in addition to maximizing 

shareholder value, must act in a manner benefiting society

Social responsibility has become increasingly important to investors and consumers
who seek investments that not only are profitable but also contribute to the welfare of
society and the environment.
Social responsibility includes: companies engaging in environmental preservation
efforts, ethical labor practices, philanthropy, and promoting volunteering.

For example, a company may change its manufacturing process to reduce carbon
emissions.

Social responsibility benefits society and the environment while lessening negative
impacts on them.

Companies engaging in social responsibility can do so in a number of ways, including

making changes that benefit the environment, engaging in ethical labor practices,
promoting volunteering, and philanthropy. Consumers are more actively looking to do
business with socially responsible companies, which can also benefit bottom lines.
Types of social responsibility

1) Environmental Responsibility: For companies committed to CSR, it’s important for businesses to engage
in environmentally friendly practices. Corporations can be significant contributors to greenhouse gas
emissions, pollution, waste, and natural resource depletion—but by committing to environmental
responsibility, a business takes ownership over its impact on the environment. Depending on a business’s
size and industry, environmental responsibility can take many different forms. For some companies, it
means using alternative energy sources and sustainable materials. For others, it means enacting a
company-wide recycling program or donating to and volunteering for local environment-focused
organizations.
2) Ethical Responsibility: Being ethically responsible means ensuring a business engages in fair business
practices across the board—including treating all employees, stakeholders, and customers ethically and
with respect. This type of CSR can also take a lot of different forms. Some common examples of ethical
responsibility include setting a higher minimum wage, guaranteeing all materials are ethically sourced, and
ensuring that all employees receive competitive pay and comprehensive benefits as well as treated with
respect.
For example, a business might set its own, higher minimum wage if the one mandated by the state
or federal government doesn’t constitute a “livable wage.” Likewise, a business might require that
products, ingredients, materials, or components be sourced according to free trade standards. In
this regard, many firms have processes to ensure they’re not purchasing products resulting from
slavery or child labor.
3) Philanthropic Responsibility: In today’s world, it’s almost expected for businesses to give back to the
communities they exist in and donate to causes that align with their company mission. When businesses
do this, they’re following through with their philanthropic responsibility. This philanthropic responsibility
can be as small scale as sponsoring a local non-profit’s annual fundraiser or as large-scale as donating a
percentage of a business’s annual earnings to a prominent cause
4) Economic Responsibility: When a business is acting with economic responsibility in mind, it is making
financial decisions that prioritize doing good, not just making more money. This means that this type of
CSR is intertwined with the other types above. For example, this could mean that a business signs a
contract with a supplier that uses sustainable materials—even if it costs more. Another example of
economic responsibility is when a company commits to a transparent salary system that fairly
compensates all employees and makes up for past gender and race pay gaps .
 Greenwashing is the
process of conveying a
false impression or
misleading information
about how a company’s
products are
environmentally sound.
Greenwashing involves
making an unsubstantiated claim to deceive consumers into believing that a
company’s products are environmentally friendly or have a greater positive
environmental impact than they actually do.

Performed through the use of environmental imagery, misleading labels, and hiding
tradeoffs.

greenwashing is a play on the term “whitewashing,” which means using false

information to intentionally hide wrongdoing, error, or an unpleasant situation in an
attempt to make it seem less bad than it is.

How Greenwashing Works

Examples of Greenwashing

 A plastic package containing a new shower curtain is labeled “recyclable.” It is not clear
whether the package or the shower curtain is recyclable. In either case, the label is
deceptive if any part of the package or its contents, other than minor components, cannot
be recycled.
 A trash bag is labeled “recyclable.” Trash bags are not ordinarily separated from other
trash at the landfill or incinerator, so they are highly unlikely to be used again for any
purpose. The claim is deceptive because it asserts an environmental benefit where no
meaningful benefit exists.

Sustainable development

Sustainable development can be defined as development that meets the needs of the
present without compromising the ability of future generations to meet their own needs.

Main features of sustainable development are as under:

1. Sustained rise in real per capita income and economic welfare : There should be a sustained rise in real per capita
income and economic welfare over time.

2. Rational use of the natural resources: Sustainable development does not mean that natural resources should not
be used at all. It simply means that natural resources be rationally used in a manner such that they are not
excessively exploited.

