Fundtions of Management

Functions of Management

The Four Functions of Management Within the Organization
The four functions of management are present within the Credit Union. Planning, organizing, controlling and leading can be seen in various areas. The first step in planning for the credit union is done by strategic planning. Strategic planning is typically done by the Board of Directors, CEO and other members of the credit unions management team. The planning session takes place annually. During this period of time, management explores what direction to lead the credit union in. There are discussions about the strength of the credit union, threats to the credit union and how to overcome those threats or obstacles. An agreement is reached as to what direction the credit union will work towards for the next year. During the strategic planning session, there are not specific steps in how to accomplish the goals set.
After the planning session, credit union management meets and discusses the steps needed in order to implement the plan. These plans must be organized and prioritized. Sometimes management will brainstorm with frontline employees. Once specific steps have been finalized, the plans are shared with the Branch Managers and then implemented with their employees.
Controlling can be found in various areas of the credit union. Accounting and IT are both areas that have roles where control is used.
The accounting department controls the financials of the credit union. They are responsible for making sure checks and balances are in place and general accounting rules are followed. The accounting department is responsible for safeguarding various general ledgers, bank accounts and making sure there are not any discrepancies.
An IT department has an important role in controlling. Is for controlling and maintaining the credit unions network system. The IT department controls activity on the network, phone system, internet and the employees’ activity on the computer. IT has an...