Authority: In todays SME's holding the authority and delegating the responsibilities has become an important aspect where every management is playing a toss. Due to the dynamic nature and rapid expansion of business, the trust factor between employer employee has been reduced which used to be there before as employees used to work in the same company for its lifetime. And its a fact for smooth running of the business authority and responsibility should go hand in hand.
The solution which the modern entrepreneurs or management have found out though not full proof, but works well is an implementation of good ERP software, which atleast helps to integrate the data of all the transactions in the company. In this way they they have improvised the principle with an additional but co-related term, which is control.
Division of Work: The meaning of Division of Work or the word specialization is slowly changing. Now most of the employers want their employees to specialize to something but they always encourage to know the other functionalities of business.
So if you are a student and teacher wants you to be focussed in life.. you must know that the teacher is narrowing your vision, always be dynamic
Discipline: i dnt still feel any change has happened
Unity of command: This is true for big organization, but a small organisation can not afford one boss for an employee. The management generally tkes care of the issues in regards to the conflicts. The boss subordinate relationship plays a great role here and in modern business it works.
Remuneration: To give an example, alot of companies have opened Cress and children playing ground in office premises. This is to make the mother feel comfortable that her child is in safe hands. A lot of this aspects the companies are in to for motivating the employees and to retain them.
Sub-ordination of Individual Interest: Not everybody is working for an NGO. But when to see in an holistic view with long term prospectives and for a brand image building the management has to follow certain rules and sacrifices.
Scalar Chain: Many companies are running in a flat structure. That means there is no boss. Each set of employees are handling a particular project. The sales team taking care of the sales. the HR team taking care of the employees. The projects are allocated by functional teams in accordance with the competitive advantage of the individual teams.
Stability of Tenure of Personnel: Most of the employees in this modern business world does not look for stability in the organization because they know if they are efficient they will easily get another job. Now they look after the comfortableness, locality preferences, job profile, salary structure, growth potential, etc.
Involving employees to take initiation and team spirit building are two of my favorite principles that Sir Henry Fayol has recommended and i do believe to grow in this modern dynamic world you as a manager need to see whether everyone who is supporting u is growing at the same pace or you will find after a certain point of time you will see there will be no one who will support you to grow.
Well i think i have tried to support your query and hope it ill be useful. Its an always changing world, so no theories can be permanent. Its a continuous improvement process based on logic and practicability. Well I do admit that Henri Fayol has provided a foundation on which you can customize or configure or develop your own logics and and can make the whole thing work better.
Regards
Soumitra Rakshit