Related Keywords: Challenges for Modern Managers, modern management, modern management theory, how have changes in modern business created challenges for managers, recognised challenges for modern managers

Executive Summary

The report is aimed at examining the several different challenges that the managers of an organization have to face and address in the dynamic business environment of today. It attempts to critically analyze and examine the roles and functions of the managers working in an organization that strives to be at the nexus of the business world today and evaluations the risks and challenges associated with such an objective. The paper studies and analyzes the ideas and arguments presented in some of the credible and authentic publications regarding the topic and presents some of the significant issues faced by the modern day managers working in any business organization which revolve around the areas of globalization and modernization, diversity and acceptance, the practices and significance ethics, morality and good governance particularly after the global financial crisis of 2008, and the issues and challenges surrounding creativity and innovation at the organizational and employee levels.

In conclusion, the paper presents certain valuable findings and outcomes of the extensive discussion of the topic and presents some suggestions and recommendations that have the potential to help the modern-day managers working within a growing organization in tackling and addressing the various risks and issues that they have to face in order to ensure the organization continues to be successful in achieving its business goals and strategic objectives.

Introduction

For the purpose of this assessment, the organization or the company that I have selected is Deloitte India. It is financial services and consultancy firm. The reason why I decided to select Deloitte India is primarily because of my previous experience with the company and my substantial interest and intrigue with the financial services and consultancy sector in general. The vision of Deloitte India is to be the standard of excellence and the first and foremost choice of the most sought-after clients. The core values of the company revolve around the principles of integrity, dedication, honesty, commitment, diversity, and acceptance[1].

The selected organization and my experience with it will not only help me significantly in critically analyzing the roles and functions that the managers of the organization perform on a day to day basis, but it will also enable me to ascertain the various risks and challenges that the managers of the organization have to face and the issues they have to tackle in the dynamic business environment of today. Taking up Deloitte India as the primary source of discussion for this report will not only allow me to critically analyze the impacts and implications of the global financial crisis of 2008, but it will also help me in exploring its links to the moral and ethical values and principles of business. It will also aid in examining the impact and the influence that ethics, morals, values, principles, organization culture and workforce diversity have on the progress and growth of the organization and roles and functions of the managers within the organization to help keep the company on the path to achieve its organizational goals and strategic objectives in an effective and efficient manner.

Methodology

In order to formulate an extensive and detailed report concerning the full range of challenges and issues that the managers of a rapidly growing organization face in the dynamic business market of today, comprehensive research methods and techniques need to employ. Much of the data and information for this report will primarily be taken from several carefully examined, authentic, and credible research and management journals and literature available. The research will further be aided by carrying out some interviews and detailed discussions with some of the managers of the organization selected for this purpose.

The data and information, thus, collected and gathered through the examination of credible and authentic sources and literature available for the subject will help us in formulating theories and enable us to come up with a list of significant challenges and issues that the managers of the organization have to address in the rapidly changing business world of today. Such challenges and problems will then be cross-referenced with the findings and outcomes of the interviews and discussions of the managers conducted for this purpose. In this way, we will be able to interpret and analyze whether the information regarding the challenges and problems of modern-day management collected from theories and literature is backed up and supported by the findings and outcomes of the primary research carried out through the use of qualitative research methods of interviews and in-depth discussions. Such a methodology will not only enable us to the required objective and conclusive answers to the posed questions, but the outcomes found by it will also allow us to test the validation and the application of theoretical literature as to whether or it stands true when compared to the practicalities of the modern business world.

Challenges for Modern Managers

The role of a manager in a growing organization operating in as dynamic an atmosphere as is in the modern world today is substantially critical and significant for the success and progress of the organization in the long run. It is argued that the manager is charged with some essential roles and functions that revolve around the areas of planning, organizing, leading, and controlling.

The function of planning is primarily concerned with deciding what approach and strategy to use for the effective and efficient development and progress of the organization. Organizing revolves around the best possible allocation of resources available to the company for the attainment of organizational goals and objectives, whereas the role of leading calls for the motivation and encouragement of the employees and the workforce to enhance the productivity and quality of the products and services. Another critical aspect of management involves the process of monitoring the various policies and strategies exercised in the organization in order to ensure that the required goals and objectives are being achieved(Certo & Certo, 2006).

