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Ch.1 Introducing Management.docx

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Global Management Studies
GMS 200
Sui Sui

Ch.1: Introducing Management Challenges of working in the new economy  How does intellectual capital, ethics, diversity, globalization, technology and the changing nature of careers influence working in the new economy?  Define intellectual capital, workforce diversity and globalization.  How prejudice, discrimination, and the glass ceiling effect hurt people at work. The New Economy  is global and driven by innovation and technology  as the society changes, one must learn to adapt by continuously learning in order to say ahead of times  has high expectations for organizations and their members  organizations are expected to excel on performance criteria that include concerns for ethical/social responsibilities, innovativeness, employee development, profitability an investment value Intellectual Capacity/Talent of a Workforce  is the ultimate foundation of organizational performance in the new economy  an organization performs better when the full potential of talent from many people, sometimes thousands of them, are combined  to be successful, one must be a source of intellectual capital for employers, therefore, one should strive to become a knowledge worker  Intellectual Capacity (I.C) = Competency x Commitment     willing to reach the heights of to learn continuously from personal competency & experience accomplishment Ethics  acting unethically in today's economy can have dire consequen(eg. Jeffrey Skilling, CEO of Ehron acted illegally. His actions caused the organizations collapse which affected its company, employees, shareholders and customers.)  most organizations implement their corporate social responsibility that meet the standards/expectations of ethical leadership at all levels such as showing the respect for ethical issues such as sustainable development, protection of the natural environment/consumers through safety and fair practices and the protection of human rights in all aspects of society Diversity  diversity issues affect the employability of people with different ethnic backgrounds (eg. employers are more likely to respond to people who have white sounding first names)  should be viewed upon as an asset in today's diverse/multicultural workforce because if tapped, creates opportunities for performance gains.  the problem today is that many employers address this issue with the goal of making money, rather than truly valuing and managing diversity Globalization (improvements in technology especially in communication and transportation)  offers both opportunities and challenges in today's economy (eg. John Thornton who brought in workers from Ireland to replace his workers who went on a strike)  challenges include: -causing corporate leaders to worry about nation competitiveness -causing employees to worry about being replaced by workers in other countries who are willing and able to perform their jobs through outsourcing and at a lower cost to employers -causing graduates to worry about lower-priced competition for the same jobs from graduates in other parts of the world -loss of rights by individual governments and people  opportunities include: -the ability to create all kinds of new products/services by partnering with people you can reach through cyberspace -being able to market your products/services to a worldwide market -less restrictive travel -more aid to third world countries by the redistribution of wealth Technology:  Technological advances (eg. email, instant/text messaging, blmake it easier for people to communicate through electronic media  Physical distances don't matter anymore (people can hold meetings, share info/files, make plans, solve problems without having to meet face to face, & work from home)  aids employers employ potential candidates (eg. learning more about them by checking their on-line profiles on social networking sites)  there is an increased demand for knowledge workers with the skills to fully use technology  Walmart is a good example of making use of technological advances. They utilized information technology information by using bar codes in 1983 to serve customers and sell many products and in 2005, they used RFIDs(radio frequency identification tag) which helped keep track of inventory faster since RFIDs did not need to be scanned when shipments arrived Careers(core,contract, part-time workers):  globalization, emerging technologies and the demand for talent make very personal the importance of initiative and self-renewal when it comes to careers  we should be prepared to prosper in any of the shamrock's 3 leaves because it is very likely that we will be changing jobs/employers in the future therefore, we must become a portfolio worker who's skills are portable always of value by maintaining and upgrading them all the time.  a good work environment is what keeps people motivated  freedom, autonomy, respect is a must Intellectual Capital - The collective brainpower or shared knowledge of a workforce. Workforce Diversity - Describes differences among workers in gender, race, age, ethnicity, sexual orientation and able-bodiedness. Globalization - The worldwide interdependence of resource flows, product markets, and business competition. Prejudice, Discrimination & the Glass-ceiling Effect  Prejudice - The display of negative, irrational attitudes towards members of diverse populations.  Discrimination - Actively denies minority members the full benefits of organizational membership.  Glass-ceiling Effect - An invisible barrier limiting career advancement of woemn and minorities  All of these issues: -make people seem inferior -lowers self-confidence -raises anger and bitterness -encourages emotional barriers -loss of motivation -reduced individual rights -restricted opportunities -limited access to services -mental illness caused by stress Organizations in the New Workplace  How do organizations operate as open systems?  Explain productivity as measure of organizational performance.  