Management refers to the process of getting employees to accomplish the desired goals and objectives of an organization by using available resources effectively and efficiently. Management includes planning, organizing, staffing, leading, directing, and controlling an organization.
In for-profit organizations, management's primary function is to satisfy the stakeholders. This typically involves making a profit (for the shareholders), creating valued products at a reasonable cost (for customers), and providing rewarding employment opportunities (for employees). Nonprofit management has the additional task of keeping the faith of donors. In most models of management and governance, shareholders vote for the board of directors, and the board then hires senior management.
Senior Management
Senior management is generally a team of individuals at the highest level of organizational management who have the day-to-day responsibility of managing a company. They hold specific executive powers conferred onto them by the board of directors and or the shareholders. There are most often higher levels of responsibility, such as a board of directors and those who own the company (shareholders), but they focus on managing the senior management instead of the day-to-day activities of the business. The executive management typically consists of the heads of the firm's product and geographic units and of functional executives such as the chief financial officer, the chief operating officer, the chief strategy officer, and the chief executive officer .
Executive Management
Steve Jobs was the CEO of Apple.
Working With Management
Individual employees may have ideas on how to improve the business based on their narrower focus and their in-depth relationship with clients. However, management is responsible for implementing new ideas and is required to focus on improving the profitability of the business as a whole. The difference in perspective can make innovation within a business difficult.
Senior management works on a very tight schedule and would prefer to focus only on the most important details of a project or process. However, every manager is different and priorities may vary based on the project. It is important for employees to build a relationship with their managers over time. The employee should learn how a manger prefers to approach a project, and then attempt to present issues in a way that makes the manager comfortable. This can lead to more efficiently run projects and management having more trust in their employees.
Trust is an important component when a business wants to promote intrapreneurship. Trust between both parties can make employees feel more comfortable and thus more likely to make suggestions. If management trusts their employees, they are more likely to consider any suggestions that employees make.
When proposing a new idea, an employee should consider how any changes might benefit or harm the broader organization. The management should also consider how innovations might help or hinder employees in doing their jobs, as opposed to merely considering the immediate effect to the company's bottom line. By asking questions and trying to find the best available option that fits both sides' priorities, a business can promote intrapreneurship and become a more effective organization.