Challenges That Managers Face - 985 Words

Managers are people who combine different types of resources and coordinate them efficiently and effectively to achieve goals set by their organisations. The term â€Å"efficient† in the aspect of management means the managers employ the resources wisely and cost-effectively, whereas the term â€Å"effective† means the managers make the right decision and strive hard to achieve the objectives by performing planning, organising, leading and controlling functions. These four functions are extremely important and must be coordinated to ensure the management operates as a whole. According to Johnson, providing inspiration as well as leadership is the primitive role a manager should play in today’s modern globalization. The key point to inspire the†¦show more content†¦In order to overcome the problem, managers can acquire feedbacks from the team about the instructions that they are unclear about. Performing regular documentations prepared by the team is an alternative way to ensure that the goals are tightened. No matter how challenging it is, it will eventually come to a solution with successful skills management regardless of the number of employees involved. Managers running modern corporations such as multinational enterprises are often associated with operational risks well beyond what was thought. These organisations manage production establishments and deliver services overseas and are more likely to get involved in bribery and corruption due to ethical failures. Operational risk is the risk of loss as a result of internal failures in a corporation, people or external events which will lead to the collapse of financial institutions. Effective risk management is extensively depending on the ability of a company to sense potential fraud issues, analyze the situation critically and adopt the best approach to remedy the situation. In short, a manager has to apply sets of knowledge and risk management skills dealing with these situations but marshalling such knowledge in an effective way is always tough. In conclusion, the managers must learn from different groups of people, such as colleagues, customers and competitors to improve their m anagerial skills. In this golden age of globalisation and cyberspace, theShow MoreRelatedThe Challenges Of Managers Face Today1274 Words   |  6 PagesThere are many different challenges that managers face today that they did not face 50 years ago. Motivation as described by Maccoby consists of 4 R s. Those 4 R s include responsibilities, relationships, reward and reasons. These 4 R s were prevalent in motivation 50 years ago and are the reason why it is harder for companies to keep motivating today. 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