Fundtions_of_Management

Functions of Management The Four Functions of Management Within the Organization The four functions of management are present within the Credit Union. Planning, organizing, controlling and leading can be seen in various areas. The first step in planning for the credit union is done by strategic planning. Strategic planning is typically done by the Board of Directors, CEO and other members of the credit unions management team. The planning session takes place annually. During this period of time, management explores what direction to lead the credit union in. There are discussions about the strength of the credit union, threats to the credit union and how to overcome those threats or obstacles. An agreement is reached as to what direction the credit union will work towards for the next year. During the strategic planning session, there are not specific steps in how to accomplish the goals set. After the planning session, credit union management meets and discusses the steps needed in order to implement the plan. These plans must be organized and prioritized. Sometimes management will brainstorm with frontline employees. Once specific steps have been finalized, the plans are shared with the Branch Managers and then implemented with their employees. Controlling can be found in various areas of the credit union. Accounting and IT are both areas that have roles where control is used. The accounting department controls the financials of the credit union. They are responsible for making sure checks and balances are in place and general accounting rules are followed. The accounting department is responsible for safeguarding various general ledgers, bank accounts and making sure there are not any discrepancies. An IT department has an important role in controlling. Is for controlling and maintaining the credit unions network system. The IT department controls activity on the network, phone system, internet and the employees’ activity on the computer. IT has an important role because without their role in control, there could be devastating viruses, lack of firewalls leaving credit union members information to be compromised. The Supervisors Role The President of the credit union uses all four of the management functions. One of the most important functions is the president’s ability to lead. The president is involved in controlling, organizing and planning, but without the ability to lead their employees, these other functions will fall short. The next function the president must be able to perform is planning. The president must be able to determine if the direction the credit union has chosen needs to be revised is on the correct path and protect it from any damages resulting from member or employee errors and issues. The president must ensure that the goals and objectives set during strategic planning are carried out and achieved. It is the president’s job to make sure there is competent, effective and efficient management staff to help lead the credit union. Current Role The current role of the Vice President is to organize and control. Compliance is a major part of the position. It is important to make sure the credit union is aware and complies with regulations. Another role is evaluating the structure of front office employees and operations of the credit union. Reviewing new products and procedures to determine if they fit the credit unions needs After reviewing products, procedures and compliance regulations it is then necessary to decide what method is the best way to communicate the information to the president or branch managers. Conclusion Any successful organization can not eliminate any of the functions of management. Different levels of management may be primarily responsible for a specific function; however, all of the functions are used by managers. An organizations management team needs developed and implemented plans for the success of the organization and its strategic goals. The four functions of management also apply to employees during their everyday roles. These functions can be found in use by employees in almost every area of not only the credit union but every business. References (2007, September 12). The four functions of management: Foundation for all management concepts. Business & Finance. Retrieved from http://www.associatedcontent.com/article/373994/the_four_functions_of_management_foundation_pg3.html'cat=3 Pakhare, J. (). Management concepts- The four functions of management. Buzzle.com. Retrieved from http://www.buzzle.com/articles/management-concepts-the-four-functions-of-management.html