Answer:
Modern management theory is a collection of ideas that form the basis of successful management practice. Each author and contributor to modern management theory has a unique set of theories, principles, and assumptions. One prominent contributor was Mary Parker Follett whose theories focused on understanding and working with people in an organization. She believed in the power of collective intelligence, in the importance of developing relationships, and in the need for leaders to understand the needs of their employees. Another contributor was Henri Fayol who developed a set of core principles for management practice. These include the need for managers to plan, organize, coordinate, command, and control. He also detailed the need for managers to have a good understanding of the business and to continually strive for efficiency and effectiveness. Elton Mayo was another contributor to modern management theory. His research highlighted the importance of employee satisfaction and highlighted how employees could be motivated to work better. His focus on employee-manager relationships and the need for employees to be valued and respected was a major part of the transition to more modern forms of management. Finally, Douglas McGregor developed the Theory X and Theory Y models which described the two different approaches to motivating employees. Theory X assumes employees are lazy and uninterested in their work and must be controlled and regulated by managers. Theory Y assumes employees are naturally motivated and need to be empowered to do their best work.
Modern management theory is a complex topic and each contributor has their own unique set of theories and assumptions. However, the common thread running through each is the need to treat employees with respect and to understand their needs in order to motivate them and create an effective working environment.