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GMS LEC 1.docx

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Ryerson University
Global Management Studies
GMS 200
Horatio Morgan

Introducing Management Dr. Horatio Morgan Lecture 1 We will try to apply management principles to global business. What is special about global business?  Global business landscape: “competition will be fiercer in five years’ time”  “Revisit your business model – regularly  “Be nimble, be quick” Innovation happening at a rapid pace. Have to be innovative.  Know your customers very well and anticipate their demands. Have to be one step ahead and anticipate the next customers demand before your competitor does.  Do what you do best. Organizations getting ahead in the business landscape by Flexibility and speed: IT is definitely important, but enough. Talented workers are needed to drive innovative and support change Getting the most out of employees Companies are now paying closer attention to talent (human capital) management  Recruiting and retaining employees  Developing employees in accordance with business strategies.  Performance management  Recognizing, rewarding and engaging employees. Have to appreciating work, effort be nice to each other.  Succession management to orderly replace retiring managers Challenges Managers Face Today A widely diverse workplace has benefits, but may also account for many of the challenges that managers face today  Age difference alone can be a major challenge o How do managers integrate Generation Y workers (18 to 24 yrs old) in a workplace dominated by baby boomers who are approaching retirement?  Cultural differences The Spotlight is on Managers…  Mangers are ex
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