About this journal. Managers must be not only aware of diversity in the workplace but also open-minded and empathetic to perspectives other than their own. This hegemony can create tension between different groups, ultimately resulting in the smaller groups moving towards the culture of the larger ones to close the dissonance, a practice called assimilation. As you learn of a problem, you can move forward to the next steps to manage the problem. The impact of business upon the environment is a growing concern, and companies must consider both the social and political segments of PESTEL in conjunction with environmental factors. Globalization and Managers: The world is shrinking in all major respects. Technology management is crucial in offsetting the risks of new technology while acquiring the operational benefits it provides. ), while forecasting is more critical for the users/consumers of these industries on the business level. This example illustrates an extremely important point in business: rely on strengths. Groupthink will often result in the assimilation of dissenting perspectives. Conversely, in Japan, it is appropriate to wait to be introduced and then bow following the greeting. Describe competitive strategies such as low cost, differentiation, and internal competition and the role of the external competitive landscape in developing them. 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. 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. It is common to conduct a PESTEL assessment before any serious decisions are made or any large projects undertaken. Ethics is at the core of corporate governance, and management must reflect accountability for their actions on a global community scale. PESTEL Analysis Diagram: This chart illustrates the PESTEL factors an organization faces. Uncertainty. Issues might be previously defined risks, or not. As a result, managers should carefully consider how to best localize products to retain cultural identity in the regions they operate. Assimilation should be a shared responsibility, not simply assumed by those in the minority group. 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. Politics play a role in business, as there is a balance between free markets and systems of control. Operation managers face competition from the company across the street, as well as, from across the country and across the world. Change at the Helm. Pepsi, however, did not lose a sale; it merely lost one segment of the business while gaining another. The discussion leads to many further management questions to explore concerning the setting, sector, startup stage, rigor, training, impact, and measurement of outcomes. Managers must also realize the importance of acquiring technology talent that can keep pace with the environment. Management is at fault for … 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. 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. Different perspectives are where the highest value can be captured in diverse environments. It explores how management accounting (and its research) has developed over time and the future of strategic Analyzing the entirety of the macro-environment is an extensive and complex task, but understanding the framework of basic influences allows for an organized and strategic approach to isolating each opportunity or threat. 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. 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. 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). Low-cost suppliers often benefit largely from economies of scale. Therefore, staying competitive requires the creation of an effectively diverse workplace. The figure highlights the primary responsibilities of corporate managers; the upper left corner—accountability—is of particular significance. Explain the inherent value diversity generates in the competitive landscape and the challenges globalization presents. Managers must be responsible because businesses as a whole cannot, and this responsibility towards integrity lies at the heart of management. At its most basic, ethical behavior can first be derived via the laws, rules, and regulations of the country in which a business operates. 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. This dissonance is exacerbated by the global economy, which sees businesses operating within communities towards which they have no dependence or direct sensitivity. 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. 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. In the 1960s, the U.S. begin identifying trends in workplace diversity and addressed them with legislation. For example, bottled-water producers are directly involved in such a framework and thus adopt two basic competitive strategies: low-cost and branding. Managers should be aware of the value in research, development, and forecasting future technological innovations to keep ahead of the competition. Uncertainty in the global economy, uncertainty in the credit markets, uncertainty in how new regulations will affect business, uncertainty about what competitors are doing, and uncertainty about how new technology will affect the business—these are just the start of a never-ending list. When a customer sees the sports drink and chooses it over the cola, the cola has lost a sale to an internal competitor. In general terms, globalization is the international integration of intercultural ideas, perspectives, products/services, culture, and technology. Risk Management - Current Issues and Challenges. First and foremost in corporate governance is the strict adherence to business ethics on a professional level. 