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4349 The World without Bankruptcy Laws

Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]

4348 The Wirecard and Infosys Scandals are a Lesson on How NOT to Treat Whistleblowers

What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]

4347 Why the Digital Age Demands Decision Makers to be Like Elite Marines and Zen Monks

How Modern Decision Makers Have to Confront Present Shock and Information Overload We live in times when Information Overload is getting the better of cognitive abilities to absorb and process the needed data and information to make informed decisions. In addition, the Digital Age has also engendered the Present Shock of Virality and Instant Gratification […]

4346 Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies

Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]

4345 Why Government Should Not Invest Public Money in Sports Stadiums Used by Professional Franchises

In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]

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Management is essential in every walk of life. Even what we eat should be managed. You just can’t put anything in your mouth. One needs to be cautious. In the same way, a team must be managed effectively to expect the best from the team members. The team leader plays an essential role in managing his team well.

  • For effective team management, it is important that the team leader is more of a mentor to his team members rather than just being a strict boss. Understand your team members well. Gone are the days when people used to fear their bosses. Now a days employees share a healthy relation with their superiors and the comfort level has increased to a large extent. Don’t impose things on them.

  • Ensure that each and every team member willingly participates in team discussions. Debates are important, but make sure you don’t end up fighting with each other. Suggestions must be invited from all and do not discuss issues separately with individuals. Call every one on an open forum and formulate strategies keeping in mind every body’s inputs. Poilcies should be made best suited to all. The objective of the team must be clearly set and circulated among all the team members. Everyone should be aware of his roles and responsibilities in the team.

  • Communication among the team members must be clear and transparent for an effective team management. Every team member should get the same information and should have an easy access to the superiors in case of any query.

  • The team members must not pass on any information to anyone outside the team. Learn to keep things to yourself. It is unethical to share your professional secrets with others. Don’t leak information or any confidential data.

  • The team members must be motivated on a regular basis. Appreciation is a must. If any team member has performed extraordinarily, do give him a pat on his back. Performance appraisals, perks, incentives, trophies, prizes are all instrumental in motivating the team members to perform even better the next time. Avoid criticizing any of your team members.

  • Loose talks, blame games, dirty politics should find no place in the team. They spoil the environment and people lose interest in their work and organization. If you come to know anything about someone, it’s better to discuss with him face to face, else ignore.

  • It is easy to create a team but it is actually difficult to bind the team members together and even make them work. Team management techniques help in strengthening the bond among the employees and creating an environment where they can trust each other. People actually become friends and start working together as a result of team management activities.

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