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MAN 320F:Exam 1
T/F? Managers are the same as leaders.
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FALSE
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Managers
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ensure that organization achieves goals and objectives
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How to managers ensure that organization achieves their goals?
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-planning
-organizing
-leading
-controlling decisions
-allocating resources (people, $$, fixed and soft assets)
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successful managers
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get promotions and move up in their career
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effective manager
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"get the job done"
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T/F? Being successful and being effective are mutually exclusive.
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FALSE
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Successful managers tend to _____ a lot more.
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network
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T/F? Americans tend to take advantage of their vacation time.
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FALSE
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determinants of employee performance
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-productivity
-absenteeism
-turnover
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______ has mandatory turnover.
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Microsoft
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Rate of turnover in fast food
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500%
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job satisfaction
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link between job satisfaction and productivity
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Job satisfaction is negatively related to _________ and _______.
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absenteeism; turnover
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challenges & opportunities in building company
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-employees getting older (baby boomers)
-more women in workplace
-more minorities
"the world is flat"
- historical loyalty bonds between employees and employers are severing: people hop around!
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"The world is flat"
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Thomas Friedman: access to information and internet makes world flatter
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"I trust everyone. It's the _______ I don't trust."
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the devil inside them
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____ of Fortune 100 companies have been accused of fraud.
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40
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$227,000,000,000
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fines and penalties over the past 15 years faced by big Fortune 100 companies
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Boeing, Merrill Lynch, Intel
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Fortune 100 companies
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What leaders want in their people
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"inward values that determine outward actions"
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values leaders want:
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characters, benevolence, boldness, dependability, diligence, endurance, enthusiasm, flexibility, honor, loyalty, wisdom
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personality
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relatively stable set of characteristics that influence individual's behavior
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Personality is the way we _____ and ____ with others.
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react; interact
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big 5 model of personalities:
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- extroversion
-agreeableness
-conscientiousness
-emotional stability
-openness to experience
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extroversion
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comfort level with new relationships
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agreeableness
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propensity to defer to others
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conscientiousness
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reliability
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emotional stability
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stress
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openness to experience
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creativity and novelty
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locus of control
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belief that life is controlled by oneself versus outsiders
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internal locus of control
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people controlled
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external locus of control
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outside forces control, i.e. luck or chance
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"Father of Political Theory"
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Niccolo Machiavelli
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machiavellianism
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one must manipulate and maintain emotional distance: "better to be feared than loved" "end justifies the mean"
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self-monitoring
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sensitive to external cues to behave differently: flexible, mobile, better performance (less loyalty?)
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In the survival game, perfect synergy occurred when _______.
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as an individual, you died...but as a team, you lived.
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negative synergy occurred when...
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senior management in set in their old ways
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____ individual students survived; ____ additional students survived because of teamwork
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16; 64
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synergy
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how to put people together to get better results; "the breakfast of champions"
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"Teams that work together synergistically produce ________ ______."
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extraordinary results
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synergistic decision making
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(1) people supportive of one another
(2) follow rational sequence of activities in dealing with a problem
(3) can perform beyond the sum of individual parts
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interpersonal process
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listening to others
support to do well
constructive differing
participating equally in group discussions
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listening
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objectively weighing, trying to understand others' POV, periodically review
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constructive differing
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speaking without accusation and implications (be tactful), focus on WHY different, treating differences as ways to source new ideas
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participating
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problem as a group: does everyone agree?
ALL members should feel comfortable in sharing
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Rational Process
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1. analyze situation
2. identify objectives and goals
3. simplify the problem
4. alternative strategies
5. discuss the consequences
6. interpersonal skills
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1. analyze the situation
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sort out the facts from the assumptions; unchallenged and unrealistic assumptions are primary cause of mistakes;
helps teams avoid jumping to conclusions and leaping to action
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2. setting objectives
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the ultimate objective was to survive;
leaving would have been a alternative course of action
confusion between objectives and actions is one reason people tend to "leap before they look"
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3. simplify the problem
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break it into smaller, more manageable parts
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4. consider alternatives
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know what choices you have: stay or leave, the decision between these two is critical to survival
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5. discuss consequences
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all of the members discuss, have each member list advantages and disadvantages
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6. improve interpersonal skills, like..