The work and functions performed by modern-day managers are primarily characterized by the values and principles surrounding the aspects of brevity and diversity. Managers in the dynamic modern business world not only are expected to perform a multitude of different tasks and functions at the same time but also have to address the range of risks associated with performing such roles and have to plan for contingencies as well. The roles and functions performed by the modern-day managers within the organization can arguably be categorized into three significant categories, namely informational roles, interpersonal functions, and decisional tasks(Certo & Certo, 2013)

Some of the significant problems and challenges that modern-day managers face in the dynamic business world of today are as follows;

Globalization

The world has seen a rapid rise in the trends of globalization and internationalism over the past few years thanks to the advancement and the progress of technology. The rise in globalization has influenced almost all the fields and aspects of business and trade. Similarly, the increased globalization, modernization, connectivity, and interdependence of the world have also influenced and impacted the field of management significantly. As globalization continues to shape the roles and functions of managers in the modern world, it has also posed significant challenges and issues that need to tackle in an effective and efficient manner in order to ensure the development and success of the organization(Fischer, 2003).

The managers of an organization operating in the dynamic business world of today need to be increasingly aware of the ever-changing trends and practices that continue to transform and disrupt the business world. A key challenge for managers today is to have an adequate and appropriate understanding of the global demographics and geographies of the world in order to effectively target and capture the attention and loyalty of potential customers all over the globe. Globalization has effectively eliminated the limitations and barriers to doing business by removing geographic borders and enabling the organizations to access thousands of customers spread all over the world simultaneously and instantaneously(Black, Jensen, & Gregersen, 2003).

The managers, therefore, need to remain on their toes and effectively respond to the significant challenges posed by the globalization of the business, as one small error or an adverse decision has the potential to disrupt the entire business operation. Modern-day managers also need to keep the issues posed by the threat of global organizational culture in mind, as it is often criticized as an attempt to abolish the local cultures and traditions and replace them with global practices. Such a forced change towards a global organizational culture is a significant roadblock in the progress of the organization and leaves an adverse effect on the productivity and the motivation of the workforce(Hirst & Thompson, 2002).

Diversity

Another significant aspect that comes along with the increased influence of globalization and internationalism is the need to have a diversified workforce. Globalization has resulted in the rise of potential business opportunities and avenues all over the world. It has resulted in the need to create new and unique approaches and strategies in order to approach and capture such markets. Modern-day managers should have a proper and adequate understanding of managing a diverse and workforce to fully exploit the benefits of diversification and globalization(Rowntree, Lewis, Price, & Wyckoff, 2014).

Some of the significant challenges and problems posed by the rapid rise of diversity at the workplace revolve around the areas of communication, integration, majority hegemony, acceptance, and social inclusion. Effective and efficient communication and interaction are argued to be at the heart of the field of management, and with an increasingly diversified workforce performing a variety of interdependent functions and jobs, the need for ensuring and establishing proper communication channels within them has become more substantial than ever(Gilbert, Stead, & Ivancevich, 1999).

The range of multicultural norms and traditions that come along with a diversified workforce poses a unique set of challenges and problems for managers. Modern-day managers need to have an understanding of the different local employee cultures and practices and have to act in accordance with such practices and norms. For instance, local employee culture and practice in Japan can mean an entirely different thing in another part of the world. The modern-day managers should not only be aware of such diversified practices but also act in accordance with them to ensure that the productivity and the satisfaction of the workforce remain high(Ewoh, 2013)

Ethics and Governance

Ethics and morality are considered to be at the center of the field of management. It is argued that the business or the organization itself is not and, technically, can not be ethical and moral. It is, therefore, entirely dependent on the practices, policies, strategies, and actions of the managers of the organization to ensure that the company or the business is viewed as an ethical and moral one by engaging in activities of good governance and ethical virtues. The challenge faced by the managers in the modern business world of today is to ensure that the shareholders get their desired share of profits and returns, but the means to achieve such profitability should always be ethically and morally sound and secure(Carroll, 2004)

The principles and values of accountability should be maintained under all circumstances by the managers in order to ensure that the highest standards of ethics and morals are being upheld by the organization. It is often argued that the only parties that are responsible for maintaining and ensuring ethical and governance standards are those who are in authority and have the power to make decisions. The employees and the workforce who are not in a position to make organizational decisions are bound to act in accordance with what has been asked of them by the management. Therefore, it is imperative for the managers to not only practice the values of ethics and accountability but also ensure that the workforce is upholding such standards(Cordeiro, 2003).

