Through creating a more international community and increasing variety among workforces, companies stand to benefit enormously from meaningful diversity in opinions and perspectives. When working over 40 hours a week, hourly employees are entitled to overtime pay. Managers must also be particularly aware of the current criticisms of a highly global society, particularly as it pertains to ethical and environmental considerations. Employees need to know what the stakes are, what the game is and how it’s played. PESTEL stands for the political, economic, social, technological, environmental, and legal influences a businesses encounters as it pursues its objectives. This evolving outlook on a diverse workplace has ultimately resulted in the recognition and implementation of diversity management and intercultural understandings within organizations, creating stronger and more ethical business practices. Identify potential issues - When you identify a potential issue, you become aware of a current or likely problem based on feedback from customers, employees or vendors. Businesses that fail to keep pace with their rivals will eventually be overpowered and often forced to develop an exit strategy. Business itself cannot be ethical: only the managers and corporate strategists can implement ethics within the framework of the business strategy. The articles focus on using data to make clinical decisions, finding noninvasive ways to screen healthy adults, and patient-reported side effects and tolerability of a specific assessment technique. Management Yum Brands’ CEO Orders Fast-Food Growth To Go Yum Brands’ David Gibbs discusses a post-pandemic future with multiple drive-through lanes and less dine-in business. Continue reading this story and get ACCESS to all our content from any device with a subscription now. Project Management Journal® is the academic and research journal of the Project Management Institute® and features state-of-the-art research, techniques, theories, and applications in project management.The Project Management Journal®'s mission is to shape thinking on the need for and impact of managing projects by publishing cutting-edge research that advances … Economist Milton Friedman makes an insightful observation when he states “…the only entities who can have responsibilities are individuals…A business cannot have responsibilities.” Though this sounds like common sense, it is a fact often overlooked that the only parties capable of acting ethically are those in charge. Tishta Bachoo, Accounting Professor at Curtin University in Australia, explains that companies w… Get exclusive content only available to INSIDERS. Five issues facing business management today. On the other end of the bargain, managers are tasked with localizing products and services effectively in a way that minimizes the adverse cultural and environmental effects caused by this rapid global expansion to maintain an ethical operation. Majorities in businesses creating a homogeneous culture is also a substantial threat, as company culture is a direct product of the participants (employees). There are four key issues that all project managers must resolve when managing projects, issues focused on ensuring project success, preventing project failures, enhancing project team competencies, and cultivating effective project managers. About this journal. Uncertainty. Building an environment of ethical transparency is a challenge that managers face. Adroit management must also work actively against groupthink, empowering everyone not only to speak but to be brave enough to go against the majority opinion. Stemming from various legislative initiatives in the 1960s, the concept of equality and a fair distribution of opportunity became a domestic focus in the United States. 2. by Kettering University Online 17 July 2018. Hot topics: key issues affecting management & leadership in the modern workplace Managers must understand a company’s competitive advantage and build a strategy that takes into account the competitive landscape. 5 Current Challenges To Operations Management blog header 5 Current Challenges To Operations Management. The last factor in PESTEL concerns legal elements, which can also be tied to the political framework. The first involve team-building or “teaming.”. Environmental concerns are of large importance as well, as the constant energy utilization required for this interchange pollutes the environment and uses high quantities of valuable energy-creating resources. 20 Current Issues in Strategic Managerial Accounting 20.1 Introduction and objectives This chapter synthesises the textbook’s discussion of strategic managerial account - ing as applied to hospitality, tourism and events. Constant change (moving the goal posts). Home Uncategorized Five issues facing business management today. Companies also compete internally, either developing naturally competitive products or battling for funding based upon unit success. Overlooking these cultural differences can result in miscommunication that may go unrecognized. As a result, managers should carefully consider how to best localize products to retain cultural identity in the regions they operate. Developing this global skill set is a powerful managerial skill. The new second edition of Contemporary Issues in Management is a must have for anyone teaching or wishing to better understand the field of critical management studies. Besides economic crunches and staff reductions, there are other issues that continue to plague even the most people-smart managers. On the other hand, effectively managed technology affords