MGT501
SEMESTER 1
MAJOR GROUP PROJECT
2018
Group members & ID:
Manisha Devi (2018003133)
Vijeta Vani Kumar (2017140701)
Vriyansha Vanistha Kumar (2017142902)
Prashneel Praneet Prasad (2018003240)
Tutorial Day & Time: Thursday, 10am-11am
INTRODUCTION TO BUSINESS MANAGEMENT
Acknowledgement
We would like to acknowledge our sincere gratitude to the following people without whose assistance this project would not have been a successful one. Their exquisite, consistent and pecuniary support has enabled this project work to be aptly compiled.
Firstly, our MGT 501 lecturer for guiding us throughout the project
Secondly, our friend who had given us information in the completion of this project
Lastly, but not the least the All mighty God for giving us strength and knowledge
Statement of declaration
We, hereby declare that the work contained in this project and the intellectual content of this report are the product of our own work .This project has not been previously published in any form nor does it contain any verbatim of the published resources which could be treated as infringement of the international copyright law.
We also declare that we do understand the terms ‘ copyright ‘ and ‘ plagiarism ‘ and that in case of any copyright violence or plagiarism found in this work , we will be fully responsible of the consequences of any such violation.
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Table of content
Cover Page 1
Title Page 2
Acknowledgement 3
Statement of Declaration 4
Table of Content 5
Introduction 6
Aims and Objectives 7
Background 8
Literature Review 9-10
Methodology 11
Analysis/ Findings 12-18
Recommendations 19
Conclusion 20
References 21
Appendix 22-23
Introduction
The YKK Group is a Japanese group of manufacturing companies. It is known as the world’s largest zipper manufacturer, YKK Group is also known for making zippers. However, it also manufactures other fastening products, architectural products, plastic hardware and industrial machinery. https://en.wikipedia.org/wiki/YKK
The fastening products are the first and still the most important product of YKK. Within YKK, the company distinguishes between the Slide Fastener Division, the Textile and Plastic Products Division, and the Snap Fastener and Button Division. In addition, Architectural Aluminum products include fenestration systems for glass exteriors. These are the entrances for commercial and institutional structures. The aluminum sunshades and residential windows are based in Austell, Georgia, USA.
However, this company applies to the four functions of the management which is briefly discussed in the body. The leadership style such as strategic leadership style has been carried out in the chosen organization, which style refers to a manager’s potential to express a strategic vision for the organization, or a part of the organization, and to motivate and persuade others to acquire that vision. https://www.managementstudyguide.com/strategic-leadership.htm. This leadership style influences the behavior of the employees in the organization.
There were many types of motivating factors by which managers were able to influence the employees such as motivating and communicating about the decisions clearly and creating a team target amongst staff. Providing of incentives which motivates them to perform by rewarding and recognizing staff.
Furthermore, there were many views from the employees towards the achievements of their needs in relation to Maslow’s hierarchy of needs theory which will be also be discussed in the body of the project
2.0 Aims
The aim of this research project is to find out how the four functions are applied in the chosen organization, which leadership style is being carried out and is it effective, how managers motivates employees to perform, and also to know the views of the employees towards the achievements of their needs in relation to Maslow’s hierarchy of needs theory.
Objectives
The four function applied in the organization
Leadership style and its effectiveness
Motivation of employee’s performance
3.0 Background
The YKK Oceania Limited Company is located in Lot 3 Carpenter Street Raiwai, Suva. This company is known as the world’s largest zipper manufactures and distributes zipper, elastic and trims in Fiji. The YKK group (YKK Waikeikei Gurupu) is a Japanese group of manufacturing companies. As the world’s largest zipper manufacturer, YKK group is most known for making zipper. However, it also manufactures other fastening products, architectural products, plastic, hardware and industrial machinery.
The initials YKK stands for Yoshida K?gy? Kabushiki gaisha. “Yoshida Manufacturing Corporation”), which was the name of the company from 1945 until 1994. YKK produces fasteners and architectural products at 109 YKK facilities in 71 countries worldwide. https://en.wikipedia.org/wiki/YKK. This company has 42,154 workers working in their based company’s.
