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Strategists And Their Role In Corporate Management
Individuals or groups known as strategists play a key role in developing, executing, and assessing strategies. Additionally, external individuals are engaged in different facets of corporate management. This section will examine their contributions to corporate management.
Board of Directors
- Recently, there has been a lot of focus on the board of directors and how they operate, leading to the rise of the concept of corporate governance.
- Corporate governance is about how a company's board manages its internal and external affairs.
- The composition of Board of Directors in some of the organizations is narrated below:
State Bank of India
- Whole time Directors
- Part time Directors
- Nominee Directors
Larson & Toubro Ltd.
- Whole time Directors
- Part time Directors
Let's look at the composition of the Board of Directors in some organizations, as per the Companies Act of 1956:
- One-third of directors must retire by rotation.
- Public limited companies need at least three directors, while private limited companies need at least two.
- Only individuals, not institutions, can be appointed as directors.
The board's main job is to guide senior management in setting and achieving goals, reviewing how well the organization is doing, and hiring top executives. This helps ensure the company is run well and in the best interests of its stakeholders.
CEO (Chief Executive Officer)
- The CEO is like the boss in a company and goes by different titles like managing director, executive director, president, or general manager.
- CEOs are the main decision-makers, especially in bigger companies, and some businesses share this role among two or more people.
- For example, Reliance Industries in India has a chairman, vice-chairman, and managing directors, while L&T has a managing director and joint managing directors.
Question for Chief Executive and BoardTry yourself: What is the role of entrepreneurs in their ventures?View Solution
Entrepreneurs
- Entrepreneurs are like risk-takers who are always looking for new opportunities.
- They are like the bosses of their own ventures and play a big role in making important decisions.
- An example is S. Kumar Sundram, who was the chairman of the Bank of Madurai Ltd., showing how entrepreneurs can be key strategists.
SBU Level Executives
- SBU level executives are like divisional heads in a big company.
- They are responsible for planning and carrying out strategies for their specific business unit (SBU) and work with other SBU heads and corporate-level management.
Consultants
- Consultants are like experts hired to help companies with their management.
- Smaller businesses might use consultants to improve how they run things.
- Companies like A.F. FerguSon, S.B. Billimoria, Mckinsey Company, and others are well-known consultants who assist with various aspects of corporate management, such as building a competitive advantage or managing finances.
Need For Corporate Management
The following factors have forced the strategists to look into issues of corporate management:
Limited Resources:
Not having enough resources is making strategists pay more attention to how companies are managed.Quick Technology Changes:
The fast changes in technology are another big reason why strategists are looking at how businesses are run.Changing Human Values:
People's values are changing, and that's making strategists think about how companies should be managed to keep up.Many Interested Parties:
There are lots of different people interested in a company's success (stakeholders), and this is making strategists think about how to satisfy them all.Growing Competition:
More and more businesses are competing, so strategists are working hard to figure out the best ways to stay ahead.Liberalization, Privatization, and Globalization:
With more openness, private ownership, and global connections, strategists are adjusting their plans to fit in this new business environment.Bigger Business Operations:
As companies get bigger, strategists are realizing they need to manage them differently to keep things running smoothly.Faster Transportation and Communication:
Faster ways of getting things from one place to another and quick ways of talking to people are making strategists think about how to use these advancements in managing companies.Professional Management:
More focus on being professional in how companies are managed is another reason why strategists are paying attention to corporate management.
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FAQs on Chief Executive and Board - Management Optional Notes for UPSC
| 1. What is the role of strategists in corporate management? |  |
Ans. Strategists play a crucial role in corporate management by developing and implementing strategies to achieve the company's goals and objectives. They analyze market trends, competitor behavior, and internal capabilities to identify opportunities and threats, and then formulate action plans to capitalize on the opportunities and mitigate the threats. Strategists also monitor the progress of the strategies, make adjustments as necessary, and provide recommendations to the executive team and the board of directors.
| 2. How do strategists contribute to the success of a company? | |
Ans. Strategists contribute to the success of a company by providing a clear direction and purpose. They align the company's resources and activities with its long-term goals, ensuring that the organization is focused on achieving sustainable competitive advantage. Strategists also help identify and evaluate growth opportunities, optimize resource allocation, and foster innovation and adaptability. Their strategic insights and analysis enable the company to make informed decisions, respond effectively to market changes, and stay ahead of the competition.
| 3. What skills and qualifications are required to become a strategist in corporate management? | |
Ans. To become a strategist in corporate management, individuals generally require a combination of analytical, strategic thinking, and leadership skills. Strong problem-solving and decision-making abilities are essential, along with excellent communication and presentation skills. A deep understanding of business principles, market dynamics, and industry trends is crucial. Many strategists have advanced degrees in business administration or a related field, and relevant work experience in strategy consulting, business development, or general management is often preferred.
| 4. How does the role of strategists differ from that of the Chief Executive Officer (CEO)? | |
Ans. The role of strategists differs from that of the CEO in terms of focus and scope. While strategists primarily focus on developing and implementing strategies to achieve the company's goals, the CEO has a broader responsibility for overall leadership and management of the organization. The CEO sets the company's vision, defines its culture, and oversees all functional areas. However, strategists often work closely with the CEO, providing strategic guidance and insights, and collaborating on key decision-making processes.
| 5. How can corporate management benefit from the expertise of strategists? | |
Ans. Corporate management can benefit from the expertise of strategists in several ways. Firstly, strategists bring a systematic and analytical approach to decision-making, ensuring that decisions are based on a thorough understanding of the external environment and internal capabilities. Secondly, strategists provide a long-term perspective, helping management anticipate and proactively respond to changes in the industry and market dynamics. Thirdly, strategists foster a culture of strategic thinking and innovation within the organization, encouraging employees to think strategically and identify new opportunities. Overall, the expertise of strategists enhances the effectiveness and competitiveness of corporate management.
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Oct 31, 2024 Last updated |
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