It is understood that it is impractical for a manager to handle all of the work of the department directly. At Bear Stearns & Co., in order to meet the organization's goals, focus on objectives, and ensure that all work is accomplished, he or she must delegate authority. Authority is the legitimate power of a manager to direct subordinates to take action within the scope of the manager's position. By extension, this power, or a part thereof, is delegated and used in the name of a manager. Delegation is the downward transfer of formal authority from superior to subordinate. The subordinate is empowered to act for the manager, while the manager remains accountable for the outcome. Delegation of authority is a person-to-person relationship requiring trust, commitment, and contracting between the manager and the subordinate.
The manager should assist in developing subordinates in order to strengthen the organization and my company is known for providing opportunities for subordinates to get further certification or to continue there academics. The manager should give up the authority to make decisions that are best made by subordinates. At my firm that isn't always the case, more often than not managers make decisions without the input of the team and they end up with situations that lower there productivity or cause less than favorable working conditions. The manager should allow subordinates the freedom to make mistakes and learn from them however, at my firm subordinates are caught in the middle of office politics. In Bear Stearns & Co.'s effort to secure the most talented managers and subordinates, they are often brought over from other competitors companies. However this can cause rifts in my observation as there are two major groups brought over from ...