Like other behavioural terms, WPM means different things to different people depending upon their objectives and expectations. Hence, they have a legitimate right to share in decision-making activities of organisation. Balance Sheet, production, economic conditions of the plant etc.
Definition, Characteristics and Objectives! Establish and encourage good communication system at all levels.
Promote mutual understanding between management and workers, i. In ultimate sense, the objective of WPM in India is to achieve organizational effectiveness and the satisfaction of the employees. Help handle resistance to change. Thus, WPM is an elastic concept.
Create a sense of commitment to decisions to which they were a party. Workers participate in management not as individuals but as a group through their representatives. To quote, the objective of WPM is to co-determine at the various levels of enterprises in Germany, assign the final to workers over all matters relating to an undertaking in Yugoslavia, promote good communication and understanding between labour and management on the issues of business administration and production in Japan, and enable work-force to influence the working of industries in China, for example.
Notwithstanding, these different forms of WPM differ only in degree, not in nature.
Having known the objectives of WPM, the question then is to what extent workers can participate in decision-making process. Accordingly, the objectives of WPM in India are to: For example, for management it is a joint consultation prior to decision making, for workers it means co-determination, for trade unions It is the harbinger of a new order of social relationship and a new set of power equation within organisations, while for government it is an association of labour with management without the final authority or responsibility in decision making.
Compared to the former three levels of participation, the degree of sharing authority and responsibility by the workers is definitely more in this participation. Increase in productivity for the benefit of all concerned to an enterprise, i.
Here, the decisions are taken jointly by the management and the workers of an organisation. Definition, Characteristics and Objectives Article shared by: Now, the management is under a moral obligation to acknowledge, accept and implement the unanimous decision of the council.
Let us also go through some important definitions of WPM. The following are the main characteristics of WPM: Workers Participation in Management:What is the type of the risk that the bank has suffered? Market Risk. Operational Risk. Market Liquidation Risk.
OBJECTIVE TYPE QUESTIONS. FOR PRACTICE (COVERS ALL MODULES) Objective of liquidity management is to: Ensure profitability. Ensure liquidity.
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