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Management - 10 Tips For New Managers

You have just been promoted to your first management role. Chances are you are excited and at the same time slightly apprehensive about the next stage in your career.

So what are my top 10 tips for new managers so that they can hit the ground running?

Tip 1: Believe in yourself

Management - 10 Tips For New Managers

Sometimes, when stepping into a new role, you can face a loss of confidence. Remember that those who promoted you saw your potential. Hold this thought at the forefront of your mind in the early days.

Tip 2: Accept you will have struggles

You don't want to be able to do everything in the job on day one; otherwise there is no scope for growth. Accept that, every time you take a step up in terms of the hierarchy, there are going to be struggles and challenges.

Tip 3: Take time to get to know people

You will probably find that it takes a bit of time to reach the point where you are fully utilised. Make use of this time to get to know people.

Tip 4: Get to know the culture

Every organisation has its own culture, norms and behaviours. The earlier you can get to grips with this, the easier it will be to adapt to the way of working.

Tip 5: Don't keep comparing

A trap to be alert to is making comparisons between your new job and where you have just come from. While past experience can be helpful, people will not appreciate you if you keep saying how much better you were at doing things at your old place.

Tip 6: Make your own mind up

Everyone will love to tell you about all of the good, and usually the not so good, points of others. Don't follow like a sheep, give everyone a fair chance and make your own judgements on people.

Tip 7: Make small changes to start with

You may have some ideas on changes that you want to make. At the same time, you don't want to be biting off more than you can chew. Focus on making small changes to start with.

Tip 8: Don't over promise

It can be tempting to make promises at the start which you think will be popular. However, if you fail to deliver, people will hold it against you. It's better to under promise and over deliver in my experience.

Tip 9: Be clear on expectations of others

Make a point of meeting with those that report directly to you and setting out your expectations of them in terms of what they have to deliver. Set these out in terms of written objectives and make sure you check progress from time to time.

Tip 10: Keep developing yourself

Every new job brings new challenges, so make a point of continuing to work on your professional and personal development.

The Bottom Line

Taking on your first management role is a big step so make sure you follow these simple tips and set yourself up for success.

Management - 10 Tips For New Managers
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Duncan Brodie of Goals and Achievements (G&A) works with accountants, health professionals, teams and organisations to develop their management and leadership capability.

With 25 years business experience in a range of sectors, he understands first hand the real challenges of managing and leading in the demanding business world.

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Property Management Fees Explained

When you hire a property management company to serve as the liaison between yourself and your tenants, you want to be sure you're getting the best possible property management services for the money. The services a property management company provides can range from ala carte to an all-in-one inclusive package. Along with that comes an array of fees for each. There is no set in stone fee structure we can provide you. But we can educate you on what common fees to expect and what each is commonly for. In the end it will be up to you to compare company fee structures and choose the best one that fits within your budget. Below are some of the most common fees and what service they provide.

Commission

This is an ongoing monthly fee charged to the owner to compensate the property manager for the responsibilities of overseeing the management of their property. This fee can vary from as little as 3% to over 15% of the monthly gross rent. In place of a percentage some managers may charge a flat monthly amount which again can vary from to over 0 per month. All property management companies generally charge this fee.

Property Management Fees Explained

Lease-Up or Setup Fee

This fee is charged to the owner to compensate the property manager for their initial time invested and resources used in setting up an owners account; showing property and/or other activities resulting in tenant placement. I guess you could look at it as a "finders fee" for placing a tenant in your property. Once a tenant has been placed and first rent income comes in, the property manager will deduct this fee from the rent proceeds. Some property managers have been known to require this fee upfront prior to tenant procurement. Usually this fee is non-refundable once the property manager has started the process of tenant procurement or any legwork has been initiated with the property. This fee can vary from none to as much as the first months rent, and usually is a one-time fee per tenant.

Lease Renewal Fee

This fee is charged to the owner when a property manager renews a current tenants lease and covers the costs of initiating paperwork or communication involved in implementing the new lease document. A property manager may also justify this fee if they perform a year end inspection of property. This fee can vary from none to 0 or higher, and may be charged every time a lease renewal is implemented.

Advertising Costs

Depending upon the property management company's contract, either they will pay the advertising costs or the owner or they could split the costs. If the manager is willing to cover this cost, most likely they will charge the lease-up or setup fee as outline above. If the management company covers this cost make sure to find out what type advertising or marketing of your property is included. If it's placing your listing on their own web site and other free online classified sites you may not be getting your monies worth. They are many good rental or tenant resource online web sites that bring in qualified tenants for a reasonable fee and you will want to consider these. And don't forget about print media, yard signs, listing on the MLS or even an open house. Nothing is worst than having your property vacant, bringing in no money only because you or your property manager skimped on advertising.

Maintenance Mark-up Charges

This is one of those costs you may never really of known about or had it disclosed to you. A "Mark-up" is a charge over and beyond the final bill on maintenance and/or repair work done to your property initiated by your property management company when using their vendors or in-house maintenance staff. This should be disclosed in your Manager/Owner contract which usually will state the markup as a percentage above the final invoice from vendor. For example, your manager had to call a plumber to replace the dishwasher in your rental property. Total charges for completing the job: 0. If your property manager contract states you will incur a 10% markup on all maintenance work the actual cost to you will be 0. Just one of those things to be aware of as these all eat into your profits.

