YT is the Finance Manager of SBM Magazine Publishing Company. He has recently had his appraisal and was expecting that he would get a excellent review, as he felt that he had met all of his targets for the year, though at a personal cost of working exceptionally long hours. YT was thus surprised when his line manager, RP, suggested to him that he was not using his staff effectively and should be delegating more work to his team. Whilst RP commented that YT had achieved the department's objectives, he suggested that delegating more would be mutually advantage to YT and his team as well as being in the long term interests of the company. 

Explain the benefits of delegation from the point of view of YT, the Finance Manager, and also his team.

In discussing the advantages of delegation, it is first worth explaining what is meant by the concept of delegation. Essentially, delegation is the process of assigning tasks and granting authority for their accomplishment to others. It can only happen if YT has the authority to delegate in his role as Finance Manager. 

 Delegating work would contain YT giving his team members the authority to carry out particular aspects of his job. An significant aspect of delegating is that YT would give his staff the discretion to make decisions within a particular sphere of influence or carry out tasks; he would still, though, remain fully accountable for the decision or tasks undertaken by his staff. There are benefits of delegation for both YT and his team.