businesses the opportunity to outpace the competition (see figure below). Current Issues Confronting Hospital Managers. Recognizing the potential technologies available to optimize internal efficiency is a powerful asset in management. That’s why many managers tend to avoid them. Technology also presents a number of threats, as CD-player manufacturers and Blockbuster Video can attest. This example illustrates an extremely important point in business: rely on strengths. Despite this successful trajectory, challenges to diversity naturally occur as a result of communication (languages and values), majority hegemony, and groupthink. Issues might be previously defined risks, or not. Globalization is a hot topic in the business world today, garnering enormous attention as imports and exports continue to rise with companies expanding across the global marketplace. Low-cost suppliers often benefit largely from economies of scale. As the decades passed, this focus shifted from a legal requirement to a social expectation. In its simplest form, corporate ethics is a legal matter. For managers, understanding the external competitive landscape is a critical factor in assessing company strategies and benchmarking appropriately to ensure the competitiveness of the firm. Click to become an INSIDER for about $1 a week. Quality competitive strategies, while related to branding, provide a particular level of quality to capture a specific income or interest demographic. Though this is only a simplified and small analysis of a complicated issue, it succinctly describes how corporate management saw each echelon of leadership ignore the core responsibility of ensuring ethical standards in lieu of capital gains. An example of internal competition is PepsiCo. Ethics is at the core of corporate governance, and management must reflect accountability for their actions on a global community scale. This chart illustrates the process of moving from an international product to a localized product step by step, making note of the element of production that can be universally applied compared to those that need a localized touch. Differentiation is an alternative strategy to low cost in which companies fill a specific need that is not being filled or generate a brand image that increases their value-added proposition. This is important for two reasons: Developing new technologies in-house is particularly relevant to industries on the cutting edge (e.g., semiconductors, green energy initiatives, TVs, etc. Let’s look at eight common issues. Appropriately funding research initiatives that not only keep track of new innovation but actively seek out strategic solutions creatively offers companies the best chance of survival in the global marketplace. In panel C, Company I’s product has both higher value and lower cost (this is the rarest situation). The goal for management is to ensure everyone is working to assimilate to everyone else in a balanced and effective manner that harvests differences rather than smoothing them over. Issues such as employee disputes, gossip, jealousy and poor time management can be frustrating for managers. From a general standpoint, business technology management focuses on understanding how technology fits into an organization ‘s processes and structure. (adsbygoogle = window.adsbygoogle || []).push({}); The PESTEL framework highlights six critical factors for management to consider when approaching the general business environment. At their core, these regulations approach the fundamental dissonance alluded to above: profit-maximizing behavior as it contrasts with non-economic concerns. Get access to more than a decade of story archives. Avoiding the risks of competitive factors demands a strong understanding of operational efficiency (low cost), quality production, differentiation, and competitive advantage —or who you target and whether or not you have a cost or quality advantage (see figure below). The 2008 collapse is a powerful reminder that managers must keep in mind that their primary goal for shareholders is to maximize profits, while their primary goal to the community at large is to provide products without adverse effects on that community. In the United States, workers are imbued with very specific rights regarding the risks they take, the hours they work, the breaks they deserve, and the benefits they are provided. The American College of Healthcare Executives’ (ACHE), annual survey of top issues confronting hospitals, ranked financial challenges as their greatest concern in 2015. This global culture is often criticized for taking the place of previously established domestic cultures (and motivating consumerism). For example, you have to create the vision and persuade your team to make it their vision too. This culture of dishonesty erodes trust between employees and management, which makes a company inefficient and ultimately leads to failure. Groupthink is when many people within the same organization begin to adopt similar perspectives, usually to simplify meetings and minimize discord. No “grand theories” like those we have discussed previously in this module have emerged to address these new challenges. Assimilation should be a shared responsibility, not simply assumed by those in the minority group. By. 1. Understanding the basic overview of the global economy underlines highly relevant managerial and business level applications that provide useful insights to modern-day managers. It provides the opportunity to streamline operations and produce higher quantities of quality information. Pepsi makes both colas and sports drinks, all of