PRCC Unit 2 -Vision, Goal Setting and Time Management| B.Com Bangalore University
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UNIT II.
Vision, Goal Setting and Time Management
Vision
A vision is a rational and alluring picture of the future.The vision guides the direction of the efforts of organisation.It gives direction, foresight and long term goal.
Vision statement
A vision statement is an aspiration statement made by an organization that articulates what they would like to achieve.It can be referred as a statement defining companies long term goals.
According to Miller and Dess, vision is the category of intentions that are broad ,all inclusive and forward thinking.
Examples: BSNL vision: To become the largest telecom service provider in Asia
INFOSYS: To help our clients meet their goals through our people, services and solutions.
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Objectives of Vision :
1.To guide strategic planning and implementation
2.To establish a more productive, goal oriented corporate culture.
3.To provide direction and helps the organization prepare for the future
4.To provide guidance for decision making
5.To provide purpose and sources of inspirations.
6.To reflect an organisation's core values and beliefs.
7.To empower people and helps focus their efforts.
8.To set priorities and guidelines in planning
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Doing things for right purpose:
When a person does the right things correct decisions for the right purpose he feels happy and satisfaction from his deeds reasons for doing right things for the right purpose are as follows.
1.Facilitates correct decision making: Right purpose helps in taking correct decisions while wrong decisions are the result of wrong purpose. If a person has right purpose in his mind to do activity then he will select right decisions to perform right activity . Example .if a manager has right purpose in his mind to do his right job. i..e to earn money but in honest manner it will helps the manager in taking right decision like not to take bribe.
2.Helps to avoid feeling guilt: Choosing an action with wrong purpose may lead people to regret in future. Doing right things for the right purpose helps a person to avoid feeling of guilt.
3.Enhances possibility of positive outcomes: A person can achieve success in any activity or field if he has taken a decision keeping in the mind the right purpose. Example: a person has decided to become a doctor with an aim and determination to serve people and not just making only money.
Setting and achieving goals:
Every individual sets goals to be achieved in his life. Individual can set goals for any aspect of his life. Goals decide a future of an individuals. According to the definition in the dictionary, goal is a desired purpose or direction.
Goal setting:
Goal setting is the process of deciding what you want to accomplish and devising a plan to achieve the result you desire.
Importance of goals:
1. Helps in understanding the priority of events or things: Setting goals depends on two elements namely essential and supplementary. Essential elements focus on basic needs and supplementary elements focus on luxurious wants. The first preference is given to the needs than for wants.
2. Helps in assessing one’s assets and liabilities: Goal settings helps in assessing what qualities and resources an individual have and what problems can occur in achievement of their goals. Here resources means assets and problems means liabilities.
3. Helps in scheduling time: Goal setting helps in making time table to the whole process of goal achievement. It sets time for each activity to be done to achieve goals.
4. Helps in exploring goals: Setting goals involves lot of work like identifying assets and liabilities, and for this one has to study books, take experts opinion, or start doing internships.
5. Helps in making sense of life: A person without any goal in his life is just like animal wandering here and there with no purpose. Goal gives a sense of living to individuals. A person with no goal in life has no value in life.
6. Helps in increasing concentration towards goal achievement: Individuals must not only set goals but also put some efforts for the goal achievement . Key to success is to remain focused on the goal. Goal setting helps in initiating individual time to time about his goals. This helps in concentrating how to achieve goal.
7.Helps in avoiding delays: Since the goal setting is in written form it helps to increase focus and commitment of individuals towards goals achievement thus goal setting helps in avoiding delay in the process of goals achievements.
Periodicity of goals:
To motivate individuals continuously a proper goal must be selected. Goals once set should be periodically evaluated.
a)Short term goals: Short term goals are those goals which are made for short period of time. Short term goals may be made for one day ,one week, one month or for a year.Example: Short term goal: Learning to speak English fluently in one month .
b)Medium term goals: Medium term goals are made to fulfil individual s performance which are to be achieved between short and long term period of time For e.g,two to five years is the time period for which mid term goals are set. Medium term goal: Completing degree with 85% marks
c)Long term goals: Long term goals are those goals which are made to achieve after 5 years. Long term goal: Establishing a business firm by next 5 years.
