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GMS week 1 intro to gms.docx

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Ryerson University
Global Management Studies
GMS 200
Bamidele Adekunle

GMS week 1 notes – Intro to Global MGMT Planning Ahead – 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? st Overview of the 21 century workplace - Organizations must adapt to rapidly changing society. - Economy is global and driven by innovation and technology. - High performing companies gain extraordinary results from people working for them. - Interdependent, knowledge based workers. Study Question 1: 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 value. 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 transformation of the modern workplace through: the internet, World Wide Web, computers, info tech. - Increasing demand for knowledge workers with the skills to fully utilize technology. Diversity -Workforce diversity reflects differences with respect to gender, age, race, ethnicity, religion, sexual orientation, and able-bodiedness. - A diverse and multicultural workforce both challenges and offers opportunities to employers. Ethnics - Code of moral principles. - Society requires businesses to operate according to high moral standards. - Emphasis today on restoring the strength of corporate governance. Careers - Career of the 21 century won’t be uniformly full-time and limited to a single large employer - Skills must be portable and always of current value. Study Question 2: What are organizations like in the new workplace? - Critical skills for success in the new workplace… mastery, contacts, entrepreneurship, love of technology, marketing, and passion for renewal. Organization - A collection of people working together to achieve a common purpose. - Organizations provide useful goods and/or services that return value to society and satisfy customer needs. 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 (goods and services). - Environmental feedback tells organization how well it is meeting the needs of customers and society. Organizational Performance - Value is created when an organization’s operations adds value to the original cost of resource inputs. - When value creation occurs: Businesses earn a profit; nonprofit organizations add wealth to society. 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. - 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, and Focus on speed. Study Question 3: Who are managers and what do they do? - Importance of human resources and managers... “toxic workplaces” treat employees as costs, High performing org. treat ppl as valuable strategic assets. - A manager is a person in an org. 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 performance of an organization as a whole or for one of its larger parts. - Middle managers – in charge of relatively large departments or divisions - Project managers – coordinate complex projects with task deadlines. - Team leaders or supervisors – in charge of a small work group of non- managerial workers. Responsibilities of team leade
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