The paper "Taylor’ s Management Principles and Maximum Prosperity for Employees and Employers" is a great example of a report on management. Different thinkers have contributed enormously to the establishment of modern management. F.W Taylor is an outstanding name in the management field. He is recognized as the leading scientific management advocate. According to Taylor, scientific management entails understanding exactly what one wants employees to do and ensuring that they do it in the best way possible and efficiently. Taylor’ s philosophy of scientific management is founded on several principles, which include the establishment of a science of each element of work, scientific training, selection and development of employees, equal division of work and responsibility, and close cooperation amid management and workers.
Taylor maintains that the purpose of management should be to ensure maximum prosperity for each worker and the employer. Maximum prosperity for each worker and the employer can be attained when both output and efficiency are maximized in the sense that maximum output and optimal use of resources bring higher profits to the employers thereby triggering higher salaries or wages for the employees.
Attainment of maximum prosperity for both the employer and employee can be achieved through the attainment of an organization’ s objectives and provision of higher wages and salaries for employees. In the contemporary business world, firms employ Taylor’ s principles to meet their objectives and needs while at the same time meeting the needs of their employees. Based on a review of pertinent literature, this paper highlights the basic principles of scientific management and assesses Taylor’ s claim that his scientific management principles would instigate maximum prosperity for both employees and employers. The Concept of Maximum Prosperity for both Employee and Employer According to Taylor, maximum prosperity for the employer, combined with the maximum prosperity for the employee should be the two major objectives of management (Crainer 2003, p. 47).
The words maximum prosperity according to Taylor means not only huge dividends for the owner or company but the growth of each business branch to its highest excellence state to allow permanent prosperity.
Bell, RL & Martin, JS 2012, ‘The Relevance of Scientific Management and Equity Theory in Everyday Managerial Communication’, Journal of Management Policy & Practice, vol. 13(3), pp. 106-115.
Caldari, K 2007, ‘Alfred Marshall’s critical analysis of scientific management’, The European Journal of the History of Economic Thought, 14:1, March, pp. 55-78.
Crainer, S 2003, ‘One hundred years of management’, Business Strategy Review, vol. 14, issue 3, pp. 41-49.
Derksen, M 2014, ‘Turning Men Into Machines? Scientific Management, Industrial Psychology, and the “Human Factor”’, Journal of the History of the Behavioural Sciences, vol. 50(2), Spring, pp. 148-165.
Giannantonio, CM & Hurley-Hanson, AE 2011, ‘Frederick Winslow Taylor: Reflections on the Relevance of the Principles of Scientific Management 100 Years Later’, Journal of Business and Management, vol. 17, no. 1, pp. 7-10.
Myers, LA 2011 ‘One Hundred Years Later: What Would Frederick W. Taylor Say?’ International Journal of Business and Social Science, vol. 2, no. 20, pp. 8-11.
Pane Haden, SS, Humphreys, JH, Cooke, J, & Penland, P 2012, ‘Applying Taylor’s Principles to Teams: Renewing a Century-Old Theory’, Journal of Leadership, Accountability and Ethics, vol. 90(4), pp. 11-20.
Schwartz, M 2007, ‘The “business ethics” of management theory’, Journal of Management History, vol. 13, issue 1, pp. 43-54.
Wren, DA 2011, ‘The Centennial of Frederick W. Taylor’s The Principles of Scientific Management: A Retrospective Commentary’, Journal of Business and Management, vol. 17, no. 1, pp. 11-22.
Zuffo, RG 2011, ‘Taylor is Dead, Hurray Taylor! The “Human Factor” in Scientific Management: Between Ethics, Scientific Psychology and Common Sense’, Journal of Business and Management, vol. 17, no. 1, pp. 23-41.