Power: A Key Idea for Business and Society

Power is the central force behind many business complexities, and this book explores how it connects to scholarly theories and conversations about organisational life.

\n Format: Paperback / softback
\n Length: 124 pages
\n Publication date: 27 December 2021
\n Publisher: Taylor & Francis Ltd
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Business is a complex and multifaceted phenomenon that has captivated the minds of scholars and practitioners alike for centuries. While its origins can be traced back to the earliest human societies, the modern business landscape has evolved significantly, shaped by a myriad of factors, including economic, social, technological, and political developments.

At its core, business is driven by power, a fundamental force that permeates every aspect of organisational life. From the boardroom to the factory floor, power plays a crucial role in decision-making, resource allocation, and the overall dynamics of business operations.

In this essay, we will explore the various dimensions of power in business, including its sources, forms, and implications. We will also examine how power can be used effectively to achieve organisational goals and how it can lead to both positive and negative outcomes.

One of the primary sources of power in business is economic power, which refers to the ability of organisations to generate revenue, attract investors, and maintain a competitive edge in the market. Economic power is often associated with the ownership of capital, resources, and intellectual property, which give organisations the ability to produce goods and services at a lower cost and sell them at a higher price.

However, economic power is not the only source of power in business. Social power, which refers to the influence and authority wielded by individuals or groups within an organisation, is also crucial. Social power can be derived from a variety of sources, including social status, relationships, and cultural capital. Individuals or groups with high social power can influence decision-making processes, shape organisational culture, and exert control over other employees.

Political power, which refers to the ability of individuals or groups to influence public policy and regulation, is another important source of power in business. Political power can be gained through lobbying, campaign contributions, and public advocacy. Organisations with political power can influence government decisions that affect their operations, such as tax policies, environmental regulations, and trade agreements.

In addition to these sources of power, power can also be derived from personal relationships and networks. Personal relationships and networks can provide individuals with access to resources, information, and opportunities that can enhance their power within an organisation. For example, a CEO who has strong relationships with key stakeholders, such as investors, customers, and employees, can exert significant influence over the organisation's direction and decision-making processes.

However, the use of power in business can also lead to negative outcomes, such as corruption, exploitation, and inequality. When power is concentrated in the hands of a few individuals or groups, it can create a hierarchical structure that undermines employee morale, stifles innovation, and reduces employee engagement. Moreover, the use of power to manipulate or control others can lead to ethical dilemmas and damage to the organisation's reputation.

To mitigate the negative impacts of power in business, organisations need to develop effective strategies for managing power. This includes promoting diversity and inclusion, fostering open communication and collaboration, and establishing clear policies and procedures for decision-making and resource allocation.

In conclusion, power is a fundamental force that plays a crucial role in business. Economic, social, and political power are just a few of the sources of power that organisations can harness to achieve their goals. However, the use of power can also lead to negative outcomes, which is why it is essential for organisations to develop effective strategies for managing power. By promoting diversity and inclusion, fostering open communication and collaboration, and establishing clear policies and procedures, organisations can create a more equitable and sustainable business environment.

\n Weight: 226g\n
Dimension: 178 x 361 x 15 (mm)\n
ISBN-13: 9780367456450\n \n