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HR Mangers have an important contribution to play in lifting employee performance by ensuring that they have competent managers and supervisors. The reason for high staff turnover is that people don't leave businesses; they leave their managers. By developing better leadership skills in these managers, staff retention increases. An interesting exercise for an HR Manager, is to do a comparison between the cost of staff turnover and the cost of developing the leadership skills of their managers. There is a strong relationship between leadership competence and staff turnover.
It is important for all HR managers to clearly specify their expectations to their management teams. These expectations should be expressed as principles or guidelines within which the managers and supervisors should operate. If they wish to do something which is perceived to be outside the agreed principles, then they should refer the situation back to their HR Manager for discussion.
Try this. Ask your managers to consider your expectations and judge whether they are fair and reasonable. If they agree that they are fair and reasonable you can expect them to fulfill them. If they don't consider them fair and reasonable, then you have something to discuss and negotiate. Unless they consider them fair and reasonable and had the opportunity to have a discussion, they will ignore them.
Is it a fair expectation that your managers and supervisors will develop their staff to their potential? Is it also a fair expectation for them to show evidence of a plan to successfully reach their staff development goals?
Ask your managers and supervisors about the strengths of relationships in their teams and what they are going to do so they are constantly being improved. You will need to know how it is planned, implemented and measured
I would ask them to rate their team members on a scale of 1 to 10. In categories like, attendance, productivity, contribution and value. Where 1 is unacceptable and 10 is excellent. I would ask them how they are going to manage the performance of those below 6. I would ask them of the implications of not managing the performance of those people. I would like to see a plan of how they intended to either lift the performance of these people or replace them.
After they had been trained in coaching, I would expect them to involve the staff in decision-making and be a resource for their supervisors. I would expect them to have a good insight into staff morale and create an environment where people are willing to contribute their ideas for improvements and innovative ways of doing things.
I would expect my managers and supervisors to advise me in advance of potentially difficult problems. As an HR Manager, or executive I would not want to be surprised about anything in the business.
By providing better leadership at managerial and supervisory level, the performance of the staff will follow. It is totally unrealistic to expect that better performance will start at the bottom.
Poor leadership almost always guarantees poor staff performance.
Are you a job-seeker who is looking for more responsibility and pay, seeking more leverage in obtaining a work/life balance, or contemplating a move into management -- and are considering returning to school to get your MBA? Or perhaps a job-seeker exploring changing careers by going back to school for your MBA? Or perhaps a consultant looking to add a credential to your dossier. Or perhaps a college junior or senior contemplating going straight through and obtaining your MBA right after your undergraduate degree?
Regardless of your reasons, if you are contemplating attending graduate school to obtain your MBA, you should read this article before you make your final decision. This article will take you through all the important issues you need to contemplate before making your decision of whether -- and when -- to obtain your MBA.
What is an MBA? It's a Master of Business Administration degree, granted after one to two years of graduate-level university study that provides training in the theory and practice of business management. The MBA is basically a document that certifies that you have a general competency in all the major functional management roles you'll find in the modern corporation. An MBA is a career accelerator across a number of industries and MBA graduates can usually command higher salaries.
Ideal Time to Get MBA
When is the best time to enroll in an MBA program? The obvious answer is to enroll at a point in your career when the MBA is necessary to take your career to the next level, but the choice is never that simple.
For the college undergrad, the biggest question you need to ask yourself is why -- why are you interested in going straight through and getting your MBA right after your bachelor's degree? The top-ranked programs will not even admit you if you don't have at least several years of experience, and a freshly minted MBA with little or no job experience is often in a much tougher job hunt than a recent college grad with little or no job experience.
For the job-seeker, the question about getting your MBA involves how as much as when. Will you keep working while earning your MBA in a part-time program or do you have the financial resources to quit your job and return to school full-time? Will your current employer help finance your MBA? Do you need the MBA as part of a career change -- and if so, how are you going to do it?