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…. The latest trends in nursing management include implementing technological advances, the need for a greater understanding of the population being served, and a renewed focus on quality-assurance practices. Write CSS OR LESS and hit save. Pepsi makes both colas and sports drinks, all of which sit on the shelf next to one another. Discover our cutting-edge journal today! Thursday, May 3, 2018. Etiquette for receiving a business card in China requires accepting it with both hands and taking a full moment to read it. Continue reading this story and get ACCESS to all our content from any device with a subscription now. Effective communication is so hard be… Cost vs. quality: Companies generally achieve either a cost or a quality advantage (very rarely, both). Change is an invariable fixture of the universe. For example, in China it is quite important to understand the concept of guanxi (face), particularly as it pertains to paying respect to guests or superiors. Management is at fault for this oversight; it was a failure in corporate governance. The ability to manage diversity, as well as refine actions to communicate accurately and intentionally, are valuable and necessary aspects of effective management. Without differences in perspective, companies have little room to expand into new demographics or innovate new solutions. The simplest perspective on competition is in industries where products are homogeneous (or very alike). Understanding the varying laws and regulations in a given region of operation is critical to avoiding unnecessary legal costs. When working in dangerous conditions, employees are entitled to protective gear and training. Managers across the board must be aware of the importance of these technological developments, as well as the operational challenges in researching and implementing them. 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. 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. Issue management in a project begins with a plan that defines activities and business rules to manage and control issues that arise d… 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. 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). However, as the global economy requires businesses to understand varying perspectives, it also necessitates the cultivation of these diverse perspectives internally. Set priorities - Take time to understand what needs to be done, which steps need to be handled first, and how the issue will be managed. At their core, these regulations approach the fundamental dissonance alluded to above: profit-maximizing behavior as it contrasts with non-economic concerns. The need being filled is sustenance: people need to eat. Let’s look at eight common issues. 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. Keeping pace technologically requires extensive research and strategic analysis of the potential value of acquiring innovations. The Mystery Remains CORPORATE GOVERNANCE MGM 4136 CURRENT ISSUES IN MANAGEMENT JULY 2015. Linguistic differences, while certainly a challenge, are tangible and straightforward. BTM can therefore be divided into four elements: While managers are focused upon these four aspects of BTM, they must also keep future growth and technology scaling in mind. 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. 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. Majority cultures have a tendency to create a homogeneous environment, possibly limiting the potential diverse opinions can provide. From a managerial perspective, the global workplace implies an enormous amount of diversity management. Home Uncategorized Five issues facing business management today. Disruptive technology: This graph underscores the concept that technology advancement is both a constant opportunity and a constant threat. Ethnic diversity map: This map illustrates the level of diversity worldwide. Diversity poses various challenges in communication, from differences in language to differences in culture. Recognizing the potential technologies available to optimize internal efficiency is a powerful asset in management. When working over 40 hours a week, hourly employees are entitled to overtime pay. Employees need to know what the stakes are, what the game is and how it’s played. Understanding the basic overview of the global economy underlines highly relevant managerial and business level applications that provide useful insights to modern-day managers. The more difficult challenge is the intangibles in communication that arise not from literal words but from cultural expectations. In such a situation, companies compete directly. As a manager, this means developing a globally aware perspective that lends itself well to the specific geographic needs, values, and customs in which the business operates. PESTEL stands for the political, economic, social, technological, environmental, and legal influences a businesses encounters as it pursues its objectives. Groupthink is a threat of which managers must be aware, particularly in meetings where dominant opinions steal most of the spotlight. By. Current Issues Confronting Hospital Managers. This evolved into a societal change that embraces diversity as both valuable and ethical. Toyota makes both the Corolla and the Lexus, thereby targeting both ordinary automobile drivers and those in the luxury-car consumer bracket. Through creating a more international community and increasing variety among workforces, companies stand to benefit enormously from meaningful diversity in opinions and perspectives. Nursing Management's peer-reviewed articles range from leadership, recruitment, budget issues and more. It is driven by a reduction in trade barriers, advancements in information technology, and transportation technology. The opportunity cost of efficiency is associated with quality, which generally sees higher price points. Tishta Bachoo, Accounting Professor at Curtin University in Australia, explains that companies w… Abiding by laws protecting workers’ rights and appropriate compensation is a top priority for management. Consumers and governments both penalize companies who have a large adverse affect on the environment (or reward those who have a positive impact ). 