10 [Talent Management and HRM]: Overview of Company: How to start a Company?, What are the Talent Positions?, How to Create a Project? , Business Ethics and Project Management Methodologies

 

 Image credit: iEduNote (https://www.iedunote.com/marketing-organization )

What is a Company?

A company is a legal entity formed by a group of individuals to engage in and operate a business commercial or industrial enterprise. A company may be organized in various ways for tax and financial liability purposes depending on the corporate law of its jurisdiction.

The line of business the company is in will generally determine which business structure it chooses such as a partnership, proprietorship or corporation. These structures also denote the ownership structure of the company. 

A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits.

A sole proprietorship also referred to as a sole trader or a proprietorship—is an unincorporated business that has just one owner who pays personal income tax on profits earned from the business. Many sole proprietors do business under their own names because creating a separate business or trade name isn’t necessary.  

A corporation is a legal entity that is separate and distinct from its owners. Under the law, corporations possess many of the same rights and responsibilities as individuals. They can enter contracts, loan and borrow money, sue and be sued, hire employees, own assets, and pay taxes. 

Essential Business Roles in Company  - Organization

In an organization, there are many types of business roles that are integral to company operations. From executive-level professionals to entry-level employees, these roles involve specific tasks that contribute to a company's success. Learning about the different business roles in a company can help you form a defined career path. 

Business roles are positions that have certain sets of responsibilities. Business owners or stakeholders typically plan an organizational structure that outlines different types of jobs and the tasks that each is responsible for. Depending on the industry and the nature of the company, business roles can range from executive-level titles such as chief executive officer (CEO), also known as C-suite executives, to more operational roles like an administrative assistant or customer service representative.

 

 Image credit: Zambianguardian ( https://www.zambianguardian.com/organizational-charts/ )

 Types of Business Roles - 

1. Executive - The executive level often features a central executive in charge of an entire organization or large department within an organization. For instance, a chief financial officer (CFO) oversees the entire financial department. Executive jobs typically require extensive work experience plus qualifications like education, skills and certifications.

2. Manager - Managers and supervisors make up many of the essential mid-level business roles within an organization. Executives usually assign these roles and are generally in charge of directing them. For example, a chief operating officer (COO) outlines the needs of a human resources (HR) department. They hire and oversee an HR manager who supervises the HR staff.

3. Operations and production - This level encompasses professionals fulfilling the responsibilities of the same role, especially in larger organizations. For example, a corporation could have a team of accountants who fulfill the same duties. In smaller businesses, there may be only one professional, such as an administrative assistant, filling the needs of the business within a given role.

 Executive and Top Level Business Roles - 

4. Chief executive officer (CEO) - CEO is a leading role responsible for making top-level decisions, gathering resources that support the company and driving operational and structural changes that directly influence organizational growth. In smaller businesses, this role can be interchangeable with the president and it's common for an owner to hold this title.

5. Chief operating officer (COO) - In smaller organizations, this role can defer to the general manager, a similar role to a COO. These top-level business roles ensure processes run efficiently and often oversee various departments to ensure employees are completing their work properly and in a timely manner.

6. Chief financial officer or controller (CFO) - The CFO is usually responsible for finding investors and external funding opportunities for growing their business, while the controller oversees the expenses and assets of the company. When one individual assumes both financial roles, they manage both incoming revenue and outgoing expenses.

7. Chief marketing officer (CMO) - the CMO usually makes the final decisions regarding the development and implementation of various marketing projects.

8. Chief technology officer (CTO) - In companies that have large IT departments, the CTO oversees the high-level functions.

9. President - Some organizations designate a president instead of a CEO. While many of the responsibilities are the same between these two roles, a president may take on additional tasks that a CEO may not. They could perform some of the tasks that a COO and a CFO are in charge of in larger businesses.

10. Vice president - The vice president initiates the president's decisions and plans by directing mid-level managers and team leaders. They can act in an operational role, overseeing business operations and initiating organizational structures among the other roles.

