Managers in the modern business environment - Coursework Example

Managers in the modern business environment AFFILIATION: Introduction of the management Dueto globalisation and blurring of economic boundaries, the organisations have been successful in developing a competent and qualified workforce which is skilled in responding to the business dynamics proficiently (Hewitt’s Human Capital Consulting, 2008). As the accessibility to sources has become convenient and every firm can implement the low cost measures of operations, the only area where the businesses can capitalise are human capital.

The employees of a corporation are the crucial aspect which have to be motivated and nurtured to enhance the productivity and profitability of the firm. With an array of options available in the job market, it has become challenging for the managers to retain a loyal workforce. In addition to the employee retention, there are many challenges which are encountered by them and they have to develop strategies for responding to them in an effective manner (Economic Intelligence Unit, 2009). Challenges faced by managers With the rapid developments in the business world, it has become imperative for the companies to maintain, develop and retain an effective workforce.

The major challenges faced by the managers are: 1. Diverse workforce – Almost all the organisations especially the international corporations have a diverse and multi-cultured workforce. Since the people belong to varying cultures, the Human Resource professionals have to make sure that they develop the policies and procedures in compliance with the requirements of each individual. Moreover, the communication within and outside the organisation has to be simple, organised, documented and well-structured so that everyone can comprehend the instructions with ease (Molinsky et al., 2012). Even the management has to make sure that the employees are treated fairly and are given ample space for their cultural norms.

It has become vital for the companies to understand the significance of the work for each employee so that they are offered the benefits in alliance to their demands. 2. Shortage of time – As the lives have become fast paced and both parents are working for making both ends meet, the time has to be effectively managed. Additionally, the conferences and meetings have to be conducted appropriately by taking care of the time factor so that every stakeholder is satisfied (Kayode, 2012). Thus, mangers have to reward those employees who can complete their projects within the deadline and are able to enhance the company’s level of productivity. 3. Varying rewards – At present time, the employees want to be appreciated for their efforts and they are looking forward for the rewards for their efforts.

In order to motivate the employees and develop a sense of belongingness, it is mandatory for the managers to allocate sufficient resources for rewarding employees. There should be a balance between the traditional and contemporary rewarding system so that the employees can see their contribution in the company. When the employees will consider them to be a valuable part of the company, they will be willing to designate more time and efforts in helping an organisation to flourish in the respective industry (Naghibi & Baban, 2011). 4. Scarcity of workers – There is a shortage of skilled workforce because the people are looking for shortcuts to earn huge amount of money in a short period of time.

In order to keep employees loyal, the managers have to retain them on a frequent basis and inspire them to acquire new skills which can be productive for the firm in the long-term (Kayode, 2012). Likewise, the processes have to be automated so that there is less dependency on staff workers and it will assist an enterprise in increasing its efficiency and ultimately profitability. Conclusion Now-a-days, the managers have to make sure that they have access to information sources which can provide them support towards handling the key challenges at hand.

Since the business world is getting competitive, it is imperative for the managers to create a loyal, sincere, competent and proficient workforce. Likewise, the employees should be given appropriate rewards for enhancing their efforts and supporting an organisation in responding to the challenges in an efficient and effective manner. References Economic Intelligence Unit, 2009. Organisational agility: How businesses can survive and thrive in turbulent times. [Online] Available at: [Accessed 26 February 2014] Hewitt’s Human Capital Consulting, 2008.

The state of talent management: Today’s challenges, tomorrow’s opportunities. [Online] Available at: [Accessed 26 February 2014] Kayode, O., 2012. Impact of globalization on Human Resource Management. Science Journal of Business Management, 219(3/4), pp. 1-4. Molinsky, A.L., Davenport, T.H., Iyer, B. and Davidson, C., 2012. Three skills every 21st century manager needs. [Online] Available at: < http://hbr.org/2012/01/three-skills-every-21st-century-manager-needs/ar/1> [Accessed 26 February 2014] Naghibi, M.A. and Baban, H., 2011. Strategic Change Management: The challenges faced by the organizations.

2011 International Conference on Economics and Finance Research, 4(2011), pp. 542-544.