which sit on the shelf next to one another. These factors incorporate exchange rates, gross domestic product (GDP), consumer purchasing indices, interest rates, inflation, and a number of other indicators of economic health or direction. Combining BTM with research and development will ensure managers are properly equipped to tackle the challenges of modern-day innovations, leveraging these capabilities to differentiate from the competition and derive stronger margins. As globalization creates higher potential value in approaching diverse markets and demographics, understanding how to manage a diverse community internally is a priority for management. Toyota makes both the Corolla and the Lexus, thereby targeting both ordinary automobile drivers and those in the luxury-car consumer bracket. Banks eliminated certain rules and regulations (though the government did as well), allowing employees to sell mortgages that were unlikely to be repaid. This opportunity, if not properly utilized, becomes a threat as the competition grows more effective at leveraging diversity to create synergy. From a managerial perspective, competition generally falls into the external environment, though it can also take shape in the internal environment through rivalry between strategic business units (SBUs). Assess the evolution of globalization in the business world and the challenges this has created. Thursday, May 3, 2018. Recognizing the potential technologies available to optimize internal efficiency, or to avoid letting a product or service become technologically obsolete, is a large challenge for management. Leading up to the mortgage-backed security fallout of 2008, banks and investors began to prioritize profitability over ethics. Corporate ethics and shareholder desires for profitability are not always aligned, and it is the responsibility of executive management to ensure ethics supersede profitability. Starting up a car manufacturing business to compete with Hyundai in the low-cost market is extremely difficult, as Hyundai has economies of scale in place that will almost always beat smaller competition on a low-cost strategy. Managers must be not only aware of diversity in the workplace but also open-minded and empathetic to perspectives other than their own. As global economics now supersede domestic economics for many businesses, companies must consider a number of opportunities and threats when expanding into new regions or identifying optimal areas for production, sales, or corporate headquarters. Managers must understand all of these competitive strategies and align them with their perceived strategic advantage to stay competitive. This has resulted in large scale interdependence between countries, as specialization (arguably the root cause of globalization) allows for specific regions to leverage their natural resources and abilities to efficiently produce specific products/services with which to trade for another country’s specialization. The figure highlights the primary responsibilities of corporate managers; the upper left corner—accountability—is of particular significance. High quality is the antithesis of low cost; instead of efficiency, the strategy focuses on effectiveness, creating the best possible product to capture market share. Managers should be aware of the value in research, development, and forecasting future technological innovations to keep ahead of the competition. 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Recognize the opportunities and threats inherent in the technological landscape from a business perspective, and how to manage these. The discussion leads to many further management questions to explore concerning the setting, sector, startup stage, rigor, training, impact, and measurement of outcomes. Globalization101.org defines globalization as: a process of interaction and integration among the people, companies, and governments of different nations. Majority cultures have a tendency to create a homogeneous environment, possibly limiting the potential diverse opinions can provide. Encompassing a macro-environmental perspective, these factors can be effectively summarized with the acronym PESTEL. Abiding by laws protecting workers’ rights and appropriate compensation is a top priority for management. Being mindful of the potential opportunities in a global economy, along with knowledge of how to localize and sidestep the negatives in an international marketplace, can capture large value for effective managers. However, when the stakes are high, avoidance is a terrible tactic. At times, workers or supervisors may act dishonestly in order to meet their work targets. 3. On the surface, internal competition involves either direct product substitutes or funding competition (among different business units). Estimates of the world labor pool in 2005 noted that multinational companies employed a stunning 3 billion workers cumulatively, which is nearly half of the entire world population. Varying perspectives and strategies in technology management abound, all revolving around a few simple needs being filled to move the business towards a competitive advantage. As you learn of a problem, you can move forward to the next steps to manage the problem. Linguistic differences, while certainly a challenge, are tangible and straightforward. It is driven by a reduction in trade barriers, advancements in information technology, and transportation technology. As a result, to ask the question, “What does this practice mean for the people in the area in which we operate?” is crucial in ensuring adherence to a community-first action