Challenges Faced by Management
Managing and supervising people are not an easy job. Every day we are facing different problems and challenges. Maybe a small or big problems that we must enhance or motivate our people, talk with them and even sometimes help them to solve their day to day problems. Every individual has his own characteristic to portray. Variations of people should take into consideration in managing them. Factors like timing, place, and situation would work well for the managers.
With the fast changing world, we need to cope up with things that could hinder the development of one’s managerial skills. Here are the most common problems in management and how to solve them.
Motivating the employees and maintaining their morale is essential for every business. However, this is only possible when any grievances of employees are adequately addressed while ensuring the company's interests. This is a significant challenge faced by management, especially in today's economy where the ever increasing cost of living leads to increased employee dissatisfaction, which is difficult to handle when the cost of doing business is rising rapidly.
Hiring the right people for the right job is a tough task. Analyzing the skills required for a particular job and searching through the multitude of resumes to find the perfect match is a challenge for any management.
Keeping a constant watch on market trends and evolving the business to adequately match the consumers' demands is another challenging responsibility.
In any business of significant size today, the competition is almost never limited to local competitors. The ease of doing business online, coupled with the evolution of communication and air transport has made it more feasible than ever for foreign businesses to compete with locals and the most glaring success story is China.
Delegation of responsibility:
Delegating key responsibilities and choosing the appropriate responsibilities to assign to every individual is a must for any business to be efficient and utilize the maximum potential of its employees. Lack of Capital:
Nowadays, lack of capital is often the most critical challenge that a successful manager or leader faces as its very success creates this and it quickly becomes a vicious circle. Without very diligent cash flow management and/or rising of more capital, including debt, the business often is constrained by capital as it grows. Often the profit in one operating cycle is insufficient to fund the extra working capital required for the next operating cycle. Many capable managers cannot overcome the obstacles in their businesses cash flow cycle and cannot understand why bankers and other lenders often cannot provide the financing as the manager often does not have the security to support the debt. The solution is often easier than most entrepreneurs realize. Technology & Social Media:
Organizations have to adjust themselves to cope with developments in technology and social media, in particular regarding aspects of internal communication. They should make use of technology and social media in recruitment and internal communications. Employer branding:
Employee branding is another challenge for many companies because some new-generation workers are looking for companies with a good reputation. Branding has to become a task for every member of staff, not only for the marketing department. Clinching some awards, for instance, will help companies to boost their employee brand image. Cost management:
Costs and efficiency will remain contentious issues. Before spending on human-resource development or training programs, firms will evaluate the worthiness of, and returns on investment from, certain projects. Customer focus:
As customers become increasingly fickle, retaining existing customers will become a key issue for every company, because attracting...
Please join StudyMode to read the full document