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. Corporate governance and ethics become more difficult with the indirect implications of particular practices, making it important to assess the way in which certain operations may adversely affect the community at large. 3. Get access to our searchable data center of TOP LISTS. Managers must understand how to achieve internal efficiency by applying new technology to operational processes. For example, in the United States, consumers are becoming more health-conscious. That’s why many managers tend to avoid them. For example, you have to create the vision and persuade your team to make it their vision too. Managers are the primary decision makers, and therefore must hold themselves accountable for the way in which a business operates and affects stakeholders, shareholders, employees, and the community at large. Globalization has resulted in enormous cross-cultural relationships, along with high percentages of domestic diversity. (adsbygoogle = window.adsbygoogle || []).push({}); The PESTEL framework highlights six critical factors for management to consider when approaching the general business environment. Finally, there is the potential to compete externally based upon quality. Few jobs, or even careers, are for life now with the average time spent in a job … Differentiation is a competitive tactic wherein companies approach certain niche needs within an industry to capture a segment of the market share. Managing employees responsibly and putting their well-being first is an important step in this process, as is considering the wider implications of opening a new factory that pollutes or selling a highly unhealthy food product. Get access to more than a decade of story archives. Finally the idea of equality became a societal norm that recognizes both the importance and the value of diversity. Furthermore, ethics often contrasts with the basic premise of capitalism and the demands of shareholders: profitability. The reason behind the prioritization of technology management is that new, disruptive technology constantly threatens to result in higher efficiency of competitors. Second ranked was patient safety and quality, with government mandates as third (ACHE, 2016). A global economy is, in many ways, enforcing a global culture. This global culture is often criticized for taking the place of previously established domestic cultures (and motivating consumerism). Business itself cannot be ethical: only the managers and corporate strategists can implement ethics within the framework of the business strategy. Legal issues such as affirmative action, patent infringements (a recent example being Apple vs. Samsung), antitrust laws (see Microsoft), health regulations, and safety regulations can all significantly affect a company that does not act responsibly. Banks eliminated certain rules and regulations (though the government did as well), allowing employees to sell mortgages that were unlikely to be repaid. In some cases, that’s not a bad strategy—i.e., develop more tolerance, acceptance, etc. The environment can also be a source of benefit to a company, such as running water for a hydro-power plant. The ease of modern globalization is often attributed to rapid technological developments in transportation and communication. Despite this successful trajectory, challenges to diversity naturally occur as a result of communication (languages and values), majority hegemony, and groupthink. Quality competitive strategies, while related to branding, provide a particular level of quality to capture a specific income or interest demographic. 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. The first involve team-building or “teaming.”. The American College of Healthcare Executives’ (ACHE), annual survey of top issues confronting hospitals, ranked financial challenges as their greatest concern in 2015. Understanding each of these influencing factors is the first step to addressing them properly. Economic factors are metrics which measure and assess the health of a given economic region or environment. No “grand theories” like those we have discussed previously in this module have emerged to address these new challenges. Building an environment of ethical transparency is a challenge that managers face. Learning new languages or translating materials is a reasonably effective approach to addressing these difficulties. 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. Keeping pace with technology and adapting accordingly are important strategies to sidestep threats and embrace opportunities. Managing new technology requires a thorough understanding of business technology management, which consists of four general parts. Social factors could loosely be defined as a demographic analysis, where specific groups display preferences or tendencies that can be leveraged or that can threaten a given incumbent. 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. Commercials, aesthetic presentation, goodwill, and factors other than price may then influence a consumer’s purchasing decision. Issues such as employee disputes, gossip, jealousy and poor time management can be frustrating for managers. 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 … 1. These companies were hurt by “disruptive innovations” such as the MP3 player and Netflix. Social factors, or demographic factors, assess the mentality of the individuals/consumers within a given market. 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. 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. 