Understanding of the Relevant Literature on the Skills Managers Require in the 21st Century - Dissertation Example

page, addressee, and word count Manager of the 21st century September Number: Word Count: 5,553 [What are the skills managers require in the 21st century] Contents list Executive summary 3 Introduction 4 Aim 5 Background 6 Main and Subsidiary Sections 8 Management 8 Change and Dynamism 10 The Challenge of Globalisation 11 Continuous Improvement 13 People Power 15 Conclusions 16 Recommendations 18 References 21 Executive Summary The 21st century is filled with opportunities and threats that the companies must deal with in order to survive much more to succeed. As in the past, it is the managers that the companies will rely on in order to bring their plans into fruition. To do so, managers still has to effectively perform their inherent functions of planning, leading, organising, staffing and controlling (CliffsNotes.com 2011). However, it is important to remember that the present age has new facets that are critical for the company’s success. Businesses nowadays are strongly influenced by globalisation and technological innovation. Hence, in order for managers to be effective, they must be capable of managing the forces that has characterized the new century. Moreover, since the new business age is very dynamic, it is therefore important for the managers of today to be more nimble and agile in order to anticipate and act quickly on the changes before they are pushed into obsolescence. That way, they can capture opportunities as they are realized or defend against threats as they emerge. Moreover, globalisation has demanded that managers become able to manage a diverse workforce as more and more companies are expanding overseas (Khatri and Ong, 1999). Hence there has been an increase in the demands of managers to go beyond their talents and skills to ensure that they are able to innovate themselves since this is basically the game that companies and managers have to play in the 21st century. Introduction The new century has offered new and exciting challenges for businesses all over the world. The massive improvements in technology have greatly helped in the advancement of communications and information capabilities of countries, companies and individuals worldwide. Basically, this has put an end to the industrial age and heralded the information age which has even brought to fore a new breed of employees, the knowledge workers. These people have radically changed the manner of doing things wherein the office hours as well as office spaces have been practically taken out of the equation (Serrat, 2008). This is all the more demanding if the company is trying to get and maintain a global presence since there is the inescapable need to source out manpower from the different countries from which they operate in as well as to be able to maintain this global workforce. Moreover, there has been a general shift from solely focusing on the financial indicators as the sole measure of the strategic success of a company. Kaplan and Norton (2005) have shed light on the lack of capability of measuring the success of a company’s strategy by basing on the financials alone. According to these Harvard business thinkers, it is important to have a balanced view of the lagging as well as the leading indicators in order to properly gauge the company’s overall situation. Hence, they have brought forward the Balanced Scorecard (BSC) in order to properly capture these indicators in their four perspectives which are the Learning & Growth, Internal Business Process, Customer and of course the Financial Perspective. All these provide a confluence of indicators for the company to properly analyze their situation and make changes, if necessary, in order to ensure that they remain on track with their targets. However, all these goes to show the increasing demands to the managers of the 21st century wherein there seems to be a shift towards the capability to multi-task and be able to adapt to the fast-paced and multicultural business environment of today. Aim The purpose of this paper is to provide an insight into the managers of this century. Nowadays, technology and trade liberalisation has paved the way for a more tightly knit global community. Opportunities abound but along with it are a myriad of threats and challenges. Moreover, the seemingly overwhelming demands of the business of today necessitates that the managers are nimble enough to adapt to these changes and challenges. The competition has vastly expanded especially since the expansion of trade liberalisation has greatly boosted globalisation. Indeed, this has strongly boosted the growth of the global economy (Wacziarg and Welch, 2003). The paper hopes to offer a discourse as to how can one person be an effective leader amid the demands brought about by the 21st century. Of course it is not enough that the manager can handle the pressure but he or she must be able to recognize or, if warranted, even create opportunities. Drucker (1999) examines the new environment being faced by the managers at the turn of the century. Hence, he also made mention of the need to manage the diverse workforce as well as the new breed of employees increasingly being known as the knowledge workers. Moreover, it has also been deemed important for managers to be dynamic, to be on top and handle changes. Hence, this paper then provides self-examination of how I can attune what I know, the experiences that I have and even my personality to answer to the call of the 21st century. Background Basically, I hope to be able to make use