It was headline news that the Tesco Corporation overestimated its profit forecast and accumulated a huge debt as it did not foresee possible changes in its industry. So too the fraud and corruption that took place in the pharmaceutical giant GlaxoSmithKline which led to a new management structure having to make extraordinary efforts to regain the trust of their clients.
Against this background, the Academy of Certified Managers held a meeting on September 12, 2017. It was dedicated to the qualifications required of a modern manager and how such affects a company’s reputation.
The main issue of the meeting was the purpose and the methods of evaluation of a manager both as a personality and as a skilled professional.
Some academy members expressed fears that the 2008 crisis has not taught businesses enough and financial bubbles were still being created. Other speakers and participants of the meeting came to the following conclusions during a mutual discussion:
- a business depends more and more on the personality of the managers who lead the company
- not every manager pays due attention to anticipating possible risks and market changes, which could have consequences
- companies and investors should monitor more frequently the performance of top managers
- a company should benefit from a compulsive evaluation of every candidate’s professional skills – regardless of her or his image and previous achievements
All members of the meeting agreed that modern managers should:
- think strategically
- be able to navigate in a workplace environment often with limited and uncertain information
- make complex decisions that take all factors into account
- conduct comprehensive discussions with the Board of Directors
- be influential and persuasive
- control the company’s image as well as its financial condition
- take care of, adjust and enhance their qualifications as required
This meeting turned out to be productive and inspired academy members to make it their mission to create professional standards in modern management.