STA 473 Business Management. Learning Objectives. Mohandas Karamchand Gandhi ( ) Introduction to Business Management. Chukiat Worasucheep 1

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1 STA 473 Business Management If you hire people just because they can do a job, they ll work for your money. But if you hire people who believe what you believe, they ll work for you with blood and sweat and tears. (Simon Sinek) Chapter 7 Leadership and Motivations Chukiat Worasucheep Chukiat Worasucheep 2 Mohandas Karamchand Gandhi ( ) Learning Objectives Understand the difference between leadership and management. Describe the qualities of a leader and the differing leadership styles. Understand the importance of motivation. Describe the key principles of employee improvement theories. Explain how employees can be empowered in organizations. Chukiat Worasucheep 3 Chukiat Worasucheep 4 Chukiat Worasucheep 1

2 Management and Leadership Whose characteristics are of Leaders and Managers? Management (ผ บร หาร) vs. leadership (ผ น า) Not all managers are leaders. Not all leaders are managers. Do the right things Seek flexibility and change Externally focused Inspire Do things right Seek stability Internally focused Control and administer Hold a long-term view Hold a short-term view Manager but Not Leader Both a Leader and a Manager Leader but Not Manager Mr. Why and When Mr. How Chukiat Worasucheep 5 Chukiat Worasucheep 6 Leadership s Set of 7 Qualities (1/2) Leadership s Set of 7 Qualities (2/2) 1. Integrity, ethics, and self-knowledge 2. Having vision, understanding the business, and understanding the tasks 3. Listening willingly, accepting constructive criticism, and communicating 4. Openness to change 5. Being decisive and committed 6. Positive attitude and enthusiasm 7. Taking care of people and inspiring them See also next page Chukiat Worasucheep 7 Chukiat Worasucheep 8 Chukiat Worasucheep 2

3 Leadership Styles Formal and Informal Leadership Transactional leadership A leader who gets people to do things by providing structure and guidelines based on the exchange process Reward or punishment Intrinsic reward Personal satisfaction you feel when you perform well and achieve goals. Extrinsic reward Something given to you by someone else as recognition for good work. Transformational leadership A leader who can transform the ideas of employees through inspiration, charisma, and a shared vision. Has vision and can inspire employees to sacrifice personal interests Chukiat Worasucheep 9 Chukiat Worasucheep 10 Maslow s Hierarchy of Needs Desire to understand motivation When lower order needs are satisfied, the next higher order need emerges Mayo s Hawthorne Studies Elton Mayo Western Electric Company s Hawthorne plant 6 year study 1927 to experimental periods Productivity always went up Hawthorne Effect The tendency for people to behave differently when they know they are being studied Chukiat Worasucheep 11 Chukiat Worasucheep 12 Chukiat Worasucheep 3

4 Herzberg s Two-Factor Theory Results showed most important factors: Sense of achievement Earned recognition Interest in the work itself Opportunities for growth Importance of responsibility Peer and group relationship Pay Supervisor s fairness Company policies and rule Herzberg s Two-Factor Theory (cont) Herzberg concludes that: Motivators vs. Hygiene factors Motivator factors causes employees to be productive and satisfaction Work itself, achievement, recognition, responsibility, growth and advancement Hygiene factors (maintenance factors) Could cause dissatisfaction if not present, but would not necessarily motivate employees if enhanced. Chukiat Worasucheep 13 See fig. 7.8 on page 228 Chukiat Worasucheep 14 Enriching Work! Job enrichment Is a motivational strategy that involves making the job more interesting in order to motivate employees. Job rotation moving employees from one job to another Employee Improvement Theories Equity theory Idea that employees try to maintain equity between inputs and outputs compared to others in similar positions. Inequity Based on perception Job enlargement combining a series of tasks into one challenging assignment Chukiat Worasucheep 15 Chukiat Worasucheep 16 Chukiat Worasucheep 4

5 Employee Empowerment Trusting employees to make decisions Accepting and correcting if employees made mistakes Not punishment Praise in public Punish in private Next Classes Next few classes will continue on general management! Chapter 8 Human Resource Management. And other major functions of business management. Chukiat Worasucheep 17 Chukiat Worasucheep 18 Assignment FM96.5 radio program on Leadership CEO Vision ว กรม กรมด ษฐ มองซ อ โอโลก 1 (2551) 5 (2552) เลาประว ต ของซ อ โอช อด งของโลก Case Hot Topic: Motivation is a Hot Topic Hot Topic stores sell clothing and accessories that appeal to the alternative culture. Emphasis is on the latest music trends and the fashions that go with them. Downloadable from the class web. Answer 3 questions Due: The first class after midterm exam Chukiat Worasucheep 19 Chukiat Worasucheep 5