DEFINATION:

An economic or productive factor required to accomplish an activity, or

as means to undertake an enterprise and achieve desired outcome. Three most
basic
resources
are land, labor,
and capital;
other
resources
include energy, entrepreneurship, information, expertise, management,
and
time.

GOOD MANAGEMENT PRACTICES:

1. Select the right people
It all starts with getting the right team in place together, the whole can be greater than the sum of its parts. You
need to select the right people for the right jobs, build a complementary team, and align your people with your
organisational goals and culture.
As Wallace Lee, a project manager with Westpac, puts it, Recruit right. Make sure the person not only has the
right skills but, more importantly, fits the culture.
Knowing how various roles will help to achieve your organisations goals will help define the requirements against
which you will interview and assess candidates, according to Iain Crossing, an organisational consultant with
Inspirational Workplaces.
The development of key people may be the single greatest determinant of an organisations ability to deal with
uncertainty and succeed. Central to development is a leaders ability to engage people and align the needs of
individuals with those of the organisation to deliver a united and cohesive front, states Grant Sexton, managing
director of Leadership Management Australasia.

2. Show empathy
Empathy is the ability to listen to people, relate to their emotional experience and let them know that you are
doing so. According to Iain Crossing, it is the most important core competency for managers and leaders.
Developing the ability to understand people and connect with them in a genuine, meaningful way is a key
determining factor in how effective you can be at influencing them, setting them objectives that motivate them,
and rewarding them in a way they each actually find rewarding, says Crossing.

3. Communicate
Communication is the key to fostering empathy and building relationships of openness, trust and honesty with
your team. The first step in effective communication, according to Crossing, is to create the time and space for
people to talk, and to ask questions.
Both Crossing and Lee emphasise the importance of clearly communicating your goals and expectations, and
defining peoples roles and responsibilities in line with these. After all, you cant motivate people if they dont
know what you want. Crossing advises managers to set clear objectives for both the organisation and its people,
to discuss and negotiate them, let people know what support and resources they have access to, and to clearly
link rewards to objectives.

Providing timely and meaningful feedback to your staff is crucial, as is determining how best to give them this
feedback. Crossing recommends tailoring your approach to each individual, with some people requiring regular
assurance and support, and others preferring more autonomy. Lee adds that its important to let your staff know
what theyre doing right as well as what areas they need to work on.
Non-verbal behaviour is just as important as what people say, so effective managers need to be keen observers
to gauge how people are responding to a work situation at an emotional level. Lee says that managers need to
be intuitive since staff dont always tell you when theyre struggling.
Communication needs to flow in all directions, from managers to their staff, from staff to managers, and between
team members. An effective leader is a good listener and fosters an environment where people get to know each
other and understand each others strengths, weaknesses and styles. Good managers are open to the input of
their staff and learn from their feedback.

4. Lead by example
Iain Crossing has observed that people will pick up on the verbal and non-verbal expressions of their bosss state
of mind, so leaders need to take responsibility for the atmosphere they create and shape it with their own
behaviour. This can be as simple as your posture and demeanour when you arrive at the office in the morning, or
more systemic like outlining values and protocols for working with each other.
Its also important to practise what you preach. You cant expect your staff to work harder than youre willing to.
As Lee says, Respect doesnt come from your position you have to earn it.

5. Delegate
Its important to let your staff take ownership of their work and find their own ways of doing things. As Crossing
advises, Delegate responsibility rather than tasks.
Wallace Lee also warns against micromanaging: Don't interfere know when your staff can run with things.

6. Be positive and constructive

Its better to tell people what you want them to do rather than telling them what you dont want them to do,
according to Crossing. If you have to comment on poor performance, use actual observations to demonstrate the
issue and talk about behaviours (which people can change) rather than criticise personalities or make value
judgments.

7. Thank and reward your staff

This area is often neglected but cant be overstated it takes little effort to thank someone but it can make all the
difference to how people feel on the job.
When it comes to rewards, Iain Crossing says that its important to provide rewards that people will actually find
rewarding. For example, some people love to be taken out for lunch, while others might prefer time in lieu or
more autonomy or responsibility. Many managers reward people in the way they themselves like to be rewarded,
which is not always effective. Homer buying Marge a bowling ball for her birthday springs to mind.

8. Develop your staff

Lee emphasises the importance of focusing on your staffs development and says, Help your employees to
succeed their success is your success. Be patient. Coach them and coach them and coach them ... they'll
remember one day.

The best way to coach your people is to help them focus on process rather than content, according to Crossing.
As a manager you will have people coming to you with issues and problems, but instead of getting bogged down
in the detail, coach people by asking them to outline the problem, describe the impact the problem is having,
describe what they've tried already, define an ideal outcome, explore the resources they might use to get there,
consider possible next steps, have them try it and come back with the results. This turns the problem into a great
learning opportunity and empowers the person to solve the problem themselves.

9. Encourage innovation
Its important for leaders to think outside the square and know when to take risks. As Wallace Lee advises, Take
risks with your employees often they bring pleasant surprises.
By giving people the latitude to work through problems and solutions themselves, you will encourage innovation,
creativity and resourcefulness. Lee advises, Let your team think for themselves, don't strangle their creativity.
Encourage innovation Google allows one day a week for every employee for innovation.
Google does indeed allow its employees to use 20 per cent of their time to pursue their own independent
projects. Apparently this independent work time leads to 2.5 times greater productivity and generates the ideas
for 50 per cent of all new product releases.

10. Be flexible
Good managers have a flexible approach and adapt their style to individual employees, allowing them to work to
their own style.
Flexible workplace practices have also emerged as an increasingly important priority for many employees. A
recent survey by Leadership Management Australasia lists flexible work arrangements/hours as the fifth most
important influence on employee performance and fourth most important reason for employees to stay with an
organisation. In other words, flexibility pays