The global financial crisis of 2008 continues to serve as a powerful and intimidating reminder as to what can unfold if the managers do not uphold ethical and moral standards. Engaging in practices that contradict the values of ethics can not only lead to substantially detrimental results and outcomes for the organization, but it also has the potential to endanger the betterment and wellbeing of the entire society, as evident by the financial and economic breakdown of 2008. Managing the workforce responsibly, therefore, is one of the most fundamental challenges that the modern manager faces in the rapidly changing business world of today(Lewis, Kay, Kelso, & Larson, 2010).

Recommendations

Several relevant recommendations and suggestions could be made on the basis of the discussion carried out regarding the challenges and problems faced by the managers in the business world today. These recommendations and suggestions hold significant importance for the progress and development of the organization in the long run. Some of these recommendations may be as under;

• Actively promote the values and principles of acceptance, respect, and acknowledgment of the ideas and opinions of others amongst the workforce.
• Actions speak louder than words. The managers should first act and engage in activities and practices that promote the ethical and moral standards that they want to foster in the organization.
• Eliminate the practices and strategies that establish favoritism and nepotism in the organization as it hampers the productivity and happiness of the workforce.
• Embrace innovation, creativity, change, and the diversity that comes with the increased influence of globalization in order to make full use of its benefits and advantages.

Conclusion

The primary challenges and problems that modern managers face and have to address in order to survive and excel in the dynamic business market of today involve the areas of ethics, morality, good governance, diversity, globalization, social inclusion, innovation, and creativity. The managers need to pay appropriate attention to these issues and problems in order to ensure that the organization continues on the path to achieving its organizational goals and strategic objectives effectively and efficiently.

References

Black, M., Jensen, R. J., &Gregersen, H. B. (2003). Seeing the elephant: Human resource management challenges in the age of globalization. Strategic Human Resource Management, 410.

Carroll, A. B. (2004). Managing ethically with global stakeholders: A present and future challenge. Academy of Management Perspectives, 18(2), 114–120.

Certo, S. C., &Certo, S. T. (2006). Modern management. Pearson/Prentice Hall.

Certo, S. C., &Certo, S. T. (2013). Modern management: Concepts and skills. Pearson Higher Ed.

Cordeiro, W. P. (2003). The only solution to the decline in business ethics: Ethical managers. Teaching Business Ethics, 7(3), 265–277.

Deloitte India | Audit, Consulting, Financial Advisory, Risk Advisory, Tax services. (n.d.). Retrieved October 24, 2019, from Deloitte India website: https://www2.deloitte.com/in/en.html

Ewoh, A. I. (2013). Managing and valuing diversity: Challenges to public managers in the 21st century. Public Personnel Management, 42(2), 107–122.

Fischer, S. (2003). Globalization and its challenges. American Economic Review, 93(2), 1–30.

Gilbert, J. A., Stead, B. A., & Ivancevich, J. M. (1999). Diversity management: A new organizational paradigm. Journal of Business Ethics, 21(1), 61–76.

Hirst, P., & Thompson, G. (2002). The future of globalization. Cooperation and Conflict, 37(3), 247–265.

Lewis, V., Kay, K. D., Kelso, C., & Larson, J. (2010). Was the 2008 financial crisis caused by a lack of corporate ethics? Global Journal of Business Research, 4(2), 77–84.

Rowntree, L., Lewis, M., Price, M., & Wyckoff, W. (2014). Globalization and diversity: Geography of a changing world. Pearson Boston.

[1](“Deloitte India | Audit, Consulting, Financial Advisory, Risk Advisory, Tax services,” n.d.)