• The others train you to forecast, but our scholars train you to forecast accurately in the capital market
Dr.Tweneboah Senzu

Managing Director of Bastiat Ghana Institute

The McCormick System requires the formation of a junior board apart from the senior board of directors that is conventionally common in every corporate organization set up. This junior board formation should be made up of departmental managers and others who have over time, developed interest for their respective tasks. The purpose of the junior board should not, however, override the judgement of the senior board but rather complement the efforts of the senior board, synergizing to bring about effectiveness.

The junior board of directors are to be self-governing with their chairman and secretary and also their own customary rules to govern their meetings. To give the junior executive further insight into the management of the business, the junior board must meet with the senior board once a month with the Junior Chairman presiding, rather than the president of the company. This is done to give the youngsters the confidence in operating before the entire board. Furthermore, this is done to demonstrate to the senior members the value of the work of the junior board.

Present business management, regardless of its desires will have to undergo many drastic changes. This realization, accepted as inevitable conclusion, will enable management to anticipate and therefore alleviate many troubles as our industrial system is forced into new moulds. On one side we are faced with tidal waves of political legislative control which continue for many years and which promises to affect every avenue of business. On another, we find a public opinion concerning our purpose and activities that is largely fallacious, that has been created by widespread and persistent propaganda and that will give business much to explain and a great deal to live down in the future.

It is now apparent and I think our experience proves that the management in the future will find most of its problems closely related to the human factor. The slow drift in this direction that has been going on for many years is now enormously accelerated. And it will be the duty of management to see that the social benefits, promoted in many instances to support political expediency and deliver to an extent, in a way that will justify the cost of tax payers.

It is also apparent that the one-man system of management is obsolete except in the case of a very small enterprise. The system is passing out not only because of its inherent weakness, but for the reason that one man cannot cope with the increasing multiplicity of problems that beset every business in the country.

Today’s management requires a vision so broad and an understanding so vast that they cannot be encompassed by one mind. Someone has written that Julius Caesar could have possessed a Ford or a Benz car if the men of his time had been able to think out the ways and means of constructing an automobile. Fantastic as it seems, a moment’s logical thought proves the truth of that statement. Caesar had to be content with a two-wheeled chariot solely because the mental capacity of his reign as represented by the labour leaders and capitalist of his day could design and manufacture nothing better.

Labour only has to contrast the slavery of Caesar’s time with the freedom and rewards of today to realize that it owes it present advanced status solely to ideas produced by practical thinking. Every capitalist worthy of name knows that the value of his property is sustained solely by the desire of others to possess it and for what it can produce for himself and others.

Both should realize that their advancement can come only through the creation of new wealth, new industries, production of goods and the increased existing properties and that new wealth results solely from the opportunities which ideas create from both capital and labour.

The primary purpose of the management of the future will be to build men; it will place the human factor above profit, knowing that if its human organization is constructed of the right kind of material the profit will take of itself.

This system of management is built in a motive that inspires a business organization to consider the human factor as more important than excessive profit and to build an institution rather than a more business machine.

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