This company is also engaged in production of fasteners, slides, and snaps. YKK group companies seek to delight the customers, earn the high regard of society and make their
The YKK’s net income comes to around JPY 721.03 billion which is equal to US $6.1 billion as of 2014. The company employs around 42,154 employees. The initial YKK stands for Yoshida Kogyo Kabushiki geisha, which was the name of the company from 1945 till 1994. YKK was founded by Tadao Yoshida in Higashi Nihonbashi, Tokyo in January 1934.
4.0 Literature review
Planning is the function of the management which is made by the top level management. This is to dedicate where to take the company and selecting steps to follow in order to achieve the goals and objectives of the organization. It also requires the managers to be aware of the environmental conditions facing their organizations such as economic conditions, their competitors and their consumers. They also need to work towards the success of their plans and take corrective measures when necessary. They aim for huge orders before the end of the each year. This is to compete against other companies in manufacturing their products and gaining more than expected profits each year.
Organizing is another function of the management, where managers of the company are to organize, by bringing together physical, human and financial resources towards achieving the objectives of the company before the deadline, whereby they identify activities to be accomplished, classify activities, and assign activities to groups and individuals. They also create responsibility and then coordinates the relationship of responsibility and authority. The structure of an organization is the framework within which effort is organized in different parts of an activity and the people involved in it so that it works well. The structure usually represents an organization chart, which provides a graphic representation of the chain and command within the organization.
Leading involves managers to influence their employees to be determined towards in meeting their company’s goals and objectives. This is through having a good and friendly relationship with their employees and also communicating which provides direction as by which the manager can be effective. This enables the employees to work in assigned activities which makes them accomplish the required manufactured products to be produced before the deadline approaches in order to meet their organizations goals and objectives.
Controlling involves to ensure the performance that does not differ from what is expected. This also involves measuring of achievements against the established goals and objectives. Therefore, things are to be done according to the plan.
The type of leadership style which is being carried in the management situations is strategic leadership style. The strategic leadership style is effective in influencing the behavior in the organization. It provides various techniques which focuses on the organization when they are to decide on their purpose and the best business practices which is critical for the remaining competitive and relevant. Thus, to remain successful it requires a different way of thinking about how to gather together resources and deliver services.
The managers are able to influence and direct workers by giving instructions, the steps that are given are to be followed so their objectives are accomplished by their employees. Also by motivating them, by having a good and understanding relationship with their employees. This could make their employees to work towards their capabilities and skills for the accomplishment for the assigned work.
The managers are able to empower employees by giving the authority and responsibility for decision making regarding their specific organizational tasks. The managers are to set goals for the group and also determine the best way to meet them. Divide employees into manageable activities, and assign these to closely connected team members. Motivating and communicating about the decisions clearly and creating a team target amongst staff. Also, to establish an appropriate targets, and analyze and interpret performance, and developing staff as company assets. The incentives which are provided to the employees that motivates them to perform is by rewarding and recognizing staff. This is where employers make a conscious effort to reward and award their employees, not just to acknowledge their work but also to motivate them to continue with the same passion. Through giving compensation such as giving more than the regular paid wages in exchange for the work done by an employee in the organization
5.0 Methodology
This assignment was completed by the use of primary and secondary research which are in detail below:
Primary Research
The field research was conducted at YKK Oceania Limited where a questionnaire was handed to the organization.
Secondary Research
2.1 Fiji National University Library
The information was gathered from the Fiji National University library. The books were based on management.
2.2 Internet
Research was conducted from the websites based on the YKK Oceania Limited
6.0 Analysis and Findings
6.1 The four functions applied in the chosen organization
Planning
Planning is the function of the management which is created by the top level management. This process is followed by the company in order to achieve the goals and objectives of the organization by following selective steps which are as follows:
Aim for huge orders before the end of the each year
Gaining more than expected profits each year
Managers are to be aware of the environmental conditions facing their organizations such as economic conditions, their competitors and their consumers
Working towards the success of their plans and take corrective measures when necessary.
Organizing
Organizing is another function of the management, where managers of the company are authorized to organize physical, human and financial resources collectively towards achieving the objectives of the company before the deadline. This organizing function are listed as follows:
Identify activities to be accomplished, classify activities, and assign activities to groups and individuals
Create responsibility and then coordinates the relationship of responsibility and authority.
