The following report would outline the discussion on the managing, leading and stewardship. All these three elements are very important for the managers and the leaders of the organization to adopt so that the business organization can effectively influence its employees to undertake the tasks in the organization in an appropriate way. The following report would discuss the detailed meaning of all these terms and the significance of all these elements or terms for the business organization to attain long term success for the business organization and how it is helpful in achieving the competitive advantage of the organization over its competitors. The detailed meaning of all these terms are described below-
Managing or management is the administration of any kind of business organization whether it is a government organization, a private organization, not for profit organization or any other organization. Under the management function, the major activities that are adopted by the managers of the organization are setting up an effective strategy of the organization. In addition to this, the managers are also required to coordinate the working of the employees in the organization so that teamwork can be established in the organization and employees can effectively achieve the organizational objectives in a shorter span of time. The managers achieve the coordination of the employees with the help of the applications such as natural, financial and technological resources (NÄ›meÄková, 2017). There are many benefits or advantages of managing the human resources and the business operations in the organization and those advantages are-
1.Employee motivation- With the help of effective management policy, the employees of the organization feel belonged towards their organization and they are directed towards achieving the organizational objectives in an effective and efficient manner. This helps to achieve employee motivation in the organization and thus improving the performance of the employees in the organization.
2.Easy understanding of the Job’s Responsibility- It is easy for the managers to understand their job responsibility in an efficient manner. Each employee in the organization knows who is his boss and to whom he/she is accountable and who is his/her subordinate who is responsible to him/her. In this way, the hierarchy is established in the organization and each employee understands his/her job responsibilities in a better manner which is helpful for the organization its employees to achieve the team or group goals of the organization (NÄ›meÄková, 2017).
Leading or leadership implies the area of research and the practical skill of the individuals to lead a group of individuals to undertake the tasks in a team or in a collaborative manner. In a business organization, leadership implies the ability of the managers of the top executives to influence the employees in the organization to do well in the organization so that they can collaboratively achieve the organizational objectives in an effective and efficient manner. There are various leadership styles that can be adopted by the leader or the managers in the business organization to lead the modern dynamic business organizations in an effective and efficient manner. Some of the leadership styles are transformational leadership style, transactional leadership style, situational leadership style, democratic leadership style, autocratic leadership style etc. (Birasnav, Rangnekar and Dalpati, 2011). There are many benefits or advantages of the leadership in the business organization, some of the advantages are-
1.Improve productivity of the employees- With the help of the effective or good leadership, the productivity of the employees in the organization is improved which would lead to effective utilization of the human resources in the organization which is the most difficult asset for the manages or leaders to manage.
2.Helpful in improving the innovation and creativeness- With the help of the effective leadership style, the leaders can improve the innovation and the creativeness in the organization which can be helpful for the organization to achieve sustainable growth of the business operations in the shorter span of time and this would also lead to enhancing the career growth of the employees of the organization.
3.Helpful in increasing the emotional intelligence- With the help of the effective or good leadership, it is possible that the leaders in the organization can enhance their emotional intelligence in the organization in an effective manner (Birasnav, Rangnekar and Dalpati, 2011).
Stewardship implies the responsibility of the business organizations towards the environment in which they operate which means that business organizations operate in the society and they have some responsibilities towards the society and taking care about the environment is of utmost importance for the business organizations to attain sustainable competitive advantage and success of the organization in long run. Stewardship is practised in the organization to enhance the goodwill and reputation of the organization among other companies in the same industry and this helps to attract new prospective customers to buy the products of the organization over other companies. There are some major benefits of practising stewardship in business organizations such as-
1.Enhancement of business goodwill- By practising the stewardship in the business organizations that are taking care of the environment in which the business organizations operate, the goodwill of the organization is improved or enhanced with is helpful for the organizations to attain a competitive edge over other competitors in the same industry.
2.Improving customer base- With the help of practising stewardship, new customers are attracted to buy the products of the company who are taking care of the environment in which consumers and organization live. This is helpful for business organizations to improve their existing customer base (Contrafatto, 2014).
So, in the nutshell, it can be concluded that all the three elements that are managing, leading and stewardship is important for the business organizations to achieve long term success in the organization and to attain a competitive advantage over other competitors in the same industry.
1.Birasnav, M., Rangnekar, S. and Dalpati, A. (2011). Transformational leadership and human capital benefits: the role of knowledge management. Leadership & Organization Development Journal, 32(2), pp.106-126.
2.Contrafatto, M. (2014). Stewardship Theory: Approaches and Perspectives. Advances in Public Interest Accounting, pp.177-196.
3.NÄ›meÄková, I. (2017). The role of benefits in employee motivation and retention in the financial sector of the Czech Republic. Economic Research-Ekonomska IstraÅ¾ivanja, 30(1), pp.694-704.