3. No reduction in the ability of future generation to meet their own needs: Sustainable development aims at
making of natural resource and environments for asking or raising the existing standard of living in such a way as not
to reduce ability of the future generations to meet their own needs
. 4. No increase in pollution : Sustainable development discards those activities which in order to maintain existing
high standard of living, prove deter mental to nature resources and environment

The concept of sustainability is composed of three pillars: environmental, social and economic—also known
informally as profits, planet, and people. These are in particular relevant to corporate sustainability, and efforts
made by companies

. 1) Environmental protection: It is the most frequently discussed element. It is concerned with the reduction of
carbon footprints, water usage, non-decomposable packaging, and wasteful processes as part of a supply chain.
These processes can often be cost-effective, and financially useful as well as important for environmental
sustainability.

2) Social development: It is about treating employees fairly and ensuring responsible, ethical, and sustainable
treatment of employees, stakeholders, and the community in which a business operates. This may be achieved
through more responsive benefits, like better maternity and paternity benefits, flexible scheduling, and learning and
development opportunities. For example, business should operate using sustainable labour, which involves fairly-
paid, adult employees who can operate in a safe environment.

3) Economic development: It is probably the simplest form of sustainability. To be economically sustainable, a

business must be profitable and produce enough revenues to be continued into the future. The challenge with this
form of sustainability is achieving an equilibrium. Rather than making money at any cost, companies should attempt
to generate profit in accordance with other elements of sustainability.
Objectives of sustainable development

What is VUCA (volatility, uncertainty, complexity and ambiguity)?

VUCA is an acronym that stands for volatility, uncertainty, complexity and ambiguity -- qualities
that make a situation or condition difficult to analyze, respond to or plan for. Understanding how to
mitigate these qualities can greatly improve the strategic abilities of a leader and lead to better
outcomes.

Volatility is the quality of being subject to frequent, rapid and significant change. Small triggers
may result in large changes. In a volatile market, for example, the prices of commodities can rise
or fall considerably in a short period of time, and the direction of a trend may reverse suddenly.

Uncertainty occurs when events and outcomes are unpredictable. The cause and effect are not
well understood, and previous experience may not apply to the situation. It is unclear which
direction events will go; in an uncertain market, for example, it is not clear if the price will go up or
down or by how much.
Complexity involves a multiplicity of issues and factors, some of which may be intricately
interconnected. The relationships between items and people are difficult to understand. A change
in one place may cause unintended changes to other things down the line. Cause and effect are
obscured by many layers, and it is not clear which factors are important in the decision-making
process. In a complex market, for example, the changes in gas prices affect the prices of many
other items that are not directly related.

Ambiguity is shaped by a lack of clarity and difficulty understanding exactly what the situation
is. Information may be misread or misinterpreted. During ambiguous situations, all the facts are
not clear. The goal or intended outcome may not be evident to all parties involved. In an
ambiguous market, for example, not all information is public and unseen factors may be affecting
prices.

Crisis Management Plan

Refers to a detailed plan which describes the various actions which need to be taken during critical situations or
crisis.
Any plan prepared by superiors, members of crisis management team and related employees to help organization
overcome crisis in the best possible way is called crisis management plan.
Why Crisis Management Plan?
 Crisis management plan helps the employees to adopt a focused approach during emergency situations.
 Crisis management Plan elaborates the actions to be taken by the management as well as the employees to save
organization’s reputation and standing in the industry. It gives a detailed overview of the roles and responsibilities of
employees during crisis.
 Individuals representing the crisis management team formulate crisis management plan to reduce the after
effects of crisis at the workplace.
 Crisis Management Plan helps the managers and superiors to take quick and relevant actions as per the situation.
 Crisis Management plan protects an organization from inevitable threats and also makes its future secure.  Such
plans reduce instability and uncertainty amongst the employees and help them concentrate on their work.