Leading
Leading involves managers to influence their employees to be determined towards in meeting their company’s goals and objectives. Leading involves the following ways by which managers are able to determine their employees in order to meet their company’s goals and objectives:
Having a good and friendly relationship with their employees
Communication which provides direction as by which the manager can be effective
Enables the employees to work in assigned activities which makes them accomplish the required manufactured products to be produced before the approached deadline in order to meet their organizations goals and objectives.
Controlling
Controlling involves the ensuring of the performance that does not differ from what is expected. This also involves measuring of achievements against the established goals and objectives. How controlling measures the achievements are listed as follows:
Monitoring of work performance
Observing of things which are to be done according to the plan
6.2 Managers/ supervisors influencing and directing workers
The managers are able to influence and direct workers:
By giving instructions, the steps that are given are to be followed so their objectives are accomplished by their employees.
By motivating them, by having a good and understanding relationship with their employees.
6.3 & 6.4 Strategic Leadership Style and Its Effectiveness
The strategic leadership style refers to a manager’s potential to express a strategic vision for the organization, or a part of the organization, and to motivate and persuade others to acquire that vision.
The strategic leadership style is effective in influencing the behavior in the organization. It provides various techniques which focuses on the organization when they are to decide on their purpose and the best business practices which is critical for the remaining competitive and relevant.
Thus, to remain successful it requires a different way of thinking about how to gather together resources and deliver services. Also strategic leadership style balances a focus use of an appropriate process to break a problem down into the elements necessary to solve it (Analytical Perspective) with the human dimension of strategy making in a strategy dialogue so that the foundation for building a winning for an organization can be defined, committed, adjusted adapted to their strategy as quickly as needed
6.5 Managers/ supervisors motivating employees to perform
The managers are able to empower employees:
By giving the authority and responsibility for decision making regarding their specific organizational tasks.
Motivating and communicating about the decisions clearly and creating a team target amongst staff. .
Extra pay- more pay given when doing a particular or even doing extra hours which would be double pay
Bonus- given when the workers are updated with their work and also every in Diwali all the workers are given bonus of certain amount in their bank.
Reward – in the reward ceremonies the workers are given reward if they have performed well in the organization
Promotional growth – giving the workers the opportunity to show their talent in the organization through giving promotion from one department to another department.
They are the best in the company- to motivate workers that they are the best workers for the company to work in and to show their level best performances
Recognizing staff – being recognized as the employee of the month
6.6 Employees views towards the achievements of their needs in relation to Maslow’s hierarchy of needs theory
Physiological Need
Physiological needs are maintenance of the human body such as basic needs. Which are air, water, shelter, sleep, and clothing. Thus, in an organization an employees are to be provided with the following needs:
Comfortable working conditions
Provide a safe working environment to the workers to work in it, with all the safety and security, through which the workers are free to work in whatever environment they are to perform their work.
Break Times
Tea and lunch break are to be scheduled by the managers to accommodate operating requirements and to ensure that the department functions are not compromised.
Tea break is 15 minutes during the morning and lunch break is 1 hour and is to be taken anytime between 11:30am to 2:00pm.
Hours of work
Working hours are from 8:00am to 5:00pm on Monday to Friday. On Saturday’s working hours are from 9:00am to 2:00pm.
Safety Needs
Safety needs are needs such as security or protection from elements which gives a negative or unwanted effect on an employee in an organization such as personal security, financial security, health and protection from accidents. The following includes the safety needs given to an employee in an organization:
Sexual Harassment
The company is committed to providing a work environment that is free from all forms of discriminations and conduct that can be considered as harassing, coercive, or disruptive including sexual harassment. Actions, works, jokes or comments based on an individual’s sex, race, color, nation origin, age, religion, disability, sexual orientation or any other legally protected characteristics will not be tolerated.
Sexual harassment is defined as unwanted sexual advance or visual, verbal or physical conduct or sexual nature.
Employee Conduct And Work Rules
To ensure orderly operations and provide the best possible work environments, the company expects employees to follow rules of conduct that will protest the interests and safety of all employees and our organizations.
The company expressly prohibits any form of harassment based on race, color, religion, sex and mental or physical disability.
