The challenge of managing in the managing world has made management an exciting profession. Some of the major emerging challenges that confront all managers today are as follows:
(1) Globalization of Business
One major challenge faced by all managers today is globalization. No longer can any organization regerdless of size or type ignore the globalization of business. Globalization implies free trade in products and services, offering a wide choice to customers across a boderless world. It experts continuos pressure on competing organizations to upgrade quality, reduce costs, and or develop new and superior products in terms of customers need and expectation.
(2) Information Technology
Today's managers must manage information technology(IT) and in e-business world. IT must be selected and implemented with the end user and work to be accomplished firmly in mined to be effective. The IT choices available to modern managers far exceed those that were available just a few years ago.
(3) Quality and Productivity
Another area of interest to emerge in recent years has been quality, productivity and their interrelationships. As Japanese manufacturers began beating out U.S. competitors in quality comparisons, Western managers soon began taking a more serious look at Total Quality Management(TQM).Hence, managers have become more cautions to increase the productivity of their employees.
(4) Ethics and Social Responsibility
The decision made by managers in organizations have a broad reach both inside and ouside the organizations. Thus, managers must be concerned with ethics, and social responsibility. Many organizations today are taking step to enhance the ethical standards of their managers and to avoid legal or public sentiment problems.
Managers also face more change today than ever before. It is important to keep in mind that any change in organication or enviroment may have effects extending beyong that area. Thus, managers face the challenge of managing change. They must be aware of factors contributing to change and impact on practice of management.