of the experiences that I have gained through the almost half a decade that I have worked as a financial reporter for Thailand.com. The company is a subsidiary of the Manager Media Group and is one of the leaders in media in the country. My daily routine includes the daily management of the news which includes the development and review of the financial section of the paper. The workload requires me to multi-task and to be fast yet accurate especially since the financial sector has been very volatile with the unfolding economic recovery. As reported by the IMF (WEO 2009), the unbalanced recovery has been skewed towards the emerging and developing economies which include Thailand. Hence, the country has been drastically affected by the influx of financial investors and I have to be on top of the situation since investors and even ordinary people tend to rely on the newspaper for information. Moreover, I have clients that rely on the financial news that we report. Also, I coordinate with the Stock Exchange of Thailand (SET). This is very important since the stock market is a leading indicator of the economy. This means that prior to an economic event, the sentiments of investors regarding the general condition of the economy can already be felt and even gauged in the stock market. Basically, the stock markets in Asia has been on the rise since many investors looking for higher yields are pouring in on the emerging and developing nations. That is because majority of the advanced economies, particularly the United States (US) are undergoing economic hardships and the yields in their countries are really not attractive to investors. It is quite expected since the epicentre of the crisis is in the US and has been very contagious with the other advanced economies. Debts have also been on the rise since they have tried to prevent or mitigate the effects of the recession (WEO 2009). The foregoing discourse has shown my fundamental analysis capability which coupled with my knowledge of the technical analysis has enabled me to better function I my job. Moreover, the experience as a financial reporter has significantly helped me improve my communication skills though I admit that I have yet to have a functional mastery of English. Moreover, my innate interest in the financial sector as well as the international business has enabled me to be able to properly handle my duties and responsibilities and has greatly helped me to expand my knowledge base in order to help me properly handle the increasing demands of the work as a financial sector reporting. Furthermore, I have been fortunate enough to be able to attend some related seminars, among which was the one sponsored by the Thailand office of Entrepreneur’s Resource Center Co. Ltd. Also, I have been exposed to some of the biggest financial businesses in the country wherein I have been able to study the operations of different financial sectors such as investment banking, sales & trading as well as e-commerce and information technology. However, even though I have experienced and studied all these, I know that the demands of being a manager means I have to improve of these skills even more. The developments brought about by technological improvements and globalisation are very important elements of business today and these are very pressing realities that companies must contend with in order to survive, succeed and to ensure their sustainability. Moreover, due to trade liberalisation, economic growth in most parts of the world are booming since there have been few impediments left for global transactions (Wacziarg and Spolaore, 2004). Hence, I feel that I should not be complacent with what I have and with what I know since as with companies, it is important for managers to be able to be prepared to handle the competition the business environment of the 21st century offers. Main and subsidiary sections Management Management is not a new concept and has been around since the beginning of civilization. Indeed, there have been so many structures that awe modern man that has been built by their ancestors. However, these things could not have been done properly, much more beautifully, if the labourers are just going about with what they have and with their different ways of doing things. Basically, managers have provided a direction for the accomplishment of the different tasks to achieve the pre-determined set of goals and objectives. Also, among the earliest management principles can be derived from the art of war by Sun Tzu which has essentially been a guide for the ancient Chinese to guide their conduct of war. These have developed through the years but still, there remains the innate function of a manager which is to lead, organise, control, staff and of course to plan (CliffsNotes.com 2011). In order to properly manage, these people ought to be able to plan their moves. In this part, I am quite confident since I have been able to plan even under pressure from my experience as the experience that I have had in the financial reporting business has been a very strenuous work. There I have had to map out the manner in which I am going to achieve my goal. Through years of experience, I am quite confident that I can be able to effectively pass this on to a team in order to have a uniform movement for the goals achievement. Moreover, with the strenuous activity in the newspaper business, I have had to ensure that I am properly organised otherwise I would have been overwhelmed by the amount of tasks as well as the seemingly endless deadlines that I have had to beat. Hence, through this experience, I am confident that