NEED/IMPORTANCE/OBJECTIVE/ROLE/FUNCTION/OF PROFESSIONAL MANAGEMENT
Meaning: -Professional management refers to the professional approach in managing the organisations. Professional management is vital in today’s competitive business world. The importance of professional management is explained as follows:
1. Innovation: -Professional management facilitates innovation in the organisation. Now-a-days, it is essential to generate new ideas; new product, and new technology, etc. innovation helps to gain competitive advantage in today’s competitive business world.
2. Corporate Image: - Professional management enables the organisation to enhance corporate image. Effective management is required to bring improvement in quality of goods and services offered by the company. A good corporate image creates confidence about the company in the minds of customer, employees, shareholders, etc.
3. Team work: - Professional management develops team sprit in the organisation. It is the team work that brings success to the organisation. There is a need for team work among the employees and the departments in the organisation.
4. Optimum use of resources: - Professional management facilitates optimum use of resources in the organisation. Effective management helps to reduce wastage of resources to a greater extent. Optimum use of resources brings good results to the organisation.
5. Motivation: - Professional management facilitates motivation of the employees in the organisation by providing incentives. Motivated employees work with application and dedication. The dedication on the part of motivated work force brings higher efficiency in the organisation.
6. Reduction in Wastages: - Professional management ensures reduction of wastages in the organisation. Now-a-days, reduction in wastages is vital to any organisation. Reduction in wastages generates higher productivity in the organisation.
7. Higher Efficiency: - Professional management is required to generate higher efficiency in the organisation. Efficiency is the relation between returns and costs. The more the returns at the same costs or at a lower cost, then the organisation is said to be more efficient.
8. Quality of worker’s life: - Modern management shares the fruits of productivity and efficiency with the workers. Workers are provided not only with good working conditions but they are also rewarded monetarily and non-monetarily, and as such their quality of life enhances