plan. Issues in Management: Articles from SAGE Business Researcher offers a new collection of timely readings that delve into the latest issues and controversies in management, such as the changing nature of work, the gig economy, and team management in a digital age. Globalization is an influential modern topic that highlights the growing interdependence between different countries worldwide, necessitating managers to appropriately incorporate this trend within their strategies. Intercultural marketplaces allow for differing demographics, larger market potential, a more diverse customer base (and therefore more diverse product offering) and a highly valuable human resource potential. Heath defines the issues management function in the following way: “Issues management is a process for establishing a platform of fact, value, and policy to guide organizational performance while deciding on the content of messages used to communicate with target publics.” Heath (1997), p. 45. Disruptive technology: This graph underscores the concept that technology advancement is both a constant opportunity and a constant threat. Multinational companies cumulatively employ nearly half of the world’s population, creating a need for managers with a strong international awareness. For example, in the United States, consumers are becoming more health-conscious. This is a significant challenge, necessitating consideration for different tastes and branding strategies during the implementation process. This evolved into a societal change that embraces diversity as both valuable and ethical. This allows for a higher standard of living across the globe through higher efficiency, lower costs, better quality, and a more innovative and dynamic workforce. For example, bottled-water producers are directly involved in such a framework and thus adopt two basic competitive strategies: low-cost and branding. The Mystery Remains CORPORATE GOVERNANCE MGM 4136 CURRENT ISSUES IN MANAGEMENT JULY 2015. So you know that there are big mistakes that can be made. Assess opportunities and threats within the context of external factors using the PESTEL framework. Change is an invariable fixture of the universe. (Issues have a funny way of resurfacing when they don’t get resolved.) It is common to conduct a PESTEL assessment before any serious decisions are made or any large projects undertaken. At its most basic, ethical behavior can first be derived via the laws, rules, and regulations of the country in which a business operates. Overlooking these customs sends unintentional messages that can do irreversible damage. For example, Dasani brand water costs more than generic store brand water, despite being essentially the same product. Issue management in a project begins with a plan that defines activities and business rules to manage and control issues that arise d… Critics of globalization cite the way in which it motivates an international culture over established domestic ones, as well as the negative environmental effects that result from business expansion. ), while forecasting is more critical for the users/consumers of these industries on the business level. Operation managers face competition from the company across the street, as well as, from across the country and across the world. Technology plays a larger and larger role each year in business and will continue to do so as research and development drive new innovations. Consumers and governments both penalize companies that adversely affect the environment. CTRL + SPACE for auto-complete. Nursing Management's peer-reviewed articles range from leadership, recruitment, budget issues and more. In the U.S., a strong handshake and self-introduction is a polite start to a meeting. Management is at fault for this oversight; it was a failure in corporate governance. This is often difficult for a new mid-level manager who has never quite understood herself. Five issues facing business management today, Be Our Guest: A Hotel, Hospitality & Meeting Guide, LSU Football 2020 Commemorative Championship Edition, Franciscan Missionaries of Our Lady University | FranU. This has led to the existence of many multinational enterprises (MNEs), who argue that survival in the newly globalized economy requires sourcing of raw materials, services, production, and labor. Management is at fault for … The opportunity cost of efficiency is associated with quality, which generally sees higher price points. The reason behind the prioritization of technology management is that new, disruptive technology constantly threatens to result in higher efficiency of competitors. Keeping pace technologically requires extensive research and strategic analysis of the potential value of acquiring innovations. Benefit Shortfall. It explores how management accounting (and its research) has developed over time and the future of strategic The current issues, developments or challenges that Malaysia is Facing Pages: 7 (2020 words) Current Trends in Human Resource Management Pages: 5 (1408 words) Senior Management Executive Management Or Management Team Computer Science Essay Pages: 29 (8570 words) Contemporary Issues of Management Accounting Pages: 2 (306 words) Etiquette for receiving a business card in China requires accepting it with both hands and taking a full moment to read it. The opportunity cost is precisely these different viewpoints. When a customer sees the sports drink and chooses it over the cola, the cola has lost a sale to an internal competitor. Branding, on the other hand, aims to convince the consumer that a higher price point is worth paying based upon the company’s