The responsibility for the overall management and output, operational policies and procedures, efficiency and quality of work of a work unit or major service is referred to as “managerial responsibilities”. We will look into list of managerial responsibilities with examples and manager roles and responsibilities in this topic.
The management is held accountable to a number of different groups. These groups’ interests occasionally collide. As a result, management must conduct business in a just and equitable manner to all stakeholders and claimants on management.
List of Managerial Responsibilities with Examples
Manager responsibility and duties are defined in the Employment Agreement as managerial and supervisory responsibilities and duties. You can also review roles and responsibilities at different levels of management as well. See the following section for more information on list of managerial responsibilities with examples.
Responsibilities of Stockholders
Stockholders are the owners of a company who have invested capital in it. Their primary goal in investing is to make a profit.
This means that management must allocate the company’s resources in such a way that they produce a positive long-term return for investors.
Stockholders are more concerned with the company’s long-term health, expansion, and goodwill than with short-term profits. The company’s reputation for quality and service must be established.
Furthermore, management must keep shareholders informed of the company’s financial status as well as any other pertinent issues, such as goals, policies, and procedures, so that they can provide input as needed.
Stockholders benefit from a company’s consistent growth in two ways. They can look forward to two advantages: a dividend payment and an increase in the value of their stock. This necessitates management decisions with a long-term perspective and forecasting.
Managerial Responsibility Towards Consumers
Customers expect a high-quality product at a reasonable price, as well as a money-back guarantee if they are dissatisfied with their purchase. Management is responsible for protecting the interests of the company’s customers.
The product’s quality can be guaranteed by allowing defective units to be returned for a refund of the purchase price or a replacement unit.
Furthermore, by offering free service for a limited time, the customer’s confidence in the product’s quality can be increased.
The product should be simple to use and accessible through appropriate distribution channels, with customer satisfaction as the first rule of sales. Always, the customer is correct. Philosophy has proven to be an effective sales and customer retention strategy.
Responsibilities of Employees
Management morale and productivity are inextricably linked to corporate social responsibility. Among these responsibilities are the following:
This must be understood clearly: employment is meant to benefit both the employee and the employer. Rather than focusing solely on what an employee can offer their employer, consider what the employer can offer the employee.
Employees’ contributions must be fully recognized. Employees must be placed in positions that are a good fit for their skills, training, attitudes, and personal preferences. Additionally, employees must be educated on the company’s policies, procedures, and objectives.
Managerial Responsibility for Working Conditions
Employees devote the majority of their time to their jobs. As a result, the working environment must be conducive to productivity. Physical facilities must be adequate and aesthetically pleasing as part of these working conditions.
These must meet accepted cleanliness, illumination, heating, air conditioning, ventilation, safety, and sanitation standards. They should also be provided with the necessary tools and machinery.
Managerial Responsibility to Economic Security
Economic security entails having a job that you can count on in both good and bad times. This sense of job security improves a person’s commitment to the company significantly. Continuous employment fosters a sense of shared responsibility, which contributes to employee loyalty to the company.
In addition to job security, benefits available are Insurance for Life, Unpaid leave of absence, Medical insurance, Maternity leave, Profit-sharing contracts, Free education, for workers and more
Job satisfaction refers to an employee’s sense of accomplishment and happiness at work. Employee confidence and trust in the organization should be fostered by the conceptual environment.
People would feel a sense of belonging as a result of this. Furthermore, employee contributions should be appropriately recognized and rewarded. Furthermore, management policies promote challenging opportunities, increased responsibility, promotion, and decision-making participation.
Managerial Responsibilities to the State and National Government People
Management must adhere to all applicable laws, whether local, state, or federal, and must operate within the legal framework. Some of these laws include:
(a) Timely and accurate tax payment.
(b) Opportunities for all. This means that hiring practices are no longer discriminatory, and people are hired solely on their merit.
c) Positive, constructive behavior. This means that management takes special measures to hire, train, and promote employees who are members of such minority groups and have previously faced discrimination. These biases could have been influenced by ethnicity, race, provincialism, or gender.
(d) Obeying the laws that govern the social environment. These may include, among other things, air pollution, water pollution, noise pollution, chemical waste disposal, and zoning law compliance.
e) Adherence to anti-monopoly laws. This means that a few large companies with a monopoly on a particular product should refrain from conspiring to fix prices or create artificial shortages of a product by hoarding and withholding supply.
(f) Advertising veracity. This means that false claims should not be used to mislead the public about the product’s benefits.
Managerial Responsibilities Towards Cross Business Relationship
It is the responsibility of management to uphold high ethical standards in inter-business relationships.
In terms of pricing, product quality and quantity, payment methods, delivery time and mode, and service quality, they should follow fair trade practices.
For example: General Motors buys steel from steel mills, tyres from Firestone or General Tire, and various other automobile components from other manufacturers and resells them to dealers. All parties must follow a fair code of conduct in these inter-business relationships.
Managerial Responsibility to Community Interests
Certain of these interests, such as those concerning air and water pollution, may be legally protected. Additional interests may emerge as a result of one’s social environment.
The following are some of the community’s concerns:
- Participating in church and school activities Organizing community sporting events and other cultural activities
- Creating job opportunities within the community. Employing people with disabilities
- demonstrating a keen interest in the affairs of one’s community
- Raising funds for community initiatives such as new hospitals and other charitable endeavors.
The most effective managers understand that their managerial responsibilities and role are centred on their team’s performance, not on themselves. They place a high value on developing the aforementioned skills and take great pride in the accomplishments of their coworkers. If you perform this function well at a lower level, others will recognize your value and work to gradually increase your responsibilities. As a career, management is both challenging and exciting.
Managerial Responsibility are assigned to a professional who is in charge of developing operational policies and procedures for a work unit within the framework. Managers shape the cultures of their teams and workplaces in a variety of ways. They must be able to serve in both administrative and leadership roles. And success necessitates a wide range of abilities.