Early Cancellation Fee

The dreaded "3 months and no tenant". Your property manager insist he or she's doing everything they can to find you a tenant. But here it is 3 months and still no tenant; what do you do. Well, look at your Manager/Owner contract and that might be your deciding factor. I am not a fan of this fee, and believe it to be an unnecessary fee and for you manager out there this could be the deal breaker. I'll tell you why; if a property manager is doing their due diligence and keeping the owners in the loop as far as decision making, market conditions and communication lines open an owner will not be second guessing his property managers abilities. The odds of this scenario happening is unlikely but you must be prepared for it. A cancellation fee can range from none to over 0. To be fair, some managers legitimately deserve this fee especially if they have pocketed advertising costs, incurred lots of legwork and time invested in your property.

"You've Got To Be Kidding Me" Fees - These are ones I have personally had the pleasure of running into.
Your property is vacant, but we still will charge our monthly commission or a small flat fee. "A For-Rent Yard Sign Fee". I believe this was /mo. "Preventive Maintenance Fee". This was to cover the "just in case" and changing out A/C filters. If "just in case" never happens they still pocket the money. I believe this was /mo and I still was charged for filters.

In Summary

Read your Manager/Owner contract, understand what you are signing, ask lots of questions and know what the fees will buy you in services. A good real estate lawyer can help in negotiating the terms in a contract that suit both parties. These contracts are not set in stone. If your property manager will not negotiate, there are other property management companies that are eager to earn your business.

Property Management Fees Explained
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Principal
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PMVnetwork offers the most up-to-date listing of full-service property management companies and property service pros nationwide. We have become a wealth of information and resource for the first-time landlord as well as the seasoned investors.
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Organizational Structures In Project Management

One aspect of project management that used to receive quite a bit of attention in the 1950s and 1960s was the project organizational structures. A myriad of new organizational structures have appeared on the scene in the last couple of decades but they still lack many of the desirable qualities in the traditional methods. Ultimately, project management directors seek organizational methods that facilitate teamwork, can maximize the use of limited resources, efficiency and quality in the way a project is completed and how goals and objectives are achieved. This article will examine the three main traditional organizational structures for project management. These three structures are functional organization, project organization and matrix organization.

Functional Organization This structure is by far the oldest of the organizational methods but remains one of the most successful. This method performs best when used for routine work functions and the upholding of quality and work standards. Functional Organization structures assign projects in two different ways. One way involves the project being assigned to a specific functional manager who then coordinates with the other departments for them to each contribute. Alternatively, projects can be shuffled around to different departments where each department manager ensures that their parts of the work have been completed.

This method does not work very effectively when used in facilitating complex projects. One of the major criticisms of this organizational structure is the lack of built-in employee recognition, measurement and reward for project performance. Similarly, there is very little individual accountability for any project management tasks that need to be performed.

Organizational Structures In Project Management

Project Organization Project Organization is a structure that is specifically designed for executing projects. It is specifically tailored to meet the demands of complex projects by isolating unique work and maintaining a strong focus on completing the project. Once the project is completed, this structure disbands. This structure is effective in maintaining dedicated resources throughout the life of the project.

The major criticism of this structure is that it is inefficient in transferring technology and the use of resources. Also, by the time the members actually begin acting as a cohesive team, the project is over and the organization dissolves. Since this project has dedicated resources throughout its life, major inefficiency ensues when there are underutilized employees during certain parts of the project.

Matrix Organization Matrix Organization is a project management structure that evolved from the recognition of inherent flaws in the Functional Organization and Project Organization structures. Created in the 1970s, this structure combined the best components of these two structures. This model functions very well when there are multiple projects being coordinated at once. The functional managers oversee the staffing, training, job assignment and evaluation of the project's personnel. The functional specialists are assigned one or more projects and oversee that these individualized projects' achieve their objectives are completed through maximum resource efficiency.

Despite its recognition and avoidance of the flaws involved in other structure, Matrix Organization still does have some problems of its own. Individual employees report to at least two managers which can often lead to ambiguity and conflict. These problems can be avoided through good communication and solid leadership between managers.

This article simply provided an overview of several project management organizational structures. Functional Organization, Project Organization and Matrix Organization are the three most traditional project management structures that are still used today because of their effectiveness. However, do keep in mind that there are plenty of other methods available that may better suit your firm's situation. Nevertheless, the type of organizational structure that should be chosen by your firm depends on the type of project as well as the objectives and goals that it ultimately aims to achieve.

Organizational Structures In Project Management
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Michael Russell

Your Independent guide to Project Management

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More Best Answers For Retail Management Interview Questions

If you are interviewing for a retail management position, you might be curious about some of the job interview questions. Moreover, you might be curious as to what the best answers for those retail management questions are. Keep reading on to get some helpful tips and answers.

Question: How would you handle a problem employee, such as someone who consistently arrives late to work?

The answer to this question might seem a little bit tricky. After all, a good company does not want an employee who wastes company time and money on their payroll. However, an answer such as "terminate them immediately" might be jumping the gun too fast. One of the best answers for retail management interview questions along this line is an answer that involves checking their work history, providing a clear and simple reminder, and then possibly termination if an improvement was not made in a timely matter.

More Best Answers For Retail Management Interview Questions

Question: You walked through the store on the way in and have possibly shopped here before, what would you recommend doing to improve this store?

The answer to this question is another tricky one. Your first impulse is to assume "this company doesn't want to hear I think the store looks like crap." Of course, you don't want to use those exact words, but provide an honest answer. The best answers for retail management interview questions are honest ones. Ideal suggestions include have an employee greet me when I walk through the door, remove bulky displays in the aisles that hinder cart movement, and so forth.

