Objectives of Management
The objective of management can be referred to as its basic goals. Primarily talking about objectives of management are the decisions, actions, and practices taken by management to bring smoothness and productivity to the organization.
Management has an important role in the prosperity and progress of the business by handling the company’s different affairs.
Objectives show how critical are the roles of managers. It reflects what roles should be taken into account when a manager wants to apply management practices. The major objectives of management are mentioned in the following points:
Goals Achievement
No matter what type an organization is, the primary aim of its establishment is to attain some goals. Specific goals are the reasons they are established. The main objective of management is to help companies to achieve their goals in the most effective and efficient way.
And, goals are the reasons different practices and methods of management are used in companies’ operations. Such as planning, decision-making, resource utilization, coordination, etc. Management always ensures all of its functions, principles, and practices are aligned with the predetermined goals so that with less effort they can be achieved.
Related: What is an Organizational Goal?
Effective Utilization of Resources
Organizations are established to achieve something with in-built resources. But the fact is, the resources are in most cases limited. To get enough profit to cover various expenses effective utilization of resources is undeniable.
Another, one of the main objectives of management is the effective utilization of resources the company has. The resources may be physical, information, human, and financial. These resources are the base organizations are living on.
Their right utilization is a must to increase productivity and profits and ensure the future of the organization because without profits organizations can not sustain in the long run.
Productivity
Productivity can be defined as the maximum outputs from the minimum inputs. Every organization aims at increasing outputs with fewer inputs since resources are limited and are a must for the long term.
Related: The 3 Levels of Management
Management aims at increasing the productivity of an organization through the effective utilization of resources, proper planning, and harmonizing all the elements of the organization. Productivity then helps managers to perform better than competitors.
When managers get productivity, since the cost is minimum they can offer quality products with lower prices, they can have higher sales and they are likely to perform better than competitors.
Discipline and Morale
Discipline is a must in the organization. Discipline is the fact that all the organizational elements are working properly. Discipline states that all the established rules, regulations, norms, and values should be obeyed.
And, morale is something that we call to maintain positivity in the workplace. Management is concerned about maintaining discipline and morale in the workplace. These are the means which help to perform tasks with the least negative measures and maintain peace, harmony, cooperation, and mutual understanding in the business.
Employees Prosperity
Another important management objective is that it speaks about the prosperity of employees. Employees are the most valuable assets of an organization. They are the ones with whom all the organizational tasks used to be done.
It is obvious that employees work in an organization where they feel valued and get a sense of security. Their maximum effort is seen when they are motivated, in such situations, they perform their tasks in the most efficient way.
Regarding this objective, the employees should also be given importance along with the organizational goals and their prosperity in terms of training, increased salary, security, performance, bonuses, vacations, etc. should be considered.
Profit Objective
Profit is something that every company strived for. The profitability of an organization is the significant indicator that determines how successful the organization is and how its growth potential.
Management along with goal achievement helps managers wisely focus on profit indicators of the organization such as cost of production, marketing expenses, sales, promotion, etc. They should always focus on increasing profits.
Growth Objective
Every organization wants growth whether in terms of sales, profit, market, position, share, or product. Managers should always strive for the best performance focusing on growth potential.
Managers should focus on the effective utilization of human and other resources, proper decisions, coordination, and many more. To get growth in sales, the manager should compete in price or quality of the products with competitors.
To achieve growth it is essential to maintain smoothness in operation, invest in research, and earn some profits to further make investments for productive sectors.
Risk Reduction
It is a well-known fact that every organization seeks to reduce risks as far as possible. Management’s objective is to reduce potential risks that might harm the organization’s performance.
Management focuses on analyzing different factors inside the organization and factors outside the organization. By analyzing the environment managers can be aware of what are their strengths & weakness and what are potential threats & opportunities.
It not only predicts future threats or risks to the organization but also opportunities that positively benefit the organization. By identifying the likely risks managers can be prepared for happenings in the future. The management does not completely reduce the risks but it gives different insights that can be used to reduce to some great extent.
Quality Objective
The quality objective of management refers to maintaining the quality of goods and services of the organization. Management ensures that quality standards should be maintained in the produced products.
Product quality has a direct relation with the satisfaction base of customers. Companies which provide standard products are likely to have more satisfied customers and a greater reputation and position.
Read Also: Characteristics of Management
Keep Talents
Employees are valuable assets, in addition to this, talented employees are more valuable. Right or talented employees in the right place significantly increase the value and performance of the organization.
Management focuses on creating a better environment, working conditions, and compensation to attract better talents. This objective ensures that talented employees should be retained and to further increase their productivity better working environment should be enabled.
When a better working environment is created, in addition to talented employees, other employees are also eager to fulfill their duties with more determination.
Ensure Availability
Offering quality products is essential to gaining customers’ confidence. In addition to this, managers should also make sure that such products are readily available when needed to deliver. Because making quality products only is not enough, the products should be available to deliver to the right customer at the right time.
This management objective ensures that there should be the availability of products in order to satisfy customers whenever they need to.
Social Objective
Last but not least, one of the main objectives of management is the social objective.
Management is the social system. It does not only concern the betterment of employees but also of society’s people. Through productivity, employment, quality products, and social support management ensure the upliftment of the living standards of society.
Society’s welfare management aims to create a better place for an organization in the society it operates that further ensures sustainability.
Read Next: Functions of Management