Functional Areas of Business
“Business” is one word, but business stands for more than just one thing. Business is comprised of several facets and functional areas: law, human resources management, leadership, accounting, finance, economics, research and statistics, operations management, marketing, and strategic planning. Each of these components has a very specific role and level of importance within a given organization. Even though it’s hard to measure one against another, some functional areas of business are more of a driving force than others. The two catalysts of success for managers begin with human resources management and ...view middle of the document...
One way is through internal promotion, which allow employees the chance of advancement when staying committed to the organization (Cruceru, 2010, p. 81). HRM teams also set up strong orientation processes to help with employee retention. Orientations that give strong on-the-job education directly correlates with increased job satisfaction and retention. Lastly, fair payment systems created by the HRM team help retain staff for the manager. “Studies have shown that determined job satisfaction is strongly influenced by the feeling of paying employees to be paid correctly compared with others inside or outside the organization. An employee who is paid less than another worker on a job with similar requirements may leave the organization if he was offered a better alternative (Cruceru, 2010, p. 81).”
Sometimes even the mightiest ships can sink due to incompetence at the helm. Large corporations, like, Enron, have suffered because of incompetence within company leadership. Therefore, the argument can be made that company leadership is one of the most important parts of any business; this begins and ends with the manager of the organization. In this leadership position the manager is not only the figurehead for the organization, but is also a beacon for strength for his or her employees. This is accomplished is through certain pillars of governance and a strong core of consistent values system held by the manager.
One of the most important parts of leadership is creating pillars on which the company can grow and succeed. First, a manager needs to create a vision for the company, because an organization without a vision can grow stagnate, quickly. Therefore, the manager needs to create goals that align with the vision of where they see the company going in the future. These goals will help direct employees by setting priorities in management would like to accomplish. Leadership also needs to make sure proper motivations are set in place so employees work tirelessly towards goals. Managers in leadership...