New Trends in Management
Due to the rapid development of science and technology, globalization in business, transportation, and communication system, increase the new pace of economic development emerge various new perspectives in management that a manager has to apply to today’s obstacles. Some of the recent trends in management are as follows:
10 Recent Trends in Management are:
- Workforce Diversity
- Outsourcing
- Knowledge Management
- Learning Organization
- Time Management
- Business Process Reengineering
- Conflict Management
- Stress Management
- Participative management
- Green Management
Describing individually the above management trends are as follows:
#1 Workforce Diversity
Workforce diversity is the involvement of heterogeneous types of employees in the organization who represents their age, gender, and ethnicity. Due to changes in population dimensions, improved workforce, social pressure, and increased globalization the diversity is constantly increasing.
The world’s increasing globalization requires more interaction among people from diverse cultures, beliefs, and backgrounds. People no longer live and work in an insular marketplace, they are now part of the worldwide economy with competition coming from nearly every continent. Due to these reasons, profit and non-profit organizations need more diversity to become more creative and open to change.
Managing diversity in the workplace has become an important issue for management today. An efficient manager has to manage a diverse workforce from both an individual and organizational approach. May from an individual approach he has to develop a better environment like understanding, empathy, tolerance, and willingness to communicate with his employees. And, from an organizational approach may he has to develop policies, training, practices, and good culture in the organization.
#2 Outsourcing
Outsourcing means getting resources from outside. It is the process of providing some parts of jobs to other organizations to bring quality and get the benefit of specialization.
It is an important means of reducing costs and improving quality. If an organization performs every activity by itself, it may not be able to perform the activity efficiently and the quality of product or service may also be inferior. Thus, organizations have to identify certain areas that can be outsourced to minimize the cost of operation and increase the quality of products.
#3 Knowledge Management
Knowledge management is the process that helps organizations to identify, select, organize, disseminate, and transfer important information and expertise for organizational prosperity. It emphasizes that knowledge can be turned into business ideas and used for the success of the organization. The effective management of knowledge enables management for effective and efficient problem solving, dynamic learning, strategic planning, and decision making.
It focuses on identifying knowledge, explicating it in such a way that it can be shared formally, and showing its value through reuse. For organizational success, knowledge, as a form of capital, must be exchangeable among persons, and must be able to grow. And, for problem-solving, knowledge, must be captured, so that knowledge management can promote organizational learning, and lead to further knowledge creation.
#4 Learning Organization
Learning organization involves institutions where there is the provision of continuous learning to adapt to the changing environment of businesses. You know, the business environment is an ever-changing process. So, to bring new concepts into the business, the innovation of new ideas, models, design, structure, and technology is essential. A business organization performing at the highest level today will not remain the same in the future if there is no provision of learning.
For better learning in the organization, all employees should share information, ideas, knowledge, and work as a team. To cope with the changing environment and new technology, business organizations need to have qualified employees with learning capabilities.
#5 Time Management
Time management is prioritizing the activities for using time effectively. It is used for scheduling time. Time is a unique and most important resource and if it is wasted, it can never be recovered.
Time management may help employees who are suffering from a lack of planning, sort out their priorities, etc. It is about balancing different aspects of life which makes the goal achievable. But remember time is always limited.
#6 Business Process Reengineering (BPR)
Business process reengineering is a new trend in the management field. It purports that the way work is done should be fundamentally and radically changed so that every effort of the firm is driven to achieve customer satisfaction and thereby greater performance and profitability.
Reengineering is about radical change. It does not mean slight and incremental changes, leaving the basic structure as it was. It means starting from “Scratch”.
Reengineering involves redefining the process. It is essential in a condition when the current effort is insufficient for the organizations to satisfy their customers.
#7 Conflict Management
Conflict refers to all kinds of opposition or antagonistic interaction between or among individuals and groups. It exists when one party has hampered or is about to hamper the accomplishment of goals.
The manager should identify the reasons for conflicts and solve them through proper ways such as skill encouragement, handling constructive conflict, and resolving dysfunctional conflicts.
#8 Stress Management
Stress refers to the body’s psychological, physiological, and emotional response to any demand. Stress occurs when the pressure is greater than resources. Large workload, long work hours, fewer resources, less job security are the major causes of stress to the employees.
Stress management is concerned with taking some steps to minimize work stress among working staff. Steps may include changing lifestyle, changing in thinking, and changing in behavior.
#9 Participative Management
It means involving subordinates in the decision-making process with their immediate superiors. Here, both the manager and the subordinates are involved in the decision-making process. It increases the value of the employees by considering them as part of the management.
Participative management empowers subordinates who know the actual problems and can contribute to better decision-making. It is necessary to consults employees of different inter-dependent departments to bring uniformity in their performance.
#10 Green Management
Green management focuses on environmental conservation for the sustainable development of business activities. It focuses on promotions of green technology that presents the most viable way of meeting with the new green-related activities.
In today’s business environment managers have to take a step to protect and preserve the natural environment. To save natural resources most of the large organizations are using renewable energy sources, adopting new technology that reduces energy consumption, preserves forests, and conserves water for future use.