Characteristics of Crisis Management Plan

 Crisis Management Plan should be made in the presence of all executives. Every member of crisis management
team should have a say in the plan. It is important for each one to give his / her valuable inputs and suggestions
.  Crisis Management Plan should take into account all identified problem areas and suggest a possible solution for
all of them to help the organization come out of crisis as soon as possible.
 Make sure the plans are realistic and solve the purpose of saving organization’s reputation and name
FOUR STAGES IN CRISIS MANAGEMENT

1. Mitigation/Analysis
2. Preparedness
3. Response
4. Recovery

A crisis like COVID-19 is a dynamic situation with long-term implications. It’s good
governance practice for the board to carve out time or dedicate a committee to consider
the next phase of crises and determine what preparation measures can be implemented.
Managing in Adversities Management of Crisis
Phase 1: Mitigation
There are six items to consider during the mitigation phase:
• Create a risk management team.
• Designate a coordinator who is ready to act.
• Create, or evolve, a business continuity plan (BCP) to determine how you will
serve your institution’s community during a time of crisis.
• Create a communications strategy for communicating with stakeholders and
communities both on and off campus.
• Determine your best sources of information in times of crisis and establish
communications channels.
• Understand budget ramifications and which areas of revenue and expense are
most likely to be impacted so you can access financial resources when needed.

Phase 2: Preparedness
There are three items to consider during the preparedness phase:
• Periodically review insurance policies to make sure what is covered and make
adjustments as needed.
• Put a plan in place to hold remote/virtual board meetings.
• Create a crisis communications plan. The board can help during this phase by:
• Defining parameters for accessing financial reserves
• Reviewing your bylaws to determine whether virtual board meetings and voting
are an option
• Reviewing the crisis communications plan
Phase 3: Response
There are nine items to consider during the response phase:
• Triage the most pressing issues.
• Communicate regularly with your key stakeholders.
• Analyze budget implications and create contingency plans.
• Implement the business continuity plan.
• Institute remote work.
• Reconfigure staffing needs.
• Manage the stress response from all stakeholders: staff, students, trustees,
donors, funders, etc.
• Access response/recovery funds and insurance benefits and stabilize cash flow.
• Observe where the disaster reveals weaknesses in your organization and begin
prioritizing how to fix them in the future.
The board can help during this phase by:
Supporting college and university leaders and back up to them on all decision-
making
• Supporting the implementation of the business continuity plan
• Empowering the administration to be creative
• Triaging and managing the amount of “help” being offered by community
members
• Beginning documenting the organizational stressors
• Meeting frequently to address real-time issues and keep the full board informed
• Supporting staff’s short-term decision-making while also advancing long-term
needs
• Arranging for mental health support for staff, as needed

Phase 4: Recovery
There are 10 items to consider during the recovery phase:
• Rebuild learning models to evaluate what is possible in this new environment.
• Talk to your peers – learn from others.
• Adopt a strategic plan as needed.
• Access recovery funding.
• Address any organizational weaknesses revealed during the crisis.
• Create transition plans for the new normal for all stakeholders.
• Acknowledge and manage the ongoing stress and trauma for all stakeholders.
• Emerge from triage decision-making and make better long-term decisions.
• Identify new areas for investment and divestment.
• Renegotiate stakeholder agreements, contracts, etc.
The board can help during this phase by:
• Being unified in supporting the work and staff
5 Cs of Crisis Management (Communication)
Care
Commitment
Competency
Community
Continuity.

CARE – Our customers are our utmost priority, our reason for being. We may be a monopoly
because of the nature of the wires business, but that does not stop us from being concerned about
the well-being of our customers and our stakeholders. Customer service is at the top of our
corporate values. We show to them our…
COMMITMENT – In times of crises, we view communications as an absolute necessity. Meralco
remains a primary and consistent source of relevant, factual, updated information for all our
stakeholders, utilizing media across all platforms as conduit. Thus…

COMPETENCY – is important. Customers and stakeholders demand value for services they pay
for on a monthly basis, and it’s important they know that the company knows what it is doing,
and that is solving the problem or crisis the quickest way possible. A competent, credible
representative speaking to them via media is crucial.

COMMUNITY – With or without a crisis, Meralco keeps a close watch on building its community
of allies and partners via relationship-building. This is true then when TV, radio, print dominated
media, and this remains true now that there are a million channels where new communities
sprout.

CONTINUITY – Meralco, for its part, adjusts the monthly electricity rates based on the prices of
its suppliers, the generation companies. Whether it’s an increase or decrease, we continuously
update our customers to help prepare them for the bills, and empower them with information for
consumption management. Every month, there is a continued process of anticipating crisis,
planning and facing new ones. It’s the same principle for other brands and companies. We’re just
at it more often – we never stop monitoring, planning, anticipating for the next crisis.