Question: Have you personally shopped here before? Why or why not?

You might think it is best to answer this interview question with a "yes." After all, the best types of retail store employees are those who take pride in their company and actual shop with them. However, don't outright lie to suck up. Once again, this is your chance to shine. Provide honest feedback if you don't shop there (why not and what would change your shopping habits). If you are an avid shopper, state why (whether it be the friendly staff, the quality products, or the good prices).

Question: As a new store manager, how would you delegate tasks to your coworkers?

This type of interview question for a retail management position is designed to get an idea of your method of management. Are you a manager who just goes with the flow? By the way, these aren't the type of store managers that most retailers look for. If you were, your response would include letting each employee perform the tasks they normally do. If you were a take-charge kind of manager who is interested in producing the best results, your answer would involve assessing and communicating with each coworker first. The goal is to determine who is the most productive at what and go from there.

Question: While you are applying for a store management position, can you still work as part of a successful team?

One of the best answers for retail management interview questions like this one is yes! As a store manager, it is your responsibility to manage the entire store, as well as each employee. On that same note, store managers often help with everyday tasks. This is particularly common in small stores with limited payroll hours. Job interviewers want to know that you can not only handle the management aspects, but the team aspects as well, such as helping your stockers unload a warehouse truck.

More Best Answers For Retail Management Interview Questions
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Talent Management, Acquisition and the Importance of Role Consultancy

Introduction

In all businesses today, aligning human resource management with business strategy has become an important element to succeed. Organisational restructuring, managing key resource requirements, performance management systems, career and succession planning have all been re-aligned to form synergy with the company's overall business strategy.

With increased competition, changing workforce demographics, talent shortages and increased globalization, many organizations are now proactively studying leadership, demographic and economic trends, to prepare for their future workforce needs. HR departments are developing comprehensive workforce plans and talent management strategies centered on attracting, assessing, selecting, engaging, and retaining talent

Talent Management, Acquisition and the Importance of Role Consultancy

The practice of Talent Management is more important in today's economy than it has ever been. Now in the new millennium, we find ourselves in the talent age. In the new millennium the only unique asset that many companies have to maintain a competitive edge is their people. In the global market place and every industry around the world, it is the talent and its management that differentiates and sets the tone for success or failure
To achieve organizational goals, one must synchronize their business strategy and human capital strategy. Successful organisations have the right talent in place at all levels - people who look beyond the obvious and take the business into the future. The basis for ensuring this is an integrated approach to talent management.

Finding and keeping the right people has an enormous effect on one's organization's financial performance. Identifying these talents and hiring people whose talents are similar to those of top performers are crucial steps toward achieving individual and organizational success Talent management and leadership development remain the biggest Human Resources challenges. The two issues are rated "highly critical for success" Talent management means aligning talent strategies with organisational needs; attracting and selecting the right people, identifying and shaping their potential and fuelling their enthusiasm and commitment

Effective talent management is a critical business goal for all leading organisations in today's economy. Human resource management is a process of bringing people and organizations together so that the goals of each other are met. The role of Human Resource manager is shifting from that of a protector and screener to the role of a planner and change agent. The knowledge age moved the basis of economic value to information assets through integrated communications and computer technology. Now the competitive battlefront is for the best people because they are the true creators of value. PEOPLE provide unique knowledge, an inherent component of the value-proposition that PEOPLE bring to an organization; knowledge gained through education, training, and experience. Investment in PEOPLE will position organizations for continual innovation in an increasingly diverse, competitive and ever-changing climate

Human capital is the most vital resource in any organization and also the most difficult to manage. Today the success of Human Resources professionals is directly linked to the quality of talent and its productivity and they are being held accountable to deliver on stringent and measurable performance metrices. Building a competitive talent pool is a function of attracting, engaging and retaining the right mix of competencies. Companies are also increasingly hiring employees whose personalities and values reflect those of the organization

Talent Management is more and more business critical to organizations, bringing with it, new visibility and challenges. For Human resources people, employees are the face of company's brand and the most vital asset of one's business. They drive organisation's productivity and profitability. Aligning Talent Acquisition to the organization's strategic objectives is imperative to the success of the organization and Human Resources tend to concentrate in recruiting those key people and focus their attention and resources on developing them. Indian organizations are also witnessing a change in systems, management cultures and philosophy due to the global alignment of Indian organizations. There is a need for multi skill development.

It would be apt at this juncture to recapitulate on the nuances on Talent Acquisition and Recruitment

Recruitment and Talent Acquisition are used synonymously but there is quite a lot of difference between the two. Recruitment involves the process of filling up of the vacancies where as talent acquisition shows the strategic hiring of talent not only for the current requirement but also planning for future. McKinsey & Company (1997) that coined the term 'the war of talent', predicted that there is high demand for managerial talent in future. The survey report insisted on five elements for tapping the successful talent such as talent mindset, growing great leaders, employee value proposition, continuous top talent recruitment and differentiation. Hence the companies need to be forearmed to anticipate and determine the talents.

