How to Manage Resources?

The paramount role of a manager’s job is basically to manage the resources of his or her organization. The manager needs to ensure the efficient use of organization’s resources and also proper use of the resources in ways, which could help in achieving the organization’s goals. The resources that are imperative for any manager include financial capital, human capital, physical resources and technology. People at a managerial position create and manage a portfolio of resources. However, in order to build such a portfolio, they need to acquire and develop the resources which are required to complete the organization’s tasks.

For instance, the managers must recruit , as well as, choose the most ideal employees for different job roles and keep continually develop their skills and knowledge.

Since the employees are developed their value to the firm also rises, which implies that the managers must be effective evaluators of people’s skills in order to bring in the ideal candidates and identify their skills and knowledge to be developed. The managers should also devise the means to promote learning in the organization as well.

When these portfolio of resources is made, managers should then allocate, as well as, coordinate these resources to accomplish their organization’s tasks.

Remember that managers are typically responsible for developing and implementing a strategy to use the organization’s capabilities to accomplish its goals. A major dimension of coordination is interpersonal relationships, with other managers and employees. Managers’ interpersonal and communication skills are important in the entire process.

As a result, how these professionals manage human capital is highly important to their success.

This can be understood with an example. Anne Mulcahy, who is a former CEO and chairman of Xerox, is largely recognized for turning around that company’s performance. However, Mulcahy claims Xerox employees are more responsible for the growth. That means that that coordinating with the staff with the best human capital possible and guiding the right is critical for the success.

It is imperative to be understood that globalization boasts larger involvement in international markets. Thus, firms moving into international markets increasingly need to learn about other cultures and the institutional environments in these markets. Some firms have facilitated this learning process by developing multicultural management teams.

Since the complexities of working in various countries are wide, companies must focus their international operations in one or two foreign regions only.