Finally, there is the question of the economy. Some people think it's a good hedge to get an MBA during an economic slowdown -- a safe haven -- rather than face the tough job market; however, when the economy is bad, even having an MBA is no guarantee of obtaining a lucrative job offer. The best advice? Talk to recruiters and MBA career placement counselors -- and read the current trends in magazines such as Business Week, Success, U.S. News and World Report.
MBA Enrollment Trends
The number of MBA degrees conferred annually has seen explosive growth over the last few decades, going from under 5,000 MBAs in 1960 to more than 100,000 MBAs in 2000 -- and now averaging more than 150,000 annually, according to the National Center for Education Statistics (NCES). Enrollment is also influenced by the economy, and as the economy turns toward a downturn, both recent grads and displaced workers head back to earn their MBAs.
Because of the growing number of graduate business programs that confer more and more MBA degrees, the degree itself is not as special or highly-valued as in the past. An MBA alone will not be the magic key to the door of career and job-hunting success.
Types of MBA
One of the questions you'll need to answer is whether you are interested in a general MBA, which is often shorter in duration, or a specialized MBA, which may take longer but make you more marketable.
Regardless of the type of MBA, the core topics you'll encounter include:
· Accounting
· Quantitative analysis
· Economics
· Marketing
· Organizational behavior
Specialized MBAs offer more advanced study in a particular area of business (such as marketing) or a particular industry (such as higher education).
Finally, you'll need to determine the value of the "name" of the program you are considering. If you are searching for a big push that fast tracks your career, snagging an MBA from one of the top schools in the country may be the ticket. But, if you're looking to simply get ahead and move your careers along, don't discount the many MBA programs that are unranked but that offer you the degree and value you need. (See the link for Business Week, below, which is one of several organizations that rank MBA programs.)
MBA Costs -- and Returns
According to one salary guide, an MBA is worth about $10-30,000 a year over a bachelor's degree, but the salary increase you could see may be much less -- or much more. Factors that can affect your salary include:
whether you stay with your current employer or seek a job with a new employer.
the amount of relevant experience you have for the job you are seeking.
the reputation of the graduate school you attended.
the type of job you are seeking -- and the level of supply/demand for workers.
the industries where you are seeking a job.
the location of the jobs you are seeking.
But don't forget to factor in the costs as well, with the average cost of graduate study leading to an MBA at about $40,000. Tuition and expenses add up to about $54,000 per nine-month academic year (resulting in an investment of more than $100,000 for the full-time two-year MBA) at Wake Forest University, one of the premier MBA programs. You'll find tuition closer to $12,000 at lesser known programs with generic MBA degrees.
What an MBA Can Do for Your Career
If you're looking for the MBA to help you get into the executive suite, it may be just the ticket you need. According to a study by Accountemps, a global temporary staffing service for accounting and finance professionals, 80 percent of executives responding to the survey said that a graduate degree in business is still important to reach senior management ranks within most companies.
And there is growing evidence that having an MBA not only gives you more leverage in dictating new job titles and salary, but also gives you leverage in achieving a better balance between work (read: fewer hours working) and life outside work.
Final Words of Wisdom
Whatever you do, don't jump into an MBA program without doing all the necessary research and introspection. And once you have made the firm decision to attend a graduate business program.
Sources
There are numerous other good sources of information about attending graduate school -- and about the MBA in particular.
Other MBA-Related Sources:
MBA Trends -- a listing of articles pertaining to MBA trends, degrees, programs, etc., published in previous issues of Business Week.
MBAinfo.com -- a comprehensive MBA program directory and information source. Includes a great glossary of MBA terms.
gmac.com -- the official site of the Graduate Management Admission Council. Contains some great information, resources, forums, and worksheets to help prospective MBA students determine the best programs and schools for you.
MBA-Related Books:
For the most recent editions of the best MBA and graduate school-related books, please go this section of our online bookstore: Graduate School Books.
The Master of Business Administration (MBA) is a master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out scientific approaches to management. The core courses in the MBA program are designed to introduce students to the various areas of business such as accounting, marketing, human resources, operations management, etc. Students in some MBA programs have the option to select an area of concentration and focus approximately one-third of their studies in this subject.
