What is matrix management

ET India Inc. ET Engage. ET Secure IT. Suggest a new Definition Proposed definitions will be considered for inclusion in the Economictimes. Labour Force Participation Rate Definition: Labour force participation rate is defined as the section of working population in the age group of in the economy currently employed or seeking employment.

People who are still undergoing studies, housewives and persons above the age of 64 are not reckoned in the labour force. Description: The labour force participation rate is the measure to evaluate working-age population in an economy. The participation rate refers to the total number of people or individuals who are currently employed or in search of a job. People who are not looking for a job such as full-time students, homemakers, individuals above the age of 64 etc.

This is an important metric when the economy is not growing or is in the phase of recession. It is that time when people look at the unemployment data. At the time of recession, it is generally seen that the labour force participation rate goes down.

This is because, at the time of recession, the economic activity is very low which results in fewer jobs across the country. When there are fewer jobs, people are discouraged to focus on employment which eventually leads to lower participation rate. The participation rate is also important in understanding the unemployment rate in the economy. Analysing consistently the unemployment rate in the economy is very important.

People who are not interested in working or getting some sort of employment are not included in the participation rate, but to understand the unemployment data better, participation rate is considered carefully. An ageing population may have a negative impact on any economy.

That is when the labour participation rate comes into the picture. If the rate is on the higher side, it is a good sign. But if it is on the lower side, it can also act as a warning sign for any economy. For that reason, participation rate as well as unemployment data should be looked into simultaneously to understand the overall employment status in the economy. Description: The MBTI was developed by Katherine Briggs and is based on the typological theory of Carl Jung who had proposed that there are four essential psychological functions by which we see this world.

These functions are sensation, intuition, feeling, and thinking. All of us rely on one function more than others. The base of MBTI lies in identifying our preferences which are driven through our interests, values, needs, and motivation.

Carl Jung came up with this theory through subjective clinical evaluations. While the theory itself is quite complicated, it essentially categorises you into four types based on where you are most comfortable. You may be an extrovert who likes dealing with people or you might be someone who likes dealing with abstract ideas or information and in that case you would be an introvert.

Similarly, you can like dealing with facts and information with a preference for sensing or you may want to explore the unknown which makes you an intuitive person.

The third preference relates to how you make decisions. You either decide objectively or based on gut feelings. Lastly, your lifestyle might be planned and organised or flexible and haphazard. Be an active listener and receptive to what they have to say, even if you have a different point of view. Good interactions with not only your managers but also your team members will help the project move along more efficiently.

Pay attention to the success and pitfalls of every project. This can include whether or not everyone communicated effectively, whether a certain skill set should have been utilized differently or if the project would have benefited from fewer managers. Similarly, keep in mind what helped your team prosper and take that knowledge with you into the next project.

Find jobs. Company reviews. Find salaries. Upload your resume. Sign in. Career Development. What is matrix management? Weak matrix. Balanced matrix. Strong matrix. Advantages of matrix management. Ability to experience diverse skillsets. Encourages teamwork. Disadvantages of matrix management. Losing employees beneficial to the project. Long-term projects. Priority conflict. Growing external complexity and strategic sophistication have accelerated the growth of a cadre of specialists who are physically and organizationally isolated from each other, and the task of dealing with their consequent parochialism should not be delegated to the clerical staff that administers salary structures and benefit programs.

The first step in successfully managing complexity is to tap the full range of available talent. It is a serious mistake to permit historical imbalances in the nationality or functional background of the management group to constrain hiring or subsequent promotion. Not only must companies enlarge the pool of people available for key positions, they must also develop new criteria for choosing those most likely to succeed.

Because past success is no longer a sufficient qualification for increasingly subtle, sensitive, and unpredictable senior-level tasks, top management must become involved in a more discriminating selection process. At Matsushita, top management selects candidates for international assignments on the basis of a comprehensive set of personal characteristics, expressed for simplicity in the acronym SMILE: specialty the needed skill, capability, or knowledge ; management ability particularly motivational ability ; international flexibility willingness to learn and ability to adapt ; language facility; and endeavor vitality, perseverance in the face of difficulty.

