In business management, there are some key values contain likes practices that are classically
accepted by the managers for the success of the organization and the business undertaking,
the henry Fayol and Frederick Winslow Taylor, are the personalities who are widely
considered and also known as the father of the methods of contemporary management that is
created the elementary principles of the up-to-date management.
Principles of management
Principles of management are the wide, board and general guidelines or the rules for
decision-making and its behaviors that are honesty, division of work, disciple, nature, etc.
There are four principles of management discipline, authority, unity of command, unity of
direction, remunerations, centralization, scalar chain, order, equity, initiatives, stability of
tenure of personnel, division of work, and esprit de corps.
Every business and organization has wish to be efficient and they are liable to achieve their
goals that need good management. Management has four functions planning, organization,
leading and controlling which is also called the POLC framework in the process of
management.
These principles given by henry Fayol are also known and called as the 14 principles of henry
Fayol these principles of management aspect at the group from high to down and from top to
down these approaches were helps managers to get the best from the employees and workers
who are working in an organization and it also helps in running the business smooth with
ease and without following these principles no business can survive and they aren’t able to
achieve any profit and also they can satisfy their customer in an effective way. These
principles always help the company, business and organization to achieve their profit and
maintain their existence in the market
Division of work
Division of labor is crucial to maximizing efficiency and ensuring high output levels,
according to modern management ideas.
Authority Managers need to have the authority to give commands. However, the authority must be
accompanied by responsibility.
Disciplines
Order-taking and handling skills are required of employees. They must also abide by the
organizations guidelines. The secret to ensuring labor docility is discipline.
Unity of command
One superior must give instructions to all employees. There could be confusion and conflicts
of interest if there are many sites of power or more than one direct superior.
Unity of direction
Everyone who engages in the same course of action must share the same goals. With multiple
managers issuing orders, various activities ought to be divided into various groups.
Collective Interest Over Individual Interest
Managers must set aside their personal preferences and goals in favor of the company.
Remuneration
Pay for employees must be adequate, equitable, and proportional with their contributions.
This is essential to reduce labor dissatisfaction and boost productivity.
Centralization
While decentralization refers to sharing authority at lower levels, centralization includes the
concentration of power at the top level of administration. The level of centralization must be
determined by the size of the business.
Scalar chain
It suggests that there should be a distinct line of authority and refers to the chain of command
starting at the top level of management and moving down.
Order
To ensure proper operation, social and moral order must be preserved.
Stability of Tenure of Personnel
Employees must have time to become used to their jobs before being laid off or transferred to
another one.
Equity
To keep a fair workplace, employees must be treated fairly and impartially.
Initiatives
Employee initiative is a requirement in order to foster innovative concepts.
Esprit de corps
The team spirit of the employees should be maintained, and managers should boost their
spirits.
These are the fundamental management ideas that are still applicable today.