The Current Economic Climate Essay Example | Topics and Well Written Essays - 750 words

The Current Economic Climate - Essay Example There are some challenges and biggest opportunities facing with new managers entering an industry. The global environment has continuously become a challenge to emerging managers. This reminds them of a very important thing and that is for them to acquire useful skills in order to reach a high level of competitive advantage. For instance, in the age of information technology (IT), it is no longer reliable and enough to rely on traditional management system. Modern managers must be able to have important knowledge on how to integrate his or her leadership skills in the midst of substantial breakthroughs in areas of IT. This is a great challenge among those managers who were trained without prior exposure to a high level of advancement in IT. Very few companies offered IT programs in the onset of online communication, technological innovation in information management system and so on. In fact, many managers nowadays are not that adept in using various features in IT in leading their p ersonnel especially in companies that require constant communication and interaction on a daily basis. However, this is an advantage among those emerging managers who are mostly adept and have substantial background in IT. They can all integrate their knowledge in IT in their leadership and in fact, this would make them highly competitive in today’s prevailing economic climate. It is the current global trending that for a company or organisation to stay on top and be a cut above the other, various management modifications are necessary and application of IT is just among of them. Management on the other hand is such a complicated process because it deals personally with the human resource with also complex behaviours and needs. Thus, all managers are faced with substantial challenges especially on motivating and applying their skills in the work place, but above all they all are tested with their commitment (Hawell, 2009). All of these are essential factors in achieving goals of the company. Thus, those managers who are committed are more willing to seek for more information on how to improve performance of their personnel and one of the basic approaches is motivating them. To motivate the entire human resource is another great challenge. In times of downward spiraling economy for instance, the managers must be able to apply substantial moves especially among those employees who are asking for more financially from the economic stand point. It requires not just constant communication, but ample opportunities in motivating them even without the need to use monetary equivalence. In other words, the managers must be able to apply their skills and full potential in creating more innovative approaches in motivating the human resource to function effectively most especially in both promising and challenging economic times. This is both a challenge and opportunity for emerging managers as they would substantially focus on innovation, and apply modern approach in management. Another point, every business is faced with competition and this is how it is for the rest of almost all organisations around the world. Competition simply is everywhere. Thus, every manager therefore must be geared with substantial knowledge on this issue. A facilitative style of leadership might be required and that would ensure substantial use of communication process (Hartwig, 2008). In this approach, emerging managers have the full advantage as they