11. Executive assistants - A business often relies on an executive assistant to organize and maintain the CEO's schedules, agendas and appointments.

Managerial Business Roles - 

12. Marketing manager - the marketing manager may be the only top-level business role in charge of directing marketing efforts.

13. Product manager - A product manager may focus their efforts on researching customer markets, evaluating in-demand products, assessing manufacturing processes for making products, analyzing competitor products and collaborating with marketing teams to develop strategies for promoting products.

14. Project manager - These professionals initiate, design, monitor, control and finalize projects. This business role may have the added responsibility of analyzing and mitigating risks to various projects, and they commonly work with other department managers—such as marketing and product managers—to plan and develop each aspect of a project, including budget, resources and timelines.

15. Finance manager - the finance manager may be responsible for managing staff accountants and bookkeepers, and they rely on the work of these professionals to create accurate financial reports and forecasts.

16. Human resources manager - HR managers commonly consult with top-level executives to initiate strategic plans and act as a liaison between upper-level management and company staff.

How your team can give benefits for your work Management?

Work management helps companies put procedures in place that employees follow to complete projects and tasks. Work management is the oversight and supervision of all individual and team tasks and task lists within one project or across a company’s operations.

Work management introduces reusable workflows that your team can use time and again for completing tasks. Put another way, the more closely you guide the tasks of all your employees and teams, the more consistent your product’s quality and delivery timeline can be. Additionally, work management often leads to workflows that can be applied to any task or team, rather than one project or department. These workflows often reflect your company’s overall goals, so in completing them, your employees may come to better understand your business’s mission.

Work Management Vs Project Management

Work management introduces reusable workflows that your team can use time and again for completing tasks. Put another way, the more closely you guide the tasks of all your employees and teams, the more consistent your product’s quality and delivery timeline can be.

Additionally, work management often leads to workflows that can be applied to any task or team, rather than one project or department. These workflows often reflect your company’s overall goals, so in completing them, your employees may come to better understand your business’s mission.

Work management and project management are often intermingled. This confusion is understandable, since, in business lingo, we often think of all work as comprising several smaller projects. It follows that work management is project management, but in reality, the former is far broader than the latter.

Project management concerns one deliverable, even if that deliverable comprises several additional deliverables. For instance, if a client hires your marketing company to execute a content campaign, the project goal is the completion of the campaign. Manage this campaign requires dividing all ad creation, implementation and reporting efforts, and deadlines among your team.

Work management, on the other hand, concerns processes and structures that can be taken from one project, scrubbed of that project’s unique qualities and applied to another project. For example, if the same client as mentioned above returns to you for work from your SEO team, work management entails using the workflow structure of your sponsored content campaign to guide your SEO campaign. The deliverables may look different in pretty much every way, but the workflow remains the same.

Work Management Software

These tools eliminate the back-and-forth and navigational confusion that can accompany using numerous spreadsheets and digital file-storage platforms to track work.

1. Task management. Using task management tools, you can assign tasks to individuals or teams, set priority levels and establish deadlines.

2. Communication tools. Once tasks are created, you need to ensure your team is working on them. You can ask questions, request updates or add more guidance through task comments or message board conversations – all of which trigger notifications for your team.

3. File storage and sharing. Instead of using valuable cloud storage space, you can upload relevant files directly to the appropriate tasks in your work management platform.

4. Time tracking and management. Many work management software platforms include timeclocks  or other tools for tracking the time spent on a project or at work in general. Time reports may also be available depending on the software and service plan you are using.

Work management include project management, time management, resource management, process management, client relationship management and business intelligence. 

Find Right Candidates for Right Positions

Finding the right job candidates is becoming more and more difficult. Recruiter and other HR professionals that don't use innovative recruiting strategies are often unable to find job candidates that are suitable for their open positions. With all the changes and advances in HR technologies, there are many new solutions for some of the biggest recruiting challenges, and many are now implementing these new solutions to improve their hiring strategies and find job candidates easier and faster.

