Contemporary Issues
in Management
By: Viren Kurseja (23BC405)
1. INTRODUCTION
2. CHALLENGES FACED
IN 21ST CENTURY
3. INTERNATIONALISATIO
Index N
4. DIGITALISATION
Introduction
Management has gone through
drastic changes over the past few
decades, Any of the department in
organization be it Marketing, Finance,
HR, Operations or sales has seen
changes of Modernization and
Automation , Computerization and
Customization, Laws and Social
obligations. Current Economic status
of the country and GDP, Inflation and
Balance of payment has affected
business and business decisions.
Economic slowdown and current
Economic position of various
countries has also influenced the
Leadership style and management
style.
2023
Contemporary Issues In
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Management
Challenges Faced In 21st
Century
o Liberalisation
Liberalisation means liberating the industry from unnecessary restrictions in trade and
removing all impediments in it’s growth like licenses, quotas, delays etc. It has created many
challenges like increased competition, diversification,, raising exports etc.
o Globalisation
It means integrating of various economies of the world towards the emergence of a cohesive
global economy. Managing in a global economy is very complex, there are issues like
property arrangements, availability of resources and infrastructure, behavioural process in
different cultures and even norms, values and traditions.
o Technological Advancements
Technological changes are taking place at very fast rate these days and have a major impact
on management practices. For example, automatic machinery and information technology
not only reduce employment in industry but also require new skills and talents making
management very hard in the modern day.
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o Advancements in IT and Digitalisation
They have changed the way advertising is done and companies sell their product. E-
commerce is growing at a fast rate, AI, big data, cloud computing are going to change the
face of the business and reshape management pur;ose, performance and reward
perceptions.
o Workforce Diversity
Another serious challenge that managers face is workforce diversity, ie, the increasing
diversity in the organisation with the inclusion of workers from different groups such as
women, differently abled individuals, retired personnel, ethnic groups, backward classes
etc. This has a significant impact on management as managers will be required to shift their
approach from treating each group alike to recognising their differences and following
policies to improve their productivity, reducing labour turnover and avoiding any sort of
discrimination.
o Empowerment of Employees
Modern organisations employ young and dynamic persons with professional and technical
qualifications at the junior and middle levels. Motivation of such personnel is a great
challenge since such people don’t like close supervision or directive leadership as they are
Contemporary Issues in
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2023 and internally motivated. Management 5
o Promoting Ethical Behaviour
Many organisations today are taking steps to enhance the ethical standards of their
employees and to avoid legal and/or public opinion problems. There is also
increased concern for carrying out social responsibility by the managements of
business organisations.
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Internationalisation
o Internationalisation is the process of expansion of
business outside its home country. It leads to increase in
the operations of a business to different countries. This
brings many challenges like:
1. cultural issues
2. political issues
3. regulatory issues
4. economic challenges
5. Management practice issues
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Digitalisation
Digitalisation is the process of converting information from
a physical format into a digital one. Digitalisation brings
with it many benefits however there are also drawbacks:-
o Complexity
o Organisational resistance
o Skill Gap
o Security and Privacy
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2023 Management 8
Thank You