Accreditation bodies exist specifically for MBA programs to ensure consistency and quality of graduate business education, and business schools in many countries offer MBA programs tailored to full-time, part-time, executive, and distance learning students, with specialized concentrations.
Background
The first graduate school of business in the United States was the Tuck School of Business, part of Dartmouth College. Founded in 1900, it was the first institution conferring advanced degrees (masters) in the commercial sciences, specifically, a Master of Science in Commerce degree, the forebear of the modern MBA degree.
In 1908, the Graduate School of Business Administration (GSBA) at Harvard University was established; it offered the world's first MBA program, with a faculty of 15 plus 33 regular students and 47 special students.
The University of Chicago Booth School of Business first offered working professionals the Executive MBA (EMBA) program in 1940, and this type of program is offered by most business schools today.
In 1950, the first MBA degrees were awarded outside the United States by The University of Western Ontario in Canada, followed in 1951 with the degree awarded by the University of Pretoria in South Africa. The Institute of Business Administration, Karachi in Pakistan was established in 1955 as the first Asian business school by the Wharton School of the University of Pennsylvania. In 1957, INSEAD became the first European business school to offer an MBA program.
In 1986, the Roy E. Crummer Graduate School of Business at Rollins College (Florida) was the first MBA program to require every student to have a laptop computer in the classroom. Initially, professors wheeled a cart of laptops into the classroom, passed them out to students together with floppy disks and collected them at the end of class. A year later, the school issued a laptop computer to each student as the student's personal property during registration. This ensured that each student had the same computer capability. Eventually, the Crummer School became the #1 rated MBA program in Florida.
The MBA degree has been adopted by universities worldwide, and has been adopted and adapted by both developed and developing countries.
Accreditation
Business schools or MBA programs may be accredited by external bodies which provide students and employers with an independent view of their quality, and indicate that the school's educational curriculum meets specific quality standards. The three major accrediting bodies in the United States are Association to Advance Collegiate Schools of Business (AACSB), which accredits research universities, the Association of Collegiate Business Schools and Programs (ACBSP), which accredits universities and colleges, and the International Assembly for Collegiate Business Education (IACBE), all of which also accredit schools outside the US. The AACSB and the ACBSP are themselves accredited in the United States by the Council for Higher Education Accreditation (CHEA).MBA programs with specializations for students pursuing careers in healthcare management also eligible for accreditation by the Commission on the Accreditation of Healthcare Management Education (CAHME).
In the United States, a college or university must be accredited as a whole before it is eligible to have its MBA program accredited. Bodies that accredit institutions as a whole include the Council for Higher Education Accreditation (CHEA): Middle States Association of Colleges and Schools (MSA), New England Association of Schools and Colleges (NEASCSC), Higher Learning Commission of the North Central Association of Colleges and Schools (HLC), Northwest Commission on Colleges and Universities (NWCCU), Southern Association of Colleges and Schools (SACS), and Western Association of Schools and Colleges (WASC).
Accreditation agencies outside the United States include the Association of MBAs (AMBA), a UK based organization that accredits MBA, DBA and MBM programs worldwide, government accreditation bodies such as the All India Council for Technical Education (AICTE) that accredits MBA and PGDM programs across India, the Council on Higher Education (CHE) in South Africa, the European Quality Improvement System (EQUIS) for mostly European and Asian schools, and the Foundation for International Business Administration Accreditation (FIBAA) in Europe.
Basic types of MBA programs
Two-year (Full Time) MBA programs normally take place over two academic years (i.e. approximately 18 months of term time). For example in the Northern Hemisphere beginning in late August/September of year one and continuing until May of year two, with a three to four month summer break in between years one and two. Students enter with a reasonable amount of prior real-world work experience and take classes during weekdays like other university students.
Accelerated MBA programs are a variation of the two year programs. They involve a higher course load with more intense class and examination schedules. They usually have less "down time" during the program and between semesters. For example, there is no three to four month summer break, and between semesters there might be seven to ten days off rather than three to five weeks vacation.
