Management: Tidbits for the New Millennium!

In recent years, especially in the western world, there has been a tendency to over-emphasize the importance of short-term results. This has led managers, and others, to focus on drastic cost cutting, instead of the maximization of the differential between benefits and related costs. This shortsighted approach to “management” is what I refer to, as “flirting with disaster”! This attitude towards management is further compounded by the selec¬tion and promotion of employees on the basis of friendships, relationships, and other non-relevant factors, rather than on merit, as reflected by attitude and performance. In addition, a prospective employee with 15 years experi¬ence in a certain field should not be assumed to be more effective than an individual with considerably less experience, in the same field. Experience cannot be measured in terms of mere numbers; heart, character, versatility, creativity, and robustness, may not be duly reflected on a resumé! It is rather unfortunate, that most managers in the corporate world possess technical ability, without adequate managerial expertise. Consider, for example, the case of an accountant who happens to be appointed as accounting manager, on the basis of his / her accounting skills, largely because the person responsible for the appointment did not realize that there was a dual function to perform: that of an accounting technician and that of a manager! Managers by occupation (rather than by profession) are hazardous to corporate welfare, because they usually do not realize the importance of teamwork, concern, motivation, preparation and develop¬ment, feedback, communication, inter-personal skills, tact, and other fac¬tors. These individuals cost the business organization far more than the salaries they are paid…, yet they continue to be employed and promoted, without even being tested for adequate managerial skills – this confirms the application of “The Peter Principle”! Would any sane individual allow him-self/herself to be taken for a ride in a Mercedes-Benz, which is driven by an individual who does not possess adequate driving skills, let alone a valid dri-ver’s license? Why, then, does the farcical trend of appointing “managers” continue, despite the foregoing? The proper balance must be struck, between technical skills and mana¬gerial skills, otherwise a situation may arise, which is similar to the recent collapse of “Barings Bank”. Nick Leeson’s managers, both in Singapore and in England, did not seem to have a basic understanding of risks in future trading or about the basic principles underlying segregation of duties. Prior to their appointment as managers, employees should be required to enroll in a sound management-training program. This will help con¬tribute towards an environment, which fosters brotherhood through effec¬tive leadership, teamwork, and management. In this context, the Japanese approach to management, as discussed in Chapter 2, should be reviewed.

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