Unit 4 Submission
‘In the current economic climate, what are the biggest challenges and biggest opportunities facing new managers entering industry?’
In today’s economic condition that always changing, very complex challenges and opportunities are facing new managers when entering workplace in any sectors of company. The new managers who are looking for jobs in the market are either experienced or fresh graduates. It is important for them to have competency and set of skills, as globalisation and competitiveness continue to grow. Thus, managers have bigger responsibilities in blending the team to be able to work together and also making decisions at the right manner in order to achieve the company’s goals.
First of all, there is continuous increase in the globalization of the current world’s markets. Globalization can be defined as increasing economic interdependence among countries as reflected in the flow of goods and services, financial capital, and knowledge across country borders (Hoskisson, Hitt, Ireland and Harrison 2008: 4). Globalization creates competitiveness between companies and pushes companies to think globally. So, it’s a challenge for managers, as they must play special roles in dealing with many changes and must develop competencies to support them. For example, in this 21st century, a ‘virtual work’ that is characterized by creative and flexible work arrangements is getting popular. More employees work off site and there will be an increase in emphasis on performance and results as opposed to the number of hours worked” (Venkatesh n.d.)
The virtual workplace, in which employees operate remotely from each other and from managers, is a reality for many employers nowadays, and all indications are that in the coming years it will become even more accustomed (Cascio 2000). Thus, I think managers will have more challenge to support their employees in different work places and find ways to manage all cultural, economical and technological...
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