Methods to Achieve set goals:
1)Focus on SMART goals
In order to be successful in attaining the goals individuals must set SMART goals.
ii) S -Specific: S stands for the specific .Goals should be specific which means it must be simply stated and must be meaningful and clear .
ii. M-Measurable: M stands for measurable. It means that one must be able to define what one will be able to attain .For example planning to read two novels a month etc.
3.A-Attainable: A stands for attainable.The goals set should be attainable for an individual .
4.R-Realistic: R stands for the word realistic. It means that goals set should not be vague. Goals should be such that a person should be able to achieve it. One must not set goals which are impossible to achieve.
5.T-Timely: T stands for the word time .Time should be set within which each and every goal should be achieved. Time puts pressure and motivates individual to complete the goal effectively. Time may be set as one week, one month, or one year etc.
2.Set goals that motivates: When one’s set goal it is important that they motivate, this means making shape that there are important and there is value in achieving them. it can has little interest in the outcome they are going to give larger picture then the chance of putting in the work to make them happen or motivates to achieving goals.
3.Set goals in writing: The physical act of writing down will make goals real and tangible so that one will have no excuse of forgetting about it.
4.Make an action plan: Plan all of the steps that are needed along the way to achieve your goal by writing out the individual step .As you complete each step one by one you will realize that you are making progress towards your ultimate goals. This is specially important if your goal is being and demanding long term.
Time Management
Time Management Time management is a set of principles, practices and skills applied to get more value out of time with the aim to improve the quality of time. Managing your time well means managing your life well. It refers to managing time effectively for right purpose. It‟s the art of arranging one‟s schedule to work effectively.
Importance /advantages of time management:
1. Minimize stress: Time management enhances efficiency and productivity which leads to a happier professional life and reduces stress.
2. Provides a sense of achievement: Good time management facilitates and enables timely completion of tasks and achievement of goals.
3.Enhance productivity: Good time management also enhances productivity as rational use of time results in more output.
4.Minimises efforts: Time management makes work easy requiring less time and efforts to achieve the same task. it is an effort saving technique.
5.Reduces wastage of time: By care full planning and managing time one is able to optimize the use of available time there by avoiding or reducing wastage .this is important because time is a very important resource.
6.Provides free time: Time managed is time saved which can thus be utilized for leisure and recreational activities. With free time one can spend with the family or on socializing which are very crucial for improving the efficiency of work as well as the overall quality of life.
7. Improves reputation: Good time management enhances efficiency thereby improving performance. When you perform better , you achieve more and thereby earn good reputation for delivering on time.
8.Reduces re-work: Proper time management also reduces errors at work thus preventing the need for redoing things.
Time Management Strategies / Principles of Time Management:
1.Create a daily plan: Plan your day. The plan gives you a good overview of how the day will come out.
2.Use a calendar: Having a calendar is most fundamental step to managing your daily activities.
3.Keep time limit to each task: Be clear that you need to finish task X by a particular time, task Y task within another time slot and so on. This prevents your work from dragging on and eating time reserved for other activities.
4.Use an organizer: The organizer helps you to be on top of everything in your life.Its your central tool to organize information, to do lists, projects and other miscellaneous items.
5.Know your dead lines: Be sure with when you need to finish your task. Mark the deadlines out clearly in your calendar and organizer so that you are clear and certain about when you need to finish them.
6.Being Assertive: Learn to say "No" to non essential tasks so that the focus can remain in important one.
7.Target to be early: When you target to be on time, you will either be on time or late. However if you target to be early ,you will most likely be on time. For appointments, strive to be early for your deadlines and submit them early than required.
8. Time box your activity: This means restricting your work to within X amount of time.
9.Prioritise tasks: Always prioritize the tasks at hand so that the important and urgent one get completed first. This would prevent stress and last minute rush.
10. Delegate: Delegation is the key to good management. one cannot do everything himself hence it is essential to delegate certain task to others based on their competencies.
11 .Take the time required to do a quality job: Do not compromise on time required to do important and difficult tasks. Certain tasks require more time than others. Allocate time accordingly.
12. Be reasonable: Take a break from the routine to refresh and recharge your batteries. Leisure has a great therapeutic value. Always allocate time for it.
13. Reducing time wasting activities: The people involve themselves in unnecessary activities which lead to time wastage. The individual must track the daily activities and find out time wasting activities. Analyze the activities on day to day basis. put an effort to reduce or eliminate the same by using appropriate time management techniques.
