This assignment focuses on how the management practices of planning, leading, or
ID: 383588 • Letter: T
Question
This assignment focuses on how the management practices of planning, leading, organizing, staffing, and controlling are implemented in your workplace. If you are not currently working, you may use a previous employer. In this assignment, you must: Analyze the application of these management concepts to your place of work; the paper will not simply be a report on the five functions in general. Identify specific examples and explain of how each applies to the functions practiced in your place of work. The paper should be five to six pages in length and formatted according APA style guidelines.
Preferably in the financial sector (Banking).
Explanation / Answer
Banking
Banking is a business which has money as its commodity. Banks work on the principal of collecting money in form of deposits from customers and distributing money in the form of loans.
Management in simple words means getting things done. It means to see to it that the activities of the organisation are carried out in such a manner that the goals are achieved.
In banking also the aim is to maximise profit and maintain the financial health of the organisation.
Looking at the 5 principles of management of planning, leading, organising staffing and controlling in banking business will be.
Planning - planning is chalking out detailed action plan for a future period of time. It is deciding a future course of action. Planning can be done in the areas of number of branches, market expansion, number of accounts, deposits , loans etc.
Leading - leading an organisation helps it spearhead in the direction of set goals. A good leader leads by example. Chanda Kochchar, MD ICICI Bank( one of the biggest private sector bank in India) is known for moulding the retail banking sector leading the bank to the summit of success it has reached today.
Organising - Organising is getting together all the resources to make the plan successful. It means to mobilise resources in the most efficient manner.
Staffing - Finding an exact person for a job is a very tedious and difficult job. One problem faced by banking sector is the high employee turnover ratio. So people should be so placed and employed so as to fit the requirement to the T. High retention rate will ensure quality workforce and help the organisation save money in training them.
Controlling - Controlling is the continuous monitoring of the activities of the bank to see to it that no fraudulent activities are undertaken . Also the rules and regulations of the central bank are adhered to.
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