8.docx

Trends in Management and Leadership > Learning Outcome 8 Three important trends in management today are: crisis management, the use of outside directors to provide management control, the growing use of information technology, and the need for managers with global management skills. Crisis Manage...

Trends in Management and Leadership > Learning Outcome 8 Three important trends in management today are: crisis management, the use of outside directors to provide management control, the growing use of information technology, and the need for managers with global management skills. Crisis Management Crises, both internal and external, can hit even the best-managed organization. Sometimes organizations can anticipate crises, in which case managers develop contingency plans, and sometimes they can’t. Managers must act, face the problem head on, tell the truth about the situation, ask for help when necessary, and learn from the past. Managers and Information Technology The second trend having a major impact on managers is the proliferation of data and analytics in information technology. An increasing number of organizations are selling technology, and an increasing number are looking for cutting-edge technology to make and market the products and services they sell. One particularly useful type of technology is dashboard software, which shows up-to-the-minute information and allows employees to see all the information they need—such as financial and performance data—on a single screen. Despite the increasing popularity of dashboard technology, the control tool has some drawbacks, such as focusing too intently on short-term results and ignoring the overall progress toward long-term goals. Managing Multinational Cultures Many companies must look to global markets to expand the sales of their products and services. Managers face the challenge of directing the behavior of employees around the world. The increasing globalization of the world market has created a need for managers who have global management skills, that is, the ability to operate in diverse cultural environments. With more and more companies choosing to do business in multiple locations around the world, employees are often required to learn the geography, language, and social customs of other cultures. Three important trends in management today are preparing for crises management, the increasing use of information technology, and the need to manage multinational cultures. Crisis management requires quick action, telling the truth about the situation, and putting the best people on the task to correct the situation. Finally, management must learn from the crisis to prevent it from happening again. Using the latest information technology, such as dashboard software, managers can make quicker, better-informed decisions. As more companies “go global,” the need for multinational cultural management skills is growing. Managers must set a good example, create personal involvement for all employees, and develop a culture of trust.