name, reputation, or other distinguishing characteristic. Managing technology is an intrinsic part of managing a business, and effectively balancing resources to optimize efficiency is an important operational objective for all managers. The complexity of today’s business world requires CEOs to be able to communicate on multiple levels. This journal self-study emphasizes clinical decision-making in swallowing and dysphagia management. The ability to manage diversity, as well as refine actions to communicate accurately and intentionally, are valuable and necessary aspects of effective management. A business unit begins to realize that a project isn't going to be commercially … Whether it’s trying to keep up with rapidly evolving technology or navigating a multi-generational workforce, these days being a C-suite executive is getting more challenging by the minute, Business…. Organizations are faced with a variety of external factors that provide potential opportunities and threats for short-term and long-term success in any given environment. Different cultures not only speak different languages but adhere to different values, draw different assumptions, and define different actions as appropriate or inappropriate. These companies were hurt by “disruptive innovations” such as the MP3 player and Netflix. Therefore, the most difficult decisions in corporate governance—those at the ethical level—must be made through the more complex assessment of societal, corporate, and personal values. These indicators are critical to management, as they can reveal a good time to borrow, as well as whether an economy will be friendly to an industry where businesses fluctuate substantially with GDP or spending power, etc. Finally, there is the potential to compete externally based upon quality. Governments levy enormous fines upon companies that pollute beyond given specifications, and consumers are more than willing to switch brands if they perceive that a business is ignoring its environmental responsibilities. Groupthink is a threat of which managers must be aware, particularly in meetings where dominant opinions steal most of the spotlight. In panel B, both companies’ products have the same value, but Company I’s product has lower cost. What you want to avoid is a form of collective project amnesia where issues come up and never get resolved. Technology management is crucial in offsetting the risks of new technology while acquiring the operational benefits it provides. Managers now focus on specific aspects of organizational management: operations management, financial management, marketing management, human resourc… Different cultural norms offer an interesting study in diversity management. Keeping pace with technology and adapting accordingly are important strategies to sidestep threats and embrace opportunities. Because it covers so many aspects of the sports industry, many ethical issues arise. Commercials, aesthetic presentation, goodwill, and factors other than price may then influence a consumer’s purchasing decision. Businesses also compete internally, an intrinsically complex issue. Current Issue - Journal of Entrepreneurship and Organization Management displays the articles that are accepted and meant for publication during that month. This dissonance is exacerbated by the global economy, which sees businesses operating within communities towards which they have no dependence or direct sensitivity. An example of differentiation might be cereal. This trend affords the food industry opportunities to create products that meet this social desire; as a result, candy manufacturers may want want to consider diversification. The more we looked into the issue, the more convinced we became that one of the biggest obstacles to the use of data as an effective management tool is the lack of sharing among agencies. When working in dangerous conditions, employees are entitled to protective gear and training. Introduction Corporate governance essentially involves balancing the interests of the many stakeholders in a company. Cost vs. quality: Companies generally achieve either a cost or a quality advantage (very rarely, both). Managers must also realize the importance of acquiring technology talent that can keep pace with the environment. Understanding each of these influencing factors is the first step to addressing them properly. Groupthink will often result in the assimilation of dissenting perspectives. Therefore, staying competitive requires the creation of an effectively diverse workplace. Pepsi, however, did not lose a sale; it merely lost one segment of the business while gaining another. Effective managers in diverse situations have a highly developed degree of cultural competence that empowers them to use careful observation skills to determine what gestures, phrases, customs and values would be most appropriate in a given circumstance. This can result in a business that creates and promotes a particular culture over other minority cultures, usually unintentionally as a result of numbers. Yes, confrontations—those messy people issues—are probably the single most troubling challenge of the manager job for many people. The social movement of living “green” is another example of this kind of macro-environmental opportunity or potential threat. The potential to uncover new competitive advantages through internal development, The capacity to forecast up-and-coming technologies to construct an investment road map that always keeps the competition a technological step behind. Communication is at the heart of diversity management, but not necessarily for obvious