How Can Fayol's Principles Be Applied To Modern Day Businesses?

Fayol's principles serve as foundation of the current business practices. All the modern manager's roles are organized around the five basic principles given by Fayol. Planning, Organizing, Leading, Controlling, Coordinating etc are the key roles played by the managers. The modern day businesses formulate division of labor and specialized divisions on the basis of the principles given by Fayol. The organizational hierarchy and structure are formulated by the top management after analyzing the needs of each and every function of the organization. The authorities are allocated according to specialization of labor which is a key concept given by Fayol. Hence each and every concept such as unity of command, authority, discipline, management , controlling etc is equally applicable today the way it was before.