Features of Modern Management

Management is an individual or group of individuals that accept responsibilities to run an organization. Management is essential not only for business concerns but also for banks, schools, colleges, hospitals, hotels, religious bodies, charitable trusts etc. Every business unit has some objectives of its own. Management is a vital aspect of the economic life of man, which is an organised group activity. It is considered as the indispensable institution in the modern social organization marked by scientific thought and technological innovations. One of the other forms of management is essential wherever human efforts are to be undertaken collectively to satisfy wants through some productive activity, occupation or profession. This study using a descriptive method. Descriptive method is a technique used on finding the elements, characteristic and nature of a phenomenon. The purpose of this study is to provide a profile of a phenomenon or to explain its relevant aspects based on individual perspective, organizational, industrial, or any other perspective. Modern management has many new principles compared to traditional management, which includes responsibility, which is explained as a prerequisite for successful management, loyalty to employees, an atmosphere that promotes the disclosure of employee abilities, communication that permeates the organization from top to bottom, from bottom to top and horizontally, the participation of each employee in the overall results, timely response to changes in the environment, the ability to contact suppliers, buyers, performers and managers, business ethics, methods of working with people, they are aimed at creating job satisfaction, the direct participation of managers in group work, honest attitude and trust in people, using the fundamental principles of management in their work, a clear understanding of the place and role of the organization in the future, the quality of personal work and continuous self-improvement.