Financehome Thirdly, technological development and increasing production have created the need for newer patterns and techniques of management. Fourthly, the social conscience of industry has developed considerably and there has been increasing public interest in management particularly in areas of frequent industrial unrest. Finally, full employment with its manifest advantages for public wellbeing and the development of social democracy have brought about a set of circumstances which have never been experienced by management. These are admirably expressed and form a suitable link between the wideY examination of the past twenty years with which this chapter began and the detailed considerations it must try to solve. In the context of 'Management for Whom', it is necessary to examine the effect of these developments economic and social on management itself and to try to draw some conclusions. In today's conditions of trade, finance, and industry there are many participants, shareholders, employees, the consumer, the community, and the State. It is virtually impossible to isolate any one of these. Management, if it accepts its twentiethcentury functions, is caught up in a mesh of widening responsibility. In a previous chapter a management function was referred to as making the best possible use of man, material, and methods. To this function must be added the responsibility for thinking ahead in a world that is on the move and in which the contentment even fulfilment of the individual employee is accepted as a prime management task. Management, if its functions as set out in this paragraph are accepted, has surely got to combine the efficient handling of men and materials with a suitable organization that will result in maximum internal harmony and which will supply at a reasonable profit goods and service to the satisfaction of an always expanding number of users. However this management function is looked at, whatever the emphasis, not only are managers human but so are those for whom they are managing, and it is surely important then to consider first the impact of management on people. In seeking to find some answers in relation to people rather than things, let the shareholders be first considered. With the spread of income there has been an upsurge of investment, public, institutional, and private, and the word investment must be taken to include savings. Management can no longer ignore these legions who, be they employees or virtually anonymous outside bodies and individuals, have a stake in a business undertaking. Ignoring the most obvious example a government's responsibility to its shareholders, the taxpayers business ownership has been widened enormously in the last twenty years as a direct consequence of those issues discussed earlier in this chapter the growth and distribution of wealth arising from full and stable employment as well as the rate of technical development which, in its turn, means a considerable increase in numbers of higher paid skilled workers. personal finance