Part-time MBA programs normally hold classes on weekday evenings, after normal working hours, or on weekends. Part-time programs normally last three years or more. The students in these programs typically consist of working professionals, who take a light course load for a longer period of time until the graduation requirements are met.
Executive MBA (EMBA) programs developed to meet the educational needs of managers and executives, allowing students to earn an MBA or another business-related graduate degree in two years or less while working full time. Participants come from every type and size of organization profit, nonprofit, government representing a variety of industries. EMBA students typically have a higher level of work experience, often 10 years or more, compared to other MBA students. In response to the increasing number of EMBA programs offered, The Executive MBA Council was formed in 1981 to advance executive education.
Distance learning MBA programs hold classes off-campus. These programs can be offered in a number of different formats: correspondence courses by postal mail or email, non-interactive broadcast video, pre-recorded video, live teleconference or videoconference, offline or online computer courses. Many schools offer these programs.
Dual MBA programs combine MBA degree with others (such as an MS or a J.D., etc.) to let students cut costs (dual programs usually cost less than pursuing 2 degrees separately), save time on education and to tailor the business education courses to their needs. Some business schools offer programs in which students can earn both a bachelor's degree in business administration and an MBA in four or five years.
Admissions criteria
Most programs base admission on the Graduate Management Admission Test (GMAT), significant work experience, academic transcripts, essays, references or letters of recommendation and personal interviews. The Graduate Record Examination (GRE) is also accepted by some schools in lieu of the GMAT. Schools are also interested in extracurricular activities, community service activities and how the student can improve the diversity and contribute to the student body as a whole. All of these qualifications are important for admission; however, some schools do not weigh GMAT scores as heavily as other criteria. In order to achieve a diverse class, business schools also consider the target male-female ratio and local-international student ratios.
Depending on the program, type and length of work experience is also a critical admissions component for many MBA programs. Many American programs require five or more years for admission.
Program content
Most top MBA programs cover similar subjects within their core required courses. For information about the typical content of an MBA program's core curriculum. MBA programs expose students to a variety of subjects, which students may choose to specialize in a particular area. Students traditionally study a wide breadth of courses in the program's first year, then pursue a specialized curriculum in the second year. Full-time students typically seek an internship during the interim. Typical specializations include:
·accounting
·economics
·Entrepreneurship
·finance
·international business
·operations management
·organizational behavior
·marketing
·real estate &
·strategy, among others.
MBA program rankings
Each year, well-known business publications such as US News & World Report, Business Week, Financial Times, The Economist, and the Wall Street Journal publish rankings of selected MBA programs that, while controversial in their methodology, nevertheless can directly influence the prestige of schools that achieve high scores.
The MBA degree has become one of the most popular masters' degrees. As more universities started offering the degree, differences in the quality of schools, faculty, and course offerings became evident. Naturally, establishing some criteria of quality is needed to differentiate among MBA programs, especially for prospective students trying to decide on where to apply. As MBA programs proliferated, a variety of publications began providing information on them. Some of these consisted of compilations of information gathered from the universities offering the degree, usually published in book form. Eventually periodicals began publishing articles describing various MBA schools and ranking them according to some perceived quality criteria. One of the most prominent of these is Business Week, which devotes a biennial issue to ranking MBA programs.
Different methods of varying validity were used to arrive at rankings of MBA programs. The Gourman Report, for example, did not disclose criteria or ranking methods, and these reports were criticized for reporting statistically impossible data, such as no ties among schools, narrow gaps in scores with no variation in gap widths, and ranks of nonexistent departments. In 1977 The Carter Report published rankings of MBA programs based on the number of academic articles published by faculty. Periodicals based their rankings on interviews with company recruiters who hired MBA graduates, surveys of MBA schools' deans, polls of students or faculty, and a variety of other means. The defunct MBA Magazine asked deans to vote on the best programs. The methods of obtaining ranks often changed from year to year. Initially, rankings included only a small number of universities consisting of the largest and best known Ivy League and state schools. There are also many privately compiled rankings, including the Global Top 100 Business Schools compiled by the QS network.
