Interrelationship Between Management Functions

 PROFESSIONALIZATION OF MANAGEMENT IN INDIA

There is a strong case for professionalization of management in India because of the following reasons:

1. Professionalization will define the duties or and responsibilities of managers precisely. This will help in laying down standards of education and training for further manager.
2. Professionalization would improve the quality of management education and training. More talented and dynamic young persons would be attracted to adopt management as a career.
3. Professionalization would help in regulating the conduct of managers. This would strengthen ethical practices by the organizations.
4. Professionalization management would improve the status and prestige of managers. It would remove the impression that managers are interested only in maximizing profits for shareholders’. They would be seen as catalyst of change in the economy.
5. Business environment in future will be more challenging because of technological innovations, changes in economic policies of the government, rise of multinational corporations and increasing consciousness on the part of consumers and workers. Only the professional managers would be able to meet such challenges.

It has come to be realized in India that management is a key factor in the development of the economy. The expectations of the people from the business have changed. They want business enterprises to fulfil, their social obligations. No business enterprise can perform its social obligations unless it is managed by professional managers. Moreover, management of industrial enterprises has become very complex job because of a number of factors including tough competition in the market, growth of trade union movement, increase in literacy level of the workers, and increasing participation of Government in business. All these factors have given way to the professionalization of management in India.

Formal education and training in management is being imparted to the students at various universities and institutes. All India Management Association (AIMA) has also been established for the development of future managers. The company form of business organization has gained popularity. The divorce between management and ownership of companies has increased the need for professional managers. Even the owner-managed companies and other enterprises also am employ professional managers because of the specialised knowledge required in managing the different areas of business like production, finance, personnel, marketing, etc. In short, it can be said that professional status for management in India is assured because it will satisfy all the elements of a profession in the future. The society has also started recognizing management as a profession.