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Managing in New Era. Learning Objectives. After studying this Chapter , you will know: the major challenges of managing in the new era the nature of management at different organizational levels the skills you need to be an effective manager what to strive for as you manage your career.
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Learning Objectives • After studying this Chapter , you will know: • the major challenges of managing in the new era • the nature of management at different organizational levels • the skills you need to be an effective manager • what to strive for as you manage your career
Managing In The New Era Managerial practices will always separate effective from ineffective organizations Four key elements are new elements in business today Internet Globalization Knowledge Management Collaboration Across “Boundaries” New Era Management
Managing In The New Era (cont.) • The Internet • communication technologies are driving massive change • initial enthusiasm for e-business has dwindled • 25% of publicly-held Web companies became profitable in 2002 • most profitable Web companies sell information-based products that don’t require shipping • old economy types now using the Internet as a tool to solidify their future
Managing In The New Era (cont.) • Globalization • far more than in the past, enterprises are global • competing globally is not easy • companies often overestimate the attractiveness of foreign markets • even small firms that do not operate on a global scale must make strategic decisions based on international considerations • face intense competition from high-quality foreign producers
Managing In The New Era (cont.) • Knowledge management • practices aimed at discovering and harnessing an organization’s intellectual resources • unlock people’s expertise, skills, wisdom, and relationships • intellectual capital is the collective brainpower of the organization • Collaboration across “boundaries” • capitalize on the ideas of people outside the traditional company “boundaries” • occurs between as well as within organizations • e.g., must effectively capitalize on customers’ brains
Managing For Competitive Advantage Best managers and companies deliver all four Cost Competitiveness Innovation Quality Speed Competitive Advantage
Managing For Competitive Advantage(cont.) Innovation the introduction of new goods and services comes from people must be a strategic goal must be managed properly Quality excellence of a product, including its attractiveness, lack of defects, reliability, and long-term durability importance of quality has increased dramatically catering to customers’ other needs creates more perceived quality
Managing For Competitive Advantage (cont.) Speed fast and timely execution, response, and delivery of results often separates winners from losers in world competition requirement has increased exponentially Cost competitiveness costs are kept low enough so that you can realize profits and price your products at levels that are attractive to consumers key is efficiency- accomplishing goals by using resources wisely and minimizing waste little things can save big money cost cuts involve tradeoffs
The Functions Of Management Management the process of working with people and resources to accomplish organizational goals good managers must be: effective - achieve organizational goals efficient- achieve goals with minimum waste of resources there are timeless principles of management still important for making managers and companies great must add fresh thinking and new approaches
The Functions Of Management (cont.) The manager who does not devote adequate attention and resources to all four functions will fail Leading Organizing Controlling Planning
The Functions Of Management (cont.) Planning specifying the goals to be achieved and deciding in advance the appropriate actions taken to achieve those goals delivering strategic value - planning function for the new era a dynamic process in which the organization uses the brains of its members and of stakeholders to identify opportunities to maintain and increase competitive advantage process intended to create more value for the customer
The Functions Of Management (cont.) Organizing assembling and coordinating the human, financial, physical, informational, and other resources needed to achieve goals building a dynamic organization - organizing function for the new era viewing people as the most valuable resource the future requires building flexible organizations
The Functions Of Management (cont.) Leading stimulating people to be high performers in the new era, managers must be good at mobilizing people to contribute their ideas Controlling monitoring progress and implementing necessary changes makes sure that goals are met new technology makes it possible to achieve more effective controls for the future, will have to be able to monitor continuous learning and changing
Management Levels Top-level managers (strategic managers) senior executives responsible for the overall management and effectiveness of the organization focus on long-term issues emphasize the survival, growth, and effectiveness of the firm concerned with the interaction between the organization and its external environment titles include Chief Executive Officer (CEO), Chief Operating Officer (COO), company presidents and vice presidents
Management Levels (cont.) Middle-level managers (tacticalmanagers) located between top-level and frontline managers in the organizational hierarchy responsible for translating strategic goals and plans into more specific objectives and activities traditional role was that of an administrative controller who bridged the gap between higher and lower levels provide operating skills and practical problem solving the keep the company working
