Contemporary Management Issues in the 21st Century

This article discusses contemporary management theories, issues, and challenges faced by organizations in the 21st century. It covers topics such as international business, cultural differences, legal and ethical issues, and the impact of technology and changing customer preferences on modern management practices. The article also explores various contemporary management theories, including quantitative, contingency, and systems theory.

Contemporary
management issues in
the 21st century

MAIN BODY
Contemporary management basically involves the innovations, resources and control of
processes in the companies. It involves basically two terms Contemporary and management. In
context to the contemporary management theories it helps the managers to do fuller utilization of
the human assets available in the organisation. These theories also helps in improving
relationship among the supervisors and employees and also helps in enhancing the decision
making process. In context to business environment it involves all the major factors that helps in
providing support to the activities of the company (González-Ruibal, 2018).It involves both the
external and internal factors. Business is considered to be one of the most important factor in
global world. International business involves the selling of services or goods or doing production
among the countries. There are various challenges in the international business and when doing a
business globally it is very important have a control on the other country’s languages in order to
expand the business operations. Cultural basically includes the social norms, traditions, foods
and holidays which is basically followed by individuals. Another important issue is to manage
the employees who are residing in the other parts of the country. The most important issue
involves the Inflation rates and currency exchange. For the organisation it is very important to
regularly monitor the inflation rates and also to consider the data or important
information(Windsor and Kaplan, 2019).
The modern management theory or contemporary was founded by Peter Drucker. It involves
various contemporary theories which includes quantitative approach or theory that includes the
analysis of computer, use of paradigms, use of statistical model for the objective to carry out
various management decisions (Khan and Yairi, 2018). Another one is the contingency theory
that describes that the performance of the organization is highly dependent upon the relationship
and environment of the sub units and units. It also involves how the managers of the company
can affect the performance of the organization and how they have a interaction among the
surroundings. According to the Systems Theory, it basically describes that the system is basically
made up of various parts which are independent and might works as whole. It basically includes
a total of five components which is the surroundings, inputs, feedback, transformation process
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and outputs. The contemporary management issues basically includes the problems and issues
related to the marketing, operations, finances, human resources management and production that
are involved in the organization’s success. In addition to that, the companies are facing various
issues related to the legal and ethical issues that basically confronts the activities of the business.
Contemporary changes basically involves the fundamental changes that includes the breakdown
of the natural equilibria, gender equality, improvements in the life conditions, literacy, life
expectancy and changes in the international and domestic political institutions( Chernyak-Hai
and Rabenu,2018).
In case of causation process, it basically takes a particular effect as given and focusing on
selection among the means for the purpose to create that effect. In relation to effectuation
process, it generally involves the means and paying emphasis on selecting among the various
possible effects which could result in set of means.
In today’s business environment, there has been constant changes in the world which
involves changes due to economy, technology, changes in population and changes in trends of
the customers. It is very important for the organisation to implement changes in their day to day
operations( Numonjonov, 2020). Without adapting new changes it becomes difficult for the
organisation to get success as with adoption of right technology it helps in enhancing customer
satisfaction and increasing the productivity of the consumers. Moreover, change in the business
environment helps the employees of the organisation to exercise their creativity, exploring new
opportunities and also learning new skills. In context to organisation, managers uses a lot of
techniques for the purpose to make better decisions and also to improve the decision making in a
speedy manner. The contemporary change can result in creating a need for the HR people to
concentrate more on the issues related to staffing.
The companies who are going through a period of growth need to hire more and more
employees and to focus on structure compensation programs and recruiting base for the purpose
to attract more and more employees and workers. The climate or the organisation’s business can
majorly affect the role of the human ( Ussher, Arjomandi and Smith, 2022).The HR department
is basically termed s a link between the employees and the managers of the company and also