I can make a unit as organised as I am and that it would be very important in the achievement of the plan. However, it would really be a challenge for me to delegate since that is something that I lack the experience though I know that I will eventually mature in this position. This brings me to the next challenging part of being a manger which is staffing meaning I should be able to choose the people that I ought to trust. This entails very crucial decisions in order to ensure that the right people are in place in order to guarantee the achievement of the unit’s plan. Furthermore, since among the functions of the manager is to lead, I am quite confident in this area since I have the academic preparation and more importantly the experience to be able to perform under pressure. I know that as a leader, I would be the one that my unit will have to look up to especially for guidance so that despite the many challenges and obstacles that are sure to come along to hamper or even prevent the achievement of our goals and objectives, we can be able to deliver since the unit can rely on me to be steady and guide them through the hard times. Of course the achievement of the goal is only one part; I will also need to be able to ensure the harmony within the group stays as well as to be able to monitor achieved goals and guarantee that the group as well as the goals and objectives stays in place and do not wander off (CliffsNotes.com 2011). Management skills are needed everywhere. Indeed, Anderson and Pulich (2002) recognize the need for this skill even on health care. As with all the other companies and businesses, there has been the reality that nowadays, many things move amazingly fast. Because of this, companies must be able to have managers that can keep the companies moving along well with this pace. In the end, there has been a very important shift of the gears of the companies and its managers in order to be able to keep up with the fast-paced business environment of the 21st century. Change and Dynamism The manager of the 21st century must face up to the reality that technology plays out crucially in the management of business enterprises of today. However, it is important to note that the advancements at the turn of the century have proven to be very fast and ever changing. Hence, it is important for companies to be able to match the speed of these developments in order to ensure the sustainability and success of their business operations. Therefore, to succeed, companies must have managers that are dynamic and nimble enough to adapt to such changes. In order to be able to succeed, the managers must live up to the expectations of the 21st century. Being in the newspaper business, I know that I am capable enough to handle the fast-faced business environment of today. Moreover, the pressure that I have learned to live through from my experiences has enabled me to develop the capability to adeptly act under pressure and be able to give substantial results. Moreover, the interpersonal skills that I have learned to from my dealings with the different persons have enabled to be flexible enough to adjust myself depending on the people that I am dealing with. This will hopefully enable me to augment my general lack of experience in handling people that is necessary for the staffing and organising demands of being a manager. Hence, it is very important for me to be able to adjust myself in order to be able to handle the heavy responsibilities of being a manager, the burden of which has been greatly increased because of the fast-paced technological movements which easily eases out previous technological innovations. Furthermore, since I have been trying to learn more and improve myself, I know that I can position myself properly in order to be able to ensure that I can improve what I know and have in order to be able to succeed as a manager of the 21st century (Robbins and Coulter, 1999). The challenge of globalisation As mentioned, globalisation has played out greatly in the businesses of today. Hence, there has been a drastic increase of challenges and competition facing different companies and their managers in this new century. Therefore, it is important for managers to calibrate their skills and capabilities in order to ensure that they are capable enough to handle these emerging threats to ensure that the companies they work for are able to hurdle these challenges and succeed against them. Aside from the aforementioned functions of the managers, the ever changing landscape as well as the practical elimination of borders has necessitated companies to be able to contend strongly against the competitors, both foreign and local, as well as the dynamic environment itself. Since I have been with the newspaper business, I have come to appreciate the need for speed in getting things done wherein stale news, especially in the financial section, do not generate money. Hence, in a world that has a myriad of competitors and with so many problems in the environment that can go wrong, I know that I can help my company’s effort to succeed in the global platform with my ability to move and get things done in the fastest possible time. This is very important especially if the company is trying to penetrate foreign market. It is a must that the company can be able to get in at the fastest possible time in order to ensure that the entrenched competitors have the least possible time to react and counteract the penetration strategy of my company (Robertson, 1993). Moreover, I believe that the penetration stage is crucial to the success of the company wanting to take advantage