The following are some forms of unacceptable behavior that will result in disciplinary action. Up to and including termination of employment.
Theft or inappropriate removal or possession of the company property or stealing form a fellow employee
Loitering
Falsification of medicine certificate
Possession, distribution, sale, transfer, or use of alcohol or illegal drugs in the workshop.
Fighting or threatening violence in the workshop
Negligence or improper conduct leading to damage of company or customer’s property
Insubordination or other disrespectful conduct
Violation of safety or health rules
Sexual or other unlawful or unwelcome harassment
Reporting to work under the influence of alcohol. Smelling of alcohol or consuming alcohol at work.
Excessive absenteeism or any absence without notice
Sleeping on the job
Unauthorized use of telephones ,email, internet or other company owned equipment
Unauthorized disclosure of business confidential information
Violation of company policies
Unsatisfactory performance or conduct
Social Needs
Social needs are needs which employees prefer such as friendship, trust, receiving and giving affection and love such as being part of a group (family, friends, and work). The managers are to account for the social needs of their employees which are listed below:
Team Work- the managers are to encourage team work so that each of the employees know each other.
Working Life- promoting a good work life balance
Esteem Needs
There are two types of esteem, first one is esteem for oneself such as independence and the second one is the desire for reputation or respect from others, For example, status. The esteem need is based on the following:
Independence
Each employee working in an organization wants to be independent as they can show their skills and knowledge to work towards their assigned field. Which enables them to show their performance level.
Respect
Each individual employee desires for respect from others. Employees are to be offered with praise and recognition when an employee does well. Also, offering of promotions and responsibility which will make them feel valued as an employee.
Self- actualization
Self- actualization is realizing of personal potential and seeking of personal growth and experiences. Thus, an employee is capable of becoming anything when one is capable of becoming. The following will discuss about self-actualization:
Probationary Period
All new employees will be placed on a 3 months probationary period. During this period the employee’s performance is monitored and upon the successful completion of the probationary period, the employee will be confirmed in their role.
The probation period is intended to give new employees the opportunity to demonstrate their ability to achieve a satisfactory level of performance. The company uses this period to evaluate employee capabilities, work habits and overall performance.
There may be instances where an employee’s probationary period will be extended for up to a further 3 months. In all such instances, the employee’s manager will discuss the reasons for the extension with the employee.
Either party may give notice and terminate the employment contract during the probationary period without having to provide reasons for their decision.
7.0 Recommendation
The YKK Company is known as the world’s largest zipper manufacturer. They provide their products in various countries. They have many other fastening products which are being exported, supplied around the world. However, it can be recommended that the YKK Company should produce more products in order gain more earnings. Have many factories establish in the Fiji Islands so that more employees get employment and show their interests and skills.
8.0 Conclusion
After the completion of this research project, it can be concluded that the YKK group of company is known as the world’s largest manufacturing company and it also manufactures other fastening products, architectural products, plastic hardware and industrial machinery. Thus, this company has various types of factors which could motivate an employee towards its performance.
9.0 Reference
https://www.ykkfastening.com/products/https://www.managementstudyguide.com/strategic-leadership.htm.
https://en.wikipedia.org/wiki/YKKhttps://en.wikipedia.org/wiki/Strategicleadership
http://www.huimfg.com/abouthui-yourteams.aspx (accessed May 3, 2018)
10.0 Appendix
Fiji National University
Department of Management
Questionnaire
Name:
Position:
Company’s Name:
The four functions of management are planning, organizing, leading and controlling.
How the above mentioned functions are applied in the organization?
________________________________________________________________________________________________________________________________________________________________________________________________________________________
________________________________________________________________________
How does the managers/ supervisors are able to influence and direct workers?
________________________________________________________________________________________________________________________________________________________________________________________________________________________
Which type of leadership style is being carried out in the organization?
________________________________________________________________________________________________________________________________________________
Is the above mentioned leadership style effective in the organization? How?
________________________________________________________________________________________________________________________________________________________________________________________________________________________
How managers / supervisors motivate employees to perform?
________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
What are the views or assumptions of employees towards the achievements of their needs in relation to Maslow’s hierarchy needs of theory?
________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
