Nobody downloaded yet

Managing uncertainty - Essay Example

Comments (0) Cite this document
Summary
Dealing with a multigenerational workforce Instructor Date One of the core issues arising among HR professionals is how to deal with a diverse workforce that comprises of millennial, also known as generation Y, and septuagenarians. These two groups are differentiated by age, attitudes, way of thinking among other factors and these make it difficult to create synergy in an organization…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.1% of users find it useful
Managing uncertainty
Read TextPreview

Extract of sample "Managing uncertainty"

Download file to see previous pages In addition, millennial are more willing to take risks and highly educated compared to the preceding generations. These differences are bound to result in some friction at the workplace, where in the past it has been noted that organizations have opted to leave them to resolve themselves. However, this is proving to be unfruitful as millennial are leaving the workforce to start their own businesses and operate as consultants. Having realized their importance, organizations have to identify ways of attracting and retaining this workforce as well as ensuring they work in cohesion with the older generation (Cahill et al 2012, p.4). Popular social science has attempted to categorize the living generations into five- matures/veterans or builders, baby boomers, and the subsequent generation X, Y and Z. Presently, baby boomers, generation X and Y are the ones actively engaged in the workforce. Every generation is identified with its own unique traits with the baby boomers- born between mid-1940s and mid-1950s, and builders- usually in their late 60s and 70s, sharing a similarity of being able to work for long hours in a structural manner. Whilst the rest are known for being flexible, having an increased understanding of technology and overall seeking a balanced life, the latter being particularly so for generation X born between mid-1960s to early 1980s. The challenge for HR professionals lies in striking a balance between meeting the needs of an organization and the burgeoning expectations of the multigenerational workforce. Mostly, generation Y and Z desire to have a flexible work schedule that implies them not being tied to the office a whole day. Notably also, organizations are faced with the uphill task of recognizing and dealing with the competing issues of generation Y and Z and the clients/customers which may not be mutually exclusive. HR managers have to recognize and appreciate the different points of view held by a multigenerational workforce (Mitchell 2008, p.666). Organizations have to re-examine their needs and goals from a holistic standpoint and design a job description that will offer employees an opportunity for growth along with various responsibilities; which in turn will result in them being retained and satisfied in their job. This is complicated by the fact that there will be miscommunications, misapprehensions and detachments in a multigenerational workforce, with respect to work commitment and entitlement. In addition, operational areas such as frontline employees have had to be restructured as management practices have evolved over the years and modes of communication have changed from top-down, task-based instructions to linear contemporary ways of communicating. Clerical positions have also become unnecessary owing to efficiencies created by recent office technologies. This implies that certain positions have become redundant and employees who have been with an organization over a long period will need to have their prior positions reconsidered. HR managers should look to their strengths and allocate new responsibilities accordingly as opposed to letting them go as their experience creates an opportunity for mentorship to the younger, incoming workforce (Mosley & Kaspar 2008, p.94). Furthermore, HR managers have ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Managing uncertainty Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Managing uncertainty Essay Example | Topics and Well Written Essays - 1000 words. Retrieved from https://studentshare.org/human-resources/1489027-managing-uncertainty
(Managing Uncertainty Essay Example | Topics and Well Written Essays - 1000 Words)
Managing Uncertainty Essay Example | Topics and Well Written Essays - 1000 Words. https://studentshare.org/human-resources/1489027-managing-uncertainty.
“Managing Uncertainty Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/human-resources/1489027-managing-uncertainty.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Managing uncertainty

Managing under Uncertainty

...? Managing under Uncertainty Managing under Uncertainty Executive Summary Quite factually, organizations operate by individuals making decisions. An effective organization environment is rich in the following three key attributes; leadership direction and support, human resource capacity, and infrastructure support. The system should be in charge of human resource plans, policies, procedures, and best practices. The attributes are interconnected and together they shape the foundation of an organization’s capacity to perform. The effectiveness and quality of the set decisions determines how successful a manager or organization will be. The aim of this...
8 Pages(2000 words)Essay

Investment appraisal under uncertainty

...of Real Options Kim & Sanders (2002) notes that value created from the right and not the obligation to acquire or exchange a specific asset, has value even though not ad infinitum. Option value determined by several factors, both quantitative and qualitative. Understanding the above factors enables managers to make the appropriate decisions in order to exploit them. Uncertainty about the future Real options are determined by uncertainty about the future. This implies that if more possibilities of interacting with the uncertainties exist, then they will create value. This situation is created by asymmetric payoff structure alongside discretionary rights. Time to...
5 Pages(1250 words)Essay

Managing under uncertainty

...14th April Managing Under Uncertainty: Ethical Considerations in “Erin Brockovich” Movie Erin Brockovich is a movie concerning a woman’s determination to help other people deal with powerful forces aligned against them. This is despite the fact that it is not her job to help these people in the first place, and instead, she chooses to help because she believes that it is her duty to do so. The main character, Erin, is a woman who, with three children and not being employed, has an accident and loses the case that her lawyer had assured her she was going to win. When this happens, she gets her lawyer to employ her at his firm and she gets to encounter the pro-bono case that is eventually going to put her...
8 Pages(2000 words)Essay