of the opportunities presented by globalisation. However, in the competitive and fast-paced world of news reporting, I have learned to live with the fact that there are also those companies that will want to beat you in order to maximize their capability to benefit from the opportunities presented by the business environment. Hence, it is therefore important to be able to properly care for and nurture the product as it is being introduced to the different target markets. All the efforts at going about as fast as one can if the product or a business endeavour cannot be launched properly which enables competitors to kill it on the initial attempt (Robinson and Fornell, 2001). Kalyanaram and Gurumurthy (1998) show how companies can still go toe-to-toe notwithstanding whether they are new or pioneers already. As mentioned, technology has been a very crucial game changer whereas the system or manner of doing things may be greatly disrupted or improved by the introduction of new technologies. Also, even pioneers in a country can be dislodged by the entry of new foreign competitors. In the very competitive business environment of 21st century, Zade (2009) likewise espouses the utilization of a public market development strategy in order to better target the market and push the companies products faster amid the number of competitors as well as the highly dynamic business environment of the 21st century. Still, there has been the very important recognition of what the market wants which can give companies and their managers clues as to what products to push and how to push them (Karr and Gabrielson, 2007). In all these, I am quite confident that I can easily manage and help my unit achieve the targets and goals of the company since my experience in financial reporting has enabled me to be sensitive enough to the markets. As mentioned, I have been involved with the stock market which greatly requires one to adeptly anticipate the movement of the market. My technical and functional knowledge can then help me to guide my team in order to get through the myriad of challenges that are present in today’s business environment. Continuous improvement Hence, the challenges of the 21st century as well as the strategies that may be employed by the firms need managers that are nimble enough in order to be able to get the necessary things done in order to help the organisation to succeed. However, it is important to note that despite the challenges of the 21st century and the fast paced business environment, it is very important to be able to remain attuned and sensitive to the market. Also, even if the company is a pioneer, it is important to remember that technology offers both opportunities and threats. Therefore, the managers must try to help their companies to use it properly in order to innovate and serve their markets the best way that they can but must likewise guard against a possible entry of an upstart company that can take away or eat out at their market share. This scenario is very possible in the 21st century because of how much globalisation has gained traction as well as the rate at which new developments come up because of the high level technological improvements that has been characteristic of this new century. That is why Robinson and Chiang (2002) has been reminding managers of the necessity of innovating their products since nowadays, the latest developments and technological advancements has practically negated the advantages of pioneer companies and has provided an even more playing field for the new companies. Still, it is a cutthroat world out there and the need for companies to be on top of these changes and developments necessitates that they have the managers that can adapt and manage these changes. Also, companies need to continuously improve and innovate and I am quite confident that I have developed the necessary skills to handle these challenges. Moreover, since I myself have been continuously trying to improve myself I know the value of innovation and that I am confident that I can contribute immensely as a manger because of the skills, functional knowledge and technical know how that I have amassed through years of experience with the newspaper industry. Also, the stringent world of financial reporting has pounded me with immense pressure but along with it comes the knowledge and understanding that I have come to integrate within me. Through the years that I have been doing financial reporting, I was also fortunate enough to be exposed to the rigorous world of investment banking as well as to have an insight into the future of business with my exposure to e-commerce. These are necessary experiences and exposures that I can greatly use as a manager since effective financial planning is an inherent part of formulating the overall strategy of the company. Moreover, the intricacies of finance greatly contribute to the health of the company if these are managed properly, planned adequately and controlled religiously. Moreover, in launching the products, it is very important to be able to have this discipline in order to ensure that the efforts do not go off base. In this challenging business environment, there are sure to be many distractions and disruptions. Hence, it is important that marketing efforts must be managed adequately in order to reach the goals and objectives as much as possible. Furthermore, strategy formulation remains a very important recipe for success as well as the capability to control the tactical plans associated with it. Hence, this reminder by Drummond and Ensor (2001) hopes to help companies survive and succeed