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Lecture

gms 200

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Department
Global Management Studies
Course
GMS 200
Professor
Vikraman Baskaran
Semester
Fall

Description
GMS 200 Lecture 1 Study Questions  What are the challenges of working in the new economy?  What are organizations like in the new workplace?  Who are managers and what do they do?  What is the management process?  How do you learn the essential managerial skills and competencies? Overview of 21 century workplace  Organizations must adapt to rapidly changing society  Economy is global and is driven by innovation and technology  High performing companies gain extraordinary results from people working for them  Interdependent, knowledge based What are the challenges of working in the new economy? Intellectual capital  People are the ultimate foundations of organizational performance  Intellectual capital is the collective brainpower or shared knowledge of a workforce that can be used to create value  A knowledge worker adds to the intellectual capital of an organization Globalization  National boundaries of world business have largely disappeared  Globalization is the worldwide interdependence of resource flows, product markets, and business competition that characterize the new economy Technology  Continuing the transformation of the modern workplace through 1. The Internet 2. World wide web 3. Computers 4. Information technology  Increasing demand for knowledge workers with the skills to fully utilize technology Diversity  Workforce diversity reflects differences with respect to gender, race, age, ethnicity, religion, sexual orientation, and able-bodiedness  A diverse and multicultural workforce both challenges and offers opportunities to employers Ethics  Code for moral principles  Society requires businesses to operate according to high moral standards  Emphasis today on restoring the strength of corporate governance Careers  Career of 21 century wont be uniformly full time and limited to a single large employer  Skills must be portable and always of current value What are organizations like in the new workplace? Critical skills for success in the new workplace  Mastery  Contacts  Entrepreneurship  Love of technology  Marketing  Passion for renewal Organizations  A collection of people working together to achieve a common purpose  Organizations provide useful goods and services to return value to society Organizations are open systems  Composed of interrelated parts that function together to achieve a common purpose  Interact with their environments  Transform resource inputs into product outputs  Environmental feedback tells organizations how well it is meeting the needs of customers and society Organizational Performance  Value is created when an organizations operations adds value to the original cost of resource inputs  When value creation occurs: 1. Businesses earn profit 2. Nonprofit organizations add wealth to society Organizational Performance Productivity  An overall measure of the quantity and quality of work performance with resource utilization taken into account Performance effectiveness  An output measure of task or goal accomplishment Performance efficiency  An input measure of the resource costs associated with goal accomplishment Effective but not efficient Effective and efficient Goals achieved Goals achieved Resources wasted No wasted resources High productivity Neither effective or efficient Efficient but not effective Goals not achieved No wasted resources Resources wasted Goals not achieved Workplace changes that provide a context for studying management…  Belief in human capital  Demise of command and control  Emphasis on teamwork  Preeminence of technology  Embrace of networking  New workforce expectations  Concern for work-life balance  Focus on speed Who are managers and what do they do? Importance of human resources and managers…  Toxic workplaces treat employees as costs  High performing organizations treat people as valuable strategic assets  Managers must ensure that people are treated as strategic assets  A manager is a person in an organization who supports and is responsible for the work of others  The people who managers help are the ones whose tasks represent the real work of the organization Levels of management  Top managers – responsible for the performance of an organization as a whole or for one of its larger parts  Middle managers – in charge
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