 The talent pool

A talent pool is a database of job candidates who have the potential to meet an organization's immediate and long-term needs. In order to build a talent pool, HR managers must understand corporate goals as they relate to expected hires over the next several years.  

Internal organizational talent pools include employees who have the potential to learn new skills or advance with training and mentoring. Resumes and other information on previous applicants who deserve a second look may also be part of the talent pool. Steps should be taken to ensure that potential candidates who have had some initial contact with the employer have had a positive experience. Otherwise, they may not respond when contacted.

Business Ethics 

Business ethics refers to the standards for morally right and wrong conduct in business. Law partially defines the conduct, but “legal” and “ethical” aren’t necessarily the same. Business ethics enhances the law by outlining acceptable behaviors beyond government control.

Corporations establish business ethics to promote integrity among their employees and gain trust from key stakeholders, such as investors and consumers. While corporate ethics programs have become common, the quality varies. According to the 2018 Global Business Ethics Survey (GBES), less than one in four U.S. workers think their company has a “well-implemented” ethics program.

Almost every company now has a business ethics program. In part, that’s because technology and digital communication have made it easier to identify and publicize ethical missteps. To avoid the negative implications, companies are devoting more resources to business ethics.

 According to the 2018 Global Business Ethics survey, employees are more likely to apply ethical reasoning when their company clearly demonstrates why business ethics is important. Ninety-nine percent of U.S. employees who experience a strong ethics culture said they’re prepared to handle ethical issues. Companies that advocate for business ethics motivate their employees to perform their roles with integrity.The first step in building this kind of ethical culture is to create an ethics program. According to the U.S. Department of Commerce, a complete ethics program should touch on all of the business functions. That includes operations, human resources, and marketing, to name a few. The global research company Gartner advises companies to integrate their ethics program with business operations.

Another reason why business ethics is important is that it can improve profitability.Amidst growing scrutiny of business practices, it’s more important than ever for companies to carry out work the right way. Ethics programs are an exceptional tool for promoting moral conduct. Organizations also need employees dedicated to ethical decision-making.

Leadership Styles 

Image credit: Hubspot Blog (https://blog.hubspot.com/marketing/leadership-styles)

A leadership style refers to a leader’s methods, characteristics, and behaviors when directing, motivating, and managing their teams. A leader’s style is shaped by a variety of factors, including personality, values, skills, and experiences, and can have a significant impact on the effectiveness of their leadership.Their leadership style also determines how leaders develop their strategy, implement plans and respond to changes while managing stakeholders’ expectations and their team’s well-being.

As a leader, understanding your leadership style is critically important. When you understand your leadership style, you can determine how this affects those you directly influence. It also helps you find your leadership strenghs and define which leadership skills to develop.

Types of Leadership Styles

There are many Leadership Styles available. Among them, there are 6 Leadership Styles explain here.

1. Transformational  Leadership

We’ve likely all been in a group situation where someone took control, communicating with the group and creating a shared vision. Creating unity, developing bonds, creating energy, and instilling passion. This person is very likely to be considered a transformational leader. 

Transformational leadership is a leadership style that emphasizes change and transformation. Leaders who adopt this approach strive to inspire their followers to achieve more than they ever thought possible by tapping into their potential. This type of leadership can be highly effective in organizations looking to make significant changes or transformations.

2. Transactional Leadership

Transactional leadership, often referred to as managerial leadership, is a leadership style that relies on rewards and punishments. This leadership style clearly emphasizes structure, assuming individuals may not possess the motivation needed to complete their tasks.

With this reward-based system, a leader sets clear team goals or tasks. Leaders also clarify how their teams will be rewarded (or punished) for their work. Rewards can take many formats but typically involve financial recompenses, such as pay or a bonus.

This “give and take” leadership style is more concerned with efficiently following established routines and procedures than making transformational organizational changes.

