OBJECTIVES OF MANAGEMENT
Objectives are the ends towards which the activities of an organisation are directed. Management is an art of getting things done through others with the aim of achieving all the set targets on time by incurring minimum cost. The main objective of management is to run the organisation smoothly. Following the Objectives of Management categorized into three heads:
The organizational objectives aim at the growth and prosperity of the business. Usually, profit maximization is considered as the main objective of business. But in real world, the business houses also aims at expansion and diversification of the business operations, reduced costs and increasing returns. The main organizational objectives are as follows:
SURVIVAL: The main aim of the organisation is to become self-sufficient to that extent that it can survive in the cut-throat competitive market for a long period of time. The more the firm maintains itself in the competitive world, the more positive image it will have in the minds of the customers.
PROFIT: Another aim of the organisation is to earn profit. Profit is the reward for risk bearing by the owner. More the risk, more the profit will be. Profit earning is yardstick to measure the efficiency of the business. It is required for expansion and diversification of business operations and its survival in the market.
GROWTH: Business organisation must grow and expand their activities. The success of any organisation is measured by the growth rate and growth is measured in the terms of sales, number of branches, number of products, number of employees etc.
Social objectives of the business organisation deals with the commitment of the organisation toward the society. As the business houses are a part of the society, they earn by using the resources of society, so they must do something for the society. The main social objectives of firm are:
- Supply quality products to the customers.
- Make the products available at reasonable prices.
- Create employment opportunities.
- Use eco-friendly means of production.
- Financial support to community.
- Contribution towards desirable civic activities.
- Generation of economic wealth.
- Organising educational, health and vocational training programmes.
- Promote gender equality by providing jobs to females also.
- Judicious use of scarce resources.
Personal objectives are also known as the Human or Individual Objectives. These are related to the employees of the organisation. Employees are considered as the assets of any business house. These are the important resources and the working of the whole business enterprise depends upon the efficiency of the employees of that business. The main individual objectives are:
- Providing Good and Healthy Working Conditions.
- Compensating competitive salary.
- Providing bonus, commission or incentives time to time.
- Social Recognition.
- Peer Recognition.
- Providing training for their personal growth and development.
- A sense of job security and job satisfaction, etc.
The employees will lose interest in their work if their objectives are neglected. Management must try to integrate the personal objectives with the organizational objectives.