in this very challenging era for business. Managers would do well to heed this call in order to be able to help their respective companies go about in this highly dynamic century. People power As mentioned, the international operations of companies have necessitated the establishment of a global workforce for the company. Khatri and Ong (1999) have called for the recognition of this very important strategic enabler. The 21st century demands managers to be able to work with people outside their own culture and ethnic backgrounds. The global operations has also brought to fore the need for companies to have a global workforce if they are to operate internationally. Moreover, it is a given fact that in order to maximize the benefits of globalisation, companies have to be able to offer the different markets the products that they need, want and can afford. Hence, managers must not only be nimble enough to be able to handle the fast paced environment, they must likewise be able to handle the demands of different cultures and the pressure of operating internationally. Conclusions Based on the foregoing, it is easy to see that the new century offers numerous opportunities for companies. However, along with these opportunities come threats and challenges. Moreover, there are also other companies that will want to take advantage of the opportunities presented by the main drivers of business in the 21st century, globalisation and technological innovations. Hence, it is therefore important for companies to be able to have competent manpower led by equally competent leaders in order for them to ensure their success in the business environment of today. That is why it is important for the managers of the new century to be able to adapt in order to be able to adeptly function in the dynamic and challenging landscape that they must contend with. Managers have always been a crucial enabler for companies to succeed. History is practically bursting with examples of how organisations need them in order to accomplish their plans and secure the success that they have endeavoured on. Although not yet fully recognized, the many monuments and achievements of the human race has been brought to fore through the help of these managers that has helped ensure that the force of a group, team or organisation is moving as one towards the achievement of a predetermined goal. Now, more than ever, able managers are needed to ensure that the company can achieve its goals. However, as the industrial age wanes and the information age emerges, managers must likewise go beyond the usual functions in order to maintain and even enhance their effectiveness in helping their respective organisations to move forward. As Wongrassamee, Gardiner, and Simmons (2001) points out, there has been a considerable shift from the usual measures of organisational success. There has been the realization that it is not enough anymore to look into the financial perspective of a firm that managers of the past age have been so concerned about. In fact, according to Kaplan and Norton (2005), by the time the financial results become available, everything in the company’s strategic plan have basically passed and that there is the sense that it is already too late to make adjustments. This goes to show that managers must increasingly be aware of the leading and coincident indicators that are material to the realization of the company’s strategic plan. By being involved in the stock market as well as having the technical and functional capability to make informed opinions, I know that I can fully capable of handling this new phase of managing in an organisation. However, there is also the question of how the manager goes about his or her work. Lamond (2004) argues that there are many ways in which different managers can get their work done. Some can be very strict while there are those that delegate not just tasks but to some degree even authority. This enables the people under the manager to become more motivated. Still, despite the myriad of managerial styles, there are the basic functions of managers that tend to stick and withstand the test of time. Thus, despite the dawn of the new century, managers must still provide the planning, leading, organising, staffing and controlling functions that are essential to the company’s success. Managers will always need to be able to perform these functions in order for them to be able to ensure that the goals and objectives that they will set can be achieved. Hence, Carroll and Gillen (1980) acknowledge the potency of the longstanding criteria of management in order to gauge the effectiveness of managers. Despite the technological advancements, there are some things that do not fully change in the history of man such as the need to have a leader that can provide guidance to a group of individuals in order to reach a goal or objective. However, beyond these basic functional needs, managers of the 21st century must be able to manage more than their people or the resources their unit in assigned with. The mobile environment of the 21st century necessitates the need for managers to be able to manage change. Hence, there is a caveat for those that tend to sit on their laurels because they are pioneers that initially succeeded. Managers must constantly strive for innovation in order to ensure that they are able to spot or create new opportunities and demands so that they can maintain or even grow their market share (Robinson and Chiang 2002). Moreover, there is the reality of globalisation. Companies have really increased their global presence in order to be able to expand and