EMERGING CHALLENGES FOR MANAGEMENT

GLOBALIZATION OF BUSINESS-The world economy is becoming increasingly global in character.The magnitude of this globalization is very high.Today,managers operate in a boundless world.Therefore,they must learn how to operate in a border less and global economy.They need to understand the process of globalization and the competition it creates for them.

QUALITY ASSURANCE AND PRODUCTIVITY-Another competitive challenge that has attracted much attention is quality and productivity.Quality is an important issue for several reasons.First ,more and more organizations are using quality is an important issue for several reasons.First,more and more organizations are using quality as a basis for competing .Second, improving quality tends to increase productivity.Third,enhancing quality lowers costs.Thus, the managers' attention must be focused in the assurance of quality of the products or services.

ETHICS AND SOCIAL RESPONSIBILITY-Another managerial challenge that has importance is concerned with ethics and social responsibility.There is increasing concern about the role and state of ethics in business because of the belief that business ethics have declined in recent years .Managers are concerned because of the complexity of ethics have declined in recent years.Managers are concerned because of the complexity of ethics in decision making.The cost of unethical actions can be substantial for the organization and society .Today, in most societies codes of ethics have been prescribed for businesses.Violation of these codes by a business would result in penalties and social condemnation.

INNOVATION AND CHANGE-Organizations must pay attention to innovation and change .Otherwise,they will go out of business.Product life span has been shortening everyday.Products need improvement,up gradation, and modification will go to those organizations that continually improve their product quality.They have to beat their competitors in the marketplace with a constant flow of innovative products and services .An organization's employees are the vital forces for innovation and change.If they block innovation and change,The organization will become a candidate for extinction.The challenge for managers is to stimulate employees creativity for innovation and change.

WORKFORCE DIVERSITY-Workforce diversity is the organizational reality today.Work force diversity means that organizations are becoming more heterogeneous in terms of gender,race,ethnicity, and other backgrounds.The participation of women and minorities in the workforce has been increasing.It will continue to increase in the coming years.The workforce is increasingly better educated.The mangers should realize that employees come to work with their cultural values and lifestyle preferences.