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a. listening to others
b. supporting the efforts of members
c. differing constructively
d. ensuring that everyone is participating in discussion
e. striving for CONSENSUS
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consensus decision
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effective decisions = quality * acceptance
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T/F? You should use voting and majority rule to defeat dissenting members.
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false
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"In general, ____ make better decisions than ______."
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groups;
individuals
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two aisles of individual behavior
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"values, attitudes, personality, ability"
and
"motivation, perception, learning"
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national culture
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influences dominant personality of its populace
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____ reflects the national personality characteristics and is a major challenge for multinational corps.
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culture
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In ethical behavior, ____ are the most influential factor.
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bosses (leaders set tone and unethical sounds)
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gorilla video
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an exercise in perception
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perception
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sensory experience of the world around us and allows us to act within our environment
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"Every individual has a different ____".
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perception
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personality and ______
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perception
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job satisfaction
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collection of feelings an individual associates to their job
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causes of job satisfaction
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a. work itself
b. pay (to certain degree)
c. advancement opportunities (***)
d. supervisor support
e. coworker support
f. individual's personality
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where does job satisfaction lead?
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- decreased turnover
- decreased absenteeism
- decrease in deviant behavior
- rise in customer satisfaction/productivity/profits
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____% of firms use personality tests
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30
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type of personality test we used
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myers briggs (from 60's)
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attribution theory
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processes by which individual explains CAUSES
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fundamental attribution error
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tendency to focus on errors caused by the person's behavior rather than situation
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self-serving bias
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internal factors for success and then it's the external, uncontrollable factors that lead to failure
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job of most important person in company
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CEO
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job satisfaction
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challenging work, good boss/coworkers, promotions, increase in wages, personality of employee
-decrease in turnover, absenteeism, increase in PROFITS
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"When placed in a difficult situation, most people will...
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follow the path of least resistance."
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cognitive dissonance
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inconsistency between our attitudes, behaviors, beliefs, values, emotions
- powerful motivator to change
- seek to DIMINISH dissonance
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his examples of cognitive dissonance
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accountant, environmentalist, Martha Stewart, smokers
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captains with convicts to Australia: pay them for # of convicts getting OFF ship
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example of motivation
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motivation
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WILLINGNESS to do something to satisfy some need
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Motivation is the process that accounts for your ____, ____, and ______ to achieve goals.
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intensity
direction
persistence
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motivation is rooted in maximizing _____ and minimizing _____.
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pleasure;
physical pain
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Maslow's Hierarchy of Needs
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Abraham Maslow in 1943: "the theory of human motivation"
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Only _____ needs influence behavior.
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unsatisfied
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what is Maslow's hierarchy?
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physiological needs --> safety/security --> love & belonging -->self-esteem --> self-actualization
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Douglass McGregor
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from the MIT Sloan School, developing Theory X and Y
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Theory X and Y are theories _____ hold.
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perceptions that managers hold
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theory x
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assume employees are lazy, want to avoid work, dislike work
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theory y
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employees are self-ambitious, self-motivated, self-controlled
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T/F? Theory X and Y are at different sides of the same continuum.
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False; NOT as different sides: they are two different continua in themselves
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theory x
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seeks formal direction, little ambition
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theory y
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self-directed, work is natural, innovative decisions
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Herzberg's 2-factor theory
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idea that attitude directly influences motivation
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the 2 factors, according to Herzberg
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hygiene + motivation
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hygiene factors
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extrinsic, dissatisfaction
-if absent, result in demotivation
-QUALITY OF BOSS, PAY, COMPANY POLICIES, PHYSICAL WORK CONDITIONS, OTHERS, JOB SECURITY
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motivation factors
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intrinsic:
PROMOTIONS, PERSONAL GROWTH, RECOGNITION, RESPONSIBILITY, ACHIEVEMENT
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_____ and _____ act independently of each other.
