Challenges for Modern Managers | Assignment Help
Executive Summary
The report is aimed at examining the several different challenges that the managers of an organization have to face and address in the dynamic business environment of today. It attempts to critically analyze and examine the roles and functions of the managers working in an organization that strives to be at the nexus of the business world today and evaluations the risks and challenges associated with such an objective. The paper studies and analyzes the ideas and arguments presented in some of the credible and authentic publications regarding the topic and presents some of the significant issues faced by the modern day managers working in any business organization which revolve around the areas of globalization and modernization, diversity and acceptance, the practices and significance ethics, morality and good governance particularly after the global financial crisis of 2008, and the issues and challenges surrounding creativity and innovation at the organizational and employee levels.
In conclusion, the paper presents the certain valuable findings and outcomes of the extensive discussion of the topic and presents some suggestions and recommendations that have the potential to help the modern-day managers working within a growing organization in tackling and addressing the various risks and issues that they have to face in order to ensure the organization continues to be successful in achieving its business goals and strategic objectives.
Introduction
For the purpose of this assessment, the organization or the company that I have selected is a Financial Services and Consultancy firm. The reason why I decided to select such a company and business is primarily because of my previous experience with the company and my substantial interest and intrigue with the financial services and consultancy sector in general. The selected organization and my experience with it will not only help me significantly in critically analyzing the roles and functions of that the managers of the organization perform on a day to day basis, but it will also enable me to ascertain the various risks and challenges that the managers of the organization have to face and the issues they have to tackle in the dynamic business environment of today.
Taking up the financial services and consultancy sector as the primary example of discussion for this report will not only allow me to critically analyze the impacts and implications of the global financial crisis of 2008, but it will also help me in exploring its links to the moral and ethical values and principles of business. It will also aid in examining the impact and the influence that ethics, morals, values, principles, organization culture and workforce diversity have on the progress and growth of the organization and roles and functions of the managers within the organization to help keep the company on the path to achieve its organizational goals and strategic objectives in an effective and efficient manner.
Methodology
In order to formulate an extensive and detailed report concerning the full range of challenges and issues that the managers of a rapidly growing organization face in the dynamic business market of today, comprehensive research methods and techniques need to employ. Much of the data and information for this report will primarily be taken from several carefully examined, authentic, and credible research and management journals and literature available. The research will further be aided by carrying out some interviews and detailed discussions with some of the managers of the organization selected for this purpose.
The data and information, thus, collected and gathered through the examination of credible and authentic sources and literature available for the subject will help us in formulating theories and enable us to come up with a list of significant challenges and issues that the managers of the organization have to address in the rapidly changing business world of today. Such challenges and problems will then be cross-referenced with the findings and outcomes of the interviews and discussions of the managers conducted for this purpose. In this way, we will be able to interpret and analyze as to whether the information regarding the challenges and problems of modern day management collected from theories and literature is backed up and supported by the findings and outcomes of the primary research carried out through the use of qualitative research methods of interviews and in-depth discussions. Such a methodology will not only enable us to the required objective and conclusive answers to the posed questions, but the outcomes found by it will also allow us to test the validation and the application of theoretical literature as top whether or it stands true when compared to the practicalities of the modern business world.
Challenges for Modern Managers
The role of a manager in a growing organization operating in as dynamic an atmosphere as is in the modern world today is substantially critical and significant for the success and progress of the organization in the long run. It is argued that the manager is charged with some essential roles and functions that revolve around the areas of planning, organizing, leading, and controlling.
The function of planning is primarily concerned with deciding what approach and strategy to use for the effective and efficient development and progress of the organization. Organizing revolves around the best possible allocation of resources available to the company for the attainment of organizational goals and objectives, whereas the role of leading calls for the motivation and encouragement of the employees and the workforce to enhance the productivity and quality of the products and services. Another critical aspect of management involves the process of monitoring the various policies and strategies exercised in the organization in order to ensure that the required goals and objectives are being achieved (Certo & Certo, 2006).
The work and functions performed by the modern-day managers are primarily characterized by the values and principles surrounding the aspects of brevity and diversity. Managers in the dynamic modern business world not only are expected to perform a multitude of different tasks and functions at the same time but also have to address the range of risks associated with performing such roles and have to plan for contingencies as well. The roles and functions performed by the modern day managers within the organization can arguably be categorized into three significant categories, namely informational roles, interpersonal functions, and decisional tasks (Certo & Certo, 2013)
Some of the significant problems and challenges that the modern day managers face in the dynamic business world of today are as follows;
Globalization
The world has seen a rapid rise in the trends of globalization and internationalism over the past few years thanks to the advancement and the progress of technology. The rise in globalization has influenced almost all the fields and aspects of business and trade. Similarly, the increased globalization, modernization, connectivity and interdependence of the world has also influenced and impacted the field of management significantly. As globalization continues to shape the roles and functions of managers in the modern world, it has also posed significant challenges and issues that need to tackle in an effective and efficient manner in order to ensure the development and success of the organization (Fischer, 2003) .
The managers of an organization operating in the dynamic business world of today need to be increasingly aware of the ever-changing trends and practices that continue to transform and disrupt the business world. A key challenge for the managers today is to have an adequate and appropriate understanding of the global demographics and geographies of the world in order to effectively target and capture the attention and loyalty of potential customers all over the globe. Globalization has effectively eliminated the limitations and barriers to doing business by removing geographic borders and enabling the organizations to access thousands of customers spread all over the world simultaneously and instantaneously (Black, Jensen, & Gregersen, 2003).
The managers, therefore, need to remain on their toes and effectively respond to the significant challenges posed by the globalization of the business, as one small error or an adverse decision has the potential to disrupt the entire business operation. The modern-day managers also need to keep the issues posed by the threat of global organizational culture in mind, as it is often criticized as an attempt to abolish the local cultures and traditions and replace them with global practices. Such a forced change towards a global organizational culture is a significant roadblock in the progress of the organization and leaves an adverse effect on the productivity and the motivation of the workforce (Hirst & Thompson, 2002).