Managers need to be good leaders. A leader according to Webster’s Dictionary “is

a person who takes charge of or guides a performance or activity.

Leadership involves making sound and sometimes difficult decisions, creating and
articulating a clear vision, establishing achievable goals, and providing followers with
the knowledge and tools necessary to achieve those goals.

Leadership is the art of motivating people to work and focus towards a planned objective. It also
encourages them to take up responsibilities and grow personally and professionally.
An effective leader is someone who:
 Inspires and motivates others
 Has a vision and directs the path to achieve it
 Ensures the development of their team members
Here are some reasons why leadership style matters:

 Increases team engagement

 Improves team communication and collaboration
 Strengthens the effectiveness of the team

1. Democratic Leadership

A democratic leader makes decisions based on their team’s opinion and feedback. In simpler words, they get
everyone involved in the decision-making process.

However, this type of leadership cannot be used in the long run because of drawbacks like losing the
leader’s authority, debates, and miscommunication between team members. Here are some scenarios in
which you can adopt a democratic leadership style:

 New project that requires constant brainstorming

 Solve complex business problems
 Tight-knit or small organisations like start-ups, etc.
Here are some features of this leadership style

 Transparent conversations
 Everyone’s opinion counts
 Values collaboration and teamwork
 Encourages discussions

2. Autocratic Leadership

This is precisely the opposite of democratic leadership. The opinions of team members are not considered
while making any business decision. Instead, leaders expect others to adhere to their decisions, which is not
sustainable in the long run.\

"Do as I say"

Generally, an autocratic leader believes that he or she knows more than others. They make all the
decisions with little input from team members.

This command-and-control approach is typical of the past and doesn't hold much water with
today's talent.

The style may still be appropriate in certain situations. For example, you can dip into an
autocratic leadership style when crucial decisions need to be made on the spot, and you have the
most knowledge about the situation. It also works when you're dealing with inexperienced and
new team members and there's no time to wait for team members to gain familiarity with their
role.

3. Laissez-faire Leadership

Laissez-faire means “let them do”. This leadership style is the least intrusive and ensures that the decision-
making authority lies with the team members.
This leadership style empowers team members and holds them accountable for their work. This motivates
many team members to put their best foot forward, improving the organisation’s efficiency and productivity.

This leadership styles involves the least amount of oversight. On one end, the autocratic style
leader stands as firm as a rock on issues, while the laissez-faire leader lets people swim with the
current.

On the surface, a laissez-faire leader may appear to trust people to know what to do, but taken to
the extreme, an uninvolved leader may end up appearing aloof. While it's beneficial to give
people opportunities to spread their wings, with a total lack of direction, people may unwittingly
drift in the wrong direction—away from the critical goals of the organization.

This style can work if you're leading highly skilled, experienced employees who are self-starters
and motivated. To be most effective with this style, it is necessary to monitor team performance
and provide regular feedback.
4. Strategic Leadership

Strategic leadership is when leaders use their skills and capabilities to help team members and organisation
achieve their long-term goals. Strategic leaders strive to get the best out of people or situations.

Here are some unique traits of strategic leaders

 They are interested in the well-being of others
 They are open-minded
 They are self-aware
 They are good at interpersonal communication

5. Transformational Leadership

Transformational leaders inspire others to achieve the unexpected. They aim to transform and improve team
members’ and organisations’ functions and capabilities by motivating and encouraging them.

6. Transactional Leadership

This type of leadership is task-oriented, which means team members who meet the leader’s expectations will
be rewarded, and others will be punished. It is a prevalent leadership style based on the action-and-reward
concept.

7. Coach-Style Leadership

This leadership style focuses on identifying and nurturing a team member’s strengths and weaknesses. A
coaching leader develops strategies that emphasise team members’ success.
Though this is similar to strategic and democratic leadership styles, the focus here is more on the individual.

"Consider this"

A leader who coaches views people as a reservoir of talent to be developed. A coach approach
seeks to unlock people's potential.

Leaders who use a coaching style open their hearts and doors for people. They believe that
everyone has power within themselves. A coaching leader gives people a little direction to help
them tap into their ability to achieve all that they're capable of.

