Office management entails managing logistics and employees and sometimes involves analyzing income and expenses. Many office managers are also responsible for developing tactics and strategies for the future.Continue Reading
Once a company grows beyond having a handful of employees, managing it becomes more challenging. While some business owners serve as managers, many prefer to hire professional office managers, who allow the owners to focus on other tasks.
Managers often deal with the business' finances. When a company is not large enough to hire a full-time accountant, managers will often tally expenses and revenue and calculate company profitability. They must also handle taxes and pay checks and other costs involved with running a business, and they could even count money and handle other sensitive tasks.
Managers are also in charge of dealing with employees. Hiring decisions are often left to managers, and they must deal with employee compensation. Managers are generally on the front line of handling office disputes, and they help maintain employee morale.
At many companies, managers serve as analysts. Since they are responsible for handling financial information, they can often find areas for potential improvement. Managers seek to find ways to cut costs and improve productivity while keeping company morale high.Learn more about Managing a Business
Knowledge management has many disadvantages, including dependency on knowledge contributors, creating confusion among managers and employees, and the mishandling of valuable company information. Failure to use company knowledge properly can lead to a great loss of time, resources and even organizational failure.Full Answer >
The main purpose of reward management is to provide interest and motivation to employees. When interested, workers are more dedicated to maintaining a high level of performance. When motivated by some type of reward or compensation, production, performance and work quality improve.Full Answer >
Reward management refers to a company's overall strategy for its payment and reward system for its employees. Rewards from a company can be both monetary and non-monetary. A properly implemented reward management system is generally an important factor in the recruitment and retaining of talented employees.Full Answer >
To structure employee-based commission sales, create a compensation plan for all employees, ensure it complies with all federal and state laws and establishes the parameters for employees who want to increase their income. An employee-based commission sales strategy compensates employees based on the products or services sold rather than on salary or hourly wages.Full Answer >