Management and Ethical Behavior

1. Management and Ethical Behavior

2. Who is a Manager? • Managers make things happen in business 1. Planning – analyze information, set goals, make decisions about what needs to be done 2. Organizing – identifying and arranging work and resources needed to achieve goals 3. Staffing – Hiring, preparing, and compensating employees 4. Implementating – direct and lead people to accomplish planned work 5. Controlling – Accomplishing the goals set out to reach in the planning stage

3. Management Levels • Top Management – Executives responsible for success of the entire business Examples : Chief executive officer, president, chief operating officer, vice president • Mid-Management – Specialists with responsibilities for specific parts of a company’s operation Examples: Marketing manager, human resources manager, operations manager, technology manager, customer service manager • Supervisors – first level of management in a business who are responsible for the work of a group of employees

4. Management Styles • Tactical Management – manager is more directive and controlling • Will make major decisions and stay in close contact with employees while they work to make sure the work is done • Strategic Management – managers are less directive and involve employees in decision making • Will trust employees to work without direct supervision and will seek their advice on important decisions • Mixed Management – combine tactical and strategic management techniques

5. Choosing a Management Style

6. Ethical Behavior • Highest standard of conduct are observed in a company’s relationships with everyone who is a part of the business or is affected by the business activities • Is not just the decisions and actions of a company’s executives and managers, but the actions of EVERY employee • Two Parts 1. the actions of individuals and groups 2. the results of those actions

7. Ethical Standards • When considering whether behavior is ethical or not, both the actions taken and the results of those actions should meet several standards: • It is lawful • It is consistent with company values and policies • It does not harm someone while benefiting others • If the actions and results become public, it will not embarrass the company

8. Compensation and Wages One of the reasons people work is to earn money.

9. Compensation and Benefits • Compensation – is the amount of money paid to an employee for work performed • Salary and Wages are direct payment of money to an employee for work completed • Compensation in forms other than direct payment is known as benefits • Examples: insurance, vacations, retirement plans, and health and fitness programs

10. Compensation Methods • Hourly wage – pays the employee a specific amount of money for each hour worked • Straight salary – pays a specific amount of money for each week or month worked • Incentive systems – connect the amount of compensation to the quality or quantity of an employee’s performance • Commission – employee is paid a percentage of sales for which he or she is responsible • 2. Piece rate – an employee receives a specific amount of each unit of work produced *most often used in factories and data processing or telephone call centers