8. Bureaucratic Leadership

This kind of leadership style sticks to the rules. For example, they might listen to their team members’
opinions while deciding.

Decision making
It is the process of making choices by identifying a decision, gathering information,
and assessing alternative resolutions. Using a step-by-step decision-making
process can help you make more deliberate, thoughtful decisions by organizing
relevant information and defining alternatives.

Process of decision making

Step 1: Identify the decision
You realize that you need to make a decision. Try to clearly define the nature of the decision you must make. This first
step is very important.

Step 2: Gather relevant information

Collect some pertinent information before you make your decision: what information is needed, the best sources of
information, and how to get it. This step involves both internal and external “work.” Some information is internal: you’ll
seek it through a process of self-assessment. Other information is external: you’ll find it online, in books, from other
people, and from other sources.

Step 3: Identify the alternatives

As you collect information, you will probably identify several possible paths of action, or alternatives. You can also use
your imagination and additional information to construct new alternatives. In this step, you will list all possible and
desirable alternatives.

Step 4: Weigh the evidence

Draw on your information and emotions to imagine what it would be like if you carried out each of the alternatives to
the end. Evaluate whether the need identified in Step 1 would be met or resolved through the use of each alternative.
As you go through this difficult internal process, you’ll begin to favor certain alternatives: those that seem to have a
higher potential for reaching your goal. Finally, place the alternatives in a priority order, based upon your own value
system.

Step 5: Choose among alternatives

Once you have weighed all the evidence, you are ready to select the alternative that seems to be best one for you. You
may even choose a combination of alternatives. Your choice in Step 5 may very likely be the same or similar to the
alternative you placed at the top of your list at the end of Step 4.

Step 6: Take action

You’re now ready to take some positive action by beginning to implement the alternative you chose in Step 5.

Step 7: Review your decision & its consequences

In this final step, consider the results of your decision and evaluate whether or not it has resolved the need you
identified in Step 1. If the decision has not met the identified need, you may want to repeat certain steps of the
process to make a new decision. For example, you might want to gather more detailed or somewhat different
information or explore additional alternatives.

Meaning: 
Strategic planning is a systematic process that helps you set an
ambition for your business' future and determine how best to
achieve it. Its primary purpose is to connect three key areas:
your mission - defining your business' purpose
your vision - describing what you want to achieve
your plan - outlining how you want to achieve your ultimate goals

The fundamental purpose of strategic planning is to align a company’s mission with its vision. Without
mission and vision, the plan exists in a vacuum, as the mission is the starting point for planning, the vision is
the destination, and the strategic plan is the roadmap that helps you navigate from one to the other. Values
are also important to the strategic planning process as they provide the organization with a touchstone for
developing appropriate strategies and tactics; if any strategy or tactic is in opposition to the company’s
values, then it should be reconsidered.
Even if your organization already has well-defined mission, vision, and values statements, you should
review them throughout the strategic planning process. Don’t assume that every member of your strategic
planning team can articulate your mission, vision, and values – especially if some of these team members
are relatively new to the organization; you need to ensure that they are current, resonate with key
stakeholders, and provide a firm foundation for planning.
If such statements don’t exist – or they need to be revised and updated – invest whatever time is necessary to
create mission, vision, and values statements that can provide a powerful framework for strategy
development. If your mission, vision, and values statements aren’t up to the task, then it will minimize the
likelihood of your strategic plan succeeding.

Strategic Planning Process

Strategic planning is different to business planning. It requires stepping
back from your day-to-day operations and articulating where your
business is heading, by setting long-term goals, objectives and priorities
for the future.
  Strategy Formulation
 Strategy Implementation
 Strategy Evaluation

Planning Premises
A planning premise is a set of assumptions that are derived from forecasting the future. It is a
logical and systematic estimate of the future factors that can affect planning. Planning premises
provide a background against which the estimated events take place. These are the events that
affect planning. Establishing planning premises is a critical element in the planning phase, which
ensures that all managers in the organisation are in sync with each other. 

