Contemporary Management Issues: Analysis in the 21st Century

This report explores contemporary management issues in the 21st century, focusing on the role and impact of artificial intelligence (AI) in business, the importance of talent acquisition, learning and development, and change management. It discusses how AI improves productivity, efficiency, an...Read More

Contemporary Management Issues in
the 21st Century
1

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Role and impact of artificial intelligence in the business with the competitive model and HR
theory:..........................................................................................................................................3
Importance of talent acquisition, learning and development and change management:.............5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
2

INTRODUCTION
The contemporary management issue is the challenges in the management which can be
faced by the business such as uncertainty about the futures, technology issues, team work issues,
high staff turnover, etc. This report will discuss the importance of the learning and development,
talent acquisition and change management into the global competitive market as well as evaluate
the roles and impact of artificial intelligence in the business strategy in the market. This report
will also elaborate the Tech celebration which is used in the post pandemic and also helps in
develop the world in the future.
MAIN BODY
Role and impact of artificial intelligence in the business with the competitive model and
HR theory:
Business uses the AI technology to improve the productivity, increase the efficiency and
reduce the operational costs of the organization. The tech celebration helps business to grow and
develop faster in the business.
Roles
 Save money and time: the AI technology helps in saving time and money by optimizing
routine processes, automating and task.
 Increase the productivity: the artificial intelligence help in increase the productivity in
the organization without the human efforts in the organization as well as removing the
responsibilities of human workers that helps in minimize the cost and maximize the talent
of human capitals (Corea, 2019).
 Speed: due to the artificial intelligence technology in the business helps in move the
business activities in effective way for the achievements. It helps in turn delivery better
and the company return on investment also developed.
 Customer services: with the helps of artificial technologies the business can improve the
customers services in appropriate manner. It helps in solve the problems of the customers
and their needs with the accuracy as well as beat the competition in the market.
3

 Talent management: the business are using the Artificial intelligence helps in improve
the talent management from the hiring process in the corporate communication (Luo and
Lin, 2019). The artificial intelligence are use in the recruitment process by saving the
cost as well as provide the job candidate with the experience and mentor employees.
Institutional theory are also used in that business environment, because the artificial
intelligence technology in the business helps in improve the business environment inside the
organization and its directly impact on the organizational structure developments such as belief,
cultural elements, shape and symbols (Anbu, 2019). It artificial intelligence is most important for
the institutional theory in the human resources management theory.
AI impact on the business
 Automating recruitments: the company use the machine learning for the recruitment
process. The AI impact on the HR department positively with the help of automation.
Moreover, the AI benefits to the HR department in the employee's recruitment through
the screening resume, scheduling the interview and application trailing (Dudnik, 2021).
In moreover discussion the chat bot are use for the screening to the candidates for the job
within the company.
 Customer support: the chat bots are accessible for the all day and represent with the
clients whenever needed and its take over the client service. The AI intelligence helps in
customers query and answers the query in the seconds as well as available for the 24/7.
 Improve the security: the impact of AI on business is positive and negative both but it
helps in secure the current and future applications by the crimes and hacking. The
company information and data can be hack with the use of AI but, it also helps in secure
the data into network.
 Operational costs reduce: the artificial intelligence in the business is reduced the
operational cost of the business because AI save the times, deduct the ordinary task of the
business, decrease the human errors which bear the cost and improve the customers
experience in the organization (Ahmed, 2020).
Human capital theory is used in this condition, because the human capital theory is claim that
efficiency and productivity of the organization which is increases by use of the artificial
intelligence within the organization through the automation recruitments. In the human capital
theory, the organization decrease the human capital expenses with the help of AI technology.
4

In the competitive strategy model, the continuous improvement of the quality of products
and services with the help of AI technology in the business for sustain in the competitive
marketplace as well as focus on the efficiency of the business and its productivity for the
developments and achieve the goals and objective of the business (Aqmala and Putra, 2021).
Importance of talent acquisition, learning and development and change management:
Talent acquisition:
The talent acquisition is the process of finding and hiring the right person at the right job
within the organization. The talent acquisition helps in effects the future success of the company.
If the business hires the wrong person then the business faces the struggle in the decision-
making, poor productivity and unmotivated employees in the company. It is used in the human
resources management for the business growth and development.
 Encourage employees: the talent acquisition is important for encourage their talents and
encouragement as well as it helps in develop the employee’s relationship with the
business through the use of technology.
 Employees Morale: the aim of talent acquisition is maintained and develop the morale
of the employees within the organization by adopting the relevant technologies and
essential strategies which help in develop the profit of the organization (Albert, 2019.).
 Efficiency of business: the talent acquisition is important for develop the efficiency of
the organization as well as built the team entrusted for selling the brands to the potential
customers. It also helps in generate the revenue and profit of the organization through the
AI technology in operational management.
 Staying competitive: the talent acquisition is important for sustain in the competitive
market because the employees is the company biggest assets. The right hiring at the right
place are important for the business to become the success in the competitive market.
 Build future: The talent acquisition is important for built the future of the business. It
always helps in looking the forward for the business with the great skills and knowledge
for the development of the company in the future.
Learning and developments:
5

