Contemporary Management Today

Sample Solution

    Introduction This essay will discuss contemporary management today with reference to the areas of management strategy in context, management skills, management systems, and management style. It will then reflect on key learning insights gained over this module. The implications of these discussions are that modern managers must be agile and adaptive to succeed in today’s ever-changing business environment.

Management Strategy in Context Modern businesses face a rapidly evolving landscape due to globalisation, technology advancements and shifting consumer tastes (Kotler & Keller, 2018). It is imperative for managers to understand the macro factors driving change within their sector or region in order to develop an effective strategy for managing the organisation (Alvarez et al., 2017). Some key challenges currently facing organisations include increased competition from new entrants into the market such as digital disruptors; changing customer needs; increasingly complex global regulations; workforce diversity; and economic uncertainty (Nestorova & Waehrer, 2019). However, there are also numerous opportunities available for companies that are able to successfully navigate these challenges. For example, technological advancements offer unprecedented opportunities for organisations such as improved communication between departments which leads to better collaboration (Teng et al., 2018) as well as more efficient processes which can save companies time and money (Bolman & Deal 2020). Additionally, new technologies also provide organisations with access to data-driven insights which can be used by managers when making decisions about products/services or marketing strategies (Bošković et al., 2017). As such it is essential for modern managers not only to remain up-to-date with recent developments but also anticipate future trends so they can stay ahead of their competitors (Vuksanović et al., 2015). Therefore current managerial strategies should focus on innovation and agility rather than simply trying to maintain existing structures or procedures which may no longer be relevant given the dynamic nature of today’s environment. This means embracing change through experimentation and exploring alternative ways of doing things whilst remaining aware of both risks and potential benefits associated with any changes implemented by the organisation (Lasa Lledó et al., 2017) . In addition , any strategic actions taken should reflect an understanding of customer needs based on data analysis rather than relying solely on intuition or past experience(Grünig & Grünig 2016). Overall successful strategic planning requires a combination of knowledge , vision , research ,and flexibility if it is going lead towards positive outcomes in terms of organisational performance . Management Skills The most successful organisations recognise that their people are their greatest asset regardless if they operate within a traditional structure or use innovative methods . Therefore , those tasked with leading teams need competent technical skills alongside soft skills such as emotional intelligence , problem solving ability or even creative thinking abilities(Schermerhorn Jr & Hunt 2011 ). Of particular importance however is cognitive flexibility ;the ability for one ‘s mind set shift quickly depending upon different circumstances -as this enables them leaders respond effectively under pressure while also being open minded enough consider unconventional ideas if necessary(Shahidi-Latham 2021 ). There has been an increased emphasis recently around developing managerial mindset particularly related top idea generation i.e how do you come up with unique solutions during challenging times? How do you manage stress while combining creativity ? These types questions require consideration not only from those at leadership positions but entire teams working together due its collaborative nature.(Thomson 2020 ) At same time artificial intelligence has quickly become ubiquitous aspect many industries bringing further transformation levels efficiency productivity yet raising questions around job security specially related lower skilled roles(Deloitte 2018 .) Automation does allow some tasks carried out faster cheaper without needing large amount manpower however long term effects potentially much wider reaching economic social consequences still unknown.(Moravec 2014 ) To gain competitive advantage from AI it important have clear objectives risk assessments place ethical considerations at forefront development process instead blindly following newest trend.(Junglas 2019 ) Moreover industry experts advise against viewing machines substitute humans real value comes when combined capabilities create something greater whole both human machine utilising strengths each other complete tasks more efficiently . Management Systems In order succeed present day conditions company must able adapt swiftly wide range internal external stimuli often requiring significant changes operations structures decision making processes etc..This why there been growing interest recent years studying aspects change management viewed involving coordination efforts ensure minimal disruption workplace improving likelihood success overall initiative undertaken.(Hailey 2012 ) One key factor identified study was necessity focus having strong supportive culture alongside adequate resources available team members help direct activity towards desired outcome decrease resistance implementation itselfdue lack clarity purpose aim proposal issue faced workers would occur less frequently increasing chances success project end Line plus reducing strain relationships leaders employees throughout process .. There several models recommended literature helps guide case particular situation according organizations values goals budget size type initiatives proposed implementing stage model proposed Alvesson Looise 2009 seen useful tool identify gaps exist between current state ideal desired outcomes Outcomes achieved result consciously planned activities aimed mobilizing aligning staff ensuring carry out task assigned them efficiently accurately ... Another concept developed Van de Ven Engleman 2004 emphasized importance stakeholder involvement early stages projects enable fully informed decisions made carefully assess impact plan before committing resources outlined five steps included preparation exploration formulating choices action evaluation later.- Using either approach fundamental speed effectiveness organizational transition depends leader’s ability facilitate discussion encourage honest feedback promote openness among involved individuals groups takes time skill art listened responded appropriately motivate inspire colleagues achieve end goal desirable result all parties concerned ... Management Style Organizational culture defined beliefs attitudes shared group individuals common understanding how behave work together sets tone organization defines boundaries acceptable behaviour certain level consistency upheld amongst members prevent chaos confusion arising interpersonal disagreements poor communication Practices emerge dominant cultural milieus contribute cohesive functioning workplace support achieving objectives enterprise example safety first attitude hierarchical reporting structure participative decision making style strongly influence direction organisation take decisions made higher ups trickle down affect daily operations directly linked chosen course action taken particular crisis occurs critical element survival longevity firm rests shoulders manager interpret disseminate pertinent information ensure morale stays high dealing difficult times followed decades research suggests best way balance formal informal meetings relaxed atmosphere encouraging active participation trust respect established between people hierarchy based mutual beneficial relationships works avoid conflicts resolve issues arises ... Therefore belief system accepted operating principle vital establishing appropriate style carry forward mission goals inherently linked ingrained corporate culture allows functions optimally sustainable manner achievable results obtained.. Lastly Developing sensitivity individual differences recognizing power dynamics play role determining behavior adopted constitutes great challenge contemporary managers... Understanding subtle nuances interactions between colleagues learning use tools like dialogue diplomacy constructive criticism prove invaluable approaches resolving disputes amicably clearing path progress .. With emergence prevalence social media platforms bring additional risks need vigilant watchful guard reputational damage vulnerable imposed malicious attacks trolls cyberbullies resulting loss confidence customers clients stakeholders alike ... All responsibility lies falls manager keep pulse situation monitor closely foster healthy productive working environment conducive growth stability .. Nevertheless Human relationship remains cornerstone organization ultimately responsible sealing bonds maintaining peace fostering harmony drive success.... .... Management Insights Having gone through this module I feel more confident my own capability make informed decisions tackle challenging situations drawing knowledge acquired lectures readings participated assignments My main takeaway lesson realise importance perspective looking events conflicts occurring objectively possible chance seeing bigger picture understanding another person viewpoint go far finding resolution points disagreement thought provoking reflection paper helped me appreciate impact macro micro elements surrounding conflict shape determines ultimate outcome Today believe fundamental part successful team leader listening empathically allowing space express opinions dissenters speaks volumes level maturity professional awareness displayed situation turn … Realize taking step back slow down bit let emotions settle collectively brainstorming discussing options rational approach likely produce satisfactory agreement work towards moving forward progress together … Going forward strive continue grow professionally embrace opportunity learn variety topics strengthen existing skill set practice self discipline perseverance excellence striving deliver highest quality output attainable continuously innovating improve leveraging minute details produce optimal results Believe applying concepts learnt studying blended practical application personal experiences serve basis solid foundation future endeavours