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Chapter 1

GMS Chapter 1- Introducing Management.docx

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Ryerson University
Global Management Studies
GMS 200
Sui Sui

Chapter 1- Introducing Management Management - Financial turmoil, great resource and environmental challenges, uncertain international relations, the economics of globalization, and complexities of balancing work and personal lives are just some of the forces and trends that are having an undeniable impact on our society - Everyone must adapt to a rapidly changing society with constantly shifting demands and opportunities - Learning and speed are in, habit and complacency are out - Organizations are fast changing and so is the nature of work itself - The economy is global, driven by innovation and technology - The concept of success, personal and organizational is evolving as careers are transformed - The best employees share an important commitment – they value people o Good at attracting and retaining talented employees, and they excel at creating high- performance settings in which talented people achieve great results – individually and collectively o Leaders inspire, motivate and influence an organization, coaxing the best performance from their staff - What sets organizations apart today: they offer creative and inspiring leadership and supportive work environments that reward and respect people, allowing their talents to be fully utilized - The themes of the day are: respect, participation, empowerment, involvement, teamwork, and self- management Working Today - Organizations are expected to continuously excel on performance criteria that include concerns for ethics and social responsibilities, innovativeness, and employee development, traditional measures of profitability and investment value - When they fail, customers, investors and employees are quick to let them know - For individuals, there are no guarantees of long-term employment - Jobs are increasingly earned and re-earned everyday though one’s performance accomplishments - Careers are redefined in terms of: flexibility, free agency, skill portfolios, and entrepreneurship - Career success takes lots of initiative, discipline and continuous learning Talent - People and their talents – what they know, what they learn, and what they do with it – are the ultimate foundations of organizational performance o They represent intellectual capital, the collective brainpower or shared knowledge of a workforce that can be used to create value o Intellectual capital = Competency x Commitment o To have a successful career, you must be a source of intellectual capital for employers, be willing to reach for heights of personal competency and accomplishment, and be a self-starter willing to continuously learn from experience - Knowledge worker: someone whose mind is a critical asset to employers and adds to the intellectual capital of the organization Diversity - Workforce diversity: describes the composition of a workforce in terms of differences among people according to gender, age, race, ethnicity, religion, sexual orientation and able-bodiedness - Diversity trends of changing demographics are well recognized: more seniors, women, members of visible minorities, and immigrants in the workforce - Prejudice: is the display of negative, irrational opinions and attitudes towards members of diverse populations - Discrimination: when visible minorities are unfairly treated and denied the full benefits of organizational membership - Glass ceiling effect: an invisible barrier that prevents women and members of visible minorities from rising above a certain level of organizational responsibility Globalization - The worldwide interdependence of resource flows, product markets, and business competition that characterizes are new economy - A process in which improvements in technology combined with the deregulation of markets and open borders to bring about vastly expanded flows of people, money, goods, services and info - Not an abstract concept - Countries and people are increasingly interconnected through the news, in travel and lifestyles, in labour markets and employment patterns, and in financial and business dealings - Government leaders worry about the competitiveness of nations, corporate leaders worry about business competitiveness - Employees in many occupations must 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 - New graduates must worry about lower-priced competition for the same jobs from graduates from other parts of the world Technology - The forces of globalization ride on the foundations of the internet and communication technologies - We live and work in a technology-driven world increasingly dominated by bar codes, automatic tellers, email, instinct messaging, text messaging, web blogs, online media, electronic commerce, social networks, etc. - Increased demand for knowledge workers with the skills to fully use technology - Allow people to use virtual space to hold meetings, access common databases, share info and files, make plans and solve problems together, without meeting face to face - Allows telecommuting, work from home and maintain mobile offices while working in non-traditional ways Ethics - There is no excuse for senior executives in any organization to act illegally and to tolerate management systems that enrich the few while damaging many - Ethics: a code of moral principles that sets standards of what is “good” and “right” as opposed to “bad” and “wrong” in the conduct of a person or group - Respect for 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 Careers - For recent graduates, its challenging to find a full-time job - When the economy is down and employment markets are tight, finding a career entry point is hard - Good to remember the importance of online resumes and job searches, and the power of social networking with professionals - Helpful to pursue internships as pathways to the first job placements - Today’s challenge isn’t just finding your first job, but successful career planning - British scholar Charles Handy’s analogy: o Core workers – full-time employees who pursue traditional career paths. With success and the maintenance of crucial skills, they can advance within the organization and may remain employed for a long time o Contract workers – perform specific tasks as needed by the organization and are compensated on a fee-for-services basis rather than by a continuing wage or salary. They sell a skill or service and contract with many different employers over time o Part-time workers – hired only as needed and for as long as needed. Employers expand and reduce their part-time staffs as business needs rise and fall - Your skills must be portable and of value. Skills must be carefully maintained and upgraded all the time - Portfolio worker: someone who always has the skills needed to readily shift jobs and careers Organizations in the New Workplace What is an Organization? - An organization: is a collection of people working together to achieve a common purpose - A unique social phenomenon that enables its members to perform tasks far beyond the reach of individual accomplishment - All organizations share a broad purpose – providing goods or services of value to customers and clients - A clear sense of purpose tied to quality products and services and customer stratification Organizations as Systems - Organizations are open systems that interact with their environments in the continual process of transforming resource inputs into outputs in the form of finished goods and services - The external environment is a critical element of the open systems model and is both the supplier of resources and the source of customers - Feedback from the environment indicates how well an organization is doing Organizational Performance - To perform well, an organization’s resources must be well utilized and its customers must be well served o This is a process of value creation through organizational performance o If operations add value to the original cost of resource inputs, then a business organization can earn a profit – sell a product for more than the cost of making it, or a non-profit organization can add wealth to society – provide a public service that is worth more than its cost - Productivity: measures the quantity and quality of outputs relative to the cost of inputs o The quantity and quality of work performance, with resource utilization considered - Performance effectiveness: an output measure of task or goal accomplishment - Performance efficiency: an input measure of the resource costs associated with goal accomplishments Changing Nature of Organizations - Renewed belief in human capital - Demise of command-and-control - Emphasis on teamwork - Pre-eminence of technology - Embrace of networking - New workforce expectations - Concern for work-life balance - Focus on Speed Organizational Environment - The general environment of organizations consist of all external conditions that set the context for managerial decision-making - Dynamic forces within which the organization exists and important decisions must be made o Economic environment  Managers must be concerned about economic conditions in the general environment, those that influence customer spending, resource supplies and investment capital  The overall health of the economy in terms of financial markets, inflation, income levels, GDP, unemployment, and job outlook are important  They affect the amount of wealth available to consumers, and that affects product markets and spending patterns o Legal-political environment  Legal-political conditions as represented by existing and proposed laws and regulations, government policies, and the philosophy and objectives of political parties  Internet censorship: the deliberate blockage and denial of public access to info posted on the Internet o Technological environment  Stay up-to-date with the latest technologies  The internet, YouTube, Facebook, Google maps  “Never free from the job” because their work follows them home, on vacation, everywhere in the form of the notebook computer and Blackberry o Socio-cultural environment  Norms, customs, and social values on matters like ethics, human rights, gender roles, and lifestyles  Environmental trends in education and related social institutions, and demographic patterns  Public values are shifting toward intolerance of perceived pay inequities  Businesses spend time tracking demographic and social trends and antricipate shifting values that will affect customer tastes and preferences  Dramatic shifts in energy prices and increased attention on global working increased consumer preferences for green products – everything from automobile to building materials to the food we eat  Consumers are now willing to pay more for ethical products (fair trade coffee) and to punish sellers of products that are unethically made (rugs made with child labour) o Natural environment  Green is an issue in our communities  Reducing paper usage, recycle, buy local produce, and adopt energy-saving practices  Increasing in job markets, growth in industries like renewable power is creating new opportunities for green-collar employment  As public concerns for global warming, carbon emissions, and protection of the natural environment grow in strength, their impact on government and business grows as well  Expect businesses to supply us with environmentally friendly products and to operate in ways that preserve and respect the environment o Sustainable business: where firms operate in ways that both meet the needs of customers and protect or advance the well-being of our natural environment  Sustainable in the sense that it minimizes our impact on the environment and help preserve it for
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