Recruiting- been viewed as a transactional, commodity based business function to fill job openings with qualified people. In contrast, Talent Acquisition is distinct elements of the Talent Management continuum, a proactive, strategic function, procuring talent for the organization's value add. Talent Acquisition is no longer a silo in the human resource function, but collaboration with specialists from other functional areas within Talent Management to posture a company for talent who will evolve and become strategic partners within the organization. Talent Management/Acquisition asks: do we have a strategy in place to attract and retain qualified employees; do we know what business is in the pipeline, what the staffing needs are for the next six-twelve months, bill rates that determine potential candidate salaries, etc

On moving to a Talent Acquisition model there is a significant difference between those organizations that practice recruiting and those that have a talent acquisition practices

Recruiting- To identify & select a person for a position.
Talent - A special often creative, artistic or mental gift.
Acquisition - To gain possession of something as a result of effort or experience.

Strategic Talent Acquisition takes a long-term view of not only filling positions today, but also using the candidates that come out of a recruiting campaign as a means to fill similar positions in the future In the most enlightened cases of Strategic Talent Acquisition, clients will recruit today for positions that do not even exist today but are expected to become available in the future. Recruiting is involved on the front end of the process; Talent Acquisition would be as a collaborative business partner. Aligning Talent Acquisition to the organization's strategic objectives is imperative to the success of the organization

Role of Consultancy in Talent Acquisition and Talent Management.

The Talent Acquisition needs of companies are becoming more and more intricate - which means more focus and effort for proper functioning. Cross location, multiple skills, blend of technologies and personal attributes makes the hiring process a very involved effort

By outsourcing Talent Acquisition function, the organisation can focus on core business issues, while they have a reliable framework of Talent supply. This is a new emerging paradigm which is making a lot of companies tread this path. Nurturing Human Capital via Talent Management, would be the focus of Talent acquisition and recruitment. Recruitment Support includes activities from pre- and final- screening, interview management, Offer Management and Data Management. Recruitment is integral to talent management and requires considerable executive management mindshare. Recruiting is changing fast, with myriad challenges facing those responsible for attracting, hiring and retaining top talent.

The role of human resources has shifted within most leading organizations and Human Resource practitioners are now required to demonstrate value to the business. Talent acquisition platform can be configured to fit the size and structure of any recruiting organization Working closely with the business, Talent Acquisition Consultant- would manage all Experienced Hire Recruitment

Talent Acquisition Consultancy would work in cohesion and coordinate with the respective & assigned business function(s) to source, recruit and select the best Talent for the organiation

Talent Acquisition Consultancy - would work in the role of a partner to align strategies that would support business objectives and create processes, tools and cultures that attract, motivate, engage and retain strong, high-potential Talent.

Talent Acquisition Consultancy- with the background and exposure of global competence in executive recruiting, and also country specific knowledge; will be in position to play a critically important role in identifying high profile executives and recruiting top global talent. Talent Search Service would range from single assignment to regional or global and could include multiple positions in various locations

Talent Acquisition Consultancy Would Play A Significant Role In

Identifying Top/Senior level Talent for all business groups and be responsible for identification, recruitment and on-boarding of senior level leaders throughout the organization utilizing direct sourcing techniques including personal networking, online search, and leveraging internal tools and resources

Responsible for providing creative sourcing solutions to customers in a consultative role. Recruiting through a variety of sources, including Internet, professional associations, networking, advertisements, job fairs, university relations, etc. Function as a full business partner to develop staffing processes, identify business issues and recommend innovative solutions.

Find, assess, engage, hire, and on-board the highest quality candidates, especially in the critical skill areas. Assess candidate skills, background and fit so as to predict performance levels and styles with a high degree of accuracy.

Manage the full life-cycle of the recruiting process - Recruit / Source, contact, screen candidates.

Assess candidate's competency to include job fit, motivational fit and culture fit.

Source, identify, and screen candidates to determine if their technical ability, attitude and personality make them a fit for the Client's culture

Develop candidate talent pipelines through sourcing channels, recruitment campaigns, internet searches, networking groups, social media, database search

Talent Management

Once the Talent Acquisition process is completed the human resource professionals have to concentrate on the next level of Talent Management- Talent Development. It is necessary to develop the skills of the employees through Training and Development Talent Management in organizations is not just limited to attracting the best people from the industry but it is a continuous process that involves sourcing, hiring, developing, retaining and promoting them while meeting the organization's requirements simultaneously

Talent Management, as the name itself suggests is managing the ability, competency and power of employees within an organization. The concept is not restricted to recruiting the right candidate at the right time but it extends to exploring the hidden and unusual qualities of one's employees and developing and nurturing them to get the desired results. Hiring the best talent from the industry may be a big concern for the organizations today but retaining them and most importantly, transitioning them according to the culture of the organization and getting the best out of them is a much bigger concern

To achieve success in business, the most important thing is to recognize the talent that can accompany one in achieving one's goal. Attracting them to work for you and strategically fitting them at a right place in your organization is the next step. It is to be remembered that placing a candidate at a wrong place can multiply one's problems regardless of the qualifications, skills, abilities and competency of that person

Talent Acquisition and Talent retention are like the two sides of a coin that are critical in the human capital management. Innovative technologies are to be adopted to enhance the process of Talent Management. With the dynamic situation prevailing in the global employability status, the role of human resource managers is very imperative in maintaining the talent balance. Holistic cum participatory approach is to be followed for harnessing the real benefits of Talent Management system. The Talent Management system that acts as a driver to performance excellence has to be integrated with the rest of the areas in the company and through effective Talent Management strategy.

