Types Of Management In A Company
There are different types of management in a company which can be classified based on the type of department found in the organization. Finance departments, marketing departments, production departments, and human recourse departments are the major departments in an organization. Company management can equally be classified based on the levels of management, from lower level to top level management. The following are the types of management in a company according to their level of departments:
Financial management
These types of management in a company are responsible for keeping records of financial inflows and outflows in an organization. They take care of buying decisions and make sure that the company is operating at a profitable level by ensuring that production costs, administrative costs, and other business costs are properly managed. The heads of the financial management department is referred as financial managers. Other workers in this department include accountants, bookkeepers, and those who have education or expertise in finance related matters.
Production management
Every manufacturing company has a production department and it is the duty of the production management to handle every aspect of the company’s production. It is one of the most important types of management in a company since no business activity will be carried out without production. The production managers ensure that raw materials are readily available for production and make sure that quality is maintained at all times. Concepts such as quality control and total quality management are strictly followed by the production department.
Human resource management
It is said that people are the most important resources in an organization. This makes human resources management the most important types of management in a company. The responsibility of the HRM department in a company is to ensure that the right people are employed to work in the organization. Their job is not limited to recruitment and selection alone, but also on the management of the welfare of these workers when they are employed. Their responsibilities include interviewing applicants, selection and recruitment, job placement, setting criteria for promotion, motivating workers for optimum productivity, and arranging pension plans. Human resource managers are very important in an organization because their duty cuts across all departments of the organization
Marketing management
When goods are produced, they need to be sent to the market for sales and distribution, and marketing management is the type of management responsible for these activities. Their jobs include setting promotional campaigns to make their products known to the public, ensuring good packaging, setting the ideal product price, and ensuring that the products are sold to the target market. These types of management in a company make sure that the products reach the market in order to boost sales and profit.
Another classification of the types of management in a company includes lower level management, middle-level management, and top level management. The lower level management is made of trainees that are newly recruited into the organization with little management experience. The middle-level managers are more experienced than the lower level managers and are given more authority. But the top level managers have loads of experience and are usually the heads of the different managerial departments in the organization.
