Management Concept Essay: Benefits of Management Competencies

This essay critically analyzes two key management competencies: setting goals and objectives, and fostering innovation, within the context of the hospitality industry. It argues that these competencies provide significant benefits for organizations, managers, and employees. The essay applies the concept of 'thinking critically' as outlined by Quinn et al. (2011) to support its arguments, highlighting how clear objectives provide direction, improve decision-making, and inspire employees. It further emphasizes the importance of innovation for driving business results and adaptability to external environments. The paper uses peer-reviewed sources to support its claims, discussing benefits such as increased operating margins, improved execution of company strategy, and reduced employee turnover. The essay concludes that applying these competencies leads to increased profitability, employee motivation, and overall organizational development.

Running head: MANAGEMENT CONCEPT
MANAGEMENT CONCEPT
Name of the Student
Name of the University
Author Note

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Introduction
This paper is based on the critical analysis of the two competencies setting goals and
objectives, fuelling and fostering innovation have various benefits in a hospitality organization or
for a manager or an employee. Having a clear objective and goal for any industry or organization
provides a direction for the company, what is to be achieved, clearer focus on decision-making
process, has a control of the future, provides inspiration, and provides wisdom of personal
fulfillment and purpose in the organization. Innovation is the high presentation tune of most
business experts. It is obvious that the managers or leaders have to be daring thinker and take
part in a most important role in development of innovative organizations. In today’s human race
innovation is the new management. Therefore, fuelling fostering innovation is important as it
drives business results.
Benefits
In a current finding, it has been found that a strong association between an otganization's
economic performance and an efficient objective setting process. Organizations that are aligned
to goals and objectives enjoy much advanced levels of financial achievement. The studies have
also found that workers in the weakest performing hospital organization or any industry did not
clearly recognize the link between their individual hard work and the overall goal of their
employer (Quinn et al. 2014). These same inhabitants have also reported sensation of puzzled to
their functions at the business, which as expected resulted in imprecise and therefore less fruitful
activity. It critically analyzes these results underline the critical importance of successfully
setting employee business goals and objectives to impel the achievement of the company. In

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addition to that, feeling quite rewarded for the efforts of the workers, they should clearly value
the work that serves short and long-term accomplishment of the industry (Dopson and Hayes
2016). The main benefits are enlarged operating margins: Employees who evidently appreciate
their goals and how they relay to the industry unsurprisingly become more occupied with the
work. They begin to center on finding way to work smart and proficiently. This helps to increase
in employee output that will lead to enlarged profit margins and wealth for the company.
Execution of the Company Strategy: The goal arrangement and visibility allow for earlier
implementation of business strategy by ensuring the organization team to efficiently allocate
manual labor assets across various projects. It increases the overall competence by ensuring that
workers are not copying the efforts of others. Objective setting makes stronger leadership by
allowing the leaders to understand the everyday jobs connected with precise goals and aims and
get rid of redundancies across job titles. Reduced Employee Turnover: A current Gallup poll
showed that organizations with big numbers of unsatisfied employees experience larger
absenteeism and lower output as well as a 51% elevated employee revenue rate (Verderber,
Verderber and Sellnow 2013). Goal configuration let to set up a performance culture by
providing the base for connecting prize systems with individual as well as team presentation.
The new management in today’s world is innovation. The benefits of fostering innovation
are according to recent study, managers support innovation in the workplace because of the
worth it can detain. Innovative employees add to efficiency by creating and executing latest
processes, which in turn may raise competitive benefit and give significant discrimination (Ding,
Eliashbe and Stremersch 2016). Innovative organizations are intrinsically highly flexible to the
exterior environment; which allows them to react sooner and more professionally to avoid threat
opportunities. Researchers critically examine that the innovative employees are liable to be more

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aggravated and involved in the business or organization. Empowering workers to create and
develop their job processes offer wisdom of independence that increases job satisfaction among
the members. In other words, employees to connect in much broader organization extensive
innovation creates a tough logic of cooperation and community, ensure that workers are
vigorously conscious of, and invested in managerial aims and strategy. Supervisor who
encourage an inventive environment could see worth through enlarged employee inspiration,
creativity, and independence and tactical recommendation from the bottom level. Managers can
accomplish this by providing top to down maintain to employees, providing obvious roles and
everyday jobs while allowing them the independence to track these. Sustaining the HR and IT
department so that they can offer preparation and tools for superior worker efficiency can add
considerably to a background of interior innovation (Yashkova et al. 2016). This needs managers
with open mind and motivating in executive positions who are able of navigation worker hard
work without withdrawing employee creativity. Therefore, it is vital to foster and fuel innovation
in the business place.
Conclusion
Therefore, from the above paper, it can be concluded that by applying goals and
objectives in an organization can help to achieve the target as well as keep the employees and the
managers motivated for overall increased profitability of the organization. It helps in the growth
and development of the organization as well as self-development. Innovation is the new market
trend in every industry for creativity, efficiency and productivity of the management and the
employees. It has been found that innovative and creative employees to be more dedicated and
increases competency between the members resulting into job satisfaction and increased

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motivation level in the industry. Therefore, these two competencies are critically analyzed in an
industry and is beneficiary for a manager or an employee.

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References
Ding, M., Eliashberg, J. and Stremersch, S., 2016. Innovation and marketing in the
pharmaceutical industry. SPRINGER-VERLAG NEW YORK.
Dopson, L.R. and Hayes, D.K., 2016. Managerial accounting for the hospitality industry. Wiley
Global Education.
Quinn, R.E., Bright, D., Faerman, S.R., Thompson, M.P. and McGrath, M.R., 2014. Becoming a
master manager: A competing values approach. John Wiley & Sons.
Verderber, K.S., Verderber, R.F. and Sellnow, D.D., 2013. Communicate!. Cengage Learning.
Yashkova, E.V., Sineva, N.L., Shkunova, A.A., Bystrova, N.V., Smirnova, Z.V. and Kolosova,
T.V., 2016. Development of Innovative Business Model of Modern Manager's
Qualities. International Journal of Environmental and Science Education, 11(11), pp.4650-4659.