capture new markets. Emerging and developing countries have increasingly been important growth contributors to companies because of their markets as well as their cheap labour. The advent of globalisation has greatly increased the economic potential of these countries by allowing more access and eliminating tariffs and trade barriers. Hence, these economies have increasingly contributed to the global economy (IMF Staff 2001). As a testament to the growing clout of these emerging and developing economies, they have been the growth driver of the global economy when the rich and powerful advanced economies practically collapsed due to the Great Recession (WEO 2009). Hence, there is the pressing need for managers of the 21st century to be able to manage globalisation as well as the technological advances that has been very pronounced in the dynamic business environment of this century. Indeed, managing has been more challenging nowadays and these people must constantly be alert for any possible threats or opportunities that can greatly impact the operations of their organisations. Recommendations In order to succeed in the 21st century, managers must be increasingly capable and aware of the opportunities and threats that the new century offers. It is important for them to be able to realize that these external factors permeate from the prevalence of the forces of globalisation and technological innovations. Hence, it is therefore important for managers to look into the prospects presented by the increasing clout of emerging and developing economies. It is therefore important for them to realize that investors are increasingly turning towards these economies in order to invest and expand their respective portfolios. Moreover, these countries have provided both markets and production capabilities to companies that dare to endeavour beyond the borders of their homeland (Wharton University Articles, 2006). It is very important therefore that companies are able to capture the opportunities presented by the new frontiers of business that have been able to provide the growth for the global economy. Companies therefore are increasing their global presence and the managers of the new century must be able to adapt to this very crucial strategies. Therefore, Khatri and Ong (1999) call the attention of the managers to be able to properly handle the different cultures that they will be working with. It is important for them to note that the companies deal with different people from different countries be they customers or employees. Going global enables the companies to capture new markets as well as the labour force and resources from different countries from which multinational companies can operate into. However, these opportunities will all go to waste if the companies cannot handle the people that they will be working with. Hence, managers must be able to handle and deal effectively with the people that they will be dealing with. Therefore, Castro-Christiansen and Higgs (2008) reiterates the importance of calibrating the strategy of the company with the human resource direction in order to capture these opportunities. Hence, it is important for managers to be able to handle the demands of managing different culture and answering to the needs of the different customers from different countries. Moreover, Kaplan and Norton (2002) reminds of the necessary alignment of the measurement of the companies’ performance along with the system from which the company can operate. It is therefore important for the managers to be able to handle the integration in order to ensure that the companies can truly reap the benefits of the present business environment. Hence, for managers to be effective, they must likewise be able to merge the measurement systems and management systems in order to be able to harmoniously function so that the planning, leading, organising, staffing and controlling can bring into fruition the goals and objectives that the company wishes to achieve. This can be done easier if managers have a clear understanding of the behaviour that their employees have. Moreover, managers must be able to handle the effective integration of their employees with the culture of the company (George and Jones 2005). Through this, managers can easily integrate their people in order for them to move them uniformly towards the goals that they have set and reach the objectives that they have targeted. Hence, it is clear that the basic functions of management continue to be the pillar from which effective managers can be effective with the tasks that they have as managers. However, since there are significant changes in the 21st centuries, from these pillars must rise additional managerial skills in order for the managers to handle the challenges presented by the new business environment that they are currently faced with. The fast pace of business in the 21st century calls for a more nimble breed of managers that can actually manage change and ensure that their unit does not succumb to the pressure brought about by these changes. Indeed, there are numerous opportunities but these can only be realized if companies have managers that can help them to innovate and anticipate the needs and wants of the market they are serving (Robinson and Chiang 2002). Hence, it is very important for aspiring managers to dig deep into their experience and skills in order to ensure that they are capable to handling the challenges and are able to contribute to the success of their organisations. References Anderson, P., and Pulich, M. (2002). 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