase overall gender diversity at a company, for example, is unlikely to achieve the desired results or to increase financial performance.

Making gender diversity a business priority can lead to financial benefits and help a company realize its full potential. To reap the bottom-line benefits that diversity can bring, business leaders must:

Identify business units that are less gender diverse.

Develop a hiring strategy that increases gender diversity in these units without reducing or ignoring merit. For example, studies indicate that when women feel they are hired to fill quotas, it negatively affects relationships between coworkers.

Create an engaged culture that enables men and women to form trusting relationships and motivates them to perform at a high level.

Set inclusiveness goals, and hold managers accountable for diversity.

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The Business Benefits of Gender Diversity

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How hiring a gender-diverse workforce can improve a company's bottom line Men and women have different viewpoints, ideas, and market insights, which enables better problem solving. Gender diversity is vital to any workplace. Not just because it's a laudable goal; it simply makes bottom-line business sense.

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I knew diversity is important in the workplace, but was not aware of the helpful insight age diversity has on the business. I will be using this technique n my own company.

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Organizational Ethics and Corporate Governance

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Management within a Global Organization

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We discussed global organizations and differentiated between national, multinational, and domestic companies. We looked at why it is better to expand globally on some occasions, and stay near your home or clients on others.

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Managing in a Global Economy - Unit 6: Organization in International Business

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Welcome to the Vodcasts of the IUBH correspondence courses. (http://www.iubh-fernstudium.de). In this video of the course "Managing in a Global Economy", part of the "Master of Business Administration" program, Jürgen-Mathias Seeler discusses the topic "Organization in International Business".

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Planning and Decision Making

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We discovered more in depth, principles of management: Planning, Organizing, Leading, and Controlling. We learned how to make proper decisions and how to plan for the future. We were shown the importance of strategic planning and the impact it has on the company's long-term future goal achievement.

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Since my company is not even off the ground yet, planning and decision making are taking a huge role in my every day activities. Setting goals and using strategic planninghelp me make progress.

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Organizational Structure and Processes

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We gained a basic understanding of organizational structure and processes. We discovered the business hierarchy and the importance of maintaining management levels.

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Managing Human Resources and Communications

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The importance of human resources and communication was explained to us. We discovered interpersonal communication, and tackled micro and macro barriers. We also looked at the following communication styles: Influencing, Persuading and Negotiating.

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Managing human resources and communications will enable the best interactions between myself and my workers. Knowing how to influence and persuade employees will result in more output and negotiation will keep peace.

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How to influence, persuade and negotiate more effectively

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http://www.mpowering.com.au - For more information. This video is about the importance of developing your persuasion, influence and negotiation skills to improve your effectiveness in your business, professional and private lives, respectively. We all use these skills every day, so why wouldn't you take time out to get really good at them?

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Leadership and Motivation

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The difference between management and leadership were portrayed to us throughout this module. We unearthed how to be a pleasant-to-work-with-manager and how to motivate employees.

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Leadership and Motivation - Coach Carter

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Controlling Performance and Operations

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We were shown how to effectively reach goals by defining them. By controlling management and the employees, operations run smoothly and goals are met. Constant product or service improvement keeps customers loyal and satisfied.

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We were taught that a company must gather data, define target audience, and meet customer's criteria. Operational and managerial control will steer my business on the right track to profitability.

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The Difference Between Operations and Strategy

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Operations and strategy are like two separate, but related, engines on a boat. Both engines propel the boat forward. And while forward movement can occur with only one engine, the boat moves faster and is more responsive if both are running efficiently. Presented by Christopher Stowell.

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With my go-green business, my dream is to go global or at least multi-national. The points learned in this module will help me make a decision on how and if expanding is best for my business.

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The important point that I took away from this module is the hierarchy of management that needs to be intact in order for my business to be the most successful. Although organizational structure can vary, there is an underlying criteria that ensures smooth operations.

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Learning the difference between leadership and management has helped me map out the role I want to play in my business. By being a manager and leader, I will motivate and inspire my employees to the extent where they are proud to be part of the company.