Lesson 1 Flashcards
Chapter 1
What is Intellectual Capital
The combined brainpower and shared knowledge of an organization’s employees
A knowledge worker’s mind is a ___________
critical asset to employers and requires ongoing development of multiple skill sets
What equals Intellectual Capital
Commitment x Competency
What does Competency represent
your personal talents or job related capabilities
What does Commitment represent
how hard you work to apply your talents and capabilities to important tasks
What industrial age are we in
Fourth - cloud computing, mobile internet, automation, robotics, AI
Define Talent
High-performing organizations get extraordinary results from their employees by properly utilizing their skills
What is Tech IQ
A person’s ability to use current technologies at work and in personal life
What is Globalization
The worldwide interdependence of resource flows, product markets, and business competition that characterize our economy
What is Job migration
Occurs when firms shift jobs from one country to another
What is Reshoring
The shifting of manufacturing and jobs back home from overseas
Define Ethics
The code of moral principles that sets standards of conduct of what is “good” and “right”, as well as “bad” and “wrong”
What does Workforce diversity reflect
Differences with respect to gender, age, race, ethnicity, religion, sexual orientation and able-bodiedness
What are diversity biases in the workplace
- Prejudice
- Discrimination
- Glass ceiling effect
- Age
- Religion
- Gender
What is Prejudice
The display of negative, irrational opinions and attitudes
Define Discrimination
Unfairly treating members of some groups
What is Glass Ceiling effect
An invisible barrier or ceiling
What are the three kinds of workers (Shamrock organization)
- Permanent full time workers
- Temporary part-time workers
- Freelance or contract workers
What is Self-management
The ability to assess yourself realistically, recognize strengths and weaknesses, make constructive changes, and manage personal development
What are Organizations
A collection of people working together to achieve a common purpose
What do Organizations provide
Goods and services of value to customers and clients, and seek to serve society
What is active oversight in management
Active oversight refers to the supervision of top management decisions and corporate strategy
What is value creation in organizations
An organization’s operations add value to the original cost of resource inputs, leading to profit for businesses and wealth addition for nonprofit organizations
What is performance effectiveness
An output measure of task or goal accomplishment
What is performance efficiency
An input measure of the resource costs associated with goal accomplishment
What does productivity measure
The quantity and quality of outputs
What are the 7 workplace changes
- Focus on valuing human capital
- Demise of “command-and-control”
- Emphasis on teamwork
- Pre-eminence of technology
- Importance of networking
- New workforce expectations
- Concern for sustainability
What is the role of managers
Managers directly support, supervise, and help activate the work efforts of others
What are the levels of management
Board of directors, Top managers, Middle managers, and Team leaders
What are the five types of managers
- Line managers
- Staff managers
- Functional managers
- General managers
- Administrators
What do line managers do
They are responsible for work activities that directly affect organization’s outputs
What do staff managers do
They use technical expertise to advise and support the efforts of line workers
What do functional managers do
They are responsible for a single area of activity
What do general managers do
They are responsible for more complex units that include many functional areas
What do administrators do
They are managers who work in public and nonprofit organizations
What is managerial performance accountability
The requirement to show performance results to a supervisor
What is Quality of Work Life (QWL)
An indicator of the overall quality of human experiences in the workplace and is considered a high-priority issue of human sustainability
What are some indicators of QWL
- Respect
- Fair pay
- Safe working conditions
- Opportunities to learn and use new skills
- Room to grow and progress in a career
- Protection of individual rights and wellness
________ support _______ that supports _________ that serves _________
Top managers / Team leaders and managers / front-lint operating workers / customers and clients
The 4 functions of the Management Process
Planning, Organizing, Leading and Controlling
Planning:
Setting performance objectives and deciding how to achieve them
Organizing:
Arranging tasks, people, and other resources to accomplish the work
Leading:
Inspiring people to work hard to achieve high performance
Controlling:
Measuring performance and taking action to ensure desired results
What is social capital in the context of managerial roles?
The capacity to attract support and help from others, essential for advancing managerial agendas (shared values)
What are Katz’s essential managerial skills
- Technical skills
- Human & interpersonal skills
- Critical thinking/Conceptual skills
What are technical skills
The ability to use a special proficiency or expertise to perform particular tasks that bring value to an employer
What are human and interpersonal skills
The ability to communicate, collaborate, and network to lead and contribute to teams while engaging others with a spirit of trust
What are critical thinking/conceptual skills
The capacity to break problems down into smaller parts for effective analysis