Stress:
Stress can be defined as a state we experience when there is a mismatch between a perceived demand and a person's perceived ability to cope with that.Stress is the feeling of being overwhelmed or unable to cope with mental or emotional pressure.
Stress involves a series of work responses when a person is required to meet the demands that do not match his knowledge, skills or abilities.
According to Davis “ Stress is a condition of strain on one’s emotions , thought processes and physical conditions.
Stress Management
Stress management means it is a process of assessing and overcoming the stress and increase the level of motivation and efficiency of the employees.
Reasons of stress:
1. Career concern: If an employees feels that he is very much behind the expectations of the the team or company than he may experience stress .Hence unfulfilled career expectations can be a significant source of stress.
2.Role of ambiguity: It occurs when the persons does not know what he or she supposed to do in the job. When the tasks and responsibilities are not clear so it results in stress.
3.Routing work shifts: Stress may occur in those individuals who work on different work shifts.Working in day and night shifts create psychological and physical problems.
4.Occupational demands; Some jobs are more demanding than others.Jobs that involve risk and danger are more stressful.
5.Work Over Load: Excessive work load leads to stress as it puts a person under the tremendous pressure.
6.Work under load: In this case too little work or very easy work is expected on the part of the employee. Doing less work or jobs of routine and simple nature would lead to monotony and boredom ,which can lead to stress.
7.Poor working conditions: Employee may be subject to poor working conditions .This can be the absence of good lighting and ventilation, noise and dust which also increases stress.
8.Organisational Changes: When changes occurs people have to adopt to those new changes and this may cause stress.
How to overcome stress
Following habits can remarkably help to relieve stress.
1. Regular Meditation
2. Physical exercise
3. Balance diet and enough rest
4. Focused thinking
5. Control of anger
6. Managing time effectively
7. Maintaining calmness in stressful situations
8. Having positive attitude towards life
9. Harmony towards self and others.
10. Listening music
11. Discussing problems with others
12.Set realistic goals
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General principles of stress management
1.Time Management: One should manage his time properly. He should avoid setting unrealistic goals. Preparation of to do list helps managing time effectively.
2. Prioritize tasks: Make a list of task you have to do and tackle them in order of importance. Do the high priority items first. This helps to completing the work more pleasantly.
3.Relax and Breathe deeply: Our body cannot maintain the same level of energy without that extra oxygen. Therefore it is necessary to breathe deeply to get extra oxygen. This releases considerable amount of stress.
4.Take more breaks from your work: Working continuously without break causes monotony, boredom and stress. Therefore taking break in between helps us to relax, break monotony and reduce stress. One should get away from the desk and move out for few minutes and resume work.
5.Delegate Responsibility: Management is all about getting things done by others. One should learn the art of delegation of responsibilities to others. If the task is properly distributed to the capable persons in the organization, the considerable amount of stress can be reduced.
6.Get more sleep: Stress causes due to lack of sleep also. One should take enough sleep in order to stay fresh and fit to work the next day .Taking proper sleep increases energy level and ability to concentrate.
7.Spend more time with optimistic people: It is necessary to have people with positive attitude. Negative people will create negative thoughts, leading to a stressful situation. To be cool and calm it requires that one should practice positive attitude.
8.Practice effective communication: Communication is most essential for preventing tensions .one should communicate in the language of the receiver. He should be good in both verbal and non verbal communication. He should also pay attention to co worker ‘s gesture, tone of voice and posture.
9.Developing good working relationships: Trust, respect, understanding and compassion are necessary in any relationship. Co-workers have to function as a team and reach the common goal. Good work relationships will relive stress.
10.Exercise regularly: Aerobic exercise such as walking and swimming, produces brain chemicals that fit uplift your mood and mental well being. Exercise also improves sleep and gives you time to think and focus on other things.
11.Eat healthy foods , practice of yoga and meditations: One should have proper food at specific intervals. He should never skip meals. It is necessary to take time out for lunch no matter how busy he is. And also practice of yoga and meditations are the best medicine to the stress.
12 .Anger Management: Anger is a normal and healthy emotion that helps people to detect and respond to a threatening situation. If people can channelise anger, then it can be a powerful motivating force. The uncontrolled anger can seriously harm personal and professional life.
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