Does a company need managers?

A guy I respect (who is a manager and a great blogger) once wrote a short musing post about whether or not companies need managers.

The idea is that the people who actually do the work – the technicians and engineers – are the ones who should be self-directing their work. No need for folks like managers who simply direct, plan, and guide.

I think companies need managers, and good ones. But I think most managers aren’t particularly good at what they do.