Transactional leadership establishes roles and responsibilities for each employee. However, it can lead to diminishing returns if employees are always aware of how much their effort is worth. Therefore, incentives must be consistent with company goals and supported by additional gestures of appreciation.

 3. Delegative Leadership

Often referred to as “laissez-faire,” a delegative leadership style focuses on delegating initiative to team members. This is generally known as one of the least intrusive forms of leadership; this translates to “let them do.” This is therefore considered a very hand-off leadership style.

4. Authoritative Leadership

Authoritative leaders are often referred to as visionary. Leaders who adopt this style consider themselves mentors to their followers. Not to be confused with authoritarian leadership, authoritative leadership emphasizes a “follow me” approach. This way, leaders chart a course and encourage those around them to follow.

Leaders who display authoritative traits tend to motivate and inspire those around them. They provide overall direction and provide their teams with guidance, feedback, and motivation. This promotes a sense of accomplishment or achievement.

5. Participative Leadership

Sometimes referred to as democratic leadership, participative leadership is a leadership style that encourages leaders to listen to their employees and involve them in the decision-making process. This leadership style requires leaders to be inclusive, utilize good communication skills, and, crucially, be able to share power/responsibility.

6. Servant Leadership

Servant leadership is a leadership style that puts the needs of others first. It emphasizes creating strong relationships with those around you and focuses on enabling them to reach their full potential. As a leader, it requires focusing on understanding the people you are working with and developing their abilities, while also setting a good example and understanding their personal goals.

At its core, servant leadership is about ethical decision making; if one follows this model they will be more likely to make decisions based on what is right for everyone involved, rather than just benefitting a select few. This approach fosters an environment where creativity and problem-solving thrive as team members feel empowered to suggest new solutions and build upon each other’s ideas.

 How Create a Project?

 What are the Project Management Methodologies?

A project management methodology is a set of principles, tools and techniques that are used to plan, execute and manage projects. Project management methodologies help project managers lead team members and manage work while facilitating team collaboration.

There are many different project management methodologies, and they all have pros and cons. Some of them work better in particular industries or projects, so you’ll need to learn about project management methodologies to decide which one works best for you.

1. Waterfall Methodology

2. Agile Methodology

3. Scrum Methodology

4. Project Management Body of Knowledge (PMBOK)

5. Critical Path Method (CPM)

6. Critical Chain Project Management (CCPM)

7. Kanban Methodology

8. Extreme Programming (XP)

9. Lean Methodology

10. Six Sigma

 

  Vedio credit: g GreggU,2019 (https://www.youtube.com/watch?v=pJ_PZJwKZFs)

Among this project management methodologies, Agile Methodology and Scrum Methodology very famouse nowadays.

Agile Methodology 

Agile project management is an evolving and collaborative way to self-organize across teams. When implementing the agile methodology,  project planning and work management are adaptive, evolutionary in development, seeking early delivery and are always open to change if that leads to process improvement. It’s fast and flexible, unlike waterfall project management.

The agile methodology offers project teams a very dynamic way to work and collaborate and that’s why it is a very popular project management methodology for product and software development. That’s because what we think of as agile really appeared in 2001 with the publication of the “Manifesto for Agile Software Development,” authored by 17 software developers.

When to Use It: The practice originated in software development and works well in that culture. How do you know if agile is for you? It has been applied to non-software products that seek to drive forward with innovation and have a level of uncertainty, such as computers, motor vehicles, medical devices, food, clothing, music and more; and it’s also being used in other types of projects that need a more responsive and fast-paced production schedule, such as marketing.

Scrum Methodology 

The scrum methodology is It’s ideal for teams of no more than 10 people and often is wedded to two-week cycles with short daily meetings, known as daily scrum meetings. It’s led by what is called a scrum master. Scrum works within an agile project management framework, though there have been attempts to scale Scrum to fit larger organizations.