The practice of talent management would involve no of strategies used in the management of human capital resources and their application. We shall dwell on few critical issues that are imperative in the management of talent and their significance:- i. e for Talent Management Best Practices:-

Key points & factors

Talent Acquisition
Assessing organizational talent readiness and execution capability Identifying talent gaps Identifying mission critical positions selection- identification- & recruitment- of right people assessment- assessing competencies of apt profile

Retaining Talent

In the current climate of change, it's critical to hold onto the key people. These are the people who will lead the organisation to future success, and the organisation can't afford to lose them
Employees are more likely to join stay within an organization if they believe the prospects are good for longer-term career and leadership development

To realise this and to attract and retain Talent -Organisation need to have a

Workforce planning ·building a road map for implementation

Diversity programmes designed to develop, retain and promote diverse Talent

Career Planning- - scope of advancement in career for employees- their effort being valued and recognized-

Selecting Talent:- Management should implement proven Talent selection systems and tools to create profiles of the right people based on the competencies of high performers. It's not simply a matter of finding the "best and the brightest," it's about creating the right fit - both for today and tomorrow.
Coaching and Mentoring- development of-new competencies. Using development to drive business objectives Building an effective development plan Development of employees - for a elevated and key position

Developing processes for Succession Planning and Talent pipelines

Managing Succession: Effective organisations anticipate the leadership and Talent requirement to succeed in the future. Leaders understand that it's critical to strengthen their Talent pool through succession planning, professional development, job rotation and workforce planning. They need to identify potential Talent and groom it.

The cost of replacing a valued employee is enormous. Organisations need to promote diversity and design strategies to retain people, reward high performance and provide opportunities for development.
It's imperative to assess existing talent within the organization. Talented and ambitious people are more likely to stay with their current employer if they receive positive development, motivation and encouragement to reach their potential

Organisation need to focus on managing the needs of individual employees, in alignment with organizational objectives, while identifying and deploying top performers accordingly.

a) For the individual: Coaching and mentoring based on discovered needs.
b) For the work team: Identifying top performers, or "stars," and capitalizing on their talent.
c) For the organization: Maximizing return on investment by putting the right person with the right skills in the right job at the right time

Identification & selection of - high performers- represent the requisite competencies of the organisation and also inspiration to others to follow suit.

Focusing on Core Talent

Companies are increasingly looking at bringing exceptional talent on board for those roles that are core to their business and·building a business case for inclusion in the organizations strategic policy
In an increasingly global business world, where teams work across borders, understanding different work cultures is the key to success.

In India, there is a high demand for good talent and hence a lot of attention is being given to retaining and engaging that talent. Retaining talent for Indian companies has become a key factor in their growth strategies.

We shall just give a brief sketeh of talent management systems adopted in an Indian organisation.

Mahindra and Mahindra -- A US . 5 billion multinational group based in Mumbai, India, with more than 137,000 people in over 100 countries, in the business of utility vehicles, information technology, tractors, and vacation ownership- - created a robust Talent Management system to attract, nurture and promote employees.

Anand Mahindra, the group's 57-year-old vice-chairman and managing director has been grooming some key leaders to replace the ageing stars. A Talent Management programme conceptualised in 2004 to chart out the succession plan for top executives, has already produced eight key leaders.

For the group, organisational restructuring posed the greatest challenge keeping in mind the changing dynamics in the business especially the tractor and automotive division. the re-alignment was necessitated by changing dynamics in the business environment. the objective was to grow leadership positions in the UV and tractor market and developing successful businesses in relatively new business areas like IT, financial services, realty and infrastructure development and also service industries like Time share (Club Mahindra). "Keeping in mind the new business objectives the challenge was to re-orient the human resource management towards these objectives. "

To achieve these objectives the company began a full reassessment of organisation and management structure with the help of consultants like Mckinsey's, Arthur Anderson and Korn Ferry. The outcome was, clear roles and responsibilities were identified and the competency required for each role was mapped. The officers went through individual assessments of competencies against the requirement of each role. External consultants as well as internal assessors ran assessment centres and each individual was then placed based on competency and role fitment

THE RETIREMENT OF ARUN NANDA (Executive Director - 2 Years ago) marked the beginning of the end of a long reign of stalwarts. New leaders are already rising and showing every sign that the group's succession planning initiatives will help fill the void. Most are in their forties, rising rapidly and are being thrown into different roles in the group - clues that they are being groomed for greater responsibilities.

Many emerging leaders were inducted onto the group's apex-decision making body Group Executive Board in 2010 in preparation for the retirement of six members on the board.

Anita Arjundas, the 44-year-old head of the real estate business and the lone woman member of the group executive board, mirrors the emergence of a quiet transition that is taking place inside the automobile-to-aviation group.

Conclusion.

Today, companies have become fiercely competitive when it comes to attracting and retaining Talent. The present scenario with abundant opportunities has triggered a wave of employees, perpetually "on the move", forever seeking better opportunities whenever, wherever and however they can

Talented people want to be a part of something they believe in and not just a fat pay package. A culture of commitment is the key to employee retention- a culture that concentrates on vision, mission, values and ambitious goals to attract and hold on to talented people. This culture of commitment can only set in if there are guiding principles or core values that are of intrinsic importance to those in the organisation.

Cultural dimensions as a tool to retain talent zeroes in on functional, technical and control aspects, while simultaneously dealing with inspiration, emotion, energy, enthusiasm, collaboration and camaraderie, openness and a sense of belonging

At the end of the day, creating and delivering a great employee value proposition is clearly the best way to retain good people. Research shows that companies which have recognised the need to give priority to its people management-driven strategies are the winners

Talent Management, Acquisition and the Importance of Role Consultancy
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Dr. SITA RAMACHANDRAN

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Will give a good understanding of the Concept of Talent Management and its constituents and its practical relevance and applicability in a True Life Business Environment.