Types of Planning Premises

Planning premises in management are vital in making important decisions that are based on certain
predictions about the future. Managers build the superstructure of planning based on their ability to
identify the crucial, strategic, or limiting factors that allow them to select the proper planning
premises. Planning premises in business management can be classified based on many factors, as
described below:

Internal and External Premises 

The premises which exist within the boundaries of the business are internal premises. Some of
the internal premises are men, money, material, and methods. Your planning would be based
on how competent is your workforce and how much money you have at your disposal. 
 External premises are derived from the environment that surrounds the business. They are
centred around the market like money market, product market, government policies, growth in
population, etc.
Tangible and Intangible Premises 
 Any premise which can be quantitatively measured is a tangible premise. These premises can
be quantified in terms of time, money, and units of production. 
 On the other hand, intangible premises cannot be quantified. Some of the intangible premises
are public relations, business reputation, the morale of employees, etc. 
Controllable, Semi-Controllable, and Uncontrollable Premises 
 Those premises which can be controlled by the management to a large extent come under
controllable premises. Management has a lot of control over their future commitments when it
comes to material, machines, and money.
 The business can partially control some premises or assumptions about the future. These fall
under semi-controllable premises. Few examples of such planning premises are trade union
relations, product demand, etc.
 Those premises which can not be controlled by the management of an organisation come
under uncontrollable planning premises. Some examples are weather conditions, natural
disasters, etc.

Constant and Variable Premises

 These premises which do not change irrespective of actions taken are constant premises like
men, money, etc. These premises behave similarly under all circumstances.
 Based on the course of action taken, some premises change which is termed as Variable
premises. These premises cannot be controlled or predicted, for example, the sales volume of
a firm, union and management relations, etc.

2.5.2 Planning Process:

1. Setting up of the objectives: In planning function manager begins with setting up of objectives
because all the policies, procedures and methods are framed for achieving objectives only. The
managers set up very clearly the objectives of the company keeping in mind the goals of the
company and the physical and financial resources of the company.
2. Developing premises: Premises refer to making assumptions regarding future. Premises are the
base on which plans are made. It is a kind of forecast made keeping in view existing plans and any
past information about various policies. There should be total agreement on all the assumptions.
3. Listing the various alternatives for achieving the objectives: After setting up of objectives the
managers make a list of alternatives through which the organisation can achieve its objectives as
there can be many ways to achieve the objective and managers must know all the ways to reach the
objectives.
 4. Evaluation of different alternatives: After making the list of various alternatives along with the
assumptions supporting them, the manager starts evaluating each and every alternative and notes
down the positive and negative aspects of every alternative. After this the manager starts eliminating
the alternatives with more of negative aspect and the one with the maximum positive aspect and with
most feasible assumption is selected as best alternative. Alternatives are evaluated in the light of their
feasibility.
5. Selecting an alternative: The best alternative is selected but as such there is no mathematical
formula to select the best alternative. Sometimes instead of selecting one alternative, a combination
of different alternatives can also be selected. The most ideal plan is most feasible, profitable and with
least negative consequences.
6. Implement the plan: The managers prepare or draft the main and supportive plans on paper but
there is no use of these plans unless and until these are put in action. For implementing the plans or
putting the plans into action, the managers start communicating the plans to all the employees very
clearly because the employees actually have to carry on the activities according to specification of
plans.
7. Follow-up: Planning is a continuous process so the manager’s job does not get over simply by
putting the plan into action. The managers monitor the plan carefully while it is implemented. The
monitoring of plan is very important because it helps to verify whether the conditions and predictions
assumed in plan are holding true in present situation or not. If these are not coming true then
immediately changes are made in the plan.

