Emerging Challenges and Issues In management
For the better management of the organization, the managers must be able to adjust to the emerging new challenges. Some emerging challenges for management are:
- Globalization of Business
- Ethics and Social responsibility
- Workforce diversity
- Building a Competitive Advantage
- Development of the environment
- Quality and productivity
- Innovation and change
- Knowledge management
- Multicultural effects
11 Major Emerging Challenges and Issues In Management
Describing management challenges as:
1. Globalization of Business
The globalization of business is one of the main emerging challenges for management. It occurs when a corporation extends its activities to other parts of the planet, actively participates in other markets, and competes against organizations located in other countries.
Transactions of business organizations happen across national boundaries. Globalization made the planet a worldwide village. during this process, a manager’s job is changing with:
- Increased foreign assignments
- Working with people from different cultures
- Coping with anti-capitalism backlash
- Overseeing movement of jobs to countries with low-cost labor
- There is external competition for markets, and also for resources.
2. Ethics and Social Responsibility
The increasing concern of roles and state of ethics in business. Managers are concerned due to the complexity of ethics in decision-making. Society is usually expecting more from business organizations. These organizations expect to contribute to the standard of life and society. Environmental issues became matters of widespread concern. The manager will determine the extent to which these social responsibilities and ethical issues are handled and managed.
3. Workforce diversity
The people in organizations are getting more heterogeneous demographically (disability, gender, age, national origin, non-Christian, race, and domestic partners). a various workforce includes women, the physically disabled, senior citizens, etc. Managing this diversity has become a worldwide concern.
Challenges facing by management is adapting to people that are different to form themselves more accommodating to diverse groups of individuals by addressing their different lifestyles, family needs, and work styles.
Diversity isn’t managed properly. there’s possible for higher turnover, harder communication, more interpersonal conflicts. Managers should recognize the differences among employees and answer them in ways in which will ensure employee commitment.
Decision-making is pushed right down to the operating level. Workers are now being given the liberty to form choices about the schedule, procedures, and solving work-related problems. Earlier managers were encouraged to urge their employees to participate in work-related decisions. Now managers allow employees full control of their work. Thus managers engaged in empowering employees. Similarly, the manager provides more information to employees to form them conscious of the matter and therefore the prospects of their organization.
The technological environment consists of innovations, techniques, and therefore the organized knowledge of the way of doing things. Modern business is characterized by newer and ever-changing technological developments. This involves the technological aspect of management. they have to acknowledge and anticipate technological changes.
Technological changes end in a modification in products and services; within the way, they’re produced and sold. The managers must therefore understand a correct conclusion of those characters of technological setting.
6. Building a Competitive Advantage
Increasing performance in lessening the amount of resources wont to generate more goods and services. Rather manager has to follow quality measures like Total Quality Management (TQM) to enhance the quality outputs. So that the produced products can have the effectiveness to compete with rival products.
7. Development of the environment
Environmental issues are major in management lately. These issues like deforestation, heating, depletion of the ozonosphere, toxic wastage, and pollution of land, air, and water. might not be these are a matter to an organization. But, these matters draw the eye of various social, business, and political institutions.
8. Quality and productivity
It’s practically the standard and productivity are supplementary or auxiliary to every other. Quality supports to maximize productivity and ultimately minimizes per cost of output. And, minimizing cost depends on the talents of the manager.
9. Innovation and change
The innovation of the latest knowledge and alter of expectations of stakeholders are emerging challenges to this manager or management. Facing the change is that a critical hurdle to the manager. It may occur differences within the character and behavior of stakeholders like competitors, customers, employees, suppliers. Thus, it’s a crucial responsibility of managers to handle such a change during a scientific and practical way.
10. Knowledge management
Employees are the first source of data. And as far as possible their ideas should be accumulated to organize plans and policies. its thanks to the expectation of society like new ideas, new things, and creativity within the product or service from any organization. And, on the idea of requirement, it’s necessary to rent new knowledge from outside.
11. Multicultural effects
An innovation of recent communication and transportation has tied the multi-cultured people together. They work together to satisfy their household and professional goals. within the present context, the engagement of cross-cultural professions within the business is continuously increasing. Therefore, the association of multicultural people having diverse traditions, values, social attitudes, religious beliefs, and living ways creates a replacement challenge to the manager.
Hence, these are all the emerging issues and challenges for the management in all types of corporations.