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satisfaction, dissatisfaction
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5 parts of job characteristics model
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skill variety
task identity
significance
autonomy
feedback
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skill variety
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utilizing different skills on the job
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task identity
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completion of a whole (from beginning to end)
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task significance
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substantial impact on lives and work of others
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example of task significance
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Phillip Morriss (cigarette company) and McCombs
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autonomy
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freedom and discretion in how work gets done
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feedback
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direct and clear info on performance
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equity theory
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fair treatment;
structure of equity based on ratio of inputs and outputs (compared with coworkers)
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Equity = ______
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egalitarian
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theory Z
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Japanese management style from the 1980s
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With theory Z, to increase employee loyalty. you...
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give them a job for life
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more on theory z
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treat employees well, stable employment, productivity, and boosting employee morale
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employee recognition programs
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important in creating a powerful workplace
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"rewarding behavior with recognition lead to _____"
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repetition
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rewards for ____
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performance
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another important tenet in employee recognition programs
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visibility of recognition process (transparency)
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employee stock option plan
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employee acquire stock at below-market prices as part of their benefits
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With ESOP, employees become this.
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"the owners"
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T/F? ESOP is an opportunity to increase job satisfaction, motivation and wealth.
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True
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ESOP: options
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right to purchase stock at predefined price over predefined period
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ESOP: vesting period
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period of time over which you receive options (promotes longevity)
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ESOP: trigger
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set period of time/special event that allows you to participate in ESOP (perhaps revenue target or 1 year mark)
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ESOP: option price
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pre-determined price for options (often slightly below market price)
ex. Dell, public back to private
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How many shares can you own?
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depends on size of the company, smaller--own more shares
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At Dell, ___% stock is owned by insiders.
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15
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Whole Foods
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1% insiders own stock
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National Instruments
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28% of insiders own stock
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important tips for ESOP
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read disclosures, expect vesting over period of 4 years, one year of employment,
get ESOP tied to performance,
get options
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T/F? Be willing to negotiate ESOP.
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true
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T/F? If given the option, select short-term bonuses in place of stock if the company is growing.
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false; if company is growing, be willing to take stock and trade off short term bonuses!!!
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work teams
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-complementary skills (diversity)
- common mission
- performance goals
- accountability
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reasons why teams are good
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good at performing complicated, complex tasks
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T/F? Teams generally improve and outperform individuals on tasks.
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true
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Teams are more flexible and responsive to ____.
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change
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By facilitating employee participation, you create ______.
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commitment
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T/F? Teams decrease employee motivation.
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false
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T/F? Effective and loyal teams get results.
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true
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What do workplace teams look like?
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relaxed, informal atmosphere.
members listen and participate.
express themselves: feelings & ideas
conflict and disagreement on ideas or methods
members know their purpose and function
consensus decision-making
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the most prominent elements of group
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role people play
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role
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to engage in a set of expected behavior patterns attributed to occupying a given position in social unit
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Zimbargo's Stanford Prison Experiment
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merely lasted a couple of days,
roles: guards and prisoners
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norms
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accepted standards of behavior within group that are adopted and shared by the group
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Hawthorn studies is an example of ____.
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norms in teamwork
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Hawthorn Studies
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Wester Electric, productivity when lights increased/decreased
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results of Hawthorne Studies
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found that employees united when they felt they were going to lose their jobs; needed to stick together
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group standards
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sentimentality and security
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status
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socially defined position/rank given to group members by others
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determinants of status
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- power they yield
- ability to contribute to goal
- impact?
high status members given more freedom
interaction impacted
cultural differences
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cohesiveness
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degree members in group are attracted to, trust, motivated to stay with each other
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high level of cohesiveness decreases _______.
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anxiety and tension
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how to promote cohesiveness
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make groups smaller, encourage agreement on goals, increase time spent together in and out of office, increase status and perceived difficulty of membership
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conformity
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desire to be one of group and avoid being visibly different
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T/F? The level of conformity in the U.S. has increased lately.