These attributes are remarkably similar to those targeted by NEC and Philips, where top executives also are involved in the senior-level selection process. Once the appropriate top-level candidates have been identified, the next challenge is to develop their potential. The most successful development efforts have three aims that take them well beyond the skill-building objectives of classic training programs: to inculcate a common vision and shared values; to broaden management perspectives and capabilities; and to develop contacts and shape management relationships.

Then they learn how to translate these internalized lessons into daily behavior and even operational decisions. The second objective—broadening management perspectives—is essentially a matter of teaching people how to manage complexity instead of merely to make room for it.

To reverse a long and unwieldy tradition of running its operations with two- and three-headed management teams of separate technical, commercial, and sometimes administrative specialists, Philips asked its training and development group to de-specialize top management trainees. By supplementing its traditional menu of specialist courses and functional programs with more intensive general management training, Philips was able to begin replacing the ubiquitous teams with single business heads who also appreciated and respected specialist points of view.

Although recruitment and training are critically important, the most effective companies recognize that the best way to develop new perspectives and thwart parochialism in their managers is through personal experience. By moving selected managers across functions, businesses, and geographic units, a company encourages cross-fertilization of ideas as well as the flexibility and breadth of experience that enable managers to grapple with complexity and come out on top.

Unilever has long been committed to the development of its human resources as a means of attaining durable competitive advantage. As early as the s, the company was recruiting and developing local employees to replace the parent-company managers who had been running most of its overseas subsidiaries.

Although delighted with the new talent that began working its way up through the organization, management soon realized that by reducing the transfer of parent-company managers abroad, it had diluted the powerful glue that bound diverse organizational groups together and linked dispersed operations. The answer lay in formalizing a second phase of the -ization process.

In addition to bringing to managers to Four Acres each year, Unilever typically has to of its most promising overseas managers on short- and long-term job assignments at corporate headquarters.

Furthermore, the company carefully transfers most of these high-potential individuals through a variety of different functional, product, and geographic positions, often rotating every two or three years. Widening the perspectives and relationships of key managers as Unilever has done is a good way of developing identification with the broader corporate mission.

But a broad sense of identity is not enough. To maintain control of its global strategies, Unilever must secure a strong and lasting individual commitment to corporate visions and objectives. In effect, it must co-opt individual energies and ambitions into the service of corporate goals. As organizational complexity grows, managers and management groups tend to become so specialized and isolated and to focus so intently on their own immediate operating responsibilities that they are apt to respond parochially to intrusions on their organizational turf, even when the overall corporate interest is at stake.

Philips concluded that it could co-opt individuals and organizational groups into the broader vision by inviting them to contribute to the corporate agenda and then giving them direct responsibility for implementation.

In the face of intensifying Japanese competition, Philips knew it had to improve coordination in its consumer electronics among its fiercely independent national organizations. In strengthening the central product divisions, however, Philips did not want to deplete the enterprise or commitment of its capable national management teams.

The company met these conflicting needs with two cross-border initiatives. First, it created a top-level World Policy Council for its video business that included key managers from strategic markets—Germany, France, the United Kingdom, the United States, and Japan. Through the council, Philips co-opted their support for company decisions about product policy and manufacturing location. Second, in a more powerful move, Philips allocated global responsibilities to units that previously had been purely national in focus.

The change in the attitude of NAP managers was dramatic. They were making important contributions to global corporate strategy instead of looking for ways to subvert it. We have splendid cooperation with Philips in Eindhoven. Since the end of World War II, corporate strategy has survived several generations of painful transformation and has grown appropriately agile and athletic.

Unfortunately, organizational development has not kept pace, and managerial attitudes lag even farther behind. As a result, corporations now commonly design strategies that seem impossible to implement, for the simple reason that no one can effectively implement third-generation strategies through second-generation organizations run by first-generation managers. Today the most successful companies are those where top executives recognize the need to manage the new environmental and competitive demands by focusing less on the quest for an ideal structure and more on developing the abilities, behavior, and performance of individual managers.

Change succeeds only when those assigned to the new transnational and interdependent tasks understand the overall goals and are dedicated to achieving them. It lets individuals make the judgments and negotiate the trade-offs that drive the organization toward a shared strategic objective.