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GMS 200 (566)
Chapter 1

Chapter 1

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Ryerson University
Global Management Studies
GMS 200
Shavin Malhotra

GMS200 Textbook Notes Week 1 CHAPTER 1: THE DYNAMIC NEW WORKPLACE - Learning and speed are in, habit and complacency are out (workopolis.com) - Best employers not just good at attracting and retaining talented employees, they excel at creating high performance context/environment in which everyones abilities are highly valued - Charles OReily and Jeffery Pfeffer conclude success is achieved because theyre better than their competitors at getting extraordinary results from people working for them Working in the new economy: - Networked economy where people, institutions, and nations are increasingly influenced by the Internet and continuing developments in information technology - New economy is global, and the nations of the world are increasingly interdependent - Success forged in workplaces that are continually being reinvented to unlock the great potential of human intelligence (new economy is knowledge based) - Economy is performance driven. Expectations for organizations +members are very high. Society demands the best from all its institutions - No guarantees of long term employment Intellectual Capital - when we as a corporation invest in developing people, we are investing in our future - Max DePree former CEO of Herman Miller says being successful is reaching your potential - People are the ultimate foundations of organizational performance (ability to combine many peoples talents-sometimes thousands- to achieve unique/significant results) - Intellectual capital: the collective brainpower or shared knowledge of a work force that can be used to create value - This is the new age of the Knowledge worker: Someone whose mind is a critical asset to employers and adds to the intellectual capital of the organization Globalization - Kenichi Ohmae suggests that the national boundaries of world business have largely disappeared (dont know where things are actually manufactured) - Parts of products (components) are made in different countries - The word overseas is not used anymore in everyday business vocab. - Global corporations view themselves as equidistant (halfway, middle...) from customers and suppliers, wherever in the world theyre located - Globalization: the worldwide interdependence of resource flows, product markets, and business competition, characterizes our new economy - Improvements in technology (esp. communications/transportation) combine w/ the deregulation of markets and open borders to bring about vastly expanded flows of people, money, goods, services, and information - In a globalized world, countries and people are increasingly interconnected through the news, in travel and lifestyles, in labour markets and employment patterns, and in business dealings. 1 www.notesolution.com GMS200 Textbook Notes Week 1 - Government leaders worry about the competitiveness of nations, like how corporate leaders worry about business competitiveness Technology - Technology is an indispensible part of everyday operations - Geographical distances dont matter when it comes to communication in organizations (computer networking FTW)VIRTUAL SPACE - As pace and complexities of technological change accelerate, demand for knowledge workers with the skills to best utilize technology is increasing - Computer literacy must be mastered and continuously updated as a foundation for career success Diversity - Workforce Diversity: Describes differences in gender, race, age, ethnicity, able- bodiness, religious affiliation, and sexual orientation among workers - Canadian Human Rights Act- very strict in prohibiting the use of demographic characteristics in human resource management decisions - Valuing diversity organizations can tap a rich talent pool and help everyone work to their full potential - For each $1 earned by men, women earn 86 cents - 66% of minority women in management are dissatisfied with their career advancement opportunities - Recent study resumes sent to potential employers, those that have white-sounding names like Brett, received 50% more responses than those with black-sounding first names like Kareem (diversity bias in work settings) - Prejudice: Display of negative, irrational attitudes/opinions toward women or minorities/ members of diverse populations, sets the stage for bias - Discrimination: When minority members are treated unfairly and denied full benefits of organizational membership. Actively denies women and minorities the full benefits or organizational membership - Subtle form of discrimination Glass ceiling effect: An invisible barrier limiting career advancement (or keeps them from rising above certain level of organizational responsibility) of women and minorities - Underutilizes and undervalued human capital Ethics - Ethics: (Code of moral principles...sets standards of) Set moral standards of what is good and right in ones behaviour as opposed to bad or wrong in the conduct of a person or group - Expectations... integrity, ethical leadership at all levels in an organization, sustainable development and protection of the natural environment, protection of consumers through product safety and fair practices, and protection of human rights in all aspects of society, including employment - Corporate governance: is oversight of a companys management by a board of directors. (the role of corporate governance, the active oversight of management decisions and company actions by boards of directors) 2 www.notesolution.comGMS200 Textbook Notes Week 1 - Expectation: boards will hold management accountable for ethical and socially responsible behaviour by the businesses they are hired to lead - Careers - Charles Handy suggests the analogy of the Irish shamrock to describe and understand new employment patterns characteristic of this dynamic environment. o Each shamrocks three leaves has a different career implication In one leaf- core workers. Full-time employees pursue traditional career paths. Can advance within the organization and may remain employed for a long time Second leaf- Contract workers. Perform specific tasks as needed by organization and are compensated on a fee-for-services basis rather than by a continuing wage or salary Third leaf- Part-time workers. Hired only as needed and for only the number of hours needed. Part-time work can be a training ground of point of entry to the core when openings are available - Must prepare to change jobs and employers over time, and skills must be portable and always of current value in the employment markets. Skills are not gained once
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