The Effects of Financial Management Practices and Their Role in Economical Development and Organizational Performance

Abstract

This study investigates the effects of financial management practices and their role in economical development and organizational performance. Economic environment is changing rapidly and this change is characterised by such phenomena as the globalization, changing customer and investor demands, ever-increasing product-market competition. To compete successfully in this environment organizations continually need to improve their performance by reducing costs, innovating products and processes and improving quality, productivity and speed to market. The impact of talent management on organizational performance is a problem especially where only strategic staffs is treated as talents of the firm. Positive development is easier to achieve when everyone is on a common path in the organization. It is viewed in this particular study that strong organizational culture is very helpful for the new employees to adopt the organizational culture and to get the competitive advantage under the particular conditions. On the behalf of previous studies it is bring into being that employee's commitment and group efficiency plays very crucial role to adopt the value and beliefs of the organization and enhancing the performance of the organization. Organizational culture has a deep impact on the performance of employees that can cause to improve in the productivity and enhance the organizational performance.