Contemporary Management Issues in the 21st Century

This report covers the impact of artificial intelligence on overall business strategies and workers management. It evaluates the importance of talent acquisition, learning and development, and change management in the existing global competitive climate. The report also discusses competitive strategy models and HR theory to assess the role of artificial intelligence in businesses.

Contemporary temporary
issues in 21st century

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Competitive strategy models and HR theory to evaluate role and impact of artificial
intelligence on overall business strategies and workers management.........................................1
Evaluation of importance of talent acquisition, learning and development and change
management in global competitive climate.................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
In 21st century, there are various obstacles that hinder managers and leaders to attain
their objectives and enhance their work in organisation. Managers constantly strive to cope
up with these issues which lower productivity of firm's workforce. Challenges of
management may contain ethics, technology, competition, globalisation, diversity etc. It gets
difficult for organisations to keep up with technology advancements as it ends up adding
costs to its operations (Ahmad, Noordin and Sulaiman, 2019). Technology also needed
extensive research and strategic evaluation before implementing new innovations. Thus,
firms became sceptical in adopting artificial intelligence as newest form of technology as
they reckon it to be utilising large quantity of firm's finances.
This report covers the competitive strategy and human resource theories to evaluate role
as well as impact of artificial intelligence on overall strategies of businesses. It highlights
importance of talent acquisition, learning and development and change management in the
existing global competitive climate.
MAIN BODY
Competitive strategy models and HR theory to evaluate role and impact of artificial intelligence
on overall business strategies and workers management
Competitive strategies comprises of business approaches and initiatives which are
implemented by companies to attract more consumers and to provide them with superior
value to meet their expectations effectively. This allows firms to strengthen its position in
market. Enhancing market position emphasis on implementing strategies against rivals in the
industry. Adopting artificial intelligence has helped organisations to revive their businesses
in modern world (Althoff and Holguin, 2020). It facilitates businesses to transform its
business strategies in order to gain competitive advantage. It has a broad range of use in
firms consists of streamlining job processes and aggregating data of business. It allows
organisation to have competitive strategies. The impact and role of artificial intelligence can
be assessed by using competitive strategy model which is described below:
Cost leadership- In this strategy, a company set outs to become low cost manufacturer in
its sector. These may include attaining economies of sale, technological advancement, better
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access to raw material and other attributes (Amadi-Echendu, 2021). Artificial intelligence
helps companies to implement techniques which aid them to exploit all sources that can
provide them cost advantage. For example, Marks & Spencer implements techniques which
help them to achieve economies of scale within its production line.
Differentiation- This strategy facilities companies to stand out from its competitors and
rockers uniqueness in industry (Callens and Alaktif, 2020). Adopting artificial intelligence
allows firms to produce unique product and provide improved services to its customers
which helps in grabbing large portion of market. For example, Morrisons started online
delivery of groceries which helps firm to effectively handle competition.
Focus- It involves focusing on segment or group of segments in industry and tailors the
strategies to serve them efficiently. Artificial intelligence aids Marks & Spencer to be cost
focus in order to seek cost advantage in its targeted group.
Human resource strategies are considered as a roadmap for solving firm's biggest issues
with human centric solutions. It is important as it can help businesses to achieve great
success and creates powerful advantage for companies (Desbordes, Aymar and Hautbois,
eds., 2019). Artificial intelligence supports human resource strategies in enhancing
employee’s engagement, proper talent acquisition as per job role, employees’ development
and training. It helps in performing several tasks of business and reduces human efforts
which aids in saving both time and resources of firms. Role of artificial intelligence in
human resource strategies are mentioned below:
Talent acquisition- Within global environment, the major implementation of artificial
intelligence has simplified process of talent acquisition (Gbadamosi, 2019). From evaluating
candidates, maintaining databases to schedule interviews, AI reduces time and effort of
business to go through things manually. Within Morrisons, AI helps HR managers to
employ skilled people with help of great technologies.
Learning and Training- Training is an essential part for any employee development as
they need to learn for business growth. Artificial intelligence aids employees to learn and
train for requirement of any position. It also aids them to gain knowledge about latest
technologies and development of software (Grasser, Loufrani-Fedida and Oiry, eds., 2021).
In Marks & Spencer, managers provide adequate training to its remote employees so that
they can extensively understand firm's operations.
