Principles of mangement follwed by lakme company
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principles of management followed by lakme
Samsung is committed to complying with local laws and regulations as well as applying a strict global code of conduct to all employees. It believes that ethical management is not only a tool for responding to the rapid changes in the global business environment, but also a vehicle for building trust with its various stakeholders including customers, shareholders, employees, business partners and local communities. With an aim to become one of the most ethical companies In the world, Samsung continues to train its employees and operate monitoring systems, while practicing fair and transparent corporate management.
Five Samsung Business Principles
In an expression of its commitment to corporate social responsibility as a world leading company, Samsung Electronics announced the “Five Samsung Business Principles” in 2005. The principles serve as the foundation for its global code of conduct in compliance with legal and ethical standards and the fulfillment of its corporate social responsibilities.
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Following are the Fayol's principles:
Division of work: Division of work and specialization produces more and better work with the same effort.
Authority and responsibility: Authority is the right to give orders and the power to exact obedience. A manager has official authority because of her position, as well as personal authority based on individual personality, intelligence, and experience. Authority creates responsibility.
Discipline: Obedience and respect within an organization are absolutely essential. Good discipline requires managers to apply sanctions whenever violations become apparent.
Unity of command: An employee should receive orders from only one superior.
Unity of direction: Organizational activities must have one central authority and one plan of action.
Subordination of individual interest to general interest: The interests of one employee or group of employees are subordinate to the interests and goals of the organization.
Remuneration of personnel: Salaries — the price of services rendered by employees — should be fair and provide satisfaction both to the employee and employer.
Centralization: The objective of centralization is the best utilization of personnel. The degree of centralization varies according to the dynamics of each organization.
Scalar chain: A chain of authority exists from the highest organizational authority to the lowest ranks.
Order: Organizational order for materials and personnel is essential. The right materials and the right employees are necessary for each organizational function and activity.
Equity: In organizations, equity is a combination of kindliness and justice. Both equity and equality of treatment should be considered when dealing with employees.
Stability of tenure of personnel: To attain the maximum productivity of personnel, a stable work force is needed.
Initiative: Thinking out a plan and ensuring its success is an extremely strong motivator. Zeal, energy, and initiative are desired at all levels of the organizational ladder.
Esprit de corps: Teamwork is fundamentally important to an organization. Work teams and extensive face‐to‐face verbal communication encourages teamwork.
Now, Henry Fayol principle is followed in a department store because
there is division of work and a unit of command. There are people
who arrange shelves and others who help to pack the baggage.