Role, Objective, Function, Need, Importance of professional management
Professional Management plays an important role in the current ambitious business market. The Role, Objective, Function, Need, Importance of professional management is given as below:
- It helps Organization Growth
- Better Relations
- Optimal use of Available Resource
- It Encourages Initiative
- Minimization in Wastage of Resources
- Reduction in Labour Turnover
- Attracts the Best Talent
- Progressive Ideas
- Motivation to Employees
Now let's discuss each Role, Objective, Function, Need, Importance of professional management one by one.
1. It helps Organization Growth
Professional Management helps in achieving the results in a better way. It improves the quality of performing basic management functions. This ultimately helps in the positive growth of an organization.
2. Better Relations
Professional Management enables better relations in the organization. There is a need to have good relations throughout the organization, i.e. between various people and departments in the organization. God relations generate team work, and bring success to the organization.
3. Optimal use of Available Resource
Professional Management helps to use optimum available resources in the organization. Because of an efficient management of resources, there is a reduction in wastage of resources to a larger extent.
4. It Encourages Initiative
Professional managers follow the principle of encouraging initiative. They encourage their subordinates to Show their initiative, to come out with suggestions and actions that would not only help the organization to grow and expand but also enable the subordinates to fulfill their career aspirations.
5. Minimization in Wastage of Resources
Professional Management helps in minimizing the wastages of a resource in the organization. Nowadays, reducing in wastage of a resource is an important aspect of business, decreasing in wastage of a resource leads to higher output in the organization.
Professional Management helps to improve the image of the organization in front of the people. Good image of the company creates a confidence in the mind of the consumer, shareholder and the employees.
7. Reduction in Labour Turnover
Professional management helps to reduce labour turnover in the organization. Employee's turnover takes place when some employees leave the organization for better jobs but in professionally managed business, employee does not feel cheated or exploited. Besides this, professional managed business also have retention policies to ensure that good employees do not leave for better perspective.
8. Attracts the Best Talent
Professional management attracts the best talent. Professionally managed business can attract the finest talent available in the market. This is because such business offers the best opportunity to grow & develop the skill & talents, that people bring with them as employees.
9. Progressive Ideas
Professional management is progressive and democratic because it facilitates innovation in the organization. It welcomes new advanced ideas, technology, products or services, etc. Innovation helps an organization to survive and grow in today's competitive business world.
10. Motivation to Employees
Professional management understands the role of motivation in taking out the best from the employees by creating a sense of belongingness and dedication among them. Employees are motivated by rapid promotions, giving bonus on productivity basis and providing incentives such as medical allowances, education allowances, leave travel allowances, cash prizes, etc.