Caribbean organizations can be characterized as a consciously coordinated social unit, composed of two or more people that functions on a relatively continuous basis to achieve a common or agreed set of goals. One of the key goals of any organization is to make a profit.
Today Caribbean organizations are changing from the high levels of protectionism and stability and moving towards a more global environment which is multifaceted and highly dynamic. This transformation leads to liberalization of the old economy which took place during the 1990's where there was reduction of tariff barriers and massive influx of foreign direct investments entered the market. During the old economy, the Classical Approach to Management was used to shape the assumptions held by Caribbean organizations in terms of planning of work, the technical requirements of the organization, principles of management and the rational and logical behaviour of employees. Collectively Classical Theorists viewed organization as machines and closed system which is less affected by the outside world.
Then came the new economy which is ushered in by globalization and the creation of regional trading blocs such as CSME, FTAA and WTO. This global economy is now characterized by a competitive business environment which posits several opportunities and threats including massive influx of imports, competition, rationalization, new technology, delayering of some top management and downsizing of employees. All these function to undermine the efficiency of scientific management and thus enabling Caribbean organizations to compete and survive within this new environment. Scientific management worked relatively well in the old mass market and eventually it shapes the production method which became the "hall-marks" of the corporate world. With the emergence of globalization and the opening of the telecom's market in 2001, Cable & Wireless Jamaica was hit by a bomb after the markets were deregulated and their competitor Digicel gobbled up the market share in cellular markets. This is as a result of Cable & Wireless not being adequately prepared to operate within such a dynamic environment and also they totally underestimate their competitor's power. Globalization is a powerful tool which can be defined as a process of growing interdependence between all people in this planet. These people are linked together economically and socially by trade, investments and governance and together they drive market liberalization and information along with communication and transportation technologies. A global economy is an unprecedented phenomenon which is based on the development of international trade, foreign direct investment and migration. But while globalization and interdependence pose many threats to established methods for conducting business in the organization, it also offers new opportunities for Caribbean countries to remove barriers to cooperation and to enhance production, investment and income for the betterment of the people in the region. The CARICOM Single Market and Economy (CSME) is just another phenomenon which was created to deepen the integration process and strengthen the Caribbean community in order to meet the challenges and opportunities presented by global changes. One of the major objective of the CSME is the creation of a single economic space which will provide for inter alia, that is, the free movement of goods and services, labour and capital. This move towards the implementation of the CSME will not only allow Caribbean organizations to survive within an increasingly competitive environment, but also to achieve economic growth and development. As the Caribbean community intensifies its efforts to transform itself into a single economic space through the creation of regional trading blocs such as CSME, Free Trade Area of the Americas (FTAA), World Trade Organization (WTO) etc., Caribbean organizations are now faced with many challenges....
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