The learning and developments is defined as the training and developments of the
employees. It is the management part of human resources. The aim of learning and developments
is to align the employee’s performance and its goals with the organization.
 Employee’s retention: In the current, the hiring the employees is more expensive than
the employee's retention so, the company invest on the employees for their learning and
development for the employees retention and it’s not only boost the employee's
productivity but also enhance the employee's confidence as well as built trust in their
employers.
 Increased productivity: The learning and development are important for increasing the
productivity of the employees with the help of well-trained team. It helps employees to
survive in the global competitive market with the knowledge and training (Walford-
Wright, 2018). The employees will able to do their job with the smart ways and it helps
in empower the employees to succeed.
 Reduce risk: it is important for reduce the employees churn. The learning and
development helps in enhance the efficiency of the work and minimize the risk in the
business as well as enhance standards of behaviours of the employees at workplace and
safety of employees through the new technologies.
 Improve the customer satisfaction and services: the training and developments helps
in improve the services which are delivered by employees to the customers. The best
quality services deliver to the customers helps in increase the satisfaction level of the
customers and meet the expectation of the customers in the current competitive market.
Due to the pandemic, the AI helps in provide the better services to the customers in
competitive market.
Change management:
The change management is plays an important role in the AI business organization and it
is specially focuses on the people side of the change in the organization. It is increasingly
important role within the organization.
 Making succeed idea: The change management is important for success business idea in
the competitive market with the technologies. The change managers are also focused on
the staff must utilize the new capabilities in the business.
6

 Improve the performance: change management helps in improve the productivity and
performance of the organization with the AI technology as well as ways of working
(Thakur and Mangla, 2019). The change management helps in organization to sustain in
the competitive market with the healthy environment to achieve the goals of business
 Reduce cost: positive change in the business environments is helps in reduce the wastage
in the business as well as reduce the cost which helps in increase the productivity,
decrease the risk of the business as well as helps in improve the profitability and revenue
of the organization.
 Organization transition: The change manager of the organization is make organization
change for run smoothly and effectively. The change manager make changes in the
management such as restructuring the business processes and job roles as well as
implement the new technologies in the business organization to sustain in the competitive
market (Kho and Gillespie, 2020).
CONCLUSION
As the conclusion, the contemporary issues of the management is challenges which are face
by the business in the management. But in the current global competitive market, companies use
the artificial intelligence technology for improve the productivity and efficiencies of the
organization. This report discussed the roles and impact of artificial technology on the business
with the help of competitive strategy model and Human resources management theories. This
report concluded above the learning and development, change management and talent acquisition
in the business.
7

REFERENCES
Books and journals
Ahmed, Z., and et.al., 2020. Artificial intelligence with multi-functional machine learning
platform development for better healthcare and precision medicine. Database, 2020.
Albert, E.T., 2019. AI in talent acquisition: a review of AI-applications used in recruitment and
selection. Strategic HR Review.
Anbu, D., 2019. A review on human resources management (HRM) theories and effective
human resource management models. Asian Journal of Multidimensional Research
(AJMR).8(5). pp.81-93.
Aqmala, D. and Putra, F.I.F.S., 2021. Rayu: A Competitive Strategy Model of Wood Craft
Business in Soloraya Post Covid-19 Pandemic. Journal of Management and
Entrepreneurship Research.2(2). pp.74-87.
Corea, F., 2019. New Roles in AI. In An Introduction to Data (pp. 77-81). Springer, Cham.
Dudnik, O., and et.al., 2021. Trends, impacts, and prospects for implementing artificial
intelligence technologies in the energy industry: the implication of open
innovation. Journal of Open Innovation: Technology, Market, and Complexity. 7(2).
p.155.
Kho, J., Gillespie, N. and Martin-Khan, M., 2020. A systematic scoping review of change
management practices used for telemedicine service implementations. BMC health
services research. 20(1).pp.1-16.
Luo, S., Lin, X. and Zheng, Z., 2019. A novel CNN-DDPG based AI-trader: Performance and
roles in business operations. Transportation Research Part E: Logistics and
Transportation Review.131. pp.68-79.
Thakur, V. and Mangla, S.K., 2019. Change management for sustainability: Evaluating the role
of human, operational and technological factors in leading Indian firms in home
appliances sector. Journal of cleaner production.213.pp.847-862.
Walford-Wright, G. and Scott-Jackson, W., 2018. Talent Rising; people analytics and technology
driving talent acquisition strategy. Strategic HR Review.
8