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. This culture of dishonesty erodes trust between employees and management, which makes a company inefficient and ultimately leads to failure. 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. 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. The speed of modern globalization is often attributed to technological developments in communication and transportation, tasking managers with appropriately leveraging these technologies internally. On the surface, internal competition involves either direct product substitutes or funding competition (among different business units). This is a significant challenge, necessitating consideration for different tastes and branding strategies during the implementation process. Daily Report Staff - … Managers should also be aware of the best way to approach global demographics from a business to consumer perspective, taking an international product or service and localizing it successfully. Companies also compete internally, either developing naturally competitive products or battling for funding based upon unit success. 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. An additional, perhaps even more salient issue is the changing earth’s climate that is expected to result in ever-increasing challenges to those charged with mitigation, preparation, planning, and response. Businesses that fail to keep pace with their rivals will eventually be overpowered and often forced to develop an exit strategy. Multinational companies cumulatively employ nearly half of the world’s population, creating a need for managers with a strong international awareness. Globalization demands a diverse workforce, and assimilating varying cultures, genders, ages, and dispositions is of high value. This opportunity, if not properly utilized, becomes a threat as the competition grows more effective at leveraging diversity to create synergy. This is often difficult for a new mid-level manager who has never quite understood herself. 5 Current Challenges To Operations Management blog header 5 Current Challenges To Operations Management. Low-cost suppliers find ways to optimize their production and distribution to offer consumers the lowest possible price on one bottle of water. Introduction Corporate governance essentially involves balancing the interests of the many stakeholders in a company. Politics play a role in business, as there is a balance between free markets and systems of control. Constant change (moving the goal posts). 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. ISBN 978-953-51-0747-7, PDF ISBN 978-953-51-5131-9, Published 2012-09-12 2. On the other hand, effectively managed technology affords businesses the opportunity to outpace the competition (see figure below). This can result in a business that creates and promotes a particular culture over other minority cultures, usually unintentionally as a result of numbers. The concept of operation management introduces the relationship between the operational planning processes and operational basic elements within the organization. Businesses also compete internally, an intrinsically complex issue. Every day … High Staff Turnover. Developing this global skill set is a powerful managerial skill. 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. That is not to say that management has not responded; it has, in two ways: 1. In its simplest form, corporate ethics is a legal matter. The most substantial threat these communicative barriers and homogeneous tendencies create could loosely be defined as groupthink. Five issues facing business management today. As innovation continues to demand a central role in businesses, research and development will continue to be critical to a healthy organization. Leading up to the mortgage-backed security fallout of 2008, banks and investors began to prioritize profitability over ethics. As the decades passed, this focus shifted from a legal requirement to a social expectation. Managers must also be particularly aware of the current criticisms of a highly global society, particularly as it pertains to ethical and environmental considerations. 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. Managers must understand all of these competitive strategies and align them with their perceived strategic advantage to stay competitive. 1. 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. Following this, upper management deemed it fit to package these risky securities into bundles and sell them as safe investments (though they were in fact risky derivatives), in order to capture yet more value. The last factor in PESTEL concerns legal elements, which can also be tied to the political framework. We don’t yet have the answers to most of these questions. Current Trends and Issues in Operations Management Introduction Operation management is a wide discipline which deals with the management of organization functions effectively. (Issues have a funny way of resurfacing when they don’t get resolved.) Combining these points, the globalized society presents enormous opportunity for businesses. While the company tries to achieve goals and objectives, corporate governance also provides the framework for attaining those goals and … So you know that there are big mistakes that can be made. enhanced mitigation and disaster management based upon the scientific method. Managers must understand a company’s competitive advantage and build a strategy that takes into account the competitive landscape. Areas like sub-Saharan Africa tend to be more heterogenous than, for instance, states in Europe. From a general standpoint, business technology management focuses on understanding how technology fits into an organization ‘s processes and structure. An example of internal competition is PepsiCo. 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