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Organizational Management - Management Structure

In this installment of our guide to organizational management we look at management structure...

The process of planning, organizing, and controlling human and other resources in order to meet an organizations goals, is known as management.

Typically, a company will be set up to include different types of managers, which can include managers with responsibility for a specific department or division of the entity, as well as regional managers who supervise activities in a particular geographic region. The types of management positions will vary in accordance with the size of the business.

Organizational Management - Management Structure

Management structure (also known as organizational structure) is the method by which staff, departments, divisions and regions work and interact with one another. There are two main types of such structures, known as flat and hierarchal.

Whats known as a flat management structure promotes a decentralized decision-making process, which increases staff involvement and is achieved by very few or no management layers between front-line workers and the company's leadership.

By elevating the level of responsibility of baseline employees, and by eliminating layers of middle management, comments and feedback reach all personnel involved in decisions more quickly. Since the interaction between workers is more frequent, this management structure generally depends upon a much more personal relationship between workers and managers.

The hierarchal management structure has a set chain-of-command - that is each unit in the organization (except that at the very top) is subordinate to another unit or division. That means that each individual communicates directly with an immediate supervisor or subordinate and does not jump over layers of management to get to the top leader.

The benefit of a hierarchal structure is also its primary limitation in that it will reduce the level of communication that goes directly to the top. The hierarchal configuration, however, is the most prevalent for large corporations, governments, and even organized religions.

Flat management structures will typically only work well in smaller companies, or within smaller defined units of a large organization. Once an entity reaches a certain size, this type of structure will not work as well and could end up having a negative impact on productivity. An organizations complexity can be related to its size and how widely distributed it is geographically, and it is this complexity that governs which management structure is most beneficial to the company.

Organizational Management - Management Structure
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Want to know more? Click here to continue reading our guide to organizational management: Organizational Management

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How to Start a Property Management Business

Property management is a business that is regulated and requires a real estate license in many states. This first step requirement means that the potential buyer of an existing business would need to be qualified to run the business. They would also need to meet the same requirements to start one from the ground up.

One way to get experience in the business is go to work for a large management company and learn the ropes. At the same time you could be completing any educational requirements and prepare for taking the license required to professionally manage properties. Starting a company of your own will take some strong detective work to find a property that is looking for management or looking to replace the current management firm. This will entail a great deal of cold calling and phone work to come up with possible clients.

At the same time you could get a web site built so you will have something to point people to when you are speaking with them on the phone. You would also mention the website in all communications or advertisements. All of this would come after you have decided on a company name and have a phone number and address for your business.

How to Start a Property Management Business

Knowledge and preparation are requirements for success. Whether you buy an existing business or start one up, you will need to gain experience and first hand knowledge of the business from some source. The best way to gain real experience is to work in the business for a year or so for a management company. The requirements in your state should be checked also to see what licenses are needed. There could also be educational requirements that you would have to obtain. A smart person would make sure they have all of these ducks out of the way while working for someone else. The real estate department of your state will be able to give you the information you need to know. There also could be an association of property managers in your area. Both of these sources are a place to start to find the information you need.

Finding property management companies that are for sale The Internet will quickly give you and idea of what is for sale and where they are located. Business brokers are another solid place to find listings of businesses that are currently on the market. You can also get questions answered about the way to buy one of these businesses. One important facet of the businesses for sale is the asking prices. This may be eye opening for you. You might also check out local newspapers and the local real estate association. Lawyers that specialize in real estate transactions may also know of management companies that are looking for a partner or are for sale. Once you have an idea of the capital needed to pursue a purchase you can begin to figure if you can make a deal. If you are going to need help with the money you will have to resolve that common problem also. The business brokers will have a good idea if the listed business is cash only or the current owner would consider terms. This type of information will speed up the process of finding a deal that you may be able to pull off.

Another aspect of property management is the properties handled. Are you going to only deal with large apartment complexes or single-family residences? The type of properties you wish to handle could determine the price of a management company.

Money makes the deal

Money talks when buying a business. The seller is usually anxious to sell and if a real money offer is made, they may bite even if it requires terms to complete. The point here is make an offer and see what the seller responds with. You never know what kind of help you may get from a motivated seller. Other ways to make up a short fall is a loan from the bank, a business lender found on the Internet, a partner and family or friends. Some deals take a great deal of creative financing to pull off. If the existing business has long-term contracts with their clients it may be easier to get a loan from a disinterested third party. The most common way to handle the short fall is to get the seller to take back paper to be paid in full by a set date in the future. Maybe they would remain a silent partner for a short length of time. The answer to this problem is how much you can put down and how long you would need to pay off the balance.

The only way you will ever know if a deal is possible is to make an offer and see what the counter offer looks like. The business broker in a deal can help in the negotiations and in many cases make it happen through their deal making skills.

If you come to a point in any deal that the final terms are too difficult for you to live with, then it is time to take a walk. Knowing when to walk a way in also part of good deal making. The wrong terms could make the deal a failure from the beginning. The last thing any buyer wants is to put a large down payment into a business and then watch it fail. The loss of this money could be the end of any possibility to own your own business. The thought process should go like this, this deal is not possible and there will be another chance down the road. Some times in the heat of negotiation the making the sale happen becomes the end in itself. This should never be the reason to make a bad purchase. This is a serious situation that needs to be well thought out.

