Question

In order to improve efficiency and effectiveness in team work, explain how to manage required resources such as human resource, and financial resource

Answer 1

Answer:

Team work: Team work is a collaborative effort of a group of people to complete a task in most effective and efficient way.It is a concept where a group of interdependent individuals work together towards a common objective.

Before knowing how to improve the efficiency and effectiveness in a team work, let us know what is "efficiency" and "effectiveness" in simple terms.

Efficiency means performing a task or doing something in a best manner which aims on maximum results with least time and effort. While on the other hand effectiveness means accomplishing a task and producing desired results.

Managing human resource and financial resource to improve efficiency and effectiveness in team work:

The aim of every business is to make maximum profit. In order to achieve this goal every business organisation has to use its resources in an optimum way. The following ways can improve the team effectiveness and efficiency;

• Team building: For a team to work effectively and efficiently, the team members should get along. There should be healthy relationship between the members as it is the backbone of any team, otherwise a large number of problems are likely to occur.So it is important to get your team involved in activities that would strengthen their relationships with each other.

• Training of staff: Staff productivity mainly depends on the skills of employees. Every team needs training in their respective fields. For example, training to marketing team can help staff increase their knowledge about whats new is happening within the field so that they are better equipped at handling their tasks. So if you want a winning marketing team that take your business and branding to next level, you need to invest in training programs like employees joining to conferences, webinars, reading new books or an online training programs.

• Listening to the team: Its important to understand the needs of team members and any ideas they have. Giving importance to their ideas will increase their motivation and confidence level. If they feel unheard your system of profitable will affect negatively. Happy employee is directly proportional to healthy profitable business.

• Financial incentives: Generally employees seek jobs to get paid.As we deal with humans here, the relationship between standard payment and work produced is very important.So some extra financial incentives can get some gear working. Performance related pay or bonus for  "employee of the month" would definitely motivate and increase the efficiency of the employees.

• Appropriate management style: To understand your team better you should be able to understand their needs. You should ascertain which management style would be appropriate to the team. Like, you can adopt free-reign leadership style for experienced team members, leaving them to do their own devices. In case of inexperienced team members you can adopt more paternal leadership styles in order to guide them in their tasks.

• Defining roles and tasks clearly: In order to achieve your goals you need to define the roles of each team and their tasks clearly. Miscommunication can lead to a lot of disarray. So the task must be given with clear cut instructions. When there is clarity about who does what, people are much more likely to take ownership of their individual tasks.

There are many more ideas to build an efficient as well as effective team but i tried to cover few important points above.