Management Levels (cont.) Frontline managers (operationalmanagers) lower-level managers who supervise the operational activities of the organization directly involved with nonmanagement employees increasingly being called on to be innovative and entrepreneurial titles include supervisor or sales manager Working leaders with broad responsibilities in small firms and large firms that have adapted to the times, managers have strategic, tactical, and operational responsibilities
Transformation of Frontline Management Roles and Tasks Changing roles Primary value Key activities • From operational implementers to aggressive • entrepreneurs • Driving business performance by focusing on • productivity, innovation and growth within frontline • units • Creating and pursuing new opportunities for the • business • Attracting and developing resources and • competencies • Managing continuous performance improvement • within the unit
Transformation of Middle-Level Management Roles and Tasks Changing roles Primary value Key activities • From administrative controllers to supportive • coaches • Providing the support and coordination to bring • large company advantage to the independent • frontline units • Developing individuals and supporting their • activities • Linking dispersed knowledge, skills, and best • practices across units • Managing the tension between short-term • performance and long-term ambition
Transformation of Top-Level Management Roles and Tasks Changing roles Primary value Key activities • From resource allocators to institutional leaders • Creating and embedding a sense of direction, • commitment and challenge to people throughout • the organization • Challenging embedded assumptions while • establishing a stretching opportunity horizon and • and performance standards • Institutionalizing a set of norms and values to • support cooperation and trust • Creating an overarching corporate purpose and • ambition
Management Skills Skill - specific ability that results from knowledge, information, and aptitude Technical skill ability to perform a specialized task that involves a certain method or process managers at higher levels rely less on technical skills Conceptual and decision skills ability to identify and resolve problems for the benefit of the organization assume greater importance as manager acquires more responsibility
Management Skills (cont.) Interpersonal and communication skills ability to lead, motivate, and communicate effectively with others people skills important throughout your career at every level of management
You And Your Career Jobs are no longer as secure for managers as they used to be organizations still try to develop and retain good employees employee loyalty and commitment are still important Companies offering “employability” to workers tend to be more successful provide training and other learning experiences employees perform work with greater responsibility
Be both a specialist and generalist specialist - expert in something provide concrete, identifiable value to the firm generalist - knowing about a variety of business functions so that you can understand work with different perspectives Be self-reliant take responsibility for yourself, your actions, and your career regardless of where you work think and act like an entrepreneur look for opportunities to contribute in new ways generate constructive change You And Your Career (cont.)
You And Your Career (cont.) Be connected establish many good working relationships be a team player with strong interpersonal skills all business is a function of human relationships competitive advantage depends upon you and other people
Keys to Career Management 1. Think of yourself as a business. 2. Define your product: What is your area of expertise? 3. Know your target market: To whom are you going to sell this? 4. Be clear on why your customer buys from you. What is your “value proposition” - what are you offering that causes him to use you? 5. As in any business, strive for quality and customer satisfaction, even if your customer is just someone else in your organization - like your boss. 6. Know your profession or field and what’s going on there. 7. Invest in your own growth and development, the way a company invests in research and development. What new products will you be able to provide? 8. Be willing to consider changing your career.
Actively manage your relationship with your organization two ways to think about the nature of the relationships between you and your employer view yourself as an employee model for just getting by contributions likely to be minimal two-way, mutually-beneficial exchange relationship think about how you can contribute and act accordingly figure out new ways to add value organization likely provide full and fair rewards, support further personal development, and offer more gratifying work environment You And Your Career (cont.)
Two Relationships: Which Will You Choose? Employer You #1 You as a passive employee #2 You as an active contributor in a productive relationship You Your Organization
Managerial Action Is Your Opportunity To Contribute Managerial Actions 1. Delivering Strategic Value 2. Building a Dynamic Organization 3. Mobilizing People 4. Learning and Changing You Your Organization
Survive and thrive be prepared to move from project to project, team to team be a master at something that the world values develop a strong network of colleagues who can help with current and future projects have entrepreneurial skills that help you act as if you were running your own business love technology market yourself be willing to constantly improve and even reinvent yourself You And Your Career (cont.)