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false
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an example of conformity
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Asch study with the different length lines
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size of groups
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smaller groups faster at finishing tasks (3-4 people); large groups are better at problem solving
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social loafing
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increase in group size inversely related to individual performance (**)
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composition
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diversity increases conflict and stimulates creativity...this leads to improved decision-making
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T/F? Sports teams are good model for workplace teams.
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true
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sports teams
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- integrate cooperation and competition
- score early wins
- avoid losing streak s
- practice makes perfect
- use half-time breaks
- have stable membership
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scoring early wins
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build team faith in themselves and their capacity as a team
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Hockey shows that ___% of the time, tea ahead at first period goes on to win.
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72
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T/F? Managers should provide team with early, easy tasks.
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true; simple and easy wins
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_____ can lead to downward spiral if team becomes demoralized.
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failures
...so instill confidence!
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practice makes perfect
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learn from mistakes IN PRACTICE
- keep mistakes internal
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"half-time breaks"
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reassess what is working or not
build in assessments to evaluate what can be improved
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stable membership
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anticipate each other's moves and stability is super, super important
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You should have these two things simultaneously.
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great technical skills
+
people skills
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Varsity team lacked:
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trust, confidence, bonding, leadership, team identity
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T/F? Conflict is always bad.
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false; certain level is good (for members to accept criticism, there must be a level of respect)
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trust
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team trust is important when individual achievements cannot be judged
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T/F? Crew team must trust the out-of-sync rower to get back on tempo.
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true
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team identification
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provides an emotional value; feel secure and valued
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intergroup rivalry
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leads to competition between JV and varsity (distinction came to be the dominant boundary to define the teams)
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intergroup rivalry causes a ______
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vicious spiral
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lessons from Army Crew case study
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1. leaders need to select right mix of members: tech. skills and interpersonal
2. early wins
3. team trust - individually and as a whole
4. interventions need to come sooner
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"Teams must be more than ______."
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sum of its parts
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"Strong team identity..."
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motivates team members and increases team trust
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Lincoln Electric, an exercise in....
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understanding the meaning of life
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"best manufacturing company in the world"
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Lincoln Electric
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What is Lincoln Electric's approach in paying its workers?
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individual performance that they pay well for
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T/F? Lincoln Electrics system in how it pays its workers works poorly.
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False; works very well
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__-___% return on their equity
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10-15%
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At LE, their growth is ________.
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internally financed
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T/F? LE worldwide market share increases.
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true
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LE: "low cost producer and continually ____"
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reducing costs
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LE policies
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clear, transparent, fair, consistently enforced, consistent with product marketing strategy
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mantra of LE
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"increase value, decrease cost"
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T/F? LE's executives seem to live by exactly the same rules.
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true
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piecework pay
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one of their key policies
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other key policies
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- piecework pay
- guaranteed employment
- bonus on company performance
- communication and cooperation between functions
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marketing, product engineering, process engineering in product design
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most places: these are silos, not at LE
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T/F? LE tracks highly motivated individuals.
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true
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LE worked to reduce distinctions between _____ and ____.
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management; workers
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management advisory board
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everyone wants to increase value
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lack of union in LE effects?
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everyone treated the same
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shared values between management and workers
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- lifetime employment
- customer need focused
- salesmen know welding
- honesty and fairness throughout
- minimalization of conflict because all share goal of high profits and high bonuses: INCENTIVIZED TOGETHER
- promote from within
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benefits of lifetime employment
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accumulate experience and knowledge
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other reasons LE operates so well:
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share goals and values
improve communication and remove barriers to efficiency
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problems of LE?
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- guaranteed employment
- promote from within and hiring only TWO entry-level positions
- strong company culture and values
- continual efficiencies reduce value-added ("value chain")
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Is its success transferrable?
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barriers: unions, mutual trust, shared values, strong culture (took years to build)
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components that CAN be transferred from LE:
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1. advisory board
2. early involvement of engineers in product design
3. training salesmen to be knowledgable in products' use
4. promoting transparent and open communication
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