Features of planning
1. Planning is goal-oriented.
2. Planning for future
3. Planning is an intellectual process. a. Planning is a mental exercise involving creative thinking, sound
judgement and imagination. b. It is not a mere guesswork but a rotational thinking. c. A manager can prepare
sound plans only if he has sound judgement,
4. Planning involves choice & decision making. a. Planning essentially involves choice among various
alternatives
5. Planning is the primary function of management / Primacy of Planning. a. Planning lays foundation
for other functions of management. b. It serves as a guide for organizing, staffing, directing and controlling.
c. All the functions of management are performed within the framework of plans laid out. d. Therefore
planning is the basic or fundamental function of management.
6. Planning is a Continuous Process. a. Planning is a never ending function due to the dynamic business
environment. b. Plans are also prepared for specific period f time and at the end of that period, plans are
subjected to revaluation and review in the light of new requirements and changing conditions. c. Planning
never comes into end till the enterprise exists issues, problems may keep cropping up and they have to be
tackled by planning effectively.
7. Planning is all Pervasive. a. It is required at all levels of management and in all departments of
enterprise. b. Of course, the scope of planning may differ from one level to another. c. The top level may be
more concerned about planning the organization as a whole whereas the middle level may be more specific
in departmental plans and the lower level plans implementation of the same.
8. Planning is designed for efficiency. a. Planning leads to accomplishment of objectives at the minimum
possible costb. It avoids wastage of resources and ensures adequate and optimum utilization of resources. c.
A plan is worthless or useless if it does not value the cost incurred on it.Therefore planning must lead to
saving of time, effort and money. d. Planning leads to proper utilization of men, money, materials, methods
and machines.
9. Planning is Flexible. a. Planning is done for the future. b. Since future is unpredictable, planning must
provide enough room to cope with the changes in customer’s demand, competition, govt. policies etc. c.
Under changed circumstances, the original plan of action must be revised and updated to make it more
practical.

3.4 Qualities of a leader

1) Team Spirit:
. 2) High Confidence level:
3) Analytical Thinking: Analytical thinking is a must for all leaders. They need to plan their tasks
and activities well in advance to avoid last minute confusion. If a leader is analytical in his approach,
he will be able to make his team strong in all given situations. Analysis will help the team to perform
better.
4) Challenging attitude:
5) Risk oriented.
6) Active Listener:
7) Creative:
8) Independent worker: A leader should be an independent worker. He/she should not be one who
approaches other team members to take his/her decisions. He should be confident and clear about his
agenda of work and duties to be assigned. He cannot take things lightly and work on a lazy mode. He
has to be independent, alert, goal driven. Independency in work gives chances of accuracy.
Stretch assignment
A stretch assignment is any kind of project or task that is beyond your current skill set or
expertise. Usually, it can be a short-term activity or even a permanent venture into a new
field that will provide you with challenging experiences meant to expand your growing
list of abilities.

WHAT ARE STRETCH ASSIGNMENTS?

 Mentoring a Teammate or a New Member of the Group
  Assuming a Leadership Role
 Delivering a presentation to a VIP Client
 Structuring and communicating a rollout for a key change
 Innovative Programs
A stretch assignment is a project or task that is currently beyond your level of knowledge or skill. Such
assignments serve to “stretch” you developmentally by placing you in a challenging position in order to
learn and grow.
(I) Advantages of Stretch Assignments:
 It presents employees with an unfamiliar challenge.  It challenges an employee to create change. 
It gives an employee a high level of responsibility  It challenges an employee to work cross-
functionally.
(II) Examples of Stretch Assignments: Following are examples of stretch assignments:
 Delivering a presentation to a VIP Client: An employee involving himself in stretch
assignment would definitely deliver a presentation to his organisation’s VIP Client. A VIP
Client would not be available all the time. Hence, the employee would fix up a time suitable
to the client and present his presentation. If the Client is satisfied with the employees’
performance, he may end up closing the deal with the said company and may also approach
them for newer projects.
 Structuring and communicating a rollout for a key change: Change in an organisation is
very important. Structuring and communicating a rollout for a key change is possible only
when employees showcase higher level of interest in organisation’s events and
achievements. Employees need to come up with enthusiastic ideas to implement newer
policies beneficial for the organisation
.  Leading the implementation of new tools to replace manual processes: Manual processes
should be replaced with the help of new tools. For this employees’ need to do research online
and find out new techniques that could easily replace manual methods and technologies. For
example: Earlier organisations used to appoint a member to write down minutes of meetings
and make notes, which can now be done online with the Notes feature.
 Innovative Programs: Employees need to suggest innovative programs to their superiors.
Innovative programs are often found to reveal real talent of silent employees. They start
involving themselves in organisation's events and come up with newer solutions to company
problems. Hence, stretch assignments promote growth and skill development.
WHY ON STRETCH ASSIGNMENTS??
Building resiliency Inspiration and Opportunities

What Are the Benefits of Stretch Assignments?

