How to live? How to manage? : Theory V and Self-realization

Abstract

The problem with the current management is low engagement and high stress. This phenomenon occurs perhaps because people don’t know how to live. We have to live a life of self-realization. Thus, the purpose of management should be the self-realization of people. Self consists of character and talent. Self-realization is the development of character and talent. The development of talent depends on the character. Character is determined by values that are developed through “consciousness reform”. Consciousness reform is basically contemplating life asking fundamental questions like what's the right way to live a life. It is important to develop and reinforce character after consciousness reform for the management of self-realization. Factors responsible for character reinforcement are vision, autonomy, culture, recognition, and leadership. A new management model explained above is proposed as Theory V. Theory V supports the idea that an organization has to be a community organization where people work together harmoniously with a shared vision. Theory V is a more humanistic management model than Theory X and Theory Y because it treats people as an end, makes them work with intrinsic motivation, and engages them on a spiritual dimension.