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plays a important role in bringing the necessary change to the organisation. In context to
Business organisations, it is becoming very competitive in nature due to advanced technology.
With new methods and ways of carrying business helps in enhancing the quality of services and
products and increasing the level of customer satisfaction. The main objective of customer
satisfaction is the main focus point of every organisation and there are various ways which are
used by the owners of the company in order to keep their customers satisfied.
There may be a increase in the profits and revenue of the organisation if the satisfied
customers becomes the loyal customers. The needs, preferences and expectations of the
customers keeps on changing and now the organisations are focusing on finding out best
methods to fulfil the demand of customers. Change plays a very important role for the success of
the organisation and to achieve competitive advantage(Islam and Bhat, 2019). With the
increasing competition and modern technologies it helps in providing push factors and helps to
find the better methods in order to fulfil the need of consumers. In case of autonomous learning,
it not only involves taking charge of one self learning but it also involves the capabilities to do
something which provides benefits independently. This type of learning skills is not that a
student can finish learning or that they do not have. The problem solving basically involves the
act of defining a problem, selecting alternatives for solutions, identifying the problems and
determining the cause of the problem. The ability and capability to communicate can be learned
in a effective manner. With the communication skills it becomes easy to get a proper
understanding and also to be understood by other people (What 21st Century Management Looks
Like, 2020).
These also involves public speaking, communication of ideas to others, receiving and giving
feedbacks and also actively listening to the conversations. There are various contemporary
management issues in the 21st century involves the different kinds of barriers that prevents the
leaders and managers from improving the work of organisation and also achieving their goals. In
order to deal with these problems and issues, the managers are continuously trying to deal with
the problems which results in lowering the productivity. Moreover, keeping up with the
technology is very tough and various organisations found it way to non economical to deal with
it. The technology continuously and rapidly keeps on changing. In order to be ahead of the
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competition it is very important for the company’s managers to forecast the future technological
innovations, value in inquiry and developments. In addition to that managers need to have a deep
understanding of the achieve the internal efficiency with the application of new technology in the
operational processes. In order have a efficient management of technology it requires a deep
understanding of the management of the business technology. There are various factors in terms
of environmental and technological and the organisations need to carefully analyse its
surroundings. A business need to carefully analyse and look into deep its surroundings and to
ensure that its business operations do not affect the society in any way. The technological factors
also involves keeping up with technological in the market. In context to organisation, managers
need to adopt and implement the latest technology and to be a step ahead of its competitors. It
furthermore leads to development and research in order to see the current trends. There are
various changes that are faced by the organisation in the 21st century that basically involves
challenges and issues of knowledge regarding the worker productivity, the 4 requirements of a
change leader, challenge of managing oneself, fundamental paradigm shifts, addressing the new
information challenges and also building sound strategies based on the 5 Certainties
(Management Challenges in the 21st Century, 2018).
REFERENCES
Books and Journals
Chernyak-Hai, L. and Rabenu, E., 2018. The new era workplace relationships: Is social
exchange theory still relevant?. Industrial and Organizational Psychology, 11(3), pp.456-
481.
González-Ruibal, A., 2018. An archaeology of the contemporary era. Routledge.
Islam, S. and Bhat, G., 2019. Environmentally-friendly thermal and acoustic insulation
materials from recycled textiles. Journal of environmental management, 251, p.109536.
Khan, S. and Yairi, T., 2018. A review on the application of deep learning in system health
management. Mechanical Systems and Signal Processing, 107, pp.241-265.
Numonjonov, S.D., 2020. Innovative methods of professional training. ISJ Theoretical &
Applied Science, 1(81), pp.747-750.
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Ussher, E., Arjomandi, K. and Smith, I., 2022. Status of vibration serviceability design methods
for lightweight timber floors. Journal of Building Engineering, p.104111.
Windsor, J.W. and Kaplan, G.G., 2019. Evolving epidemiology of IBD. Current
Gastroenterology Reports, 21(8), pp.1-9.
Online
What 21st Century Management Looks Like, 2020. Online Available Through<
https://www.forbes.com/sites/stevedenning/2020/09/20/what-21st-century-management-looks-
like/?sh=1972b2805600>
Management Challenges in the 21st Century, 2018. Online Available
Through<https://www.theoaklandgroup.co.uk/top-management-challenges-in-the-21st-century/>
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