 It Helps Build Up Your Resiliency in Tough Situations
Resiliency is that never-give-up attitude you need when youre in the middle of getting out of a tough situation. You
can read books about grit and endurance, or even watch a documentary of a successful athlete who battled
numerous injuries in his or her career. But there;s no better way of improving your resiliency than being in a new
environment filled with various hurdles to overcome. Trying to overcome new challenges will help increase your
resiliency level — even if there are times that lead to failure. The process is what counts, as acquiring new skills
will get you out of your comfort zone and even help you build a new one. A stretch
assignment will not just make the unfamiliar familiar to you, but it will also increase your endurance when another
unexpected problem comes your way.
 It Provides a Much-Needed Breather from the Routine
Nothing can exhaust you of your creativity and motivation more than being stuck in a routine where you do the
same thing over and over for a long period of time. That is when we start to lose inspiration and the quality of our
work decreases. Stretch assignments will give you the chance to breathe in some fresh air and recharge your battery.
After you finish a stretch assignment, you can go back to your original role, but this time you'll feel reenergized
and inspired.

What Are Some Stretch Assignment Examples?

Stretch assignments can vary in type and duration, but here are some stretch assignment examples that may be
found across different fields or industries:
 Mentoring a Teammate or a New Member of the Group
 Assuming a Leadership Role

Management
Management is the process of designing and maintaining an environment in which
individuals, working together in groups, accomplish efficiently selected aims.
Harold Koontz, “Management is an art of getting things done through and with the
people in formally organized groups.
According to F.W. Taylor, “Management is an art of knowing what to do, when to
do and see that it is done in the best and cheapest way”.
According to the Henry Fayol, “To manage is to forecast, to plan, to organize, to
command, to coordinate, and to control”

PERSONAL LEADERSHIP
Personal leadership is about taking charge of your own life and responsibilities. Part of
growing as a leader is to be always ready to expand your capacities and strengths. It is also
about having the courage to speak up even when you are not sure of yourself.
Elements of Personal Leadership
• Personality
• Self- Confidence
• Intelligence
• Spiritual intelligence
• Moral intelligence

What are the fundamentals of leadership?

 Communication. Leaders would be hard-pressed to accomplish anything worthwhile without
an effective way to communicate across the entire organization. ...
 Visionary and strategic thinking. ...
 Empowerment. ...
 Adaptability. ...Self-awareness.
A mission statement communicates the organization’s reason for being, and how it aims to serve
its key stakeholders. Customers, employees, and investors are the stakeholders most often
emphasized, but other stakeholders like government or communities (i.e., in the form of social or
environmental impact) can also be discussed. Mission statements are often longer than vision
statements. Sometimes mission statements also include a summation of the firm’s
values. Values are the beliefs of an individual or group, and in this case the organization, in which
they are emotionally invested. The Starbucks mission statement describes six guiding principles
that, as you can see, also communicate the organization’s values:
A vision statement, in contrast, is a future-oriented declaration of the organization’s purpose and
aspirations. In many ways, you can say that the mission statement lays out the organization’s
“purpose for being,” and the vision statement then says, “based on that purpose, this is what we
want to become.” The strategy should flow directly from the vision, since the strategy is intended
to achieve the vision and thus satisfy the organization’s mission. Typically, vision statements are
relatively brief, as in the case of Starbuck’s vision statement, which reads: “Establish Starbucks as
the premier purveyor of the finest coffee in the world while maintaining our uncompromising
principles as we grow (Starbucks, 2008).” Or ad firm Ogilvy & Mather, which states their vision as
“an agency defined by its devotion to brands (Ogilvy, 2008).” Sometimes the vision statement is
also captured in a short tag line, such as Toyota’s “moving forward” statement that appears in
most communications to customers, suppliers, and employees (Toyota, 2008). Similarly, Wal-
Mart’s tag-line version of its vision statement is “Save money. Live better (Walmart, 2008).”
Mission statements answer the questions of “Who are we?” and “What does our organization
value?” Vision statements typically take the form of relatively brief, future-oriented statements—
vision statements answer the question “Where is this organization going?” Increasingly,
organizations also add a values statement which either reaffirms or states outright the
organization’s values that might not be evident in the mission or vision statements.
Your mission statement is what your company is doing right now, while your vision statement is what you
hope to achieve in the future – where you are in this moment versus where you’re going. 

LinkedIn: “Connect the world’s professionals to make them more productive and successful.”

Ford: “To become the world’s most trusted company.”