Every organisation is established to achieve certain objectives. Different organisations are having different objectives and management are having different objectives and management has to achieve these objectives effectively and efficiently. Management Objectives can be classified into organisational objectives, social objectives, and personal or individual objectives.
a. Organisation Objectives: Management is responsible for setting and achieving objectives for the organisation. The main objective of any organisation is to utilise human and material resources to the maximum possible advantage, management of every organisation strives to accomplish the objectives, considering the interest of all the stakeholders, i.e., shareholders, employees, customers, and the government. The economic objectives of an organisation include
1. Survival: Management must work to ensure the survival of the organisation by earning enough revenue to cover its costs.
2. Profit: Earning of profit is very essential for meeting the expenses and for successful continuity of business. Therefore, management should ensure that sufficient profits are earned to cover the costs and risks of business.
3. Growth: For the existence of business organisation for a long period, management should explore all its prospects of growth and development to remain in industry. Growth of a business can be measured in terms of increased sales, increase in the number of employees, the number of products or the increase in capital investment.
b. Social Objectives: It involves the creation of benefit for society. As a part of society, every organisation has a social obligation to fulfill. This refers to consistently creating economic value for various constituents of society. This includes.
- Using environmental friendly methods of production.
- Creating employment opportunities particularly to the under privileged sections of society.
- Providing amenities to society, like schools and creches to employees children.
- Providing financial support to society for noble causes.
- Participating in social service projects of government and non-governmental organisations.
c. Personal (or) Individual objectives: Organisations are made up of people who have different personal backgrounds, experiences, and objectives. It is very important to satisfy their diverse needs by getting their wholehearted support in achieving the organisational objectives. The personal objectives include
- Financial needs like salaries, incentives, and other benefits.
- Social needs like recognition in the organisation.
- Higher level needs which include personal growth and development.
- Management has to take care of personal needs of its employees while also fulfilling the other objectives.
d. Management helps in achieving personal objectives: A manager motivates and leads his team in such a manner that individual members are able to achieve personal goals while contributing to the overall organisational objectives. Through motivation and leadership the management helps individuals to develop team spirit, cooperation and commitment to group success.