Managing under uncertainty

...? MANAGING UNDER UNCERTAINTY The art or science of choosing an option against a list of options presented to a person describes decision-making process. Making a decision is a cognitive process through which a person settles for a certain option as against a range of set alternatives. However, it entails evaluating the available options through a certain criteria (Wang & Ruhe, 2007, p. 83). History has it that every person has to make choices for him or her survival. Human beings are socialized to analyze and make the decision that would in to him the most beneficial. However, man is governed by some social structure, economic setups or even cultural moral and ethics that dictate the decision making...
8 Pages(2000 words)Essay

Managing under uncertainty

...? MANAGING UNDER UNCERTAINTY By of the of the of the School 17 June, Summary of Observation There are numerous companies that have continued to perform well in the changing economic situation of the world. Some had been reluctant in their past performances, but today, they stand out for being very organized and profitable. Tables have turned; companies and their management have to adjust with the economic and technological changes, to reinforce their decision making. This contributes to the different performances of companies that deal with products or services in a similar field. However, urgencies, as well as external and internal conditions influence the decision making of the management in organizations, whose effect could... , but more...
6 Pages(1500 words)Essay

Individual Case Study - Managing under uncertainty

...? Individual Case Study - Managing Under Uncertainty This report has tried to shed light on the decision making approaches of the two spearheads of aerospace and defence industry namely Airbus and Boeing Airlines Company. In order to understand the decision making agenda of both the companies, the study employed a sociological perspective and tried to identify the ‘phenomenon of conformity’ and ‘phenomenon of paradox’. The key findings of the study were that in Boeing, decisions are made by the CEO or the leaders of the company, but there is a great amount of involvement of the executives. On the contrary, the strategic decisions at Airbus are solely taken by the CEO and as a result of that he or she is...
8 Pages(2000 words)Case Study

Managing Uncertainty- How does the dollar affect the diamond industry in India

...? Managing Uncertainty- How does the dollar affect the diamond industry in India Introduction For a long time,Diamond has been a common commodity traded in the Indian markets. India can be regarded as world’s largest consumer of rough diamonds; this emanates from the huge imports of diamond in India. The imports of diamond in India, in 2010 and 2011 amounted to $11 billion. The diamonds polished and exported during these two years had a value amounting to $28 billion. This implies that there is a lot of trade in Diamond, which takes place in India. In the recent past, the diamond market in India has faced some challenges, which have contributed to the reduction in the amount of diamonds that can be...
4 Pages(1000 words)Essay

(Continuous Uncertainty)

...Continuous Uncertainty – Assumptions and their Effects in Dhahran Roads Project Dear Hassan Malik Thank you for your cooperation in taking out the time to review the forecasted cash flows for Dhahran Roads project. I tried to put my best efforts with realistic views to answer your concerns and issues regarding the assumptions that have been made while projecting these cash flows. Kindly take a closer look towards the following justifications that have been produced in the form of a report. Regards Hira Khurshid Introduction Since Net Present Value technique is an absolute cash flows forecasting technique which requires certain assumptions. These assumptions are based upon the expected and foreseeable global and local...
3 Pages(750 words)Assignment

Investment appraisal under uncertainty

...work, Finance and Accounting Investment Appraisal under Uncertainty Table for Cash Flows TWO STAGE DISCOUNTING CASH FLOW Initial Cash Flow $100,000,000 Years: 1 - 3 4 - 6 Rate of Growth 10% 10%   Final Growth Rate: 1% Discounting Rate: 15% Outstanding Shares : 10,000,000 Safety Margin: 30% Level of Debts: $0 Pay Back Year Flows Growth Value 1 110,000,000 10% $95,652,174 2 121,000,000 10% $91,493,384 3 133,100,000 10% $87,515,411 4 145,813,619 10% $83,369,410 5 159,741,634 10% $79,419,824 6 175,000,043 10% $75,657,348 Terminal Year NPV $1,750,000 PV of Yr 1 to 6 Cash Flows: $513,107,550 Terminal Value: $5,404,096 Total Cash Flow PVs: $518,511,646 NO of Shares 10,000,000 Intrinsic Value: $51.85...
1 Pages(250 words)Coursework

Managing Uncertainty Business Plan

...Managing Uncertainty Business Plan Introduction The world of business is always marred with all sorts of uncertainties, which can sometimes break down an organization if enough care is not put in place. Because of this reason, it is always important to a company, to devise proper and reliable ways to manage uncertainties within the organization. This should be even more paramount, when it comes to start-up businesses that are plunging into the world of business for the first time. This paper will discuss and devise a business plan for Electronic repair Services Company to be established in Birmingham, while taking into account how uncertainties in the new business will be managed. The business plan will start by highlighting... Methods...
11 Pages(2750 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Managing uncertainty for FREE!

Contact Us