In this section, we will explore more about the “Executive Management Team responsibilities”. Continue reading to know more about the topic.
Preface
In today’s world, many organizations have a large number of employees at different levels. Managing such a large number of employees is a significant task. This problem becomes even more complex when there is a need to manage a business at the global level.
These days, the traditional management structures have become obsolete and new structures have been developed for managing employees efficiently. Also, the traditional hierarchical structure does not provide enough flexibility to meet the current market challenges. The number of employees at different levels is increasing day by day and that has resulted in chaos.
Now, we will understand the Executive Management Team responsibilities and how they can be managed efficiently to get the maximum benefits from it.
Importance of Executive Management Team in an Organization
The organizational structure in an organization decides how well the organization can perform in the real world. The structure should also be such that it provides flexibility to meet the changing conditions and challenges of the market. There are mainly three types of organizational structures:
Hierarchical Structure
In this structure, there is a clear division between top management and lower management. There is also a clear division between various departments or units of the company. This type of structure is suitable when there are few employees in an organization and they do not need much flexibility to perform their duties.
Matrix Structure
In this type of structure, there is a division between top management and lower management but it also provides flexibility to move resources from one function to another depending on changing conditions and challenges faced by the organization.
Project-Based Structure
This structure provides maximum flexibility to meet changing conditions and challenges faced by an organization. The resources can be moved from one project to another depending on its priority and importance to the overall performance of the organization. For example, if one project fails due to some reason then resources can be moved from that project to another urgent project which needs immediate attention from managers and employees alike.
In this chapter, we will also understand the Executive Management Team and its responsibilities for managing resources and providing flexibility within an organization which helps in achieving organizational goals efficiently and effectively with minimum resources required for it.
What is an Executive Management Team Responsibilities?
The Executive Management Team is the senior-most group of managers in an organization. It is also known as the Executive Board. This team usually consists of the top-level managers of the organization including the CEO, CFO, COO, etc.
The members of this team are responsible for deciding the strategic direction of the company and ensuring that it is carried out properly by all employees at different levels. The members also make plans for short-term, medium-term, and long-term goals based on market conditions and organizational objectives. Also, the members ensure that all employees work together to achieve organizational goals efficiently and effectively.
To Conclude
In this chapter, we have understood the importance of the Executive Management Team and its responsibilities. The role and responsibilities of this team should be clearly defined and communicated to all employees in the organization. The responsibilities of the team should be such that it provides flexibility to meet changing conditions and challenges faced by the organization.
The Executive Management Team will play a key role in managing the resources of the organization and providing flexibility to achieve organizational goals efficiently and effectively.
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