History of management thought (Connect, Perform) Management of organizations has a long history. Consider why the study of this history is important as you answer the question below.
Medifast, a company that makes weight-loss products, recently transitioned from owning weight-loss centers to operating them as franchises, a new business model for the firm. What benefit could CEO Michael C. MacDonald gain from an awareness of the history of management?
1. By studying patterns that recur in different eras, he can see what management tools will work best in his company's environment.
2. He can document other companies' successes, especially as they have recovered from adversity, and show his managers there is no excuse for failure.
3. Through understanding how organizations have worked in the past, he can ensure that Medifast does not repeat past practices, instead adopting an entirely innovative approach.
Millennials (workers who were born from roughly 1982 to 2002) have different values than members of previous generations. They are especially motivated by managers who are friendly and give them lots of feedback. They also want opportunities to learn new skills and be entrepreneurial. This is an example of change that impacts how managers can best achieve organizational objectives.