Management Function Practices in Workplace

Management Function Practices in Workplace

Introduction

The effective management comprises of five main functions. These functions include planning, organizing, staffing, leading, and controlling. However, the implementation of these functions varies from company to company. The management is implied on every department at every level. Similarly, the management applied on the banking sector reflects the all these functions. Chase Bank is involved in the five functions of management at every level and practices the activities pertaining to company. The five functions of management are closely interlinked together (Allee, 1997). This implies that all the functions have dependencies on each function. Planning is regarded as the most important management function of all. This is due to the fact that the initial phase of planning is the step where the issues of other functions are addressed.

It has the primary objective to indentify all the activities in order to organize the structure. This is followed by the classification of authority where the reporting authority is given the rights of resource allocation and organizing. Finally, the co-ordination between authority and responsibility is maintained to achieve the results. The staffing in Chase Bank in done by the assistance of specific departments concerned with the recruitment and human resources. The people who are capable enough for the position are hired upon the designated criteria. Human resource planning is one of the first steps in staffing. Like staffing, leading and controlling also requires adequate planning.

Discussion

Chase Bank is a national bank situated in the America. The bank is headquartered in Chicago. The management of Chase Bank also follows the similar functions of the general management at many points. However, all of these functions are compatible with the banking functions. For example, the planning phase of management in Chase Bank is considered to be relatively more aligned with the financial trends and forecasts unlike other companies.

The five functions of management are closely interlinked together. This implies that all the functions have dependencies on each function. Planning is regarded as the most important management function of all. This is due to the fact that the initial phase of planning is the step where the issues of other functions are addressed. Similarly, organizing has influence on the effective resource allocation. Chase Bank undergoes the organizing step followed by planning by indentifying the activities, classifying the authority, and co-ordination between authority and responsibility.

It has the primary objective to indentify all the activities in order to organize the structure. This is followed by the classification of authority where the reporting authority is given the rights of resource allocation and organizing. Finally, the co-ordination between authority and responsibility is maintained to achieve the results. The staffing in Chase Bank in done by the assistance of specific departments concerned with the recruitment and human resources. The people who are capable enough for the position are hired upon the designated criteria. Human resource planning is one of the first steps in staffing. Like staffing, leading also requires adequate ...