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Decision making- Artificial intelligence improves businesses ability to research and take
actual decisions that can provide maximum output. It is observed that AI increases cognitive
computing for human resource team (Hafberg, Borinstein and Alexopoulos, 2019). In
Morrisons, major decisions relating to operations and management are supported by broad
research backed up by artificial intelligence.
Leadership- Artificial intelligence supports and enhances capabilities of trainees as it
improves working measures of leaders of firms. AI analyse structure of qualities of leaders
and provide them opportunity to attain skills that they lack (Hasa and Et. Al., 2019). In
Marks & Spencer, leaders self assess by making a dashboard of firm and improves their
skills as per requirement of operations
Evaluation of importance of talent acquisition, learning and development and change
management in global competitive climate
Talent acquisition refers to the effective strategy of human resource management to hire,
select, develop and retain talented, high skilled employees in their organisation in order to
achieve great success in competitive global market. For example, in Morrisons, it is
important due to finding as well as hiring the most suitable candidate which is fully skilled,
has knowledge about new technology and current trends for their vacant job role. As human
resource is most valuable assets for company which helps them to increase their
effectiveness and offer better quality of products and services in target market to gain
competitive advantages (Lee, Gloviczki and Blei, eds., 2019). It is strategy of management
to hire professional, skilled and specialist for their future growths which helps them to bring
innovation in company in order to increase profitability and market share. By using artificial
intelligence in their hiring and recruiting process they can hire most talented employees for
their operations and retain them for long run in order to meet the long term goals of
company. Also it helps them in forward thinking as talent employees give more innovative
ideas which the company can use for their development and expansion strategy to reach at
the top in global market.
Training and development refers to the plan of company to enhance the skills,
knowledge and understanding of employees so they can adopt changes in their working
easily. For example, In Marks & Spencer, it is important for them to organise training and
development program for their employees increase their efficiency to improve their
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performance. Also it helps employees to strengthen their current skills to adopt the new
changes during COVID in order to reduce cost, errors and wastage during their working
process. It is important for company to provide training to their talented employees to
increase their morale, confidence and adaptability in order to retain them for long run to
achieve success in competitive global dynamic marketing (Malik, AlDarrab and Edward,
2020). By using artificial intelligence allow company to reduce the cost of training as they
adapt the required skills of each employee easily and work according to the new plan and
strategy. Training and development enable the manager to reduce the time in supervision or
monitor the employees in order to sort out the problem and complete the task as per plan.
Also it increases the job satisfaction, morale and motivation among employees to give more
efforts to work on new technology and methods to meet the desired goals of business.
Change management refers to the plan in order to implement changes in manners,
methods and policies of organisation as per recent trends in order to accomplish the goals
and gain competitive advantages in international market. For example, in Morrisons, it is
important for them to bring change in their internal and external business operations due to
COVID such as change in their leadership style, working methods, technology and many
more to offer best quality products. It is necessary to them to manage their changes and
motivate employees to adopt changes in their performance as soon as possible to achieve
goals effectively. It includes many aspects such as effective communication, training and
development and make changes in their culture or methods in order in implement new
technology, changes in company (Moynihan ed., 2018). By using artificial intelligence they
can communicate effectively to their employees about changes in their plan, working
methods and make effective sheet for training. Then they give training to their employees to
increase their morale to work with full potential and give extra efforts in order to implement
changes in their external operations and product or services. Effective change management
helps the organisation to increase their overall productivity, effectiveness along with reduce
their risk, cost in order to enhance profitability or market share in competitive world.
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CONCLUSION
As per above present information, it has been concluded that there are many issues in
management of an organisation which affect their productivity and profitability. In order to
reduce many issues like increase in cost, employees turn over, poor performance and many
other the manager need to adopt new or advance technology like artificial intelligence which
increases their productivity and reduce risk. It also helps the company to hire and retain their
employees in less time as well as record data about employees’ performance in order to find
the need training and development. Further it helps the company to bring and manage
change to increase productivity and profitability to achieve success in global market
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