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Key Principles of Management: An Overview
In the discipline of business management, some of the key principles include the practices which are typically adopted by managers for the success of a business venture. Henry Fayol (1841-1925) and Frederick Winslow Taylor, who are widely considered as the fathers of modern management methods, devised the basic principles of modern management.
Principles of management
Division of labor:
According to modern management principles, division of labor is essential to maximize productivity and ensure high production level.
Managers must be authoritative and able to give orders. However, responsibility must come with the authority.
Employees must be able to take and handle orders. They must also follow the rules of the organization. Discipline is the key to ensure labour docility.
Unity of command:
Each employee must take orders from one superior. If there are multiple sites of authority or more than one immediate superior, it may cause confusion and conflict of interests.
Unity of direction:
All following the same line of activity must have the same objectives. Different activities should be put under different groups with different managers giving orders.
Subordination of individual interests:
Managers must put aside individual opinion and interests and work towards the interest of the company.
Workers must be paid sufficiently, fairly and according to their efforts. This is the key to diffuse labour unrest and encourage productivity.
Degree of centralization:
Centralization involves concentration of power at the top level of management while sharing of authority at the lower levels is called decentralization. The size of the company must dictate the degree of centralization.
It refers to chain of authority starting from the top level of management to the bottom level and implies that there should be a clear line of authority.
Social and moral order should be maintained to ensure smooth functioning.
Employees must be treated with justice and impartiality to maintain an environment of fairness.
Stability of tenure:
Employees must not be retrenched or transferred from one position to another before he can get accustomed to the work.
Initiative on the part of employee is a must in order to encourage new ideas.
Espirit de Corps:
Managers should maintain a team spirit and encourage the morale of the workers.
These are the basic principles of management which are still relevant in the present times.
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