By J.T. Ripton

In this day and age, workers live in a fast-paced world where management continues to evolveĀ and change. As a manager, you want to successfully lead your team while achieving the goals of the company that you manage. To find this success and balance, you’ll want to embrace the changes that surround you and know which key aspects of management should hold the most of your attention.

Here are 5 key aspects of management that should play an integral role in the management of your company and employees:

1. To Get a MBA or Not to Get a MBA

You do not “need” a MBA to manage a company. However, it depends upon the company that you’d like to manage and the salary that you desire. If you want to get paid the biggest bucks in the league of management, you’ll want to earn your MBA. With an MBA you can also climb your way up the ladder of success within a company, too.

You’ll likely see many abundant promotions in the workplace and have a greater chance of landing that dream job if you’re still looking. If you’d like to earn your MBA, the good news is that you can work while you learn with an online EMBA program. Online education makes it easier than ever for adult learners to combine both work and school.

2. Assessing the Skills of Employees – Skill Assessment

Before you can begin training and development programs, you need to do an assessment of employee skills. When analyzing the skills of your employees, you’ll want to focus on employee attitude, employee skills, and knowledge. Once you’ve assessed these key areas you can then make a list breaking down areas that need work, areas that you can handle on your own, and areas that you need to outsource for additional training and development.

3. Focusing on Training and Development of Employees

When you put the focus on training and development of company employees, it’s integral to focus on new hire training through new hire orientation and to focus on prevention of workplace harassment with harassment prevention programs. Other key areas include performance management programs, improving relations between customers and employees, and management development incentive programs.

4. Knowing the Ins and Outs of HR Policy

Every great manager should know the ins and outs of their company’s pertinent HR Policy. Knowing your company’s HR policy guidelines will help you to help your employees, while sustaining the business. A successful HR policy will not only set important boundaries and standards to adhere to, but it also establishes strategies for communication and ways to recognize the needs of a company’s employees.

5. Understanding Basic Finance

Because the management of a company’s finances is one of the most crucial practices for business, every great manager should understand the basics. From analyzing and generating financial statements to bookkeeping and cash management, managers need these skills to avoid disorganization and financial distress.

When you hone and master all of the important skills above that are essential to the success of a business, you can expect to become a greater asset to any company that you manage.

JT Ripton is a freelance writer out of Tampa, who focuses on topics relating to business and technology. Follow him atĀ @JTRipton.