Numerous factors have and will continue to change the practice of management. Advancing technology, changing demographics including an aging workforce and vast diversity in the workforce, and globalization are just a few of the changes facing managers today. These factors will continue to change the ways in which managers manage. In this paper, I will talk about how globalization will change the future of management, and how it will affect new management concepts and trends.
The world of today is not the world that existed years ago--nor will it be the same tomorrow. Globalization has brought enormous changes to the world of business and it has changed many aspects of the management world. Nayan Chanda (2002) an editor of YaleGlobal Online states that globalization is a trend that has intensified and accelerated in recent decades and come into full view with all its benefits and destructive power. Just as climate has shaped the environment over the millennia, the interaction among cultures and societies over tens of thousands of years has resulted in the increasing integration of what is becoming the global human community.
Organizations today can now reach customers in every nation and can cut operational costs through global production and distribution systems. International markets undergo constant change, intense competition, and heightened customer expectation, which makes it increasingly difficult for an organization to maintain its competitive edge and their share of the market. Managers in this expanding new world must therefore master a broad range of business skills to keep their organization competitive.
Successful managers must survey the competitive landscape and equip their organizations with the strategies, structures, and personnel to compete in a constantly changing environment. In spite of the different approaches managers may choose, one thing remains constant--they must instill a commitment to globalization throughout their companies. Simple...