Knowledge-Sharing Dilemmas in Organizations

Information being exchanged amongst the workers of an organisation is a system that has been an essential constituent of the procedure of knowledge management. With the introduction of the contemporary information and communications technology within corporations, it has become very convenient and has also become a valuable support function to make such exchanges possible by reducing the obstructions of time and distance. On the other hand, those corporations that have invested in technologies of this kind are frequently faced with the complications of inducing the workers to utilize the purpose of those technologies in order to communicate their knowledge and perceptions. The knowledge share/hoard predicament is a socio-psychological behavior aspect that describes that employees feel the need to not share information or organisational knowledge that they posses because it may eventually harm their own status within the organisation or by sharing knowledge may therefore provide a competitive advantage to their colleagues, over them. Since organisational knowledge is a collective resource employees may make use of it without actually contributing towards developing or increasing it. However, sharing or hoarding knowledge does have their own results which may be in a positive or a negative manner. Individuals usually hoard knowledge when they feel that sharing that knowledge would eventually result in a decrease of their power or status within the corporation because of the very fact that they have shared their distinctive wisdom with the rest of the workforce.

While assessing the various forms of beneficial public problems, there have been certain suggestions of particular interventions that may be implemented by corporations in order to facilitate the organization to promote the required social dynamics which would eventually boost the all-encompassing concept of sharing knowledge and information within the corporation and its employees.… Read the rest

Importance of Ethics in Business Management Practice

To put in simple words, ethics is the principle of moral values which helps you to take actions that are considered as the right thing to do. However, doing what is ‘right’ is not that straightforward. Since everyone has different backgrounds and cultures, we therefore possess different conceptions and perceptions. This causes complication in the process of understanding the meaning of ethics as each person’s point of view on what is ethical varies significantly.

Ethics is not a set of rules that should be followed inevitably but is a guideline to lead you to behave with integrity. It includes values such as equity, responsibility, honesty, and fairness. The importance of ethics can be seen from the fact that many of what were considered as ethical behaviors in the past has developed into law today. For example, stealing is known as an unethical act and is against the law as it is an infringement of human rights and justice.

Ethics in our daily life and in business management practice is slightly different. The ethics which apply in the business world are not just simply a matter of the fact that lying and stealing is wrong. It helps the organizations to act responsibly to all their stakeholders, including the environment surrounding them. It contributes to the process of decision making, giving a sense of ethical reasoning to the managers and employees how they should act in a situation of dilemma. Being ethical in a business activity may not seem so relevant to the prosperity of the business in the short term however, it brings great long-run benefits to the organization in the end and this is the reason why successful businesses try to act ethically even when the process may turn out to be costly.… Read the rest

Triple Bottom Line (TBL or 3BL)

The concept of Triple Bottom Line (TBL or 3BL) is a popular concept that has been applied in the understanding of social duties among companies that are looking forward for the incorporation of non monetary values in their businesses. Its notion has become of much fashion in management, investing and management over the last few years. It has been explained that the ultimate success of corporations ought to be measured not just by the use of traditional financial bottom line, but need also to be measured by on the ethical and environmental factors. In fact most individuals have accepted that, organizations have a lot of responsibilities to their stakeholders to have responsible behaviors. In addition, it is also true that, it is not possible for firms in the long run to be successful if they disregard key stakeholders interests. Its apparent novelty lines in the contention of its supporters that the overall attainment of duties to the society, clients, employees as well as suppliers should be either calculated or audited and even report presented just like financial performance of public firms have been for over a century now.

As a matter of fact, Triple Bottom line can not be taken as if it is an award, certification or even an accreditation that can be earned, but it is a continuous process that just helps companies to keep on ensuring that they are working towards greener business, as well as the demonstrating to the local community that, they are not just working towards enriching themselves, but also to the common good.… Read the rest

The Importance of Corporate Governance in Business

Corporate Governance can be defined as the organizational structure of a company. It encompasses the overall processes, operations and policies by which a company is controlled and functions. Corporate governance is most often viewed as both the structure and the relationships which determine corporate direction and performance.

Within the governing body of a corporation there are various stakeholders. Stakeholders are individuals which are of great importance to the company because they contribute directly or indirectly to its economic activity. Stakeholders retain different degrees of importance within an organization depending on their title or function which are some of the following: shareholders, the board of directors, employees, customers, creditors and suppliers. All together this group of individuals defines a corporate community in which day to day business is conducted and must be sustained in order for the company to survive. Similar to any other community, where there are conflicts of interests, miscommunication, or other organizational problems it affects the entire community and others around it. However is this applicable to the business world? Is corporate governance important for business?

Firstly corporate governance implies the notion of hierarchy. As mentioned above the rights and importance of any stakeholders involved in the economic life of the company varies in function of the roles the individual holds. Following this logic we can identify the key actors within the governing structure of a company: shareholders who own shares of stock and have a right of ownership over the dividends which they receive from their stock and the right to vote on company matters such as electing the board of directors.… Read the rest

Importance of Management Skills in Small Business

For a Small Business to grow, expands and flourish the management team needs to follow basic, yet profound skill sets to achieve success of the business. If these management skills are not taken seriously enough the end result will quickly become failure of the business. There are three key management skills that small business managers need to follow for success these are; Technical skills, Human skills and Conceptual skills. Then there are specialized skills that are imperative for small business success to occur these include; Planning, Organizing, Directing and Controlling. Small Business owners might not obtain these skills because of not having the opportunities to learn these skill sets through the use of courses or university education. Without these skills small businesses will find it near impossible to be successful but through the implementation of the skill sets small businesses will experience growth and prosperous times.

Technical skills

Technical skills are the skills that obtained when the manager of the small business has the capability to recognize and use the knowledge, techniques, tools and equipment for the explicit tasks of the small business in question. Technical skills examples that managers should be proficient in include computer programming and accounting as they are processes or working with physical objects.

Human Skills

Human skills are the interpersonal skills management need to enable their staff to work effectively and efficiently. Within the adaption of human skills, there is a need for the ability to communicate, motivate and lead employees to meet and accomplish goals and objectives set to them.… Read the rest

Paradoxical Thinking

For decades, the management theorists have focused their attention on three types of thinking i.e. magical thinking, modern thinking and postmodern thinking. The latest inclusion is the paradoxical thinking. The main reason that paradoxical thinking has gained importance in the business world is that there were some buzz phrases that were being used by the employees of the organisations such as controlled chaos, getting outside the box, breaking the frame of reference, creative destruction, fuzzy logic and etc. All of these terminologies show that a business can develop something impossible by going beyond the imaginative framework and these old models have less importance in the contemporary world. The primary crux of the paradoxical thinking is that the openness can be anything but it is indecisive, lacks principled convictions and is sometimes passionless as well. Paradoxical thinking implies that problems should be looked from different angles rather than one perspective so that it can be resolved effectively.

The term ‘paradox’ is described as a range or group of statements that are contradictory and challenge the conventional thinking parameters. Likewise, the paradoxical thinking is stated as the way of looking at a situation or a problem form a various range of perspectives and carrying out in-depth analysis to understand the problem completely. One of the best examples of the application of paradoxical thinking is evident in the work performed by Farday in about 1830s. Farday observed that when the electricity current is passed through a wire it can cause a magnetized needle to move that is located adjacent to the wire to move in a direction which is rotational; it formed the basis of electric motor invention.… Read the rest