The ranking of MBA programs has been discussed in articles and on academic Web sites. Critics of ranking methodologies maintain that any published rankings should be viewed with caution for the following reasons:
Rankings limit the population size to a small number of MBA programs and ignore the majority of schools, many with excellent offerings.
The ranking methods may be subject to biases and statistically flawed methodologies (especially for methods relying on subjective interviews of hiring managers).
The same list of well-known schools appears in each ranking with some variation in ranks, so a school ranked as number 1 in one list may be number 17 in another list.
Rankings tend to concentrate on the school itself, but some schools offer MBA programs of different qualities (e.g. a school may use highly reputable faculty to teach a daytime program, and use adjunct faculty in its evening program).
A high rank in a national publication tends to become a self-fulfilling prophecy.
Some leading business schools including Harvard, INSEAD and Wharton provide limited cooperation with certain ranking publications due to their perception that rankings are misused.
One study found that objectively ranking MBA programs by a combination of graduates' starting salaries and average student GMAT score can reasonably duplicate the top 20 list of the national publications. The study concluded that a truly objective ranking would be individualized to the needs of each prospective student. National publications have recognized the value of rankings against different criteria, and now offer lists ranked different ways: by salary, GMAT score of students, selectivity, and so forth. While useful, these rankings still are not tailored to individual needs, and their value is diminished if they use an incomplete population of schools, fail to distinguish between the different MBA program types offered by each school, or rely on subjective interviews.
Other business degrees and certifications
Certifications
Certified Business Manager (CBM), a professional credential based on the MBA curriculum
Certified MBA (CMBA) a professional certification designed as an "objective measure of a student's grasp of the MBA skill set".
Undergraduate
Bachelor of Accountancy (BAcc or BAcy), a specialised accountancy degree
Bachelor of Business
Bachelor of Business Administration (BBA), a bachelor's degree in business administration
Bachelor of Business Science
Bachelor of Commerce and Administration (BCA) / Bachelor of Commerce (BComm), an undergraduate degree in commerce
Bachelor of Public Administration (BPA), an undergraduate degree in public administration
Bachelor of Science in Business Administration (BSBA)
Graduate
Master of Information Technology Management (MITM) / a postgraduate degree in IT belongin to Management Science
Master of Accountancy (MAcc or MAcy) / Master of Professional Accountancy (MPA), a postgraduate degree in accounting
Masters in Business and Management (MBM), a postgraduate business degree
Master of Commerce (M.Comm.), a postgraduate business degree usually focused on an particular area
Master of Enterprise (MEnt), a postgraduate, technology & enterprise-based qualification
Master of Bioscience Enterprise (MBioEnt), a postgraduate degree focussed on the commercialisation of biotechnology
Master of Finance (MFin), a postgraduate degree in finance
Master of International Business (MIB), a postgraduate degree focused on International Business
Master of Management (MM), a postgraduate business degree
Master of Science in Financial Services (MSFS), a postgraduate degree in financial planning and investments
Master of Science in Management, a postgraduate business degree
Master of Marketing Research (MMR) a postgraduate degree focusing on research in the field of marketing
Master of Nonprofit Organizations (MNO or MNPO), the postgraduate degree for philanthropy and voluntary sector professionals
Master of Public Administration (MPA), a postgraduate public administration degree
Masters of Management: Co-operatives and Credit Unions, a post-graduate degree for co-operative and credit union managers
Master in Sustainable Business (MSB)
Master of Real Estate (MScRE), a postgraduate degree focusing on real estate.
Executive
Executive Master of Business Administration (EMBA), a postgraduate degree for managers and executives.
Executive Master of Science in Business Administration (Executive MScBA), a postgraduate degree focusing advanced-level conceptual foundation in a student’s chosen field such as operational excellence in the biotech/pharma industry.
Executive Master of Science in Marketing (EMSM), a postgraduate degree focusing senior-level marketing, international market consulting, brand and product management.
Doctoral
Doctor of Business Administration (DBA), a doctorate in business administration
Doctor of Management (D.M.)
PhD in Management (PhD), a business doctoral degree.
