Thomas King

MGT 230
Decision-Making Process Paper
University Of Phoenix

Management can be defined in various ways depending on the type of business is

what will determine how these skills can be used best. Every work industry creates its
own work environment and depending on the industry is what dictates how it should be
managed.
A manager needs proper planning and execution of the companys assets and
reputation must always be at the forefront. Organization from a managerial capacity is
important and is only effective when you have the right resources and team in place that
offer the greatest potential for success. Leadership is most often the first function to come
to mind when discussing active management and entails much more that offering
direction.
An effective leader motivates and encourages their staff. They get to know them
individually and identify what their career objectives are and what they are passionate
about. Great leaders bring out the best qualities in their employees in order to get the
highest level of production from them. Finally, controlling is enforcing corrective action
when other approaches are not yielding positive results. Sometimes corrective action is
the last resort to ensure that the strategic goal and results that the company has aligned
are followed.
Globalization is a vital factor to the underlying success of most businesses today.
Although the fee-based financial companies I have aligned myself with have not tempted
globalization as a corporation, it has been a substantial component of the strategy of the
company. Many companies try to maintain a competitive edge within the market by
adopting globalization. Sometimes relocating there inventory assembly into an
international division saves money and lowers costs. Many United States employees who

worked for companies that were relocated oversee may have lost their jobs due to the
globalization of their companies. The workers that lost their jobs then struggled to pay
their mortgages and other household expenses and were forced to move to other areas in
search of employment. Property management companies ultimately decided to strategize
ways to better invest in the developmental process of managing properties. New
implementation strategies were designed and put in place to deal with these arising
changes. A different type of capacity was drawn into the strategy that covered
promotional plans of market research approaches to properties. With these new plans
came new leadership as well as controlling functions of administration.
With the introduction of the internet came new technological advances. Before the
internet existed, bank branches had limited access to the use of computers. They often
had to share computers or access to their networks. Employers had to rely on ledger cards
and file cabinets to keep up with customers deposit information and customer sensitive
records. Once the internet was introduced to banking, there was software allows for a
more streamline approach to saving and recording customer information and deposit
records. This allowed banks to be more efficient and compliant as it relates to protecting
and managing customer information. The introduction of online banking changed the
industry as we know it because it allowed customers to view and manage their own
records and allowed for more accurate reconciliation of their bank balances. Managing
and controlling staff became much more efficient with the implementation of new
software through the internet as well.
Innovation is defined as the introduction of goods and services into the
marketplace. Knowledge management is one of the most important elements of

innovation. With the competition of new technology innovations, employees were no

longer bound to staying within the dotted lines. Those that were motivation to become top
performers by thinking outside of the box were the ones that became the most successful.
They moved up the corporate ladder a lot faster than those who were complacent. They
introduced new ideas that were valuable to the company and motivated companies to
reinvest. This also changed the existing management style of the way they managed and
lead these employees. In effort to keep them motivated, innovators created technology
that allowed financial services employees the capability to work from home or from
internet connections anywhere in the world.
Diversity is defined as a new variation of people present in the workplace.
Company owners found that diversifying provided a greater range of talent within their
culture. In banking it is more challenging to lead a diversified team than it is to lead a
team of uniform employees. The motivating factors are not aligned the same with regards
to leading both teams because of cultural differences. Therefore, branch managers have to
adjust their leadership approach in a way that accommodates the needs of diverse
employees. Managers must be equipped to understand each staff members motivating
factors in efforts to bring out the best in them and make them the most successful. When
there are different leadership styles to account for diversity, it changes the way of
controlling as well as performance of the branches business plan.
Ethics by definition are moral principles that define a person or organizations
actions. All four functions of management in the banking industry are affected by this
factor. Banks have evaluated and assess the risk involved if ethics are ever in question.

Organizing a new strategic plan allows branch managers to lead, control, and assess risks
or threats as they all relate to ethics in one way or another.
Although there are more factors of internal and external that drives the four
functions on management, the above examples provide great dialogue of evolution of the
financial services industry specifically banking. When the four functions are included the
provide information that is invaluable to the companys bottom line. They also prevent
mistakes that can be costly and are a driving factor to a banks ability to keep up with
their competition. Change is inevitable and future internal and external factors will allow
the financial services industry to continue to evolve keep up with its ever-changing
industry.

References

Bateman, T., & Snell, S. (2011). Management Leading and Collaborating in a

Competitive World (9th ed.). : McGraw-Hill Company.