This presentation discusses the five most important challenges that global businesses will face in the next twenty years, including change in human behavior, organizational culture, technology for research, leadership effectiveness, and environmental issues.
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ORGANIZATIONAL CHALLENGES NEXT TWO DECADES
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INTRODUCTION â˘In this rapidly changing world of business, the authorities are facing new challenges each and every day. â˘There are five most important challenges that the global business in next twenty years will face include- â˘Change in human behaviour â˘Organizational culture â˘Technology for research â˘Leadership effectiveness â˘Environmental issues
CHANGE IN HUMAN BEHAVIOUR â˘The workforce diversity in the todays business is higher than expected and in the near future this diversity will heighten as the constant expanding features of the global business. â˘Due to diversity in the organisations, the human behaviour is also changing. â˘This diverse workforce are consisted of- â˘Growing number of young staffs â˘Gender diversity â˘Dual career couples â˘Employee rights â˘Unionism
ORGANIZATIONAL CULTURE â˘As the cultural dimension theory by greet Hofstede has marked, different countries have different national culture which affect its organiostioanl culture also. â˘This regulates the values, understanding, points of view, reasoning of the employees. â˘This cultural discrepancy will be enhanced as more business will enter the emerging markets and will not be able to survive unless localise its operations (Wirtz et al. 2016) â˘Challenges lies in the fact that the companies need to have high performance culture and innovation culture continuum otherwise they will not survive.
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TECHNOLOGY FOR RESEARCH â˘With the advent of technology after globalisation, it has become challenging for the global as well as local businesses to cope up with these changes (Lehmann 2017). â˘The operations, marketing and productions are depending upon research and development incorporating technology (Fountas et al. 2015). â˘Hence, the companies where the workforce do not have skills to cope up with the changing technology, will be abolished in next twenty years definitely.
LEADERSHIP EFFECTIVENESS â˘Leadership competencies matter while the external business situation changes rapidly. â˘The traditional thought process of the leadership has lost its importance in recent business context (SuĂĄrez-Ălvarez and Pedrosa 2016). â˘Pressure for demonstrating returnon the investment has become important now (Hingley, Angell and Lindgreen 2015). â˘The successful leaders are finding new ways of coping up with the demands of the employees or the other stakeholders.
ENVIRONMENTAL ISSUES â˘Business responsibility towards society includes care for ecology and balance of nature. â˘Most of the natural resources have become scarce in the present scenario which may not exist in the next twenty years. â˘according toPensupa et al. (2017) therefore, the companies which have not yet taken initiative or the sustainable growth will definitely face issues (Fountas et al. 2015). â˘The creation of ecological standards and reducing the pollution level through wastes cannot survive the recent awareness drive for the environment.
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SUMMARY â˘With the change in the business situations after globalisation, the companies are introducing changes ion several aspects. â˘However, the change if does not continue, the business cannot survive this tremendous competition. â˘More investment in the technology, change in leadership style, retaining the talented employed by supporting the cultural diversity in the organizations can help the business to retain their position â˘However, more investment on the innovation process in every aspects can help the business otherwise the global business is going to face huge problem in next two decades.
REFERENCES: â˘Fountas, S., Carli, G., Sørensen, C.G., Tsiropoulos, Z., Cavalaris, C., Vatsanidou, A., Liakos, B., Canavari, M., Wiebensohn, J. and Tisserye, B., 2015. Farm management information systems: Current situation and future perspectives.Computers and Electronics in Agriculture,115, pp.40-50. â˘Hingley, M., Angell, R. and Lindgreen, A., 2015. The current situation and future conceptualization of power in industrial markets.Industrial Marketing Management,48, pp.226-230. â˘Lehmann, O.F., 2017. Customer Projects: What is the Future of the Business?'.PM World Journal,4(2). â˘Peng, M.W., 2017. Cultures, institutions, and strategic choices: Toward an institutional perspective on business strategy.The Blackwell handbook of crossâcultural management, pp.52-66. â˘Pensupa, N., Leu, S.Y., Hu, Y., Du, C., Liu, H., Jing, H., Wang, H. and Lin, C.S.K., 2017. Recent trends in sustainable textile waste recycling methods: current situation and future prospects. InChemistry and Chemical Technologies in Waste Valorization(pp. 189-228). Springer, Cham. â˘SuĂĄrez-Ălvarez, J. and Pedrosa, I., 2016. The assessment of entrepreneurial personality: The current situation and future directions.Papeles del PsicĂłlogo,37(1), pp.62-68. â˘Wirtz, B.W., Pistoia, A., Ullrich, S. and GĂśttel, V., 2016. Business models: Origin, development and future research perspectives.Long range planning,49(1), pp.36-54.