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Chapter 1

Global Management Studies - Chapter 1 Notes.docx

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Ryerson University
Global Management Studies
GMS 200
Peter Rambert

Global Management Studies CGMS 200: Section 1J0 January 14 , 2013 Introducing Management Chapter 1 An overview of the new workplace - The world of work is undergoing dynamic and challenging changes. These changes provide great opportunities along with tremendous uncertainty. - Such changes can be ascribed to the impact of important trends regarding intellectual capital (sum total of knowledge utilized to create value, education of workforce=success), globalization (barriers have broken down, the world is my oyster), technology (rapid pace of technological change and keeping up with it), workforce diversity, ethics, and careers. - Because of continuous change impacting the workplace, this raises a host of new career challenges - Smart people commit their energies and intellect to continuous learning and personal development - Companies with a future are committed to people - Companies with future offer inspirational leadership, reward and respect people and provide supportive work environment - High performing companies gain extraordinary results from people - 6 Areas where the world of business has undergone significant change: 1. Internet 2. New business models 3. Successful entrepreneurs 4. New generation of workers (the New Millennials) 5. China grows at the light of speed 6. Everyone with internet has access to the same information Challenges of working in the New Economy - Peter F. Drucker submits, “The new reality is that knowledge is the key resource in society and knowledge workers are the dominant group in the workface.” - He identifies the three main characteristics of the knowledge economy as; o Borderlessness, because knowledge travels even more effortlessly than money; o Upward mobility, available to everyone through easily acquired formal education; o The potential for failure as well as success. Anyone can acquire the “means for production” – that is, the knowledge required for the job – but not everyone can win. - Schermerhorn & Wright notes that today, individual and organizational success must be forged within workplaces that are constantly reinventing themselves. - Themes such as empowerment, involvement, participation, self-management (how do I relate to my peers, seniors?), and teamwork are common, as people manage careers described as flexible and entrepreneurial. - To excel in such settings, organizations must utilize human capital to the fullest potential. - Each leaf of the shamrock has different career implication o One leaf contains core workers (full time workers) o A second leaf contains contract workers (technical workers) o The third leaf contains part-time workers Some critical survival skills in the new workplace - Mastery – you need to be good at something; you need to be able to contribute something of value to your employer - Contacts – you need to know people; links with peers and others within and outside the organization are essential to getting things done. - Entrepreneurship – you must act as if you are running your own business, (Demonstrate independent initiative) spotting ideas and opportunities and stepping out to embrace them. - Love of technology – you have to embrace technology and be willing and fully able to utilize it. - Marketing – you need to be able to communicate your personal successes and progress and those of your work group. - Passion for renewal – you need to be continuously learning, changing, and updating yourself to best meet the demands of tomorrow. Definition and Role of an organization - An organization is a collection of people working together to achieve a common purpose. - The purpose of any organization is to provide useful goods and/or services that return value to society Organizations as Open Systems - Organizations are open systems that interact with their environments. They transform resources into product outputs in the form of finished goods and/ or services - Environmental feedback tells an organization how well it is meeting the needs of customers and society. Organizational Performance - When organizations are viewed as open systems, the notion of value creation
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