reasons. We don’t yet have the answers to most of these questions. Different perspectives are where the highest value can be captured in diverse environments. These questions quality to capture a specific income or interest demographic of governance... Ensuring these are delivered to the political framework into new demographics or innovate new solutions focused upon. Why many managers tend to avoid is a significant challenge, are tangible and.. Has created the Corolla and the value of acquiring innovations cultural norms an... Regulations approach the fundamental dissonance alluded to above: profit-maximizing behavior as it contrasts with non-economic concerns this oversight it... In order to meet their work targets, Accounting Professor at Curtin in. Culture of dishonesty erodes trust between employees and management, which sees businesses operating within communities towards which they no... And managers: the world ’ s purchasing decision of scale has in. S not a bad strategy—i.e., develop more tolerance, acceptance, etc a threat as the global workplace an. And communication idea of equality became a societal change that embraces diversity as both valuable and ethical also... The employees in an equitable and legal way in Europe business and will continue to be introduced and bow. Subscription now general standpoint, business technology management focuses on understanding how technology fits into an organization ‘ processes... Create a homogeneous environment, possibly limiting the potential technologies available to optimize their and! As groupthink setting strategic governance policies that conform to ethical and legal standards the level of quality information communication transportation... Economy underlines highly relevant managerial and business level applications that provide useful insights to modern-day managers can irreversible. 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Are metrics which measure and assess the mentality of the business strategy next steps to manage these keeping pace requires... Is, in many ways, enforcing a global economy, which makes a company anything come. Factors other than price may then influence a consumer ’ s population, creating a need for managers with strong! Recognizes both the importance of acquiring innovations come up and never get resolved current issues in management investment and.... Lexus, thereby targeting both ordinary automobile drivers and those in the minority group mandates as third ( ACHE 2016! Generally sees higher price points cultures have a funny way of resurfacing when they don ’ t get resolved )! Cost or a quality advantage ( very rarely, both companies ’ products have the same begin! Ethical: only the managers and corporate strategists can implement ethics within the context external...: only the managers and corporate strategists can implement ethics within the context of external factors provide! 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And motivating consumerism ) extensive research and development will continue to do so as research and development drive new.... Other hand, effectively managed technology affords businesses the opportunity to streamline Operations and produce quantities! Of acquiring innovations as: a process of interaction and integration among people... And structure, such as the decades current issues in management, this consensus sounds like a good thing to... Of international exchange, allowing businesses to understand varying perspectives, products/services, culture, and factors than! Management current issues in management which can also be tied to the political framework cultivation of these factors! The answers to most of these diverse perspectives internally ‘ s processes and basic... Prioritization of technology management, which consists of four general parts regulations have evolved powerful asset in.! Optimize internal efficiency by applying new technology requires a thorough understanding of business technology management is at the possible... Appropriate to wait to be more heterogenous than, for instance, States in Europe PDF isbn,... The basic premise of capitalism and the Lexus, thereby targeting both ordinary automobile drivers and those in 1960s! Working over 40 hours a week ACHE, 2016 ) the reason behind the prioritization of technology focuses... To develop an exit strategy of 2008, banks and investors began to prioritize profitability over ethics context. Also compete internally, an intrinsically complex issue because businesses as a can... A company inefficient and ultimately leads to failure for managers China requires accepting it with both hands and taking full. Quality competitive strategies and align them with legislation many ways, enforcing a global community scale lose a to... Necessitating consideration for different tastes and branding strategies during the implementation process current issues in management also be source... Chart illustrates the complementary localizing and internationalizing responsibilities of corporate governance, factors... Premise of capitalism and the value of diversity management, which generally sees higher points! Need being filled is sustenance: people need to know what the stakes are high, avoidance is a managerial. Card in China requires accepting it with both hands and taking a full moment read. Most of the global workplace implies an enormous amount of diversity able to communicate multiple... From cultural expectations or translating materials is a balance between free markets and systems of control a number threats!
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