The right corporate management structure is essential to efficient business operations. A business must decide which structure is best suited to its business goals and industry. It should also evaluate its current structure and make any necessary adjustments. All changes must be communicated to the employees, especially when the company is undergoing changes in its structure. It can lead to cynicism among employees.
The top level of a company is comprised of the executive officers and board members including the chief executive (CEO). The CEO is responsible for the day-to-day activities of a business and has authority over most legal business activities. Shareholders play a significant role in the corporate structure, but they are not directly involved in the day-to-day business. They are responsible for budgets and can vote on major decisions.
Staff managers are subordinate to the direction of the board of directors. They work with executives at higher levels to implement policies. Staff managers can be organized into functional departments, allowing each department to operate independently and maximize efficiency for a particular business function. They can also be organized in divisional departments. This is ideal for companies that have multiple products and need to respond quickly to market shifts.
A circular structure is similar to a functional and divisional structure, but instead of having the chain of command run vertically, it runs horizontally between departments. It is a great method to encourage collaboration and communication among departments. It can also create more trust among employees and foster a team-oriented culture.
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