Unit 1: Foundations of Management: Working Today Flashcards
What sets great organizations apart from the rest?
- Creative and inspiring leadership
- Supportive work environments that reward and respect people, allowing their talents to be fully utilized.
Why are there no guarantees for long-term employment?
- Expectations for organizations and their members are very high. - - - Jobs are increasingly earned and re-earned every day through one’s performance accomplishments.
- Careers are being redefined in terms of “flexibility”, “free agency”, “skill portfolios”, and “entrepreneurship”.
- Career success takes lots of initiative and discipline, as well as continuous learning.
What is the difference between being successful and being exceptional according to former CEO Max DePree?
CEO Max DePree says that being successful is: “meeting goals in a good way, being exceptional is reaching your potential”
Define intellectual capital. Outline the intellectual capital equation.
Intellectual capital: is the collective brainpower or shared knowledge of a workforce that can be used to create value.
Intellectual capital = Competency x commitment
What does it mean to be a knowledge worker? What are they interested in?
- A knowledge worker is someone whose mind is a critical asset to employers and adds to the intellectual capital of the organization.
- Knowledge workers are interested in personal achievement and personal responsibility. They expect continuous learning and training, and they will respect and want authority.
Define workforce diversity.
Workforce diversity describes the composition of a workforce in terms of differences among people according to gender, age, race, ethnicity, religion, sexual orientation, and able-bodiedness.
In your own opinion, why is workforce diversity important?
Workforce diversity: is important as it contributes to an environment enriched with a broader range of skills, ideas, perspectives, and workplace culture.
Individuals from various backgrounds may also contribute to a higher intellectual capital for a business, and will likely increase knowledge workers.
Furthermore, an effort to increase workplace diversity can aid in breaking down stereotypes, avoiding prejudice and discrimination against marginalized individuals.
What is a glass ceiling? Can you think of a real world example of where you’ve seen/experienced a glass ceiling?
A glass ceiling is an invisible barrier or “ceiling” that prevents women and members of visible minorities from rising above a certain level of organizational responsibility.
What is globalization? Why are some employees worried about it?
Globalization is the worldwide interdependence of resource flows, product markets, and business competition.
Employees must worry about being replaced by workers in other countries who are willing and able to perform their jobs through outsourcing and at lower cost to employers. Even new graduates must worry about lowering priced competition for the same jobs from graduates in other parts of the world.
What is the main foundation of globalization?
The main foundation of globalization is on the foundations of the internet and a continuing explosion in communication technologies.
For better or worse, we live and work in a technology-driven world increasingly dominated by bar codes, automatic tellers, email, etc.
Define ethics.
Ethics is a code of moral principles that sets standards of what is “good” and “right” as opposed to “bad” and “wrong” in the conduct of a person or group.
What is a challenge for new graduates and what can they do to better their opportunities?
For most recent graduates, an immediate challenge is getting the first full-time job. And when the economy is down and employment markets are tight, the task of finding a career entry point can be daunting.
It always pays to remember the importance of online resumes and job searches, and the power of social networking with established professionals. It’s also helpful to pursue internships as pathways to first job placements. Do better their opportunities, graduates can engage in successful career planning, and your skills must be portable and upgraded all the time.
A portfolio worker:
Someone who always has the skills needed to readily shift jobs and even careers.
Independent contractors
Perform specific tasks as needed by the organization and are compensated on a fee-for-services basis rather than by a continuing wage or salary. They sell a skill or service and contract with many different employers over time.
Full-time core workers
Pursue traditional career paths. With success & maintenance of critical skills, they can advance within the organization and remain employed for a longtime
