Importance of Teamwork in Business Management

This assignment discusses the importance of teamwork in business management. It highlights the benefits of team work, such as generating positive synergy through coordinated effort, and explains how to divide tasks among teams based on skills and objectives. The assignment also emphasizes the need for communication and reward management in a competitive business environment.

Business Management

INTRODUCTION.................................................................................................................................3
TASK 2:................................................................................................................................................3
Use of reward management to retain both graduate trainees and director level staff.........................3
TASK 3:................................................................................................................................................4
Communication models to effect a successful change management within team and the organisation
...........................................................................................................................................................4
CONCLUSION.....................................................................................................................................6
REFRENCES........................................................................................................................................7

INTRODUCTION
Management play important role in dynamic business environment and it is necessary for
smooth flow business (Ball, Geringer, Minor and McNett, 2012.). In this leader and manager
of company use several tool as well techniques of managing entire process. This assignment
is based on Mark and Spencer which is retail sector enterprise founded in 1884 by Sir
Michael Marks and Thomas Spencer. Along with this they are serving worldwide and their
Headquarter is in London, United Kingdom. Apart from all this, report through light on
reward management for both graduate trainees and director level staff. Moreover
communication models which is used by manager for successful change management is
explained. Along with this team management is essential for completing work on time and in
effectual manner.
TASK 2:
Use of reward management to retain both graduate trainees and director level staff
Reward Management- Reward is that which is given to an individual or group of
person for their better performance (Schaper and et.Al., 2014). As well reward management
is the strategy, policy and procedure whose aim is to reward particular person fairly
according to their performance and its value to organisation. As per this explanation of
reward management it is motivational tool and technique use for appreciating or encouraging
employees. Moreover, the same can be of two types extrinsic and intrinsic. Explanation of
both is given below:
 Extrinsic Reward: This is tangible reward which is in the form of pay and benefits. It
is given when employees take participation in particular activity and perform better in
that then only intrinsic reward is given to person. The same is best way through which
personnel get encourage and do work of company in better manner for gaining
reward. Example Bonus, extra pay, fringe benefits, incentive payment, social
relationship and several others.
 Intrinsic Reward: This includes Achievement, recognition, feeling of
accomplishment, job satisfaction, team working empowerment, job enlargement and
several others.
Reward Mix- this is the package which is full of motivational and encouragement tool.
Along with this, it includes several benefits given to employees according to their work. All
these are stated below:-
 Financial: These are extrinsic form of rewards which includes wages or salary,
bonus, pension and so on. It is the best way through this company can easily
motivate their employees.
 Benefits: When personnel are doing work in better manner then there are some
benefits which are given to them (Osterwalder and et.al., 2011). These are not
related to financial terms but include accommodation facilities, leaves etc.
 Social: This includes social status and work relationship.

 Developmental: For rewards when individual is performing various activities
then this will directly help in personal and professional development.
 Intrinsic job satisfaction: When staff member doing some work which is
consider as worthwhile and give addition to the purpose of life (Rohloff, 2011).
Such as promotion, job and employees satisfaction, achievement and others.
 Structure for daily life: When reward is gained and individual in getting
achievement then this gives proper structure for life.
Apart from all this rewards is given to every level of employees working in company
according to their work. They can be graduate level or director level personnel. Both require
motivation and encouragement so they can do their work in effective manner as well help in
achieving goals and objectives of company. There are several importances of rewards for
company, employer and employees (Tukker and Tischner, 2017). The same help in
accomplishing goals and objectives of business as in explained process and policies. When
and individual get encourage through several financial and non-financial tools and techniques
then they automatically start giving more attention to work. This assist in growth and
development of enterprise also and that is important task for remaining in environment which
is full of competition. Reward management is not modern technique but implementing by
firms from traditional period. Moreover, organisation makes reward strategy also which is
required for fair distribution of rewards. Explanation of this is give below:
 Firstly, Rewards policies, strategies, procedure and practices are framed that to whom
and in what manner reward must be given. Decision of all these is taken according to
performance of individual person.
 Framework of this entire program is done for achieving goal and objectives of Mark
and Spenser. This can be possible by motivating and encouraging personnel’s.
 Thirdly, Reward program designed and also good pay that can be in financial and non
financial both the terms. For appreciating employees there must be proper arranged
program or event.
 Effective and supportive reward process in the place.
As per the above discussion it can be easily understandable that reward management is
important and play vital role in business. For encouraging and motivating employees it is
necessary because appreciation is the thing through which manager and leader can gain better
outcomes from their personnel.
TASK 3:
Communication models to effect a successful change management within team and the
organisation
Communication should be proper in company so that information and data which is
necessary to be known by everyone can be transferred. When change are implementing in
organisation it must be managed properly by rendering information to every individual and
team. Shannon’s communication model helps company in proper change management by
providing information to every individual (Segal, 2011). Explanation gives below:

