Write short answer for the following.
State any five principles of management.
ANSWER:
The following are the five principles of management suggested by Fayol:
i. Initiative - The principle suggests that workers should be given enough motivation and incentives to work. They should be inspired to come up with suggestions regarding their work, but those suggestions should be in line with the practices and rules of the organisation.
ii. Authority and responsibility - ‘Authority’ means the power to give orders and assign duties, whereas ‘responsibility’ refers to a worker’s obligation to perform the assigned duties. According to this principle, managers should strike a balance between power and obligation.
iii. Discipline - The principle says that an organisation should follow rules and regulations and also ensure conformity to the set rules and policies. It is important for both the management as well as the workers to honour their commitments and make clear and fair agreements.
iv. Subordination of individual interest to general interest - Organisational goals should enjoy priority over personal interests of any individual. The individuals of an organisation should make sure that their personal interests do not affect the organisational interests in any manner.
v. Remuneration of employees - Compensation should be fair for the employees and the management. This implies that employees should get fair wages and salaries so that they can have a reasonable and decent standard of living.
