Every organization needs a competent management system for it to achieve its goals and objectives. The management guides the operations and systems of organizations through its functions. There are four major functions of the management. These are planning, organizing, directing and control.
This is a company that deals with home equity and personal loans and started operations in 1912. It has over 2,000 branches in US and serves over 4 million clients. The company is currently undergoing an expansion program that has seen it open over 200 branches in one year. The our functions of the management in relation to CitiFinancial will be discussed below.
This is the platform from which all other functions of the management originate. CitiFinancial’s management analyzes where the company is at present and sets out a plan that will enable it attain both short and long term goals. For instance, currently there is an expansion program, and the management had to create a plan before implementing it. Change in planning is necessitated by changes in both internal and external factors that affect it. Internal factors include employee motivation, communication lines, bureaucracy and others. External factors include competition, economic growth, taxation and others.
According to Sandler et al. (2005), this is another function of the management and it involves using the available resources efficiently so that the goals of the organization may be attained at least cost. CitiFinancial makes resources available to meet the plans set during the planning stage. When organizing resources, the management analyzes the directorial configurations, and the main factor that affects this function is the organization plan. For instance, in CitiFinancial, the organization of resources is currently guided by its expansion plan.
This is the third role played by the management and it involves controlling and supervising the staff actions and activities. The aim of directing is to enable the staff accomplish the the goals of the organization as well as accomplish their career or personal goals. In CitiFinancial, the board is the highest level of authority and managers direct the staff on performance of duties.
This is the last function of the management and it involves setting standards by which the performance of the organization will be measured. These standards are guided by the objectives and goals of the organization. Control also involves reporting and evaluating job performance. In CitiFinancial, the major factor that affects control is the organization plans. For instance, there are controls for every function that has been set out at the organizational stage.
Delegation of responsibilities.
CitiFinancial has an organization structure where every person has a role to play in the achievement of organizational objectives and goals. The board of directors are at the top of the management structure and their duties include making crucial decisions as well as evaluating the organizational performance. According to Baron (2002), duties have been delegated to various departments and there are committees that are tasked with various responsibilities.
For instance, the audit committee evaluates the financial performance of the organization. The risk management committee is given the responsibility of assessing and managing risk in the organization. The nomination committee has a crucial role of ensuring that directors possess required expertise, qualifications, integrity and track record required for leadership. Other committees include the share transfer, debenture, investor grievance among other committees.
This reflects delegation of duties, and it is done to ensure that the organization achieves its objectives, at least cost, through division of labor. It is also done to ensure employees are competent to handle responsibilities given to them. It increases levels of accountability and responsibility since each employee is accountable for functions that they have been given. It is the responsibility of the management to delegate responsibilities according to the levels of expertise that individual employees possess. This will enable the company to attain its goals and objectives.
Baron, D. P. (2002). Business and Its Environment. New York: Prentice Hall.
Sandler, A. L., McGinn, S. E., Klubes, B. B. (2005). Consumer Financial Services. New York: Law Journal Press.