Conclusions

Once you have the experience, education and licenses, the ownership of a property management company is possible. You can either start one up or buy an existing firm. The expense of buying one will be much higher than starting one from the ground up. Finding one you can buy will take effort and the willingness to commit a sizeable amount of money. The obvious way to start is through a business broker, as they will have a current list of business for sale. They should have a very good idea of what you will need to pay to buy a property management company Coming up with the money may be a problem for some buyers as the price of an existing successful firm will be higher than a startup. An existing management company's current customers will be a large asset, as they will supply immediate cash flow to the company. So the higher price is offset by the constant cash flow from contracted customers.

If you start a company from scratch, you will need to plan on a significant amount of cold calling, phoning and face-to-face meetings to find customers that need your help. This is a slow start but can be a reasonable way to get into the business

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Cash Management - How to Prepare a Daily Cash Position Report - Part 1

As I have mentioned earlier, cash flow report is a very important report that every business owner or entrepreneur must be able to analyze so that they can plan for their next move in business. Almost all business gurus and academicians have stress on the importance of preparing cash flow report but unfortunately none of them give specific guide lines on how to prepare it. Cash flow report that we mentioned here is a dynamic cash flow report where it will show us the cash position at any point of time and at the same time can act as a powerful tools to enable us to make as much money as we can by investing the surplus fund in a very short term investment such as money market placement. Cash flow statement that every accounting text book recommended is cash flow report generated from Balance Sheet and Profit & Loss Account and will give depth analysis on net cash flow recorded from operating, investing or financing activities.

First and foremost, if we have only one bank, the opening balance for our cash position for that month must be the closing balance for the preceding month. This can be derived from the Balance Sheet section under current asset which will state the closing balance of the bank balance for the preceding month. If for any reason the enterprise could not be able to produce their company's account such as P&L and Balance sheet due to their company's size, they can obtain the closing balance from their cash book as this is the basic information that they have to prepare if they still have not set up the accounting system for their business.

If you have only one bank for your business, it is advisable to prepare your payment according to the payment categories in your cash flow statement. For example, if you have decided that your payment categories are for payment of taxes, utilities bills, subcontractors, suppliers, petty cash and others, you should compile all your invoices and bills according to their respective categories. Once you start preparing your payment, you should write the cheques according to their serial number. For example, if your cheque start from no 000001, and you intend to prepare 20 pieces of cheques for suppliers payment, the serial no for the cheques prepared must be from 000001 to 000020.Subsequently, if you want to prepare 10 pieces of cheques for subcontractors, the serial numbers should be from 000021 till 000030.You can continue using the same technique to other payment as well. Whether you prepare payment manually or by using special printed cheque, you should follow the same technique.

Cash Management - How to Prepare a Daily Cash Position Report - Part 1

The same concept applies when we received incoming cheques from your clients and customers. By following the same technique, if you have some major clients that normally total up for almost 80% of your income, you are strongly advisable to classify all the major clients in your income categories. Other income that normally consist about 20% from your income, you can simply specify them under others categories.

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Transformational Leadership Theory - The 4 Key Components in Leading Change & Managing Change

Transformational leadership theory is all about leadership that creates positive change in the followers whereby they take care of each other's interests and act in the interests of the group as a whole. James MacGregor Burns first brought the concept of transformational leadership to prominence in his extensive research into leadership.

"Essentially the leader's task is consciousness-raising on a wide plane. The leader's fundamental act is to induce people to be aware or conscious of what they feel - to feel their true needs so strongly, to define their values so meaningfully, that they can be moved to purposeful action."

In this leadership style, the leader enhances the motivation, moral and performance of his follower group. So according to MacGregor - transformational leadership is all about values and meaning, and a purpose that transcends short-term goals and focuses on higher order needs.

Transformational Leadership Theory - The 4 Key Components in Leading Change & Managing Change

At times of organisational change, and big step change, people do feel insecure, anxious and low in energy - so in these situations and especially in these difficult times, enthusiasm and energy are infectious and inspiring.

And yet so many organisational changes fail because leaders pay attention to the changes they are facing instead of the transitions people must make to accommodate them.

In my view it is the responsibility of the director leading the change to supply an infusion of positive energy.
The transformational approach also depends on winning the trust of people - which is made possible by the unconscious assumption that they too will be changed or transformed in some way by following the leader.

The transformational approach also depends on winning the trust of people - which is made possible by the unconscious assumption that they too will be changed or transformed in some way by following the leader.

This is often seen in military commanders and wartime political leaders. An example of this would be the way in which Lady Thatcher - as Prime Minister of the UK Government during the Falklands War in 1982 - was able to engender an enhanced feeling of British national identity amongst the UK population.

Sounds like this leadership style is ideally suited to change management, doesn't it? However - this approach requires absolute integrity and personal behaviour that is consistent and resonant with your vision and message.

I can recall a ridiculous situation, at one UK company I was involved with, where the directors were attempting to effect a culture change of greater inter-departmental trust and communication yet still retained a separate directors dining room and specially allocated car parking places closest to the office front door!

OK here's the important bit - how NOT to apply transformational leadership theory to change management

- Be preoccupied with power, position, politics and perks
- Stay focused on the short-term
- Be hard data oriented
- Focus on tactical issues
- Work within existing structures and systems
- Concentrate on getting the job done
- Focus processes and activities that guarantee short-term profits

Doesn't all this just sound like a description of a typical good project manager with a task driven mentality?