Distinguish between performance effectiveness and performance efficiency.  List several ways in which organizations are changing today. Organizations as open systems  interacts with the external environment in a continual process of transforming resource inputs to product outputs in the form of goods and/or services The environment The organization The environment supplies creates consumes Resource Inputs people Transformation Product Process Outputs money work activities Finished goods materials turn resources and services technology into outputs information    Consumer feedback   the external environment is both the supplier and source of customers  consumer feedback from the environment indicates how well the organization is doing  without loyal customers, a business can't survive Productivity and Organizational Performance in Organizations Organizational Performance  is the process of value creation because, if operations add value to the original cost of resource inputs: 1) the business organization can earn a p(sell a product for more than the cost of making it) 2) a non-profit organization can add wealth to the s(provide a public service that is worth more than its cost like fire protection in a community)  you can measure how well an organization is performing through its productivity, which, -measures the quantity and quality of outputs relative to the cost of inputs -involves the two common performance measures of effectiveness and efficiency high level of output = more effective low input = less efficient (eg. in reducing costs) Performance Effectiveness & Performance Efficiency Performance Effectiveness-An output measure of a task or a goal accomplishment. (eg. if you're working as a software engineer for a computer game developer, this will mean that you meet a daily production target in terms of quantity/quality which adds to productivity, helping the company as a whole to maintain its production schedule and meet customer demands for timely delivery and high quality gaming products) Performance Efficiency-An input measure of resource cost associated with goal accomplishment. (eg. back to the gaming example, the most efficient software production is accomplished at a minimum cost in materials and labor. if you are inefficient, such as producing less lines and making a lot of mistakes, productivity is reduced) dimensions of organizational performance: Effective and Effefficientt not Efficient HIGH goals achieved, goals achieved, wasted no wasted resources resources, high productivity Goal Attainment Neither effective, nor Efficient but not efficient effective LOW goals not no wasted achieved, resources, goals Changing Nature of resources not achieved Organizations wasted POOR GOOD Resource Utilization -is a continuing theme in society -are undergoing dramatic changes today -organizational trends and transitions include:  renewed belief in human capital (knowledge and skills to be used in productive activities subsequently contributing to economic growth)  demise of 'command and control'  emphasis on teamwork  dominance of technology  embrace of networking  new workforce expectations (less tolerance for hierarchy, more informality and more attention to performance merit than to status and seniority)  concern for work-life balance  focus on speed Organizational Environment  Key elements in the general and specific environments of organizations.  Sustainable business and sustainable innovation.  How businesses can create value for four key stakeholders.  Competitive advantages and examples on how a business can achieve it.  Analyzing the uncertainty of an organization's external environment.  Systems resource, internal process, goal and strategic constituencies approaches to organizational effectiveness. General/Specific Environment General Environment  Composed of economic, legal-political, technological, socio-cultural and natural environment conditions eg. sample general environment conditions faced by firms like Starbucks Economic Environment economic growth unemployement rate Socio-Cultural Legal-Political disposable income Environment Environment population laws and regulations demographics business forms education system political trends health/nutrition values Technological Natural Environment Environment green values IT Starbucks systems/infrastructu recycling res infrastructure broadband internet access economic conditions: conditions that affect the amount of wealth available to consumers which affect product markets and spending patterns such as inflation, income levels, gross domestic product, unemployment and job outlook legal-political conditions: conditions that are represented by existing and proposed laws and regulations, government policies and the philosophy and objectives of political parties that can affect the regulation and performance of their businesses technological conditions: changes in technology affect how a company will do business. A business may have to dramatically change their operating strategy as a result of changes in the technological environment. socio-cultural conditions: a set of beliefs, customs, practices, behavior and social values on matters such as ethics, human rights, gender roles and lifestyles that exists within a population. -includes environmental trends in education as well as demographic patterns (these factors, social/demographic trends help businesses anticipate shifting values that will affect customer tastes and preferences) -international companies often include an examination of the socio-cultural environment prior to entering their target markets. natural conditions: -conditions that are represented by the public concern for environmentally friendly produced products that preserve and respect the environment Specific/Task Environment  consists of the actual organizations, groups and persons with whom an organization interacts directly, conducts business and that have a direct impact on the organization's ability to achieve its goals.  members of the specific environment are described as stakeholders, who
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