The term scrum was introduced in a “Harvard Business Review” article from 1986 by Hirotaka Takeuchi and Ikujiro Nonaka. It became a part of agile when Ken Schwaber and Mike Beedle wrote the book “Agile Software Development with Scrum” in 2001. Schwaber formed the Scrum Alliance in 2002, a certified scrum accreditation series. Schwaber left the Scrum Alliance in 2009 to start a parallel accreditation organization called Scrum.org.

When to Use It: Like agile, the scrum methodology  has been used predominantly in software development, but proponents note it is applicable across any industry or business, including retail logistics, event planning or any project that requires some flexibility. It does require strict scrum roles,  however.

When you want to understand about Project Management Methodologies please go for this Link:

https://www.projectmanager.com/blog/project-management-methodology 

Talent management is a human resource process. Its goal is to keep employees engaged as well as motivated.Workforce planning is a strategic view of what’s to come and how employees will fit into the larger picture. It focuses on the goal of building a strong workforce that fills needs now as well as in the long term. In this method, the focus is on the current workforce and industry trends. It also applies analytics to the situation to determine how much of a demand your company may have in the future for workers.The advantages of workforce planning include developing a long-term recruitment strategy, reducing costs for hiring, and improving the company’s ability to weather change over time. Most organizations benefit from a combined approach to talent management and workforce planning to address these needs over time. Both methods can help with hiring now, but they are both well-suited for planning for tomorrow’s needs.

Conclusion: 

A company is a legal entity formed by a group of individuals to engage in and operate a business commercial or industrial enterprise. In an organization, there are many types of business roles that are integral to company operations. From executive-level professionals to entry-level employees, these roles involve specific tasks that contribute to a company's success. Learning about the different business roles in a company can help you form a defined career path. Work management helps companies put procedures in place that employees follow to complete projects and tasks. Work management is the oversight and supervision of all individual and team tasks and task lists within one project or across a company’s operations.Business ethics refers to the standards for morally right and wrong conduct in business. Law partially defines the conduct, but “legal” and “ethical” aren’t necessarily the same. Business ethics enhances the law by outlining acceptable behaviors beyond government control.A leadership style refers to a leader’s methods, characteristics, and behaviors when directing, motivating, and managing their teams. A leader’s style is shaped by a variety of factors, including personality, values, skills, and experiences, and can have a significant impact on the effectiveness of their leadership.A project management methodology is a set of principles, tools and techniques that are used to plan, execute and manage projects. Project management methodologies help project managers lead team members and manage work while facilitating team collaboration.

References:

Carol M. Kopp.(2023) Partnership:     Definition, How it works, Taxation and Types. Investopedia [online]. Available at https://www.investopedia.com/terms/p/partnership.asp . Accessed on 28th March 2023.

Alexandra Twin. (2023) Sole Proprietorship: What It Is, Pros and Cons, Examples, Differences from an LLC. Investopedia [online]. Available at https://www.investopedia.com/terms/s/soleproprietorship.asp . Accessed on 29th March 2023.

The Investoration Team. (2022) Corporation: What It Is and How to Form One. Investopedia [Online]. Available at https://www.investopedia.com/terms/c/corporation.asp . Accessed on 03rd January 2022.

Kristina Martic. (2017) How Do Recruiters Find the Right Job Candidates. TalentLift [Online]. Available at https://www.talentlyft.com/en/blog/article/73/how-do-recruiters-find-the-right-job-candidates . Accessed on 03rd November 2017. 

Alexandra Twin. (2023) Business Ethics: Definition, Principles, Why They're Important. Investopedia [Online]. Available at https://www.investopedia.com/terms/b/business-ethics.asp . Accessed on 17th March 2023.

Braden Becker. (2022) Leadership Styles: The 11 Most Common & How to Find Your Style [Quiz]. HubSpot [Online]. Available at https://blog.hubspot.com/marketing/leadership-styles . Accessed on 26th December 2022. 

Jason Westland. (2021) Top 10 Project Management Methodologies: An Overview. ProjectManager [Online]. Available at https://www.projectmanager.com/blog/project-management-methodology . Accessed on 22nd March 2021.