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Challenges Of Management In The 21st Century

876 words - 4 pages

Challenges of management in the 21st century

In the 21st century they consist of various barriers that prevent managers and leaders from achieving their goals and improving their organizations work. Managers constantly try tackle this issues that drive towards lowering productivity. Challenges of management include :
• Technology
• Ethics
• Globalization
• Competition
• Diversity
• PESTEL

Technology.
Keeping up with technology is difficult, tiresome, and firms find it very costly to keep at pace with it. Technology rapidly and constantly keeps on changing. Being at par technologically requires extensive research and strategic analysis of acquiring new innovation. Enforcing new technology requires staff retraining and in some cases making employees redundant.
Managers should take note of the value in inquiry, development, and forecasting future technological innovations in order to keep ahead of their competition.
Managers must understand how to achieve efficiency internally through applying new technology to operational processes. Managing new technology requires a thorough understanding of business technology management.

Ethics
Ethics is simply doing the right thing. In the business situation ethics are the moral concept of a firm getting through it organizational duties ethically.
Business nowadays encounter with a lot of moral challenges in today’s global economy. Everyone is thriving to be more successful than their competitors, to make their next profits, to keep their job, to earn a big bonus, or to compete effectively. There exists temptation to bend lines, omit information, and do whatever it takes to get ahead of their competition. Many business employees and executives succumb. Sadly, the theme becomes highly infectious and soon people actually start to feel like lying a little, or stealing a little, or deceiving others, is just “a part of business”. These practices erode the trust that needs to exist between employers and employees, between business partners, between executives and shareholders. Without trust, the business will not be able to compete effectively and it will eventually fail.
Managers often have to align the companies ethics with their desire for profitability and it is their responsibility to ensure ethics surpass profitability.

Globalization

This refers to growth on a world wide scale. Globalization captures the upward interdependence between various countries worldwide, demanding managers and leaders to fittingly integrate this trend within their tactics. Managers need to recognize that some processes can be accomplished globally, while others require to be done in a localized manner so as to follow to each region's sensitivities and customs.They must be watchful of the possible gains in a universal economy, as well as have the information of how to limit and evade the negatives in an international market.

Competition
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