And hey, I have nothing against this style of leadership and management. There is a time and place for the Attila the Hun school of leadership. I have done it many times myself and very effectively - and with no regrets.

But, this leadership style is not enough in a change management situation and particularly in the current climate.

The four components of the transformational leadership style are:

(1) Charisma or idealised influence - the degree to which the leader behaves in admirable ways and displays convictions and takes stands that cause followers to identify with the leader who has a clear set of values and acts as a role model for the followers.

(2) Inspirational motivation - the degree to which the leader articulates a vision that is appeals to and inspires the followers with optimism about future goals, and offers meaning for the current tasks in hand.

(3) Intellectual stimulation - the degree to which the leader challenges assumptions, stimulates and encourages creativity in the followers - by providing a framework for followers to see how they connect [to the leader, the organisation, each other, and the goal] they can creatively overcome any obstacles in the way of the mission.

(4) Personal and individual attention - the degree to which the leader attends to each individual follower's needs and acts as a mentor or coach and gives respect to and appreciation of the individual's contribution to the team. This fulfills and enhances each individual team members' need for self-fulfillment, and self-worth - and in so doing inspires followers to further achievement and growth.

Transformational leadership applied in a change management context, is ideally suited to the holistic and wide view perspective of a programme based approach to change management and as such is key element of successful strategies for managing change.

And, to ensure that you ARE employing successful strategies for managing change - that are appropriate to your organisation - you need to know how to apply: (a) these transformational leadership skills, AND (b) how to apply the supporting programme management based processes - to ensure that you avoid the catastrophic 70% failure rate of ALL business change initiatives.

Transformational Leadership Theory - The 4 Key Components in Leading Change & Managing Change
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Par Level Vs Kanban Methods - Which One For Hospital Material Management?

We have uncovered an opportunity that could mean millions of dollars in savings to individual hospitals, and billions of dollars to the healthcare system nationally in the US and abroad. It has to do with how most hospitals manage supplies, medications and other materials.

Many, maybe most, hospitals manage their inventory of supplies and medications using what is called a "par-level" method. It works like this: a stocking quantity is established for each item, the par level, based on average usage and a target number of days supply. We might, for example, set a goal of maintaining a two-day quantity of material for each supply item. As the material is actually used, we would bring the quantities "up to par" daily, by conducting a physical inventory and restocking the quantity that was consumed. The goal, sensibly, is to not run out of supplies while maintaining a tight control of storage space and inventory quantities. So far so good.

It is interesting to note that this par method of inventory control is not used in a world-class manufacturing environment, although a manufacturer certainly has the same needs and goals for inventory control as a hospital. The suggestion that we do a daily physical inventory for a large number of inventory items would be greeted with astonishment and ridicule. Many world-class manufacturing companies do not even conduct an annual inventory, by sustaining a high level of inventory accuracy through tight controls and cycle counting.

Par Level Vs Kanban Methods - Which One For Hospital Material Management?

The method of choice in manufacturing for commonly used items is called Kanban. In a Kanban system, as with the par level method, we set a target quantity that we want to maintain. The principal difference is that instead of attempting to bring quantities "up to par" daily, in a Kanban system we set a fixed quantity that we will use to trigger the replenishment of inventory. In a "two-bin" kanban system, for example, we set up two quantities or bins of the same supply, and only refill a bin when it is empty. While the bin is being refilled, we have a second bin to cover usage during the replenishment cycle.

The Kanban method has seven main advantages over a Par-level system:

1. No daily counting is needed. We wait for a bin to be emptied and always replenish the same quantity. Not having to count can save hundreds or thousands of hours per year in most hospitals.

2. It reduces the number of resupply trips. Since we do not refill a Kanban bin daily, but instead wait for it to be empty, the number of replenishment trips can be reduced significantly. The number of replenishment cycles can be cut by 50% or more.

3. Replenishment quantities are fixed. The refilling process is greatly simplified by eliminating the need for counting required by the par system. If we know ahead of time what the refill quantity will be, the item can be stocked in that quantity.

4. It is easier to manage and improve. By tracking the time between replenishment, the stocking quantities can more easily be refined and adjusted over time. This continuous improvement is more difficult to accomplish if all quantities are refilled daily, in varying quantities.

5. Kanban reduces inventory. Experience proves that, with the same target coverage of supplies, a Kanban system will run with up to 50% less inventory than a par system.

6. It is easier to maintain replenishment discipline. Since they do not have to count all inventory locations, or eye-ball the empty bins, supplies handlers find it easier to identify and refill the empty bins, thereby substantially reducing the opportunities for shortages.

7. Kanban promotes good inventory management practices, while the par level does not. In fact, counting everything is essentially impossible and very labor intensive, and most par-level users simply "eye-ball" the bins without counting. Organization and housekeeping, "5S" in lean terms, is much easier to maintain.

For all of these reasons, Kanban is the method of choice for hospital material management, for much of the material that is procured and managed. The gains in productivity, reduced shortages and reduced inventory represent a multi-billion dollar opportunity for the industry.

Par Level Vs Kanban Methods - Which One For Hospital Material Management?
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Richard Rahn is a Principal with Leonardo Group Americas, an international Lean consulting and training company based in Colorado. Richard can be reached at 303-494-4404, at rrahn@leonardo-group.com and at the websites http://www.leonardogroupamericas.com and http://www.leanhospitalgroup.com.

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