(Reuters) - A researcher at China’s central bank said expectations that the U.S. Federal Reserve would raise interest rates next month was to blame for the recent global market volatility, the official Xinhua news agency reported on Tuesday. Yao Yudong, head of the financial research institution of
the People’s Bank of China, was quoted as saying the expected September U.S. rate hike had been the “trigger” for the market swings. Asian, European and U.S. stocks plunged on Monday on growing fears of a China-led global economic slowdown. Most markets rebounded on Tuesday after the PBOC cut interest rates. The U.S. central bank, eyeing an improving domestic economy, could raise short term interest rates from near zero as soon as a policy meeting in mid-September, though the
volatility may delay the Fed’s plan. Reporting by Jonathan Spicer for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up As people advance in their careers, their duties and responsibilities increase. As they rise in the ranks, more is expected from them and eventually, a point comes when the number of hours in a day isn’t sufficient enough to meet their targets. Climbing up the organizational hierarchy means managers and leaders have a lot more on their plate. And that is when the need to delegate tasks comes in. To be able to assign tasks effectively is a valuable skill. Managers can delegate authority to their subordinates and follow up to ensure that all the tasks are completed accordingly. In this article, you will explore delegation of authority, its features, importance, and principles. Delegation of authority is transferring the responsibility of a task to another individual. As a manager when you delegate authority you also share authority with your subordinates and hold them accountable for their actions. When you delegate authority, you are basically entrusting others with parts of your job and making them responsible to accomplish them. There are three elements to a delegation of authority: AuthorityAuthority is the power a manager has to delegate tasks, allocate resources efficiently, make decisions, and have the right to give orders to others in order to meet company goals. It flows from top to bottom and managers have it more. ResponsibilityResponsibility is the duty of an individual to complete the tasks given to them. It should be given with adequate authority or it will lead to dissatisfaction and frustration. It goes from bottom to top with middle and lower-level management having more. AccountabilityThis is the process of providing explanations for not achieving the desired outcomes. Unlike responsibility and authority, accountability cannot be delegated. In fact, it comes hand in hand with responsibility. An employee responsible for a certain task automatically becomes accountable for the results. Let’s now look at some of the features of delegation of authority. Features of Delegation of AuthorityThere are six features of delegation of authority:
Ways to Delegate AuthorityThere are several ways of delegating authority to your employees: DepartmentsOne way of delegating authority is by delegating the supervision of a department. For instance, as a CEO, you can delegate the authority of the entire marketing department to the marketing manager. ProjectsYou can assign authority to a team for a certain project. For instance, a marketing director can assign an advertising campaign project to a project manager. The project manager can then take copywriters and designers on board and assign tasks accordingly. Decision MakingAnother way of delegating authority is to allow employees to make certain decisions so that you may focus on other tasks. For example as an HR manager, you can delegate the authority of hiring employees to a senior HR associate. AnalysisIf you’re working on a certain project, you can authorize employees to conduct detailed research on the project. For instance, you can ask your department’s analyst to research demographic statistics for the upcoming advertising project’s audience. Administrative ProcessesYou can also assign administrative tasks to other employees. For instance, as a marketing manager, you can assign the duty of scheduling meetings and follow up on emails to a marketing assistant. How to Delegate AuthorityIn order to successfully delegate tasks, you have to set the right expectations, monitor progress, and evaluate results. Below are a few steps for effective delegation of authority: Assign TasksAssign tasks as per the experience of an employee. Define the scope of the task and match it with the experience and expertise of the employees. Set ExpectationsAs soon as you assign the tasks, set clear expectations and mention the deadlines. Setting expectations right at the beginning provides the guidance that will help them meet the goals efficiently. Monitor ProgressIt is a good practice to request updates from employees regularly or bi-weekly. This will keep you informed on their progress and will also highlight the problems and obstacles that may arise. You will be able to extend help and provide guidance along the way which will ensure timely completion of the project or task at hand. Practice AccountabilityConstant evaluation of your team’s work is important to ensure that work is done completely. For a temporary delegation of authority, a one-time evaluation may work. But for a permanent delegation of authority, you need to keep analyzing and evaluating work on an ongoing basis. The Importance of DelegationThere are several benefits of delegation of authority:
Why Do Some Managers Fear Delegating?A good manager believes in developing their employees’ strengthens and career aspirations and tries to find relevant tasks to delegate them. As mentioned above, delegating tasks lightens a manager’s burden and builds an employee’s skill set. However, some managers either fear or do not prefer to delegate tasks. Let’s have a look at some of the reasons: Fear of Being OutperformedSometimes managers feel threatened by their subordinates. They fear that their subordinates might complete the task faster and in a better way. This fear stems from their own insecurity and doubts regarding their capabilities. Managers do not want others in the company to notice this or sing praises of their subordinates. Consequently, they prefer to not delegate tasks at all. Lack of TrustAt times, managers don’t trust their employees completely. They feel that their subordinates will not turn in the assignment on time or make blunders. As a result, they find it easier to do the task themselves rather than take the blame for others later on. Shortage of TimeSometimes, it’s neither the threat nor the lack of trust that stops a manager from delegating. It is their own mismanagement of time that prevents them. Managers feel so overwhelmed because of their workload that they find it easier to do the task themselves. They feel that explaining the task and responsibilities to someone else is time-consuming. Need for ControlSome managers prefer maintaining control over others. such managers want a task to be done in a specific way. They feel that in order to maintain their control over their subordinates, they have to keep the ropes in their own hands. These managers fear that delegation of authority might lead to power and control slipping from their hands. Difference Between Authority and ResponsibilityEmployees often confuse authority with responsibility. We have gathered the differences between the two in the table below:
Difference Between a Delegation of Authority and DecentralizationBy now you must be clear that one person cannot perform all duties and responsibilities and that is where the concept of delegation came in. But let’s not overlook the concept of decentralization too. Let’s learn some of the key differences between the two. But first, what is decentralization? Decentralization is the systematic distribution of power throughout the corporate ladder. It is when the top management disperses the power to the lower-level management. Delegation and decentralization are often used interchangeably but are not the same. The table below will give you more clarity:
Principles for Delegation of AuthorityIn order to successfully delegate authority, a manager should follow the principles below:
Delegation of Authority: Preparation Checklist
Delegation of Authority Is the Roadmap to SuccessHopefully, by now you are clear about the importance of the delegation of authority and the role it plays in developing an organization and its employees. We recommend that you implement the steps and principles highlighted in this article when delegating a task to your team. An important to keep in mind is that delegation will ease your workload. But at the end of the day, you will be responsible for the success and failure of the assigned task. So, choose wisely among your subordinates. Is the expectation that employees will accept credit or blame for the results of their work?Accountability is the obligation one has to one's boss and the expectation that employees will accept credit or blame for the results achieved in performing assigned tasks.
What is the obligation placed on employees through delegation?Delegation of authority frees a manager to concentrate on larger issues such as planning or dealing with problems and opportunities. The obligation, placed on employees through delegation, to perform assigned tasks satisfactorily and be held accountable for the proper execution of work.
What includes the tasks of recruiting selecting orienting training appraising promoting and compensating employees?Human Resource Management is the process of recruiting, selecting, inducting employees, providing orientation, imparting training and development, appraising the performance of employees, deciding compensation and providing benefits, motivating employees, maintaining proper relations with employees and their trade ...
What process is used to assign work to subordinates?The process of delegation enables a person to assign work task to his subordinate and give them necessary authority to accomplish it successfully.
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