Attempt the following. Explain in detail any five Henry Fayol's principles of management given by Henry Fayol.

Attempt the following.



Explain in detail any five Henry Fayol's principles of management given by Henry Fayol.


Solution: 


1) Principle of Division of Work:

According to this principle, the work is divided into different kinds such as technical, financial, commercial, security operations, accounting and managerial. It is assigned to employees as per their qualities and capabilities. It helps in improving efficiency and expertise of employees which ultimately turns into expected productivity level.


2) Principle of Authority and Responsibility:

Authority is the right to take decisions. It is necessary to get the things done appropriately from subordinates. Authority always comes with the responsibility. If the manager is given the authority to complete a task within a given time, he should be held responsible if he does not complete the work in given time.


3) Principle of Discipline:

According to Fayol, discipline is the most essential thing in the organization. Employees must obey and respect the rules that govern the organization. Discipline helps to achieve the goals in the organization. Good discipline is the result of effective leadership. There must be a clear understanding between the management and workers regarding the organization's rules. Basic discipline should be observed at all levels of management.


4) Principle of Unity of Direction:

This principle states that 'there should be one head and one plan' in every organization. Each group in the organization should have the same objective and the group should be directed by one manager using a single plan.


5) Principle of Remuneration:

Appropriate remuneration to staff or employees is the principle to keep them satisfied financially as well as retain them for long span of time within the organization. The fair remuneration effects on the productivity and efficiency level in total. The remuneration should be fixed by taking into consideration the skill, expertise, knowledge, tenure, cost of living, market trend, profitability of organization etc.


OCM [Organisation of Commerce and Management] Business Studies, XII 12th Standard, 

HSC OCM MARCH 2020 BOARD PAPER WITH COMPLETE SOLUTION OMTEX CLASSES

Balbharati Solutions for Organisation of Commerce and Management (OC) 12th Standard HSC Maharashtra State Board

Chapter 1: Principles of Management

Chapter 2: Functions of Management

Chapter 3: Entrepreneurship Development

Chapter 4: Business Services

Chapter 5: Emerging Modes of Business

Chapter 6: Social Responsibilities of Business

Chapter 7: Consumer Protection

Chapter 8: Marketing