Shannon’s Model- this is one of the most popular and earliest model used by companies in
communication process. Shannon’s model was introduced in 1948 as well it can be used in
every type of business small and large scale. It includes source, encoding, in between noise,
decoding and receiver.
 Source: It is the path way through which data and information is rendering or passing
in entire organisation. This can be Email, message, notice board, letter and many
more. As well depend upon the sent and received method of communication.
 Encoding: this is production of message and system of coded meaning. In general,
this is the system of converting information in codes from one system to another.
Code is the system of symbols, letters or sign used to represent the secret meaning.
Although it includes both signs and rules this includes entire message.
 In between Noise: It is the signal in between which interfere in mid when message in
being carry forward to the next step of decoding. This is totally depending on the
method through which communication is going on (Weske, 2012).
 Decoding: Communication process is continue there is no end in between because on
the one encoded message then another decode it. In this the individual who is
decoding message he will decode it according to their mentality and experience. Then
encoded message will be easily to understand by the receiver.
 Receiver: He/ she are the person who is waiting for the information or data which is
coming through the communication process. When communication process is end and
important information is gained then individual start their work.
Team in organisation: Team is important in every organisation for doing work in effective
and easy manner. A group of person with a full set of balancing skills required to complete a
task, job, or project. Teams work in a company to improve quality, accomplishing projects
and change process. The same must have some element to give surety for the success of the
project or objective (Oakshott, 2012). Every individual member of the group brings a talent
and skill to the table, which contributes to the on the whole success of the team. Team is so
popular in every business because this help in increasing competition, through this talent of
personnel can be utilised in better manner, group s are more flexible and give immediate
response to changes, democratize and motivate. Apart from this there are four types to team
mainly explanation given below:
 Problem – solving: A problem-solving team is a not permanent, cross-functional
group of people who come from several departments, and take different roles, skills
and interests (Peck and Reitzug, 2012). As well gives fast and permanent solution to a
particular problem this is because problem-solving teams are on priority for
temporary basis. The cross-functional makeup of the group means the issues can be
examine from a different perspectives.
 Self Managed: Self organised is involve small group of employees. Member involve
in this plan, manage as well determine their day to day basis activities by themselves
there is no requirement of supervision and control in this. Self – managed team is also
knows as natural work team, self managed and directed team.
 Cross – Functional: This is the team or workgroup of employees from various
functional areas in the company. These are who which collaborate to reach pre
determined goals and objectives of business. On an impermanent basis to function as

a department for the duration of a particular project, existing from the start of that
project until, ideally, and the project's successful completing.
 Virtual: Technology allows individuals to participate in an enterprise activities not
considering of their geographic locations (Biehl‐Missal, 2011). Virtual teams
exchange a few words online, through several conferencing and teamwork
technologies. For working of the same team special Thanks goes to social-networking
tools, virtual-team members can be in touch constantly and access team projects, no
matter where they are. It's essential to choose virtual-team members capable to work
with minimal supervision. They must also have outstanding communication skills,
because they'll work within the boundaries of communicating without advantage of
seeing facial expressions and body language (Potgieter and Coetzee, 2013).
Group and team work:
Group work don’t do too much thing in business they only interact primarily for
sharing information as well assist in decision making process. So that another person’s
working in company for defining responsibility of each and every individual person. Group
work is famous for transferring information and data to different people working in business.
Generates positive synergy through coordinated effort, individual efforts result in a
level of performance that is greater than the sum of those individual inputs. Team work is
more important for doing work in effective manner and for better outcomes. Because in this
skills and knowledge every individual in combine for achieving pre determined goals and
objectives. Every department have their team which perform activity related to that particular
department.
Thus, from this it has been concluded that team work is important for change management in
company as well it help in achieving goals and objective of business. For achieving goals and
objective of business it is important to divide task in different team according to their skills
and objectives.
CONCLUSION
From the above assignment it has been concluded that business require proper
management in their day to day working. It helps in achieving goal and objectives of
company which is necessary for remaining in this competitive world. Mark and Spencer is
retail sector business as well this is full of rivalry. So in this there is requirement of reward
management for both graduate trainees and director level staff. Along with this
communication is also necessary for managing top to lower level management. With this
there is requirement of team work which is necessary for completing work on time in
effective manner. Group work and team work both are different as well help in several other
manners in the organisation.

REFRENCES
Books and Journals
Ball, D., Geringer, M., Minor, M. and McNett, J., 2012. International business. McGraw-Hill
Higher Education.
Schaper, M. T. and et.Al., 2014. Entrepreneurship and small business.
Osterwalder, A. and et.al., 2011. Business Model Generation: A handbook for visionaries,
game changers and challengers. African journal of business management, 5(7),
pp.8918-8932.
Rohloff, M., 2011. Advances in business process management implementation based on a
maturity assessment and best practice exchange. Information Systems and e-Business
Management, 9(3), pp.383-403.
Tukker, A. and Tischner, U., 2017. New business for old Europe. Taylor & Francis.
Segal, S., 2011. Corporate value of Enterprise risk management: the next step in business
management (Vol. 3). John Wiley & Sons.
Weske, M., 2012. Business process management architectures. In Business Process
Management (pp. 333-371). Springer, Berlin, Heidelberg.
Oakshott, L., 2012. Essential quantitative methods: for business, management and finance.
Palgrave Macmillan.
Peck, C. and Reitzug, U. C., 2012. How existing business management concepts become
school leadership fashions. Educational administration quarterly, 48(2), pp.347-381.
Biehl‐Missal, B., 2011. Business is show business: Management presentations as
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Potgieter, I. and Coetzee, M., 2013. Employability attributes and personality preferences of
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Psychology, 39(1), pp.01-10.