a last few decades, factors such as growing size of business unit, separation
of ownership from management, growing competition etc have led to an increased
demand for professionally qualified managers. The task of manager has been
quite specialized. As a result of these developments the management has reached
a stage where everything is to be managed professionally.
profession may be defined as an occupation that requires specialized knowledge
and intensive academic preparations to which entry is regulated by a
representative body. The essentials of a profession are:
Specific Knowledge – A profession must have a systematic body of knowledge that can be used for
development of professionals. Every professional must make deliberate efforts
to acquire expertise in the principles and techniques. Similarly a manager must
have devotion and involvement to acquire expertise in the science of
Recognised Education & Training
– There are no. of institutes and universities to impart education &
training for a profession. No one can practice a profession without going
through a prescribed course. Many institutes of management have been set up for
imparting education and training. For example, a CA cannot audit the A/C’s
unless he has acquired a degree or diploma for the same but no minimum
qualifications and a course of study has been prescribed for managers by law.
Social Commitments – Profession is a source of livelihood but professionals are primarily
motivated by the desire to serve the society. Their actions are influenced by
social norms and values. Similarly a manager is responsible not only to its
owners but also to the society and therefore he is expected to provide quality
goods at reasonable prices to the society.
Code of Conduct –
Members of a profession have to abide by a code of conduct which contains
certain rules and regulations, norms of honesty, integrity and special ethics.
A code of conduct is enforced by a representative association to ensure self-
discipline among its members. Any member violating the code of conduct can be
punished and his membership can be withdrawn. The AIMA has prescribed a code of
conduct for managers but it has no right to take legal action against any
manager who violates it.
It is substantiated that management fulfils several essentials
of a profession, –
responsible to many groups such as shareholders, employees and society. A
regulatory code may curtail their freedom.
Managers are known by
their performance and not mere degrees.
The ultimate goal of
business is to maximize profit and not social welfare. That is why Haymes has
rightly remarked, “The slogan for management is becoming – ‘He who serves best,
also profits most’.”
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