Submit your order instructions

Get essay writer assigned

Receive your completed paper

Factors influencing management practices in contemporary business world

This research paper explores the key factors influencing management practices in today’s business environment. Focusing on digitalization, economic fluctuations, and demographic changes, the study examines how these elements reshape managerial roles and strategies. Our academic writer emphasizes the importance of adapting to these changes to maintain competitive advantage and managerial effectiveness in a rapidly evolving market.

September 18, 2024

* The sample essays are for browsing purposes only and are not to be submitted as original work to avoid issues with plagiarism.

FACTORS INFLUENCING MANAGEMENT PRACTICES IN CONTEMPORARY

BUSINESS WORLD

Student’s Name

Course Code: Course Name

Date

Factors Influencing Management Practices in Contemporary Business World

The modern business world is characterized by rapid changes in technological

advancement and unprecedented events that cause disruptions in how people undertake

business activities. Amid the disruptions, job occupations have been getting transformed in

ways that have necessitated people and organizations to enhance skills, change work cultures,

or venture into different economic activities altogether. While changes in the business

environment are mostly interrogated on how frontline and technical workers are affected,

little attention has been paid to exploring how the changes impact management practices and

managerial personnel. This research paper explores how factors like digitalization,

fluctuations in global and regional economic trends, geopolitics, and generational change

influence management practices in the modern business world. Unlike other occupations that

are either destroyed or transformed by changes in the business environment, the presence of

managerial personnel can be expected to remain far into the future. However, leadership

communities are necessitated to enhance competencies and adjust managerial practices for

them to remain relevant in the fast paced digital-driven business world surrounded by

sociocultural and political-economic uncertainties.

Meaning of Management Practices

According to Liu et al., managerial practices can be termed behaviors and roles that

are applicable to all types of managers and organizations. The said practices revolve around

planning, monitoring, communication, delegation, consultation, recognition and rewarding,

mentoring, and team building. The definition of managerial practices outlined by Liu et al.

derives from leadership behavior taxonomy, which categorizes managerial practices as either

Liu Guanting, Fitri Bin Zainal, Helena Muhammad, F.A. Effects of Digitalization on Managerial Practices as

Experienced by Managers. Malardalen University. 2020, p.8.

task-oriented, relations-oriented, change-oriented, or external-oriented. Task-oriented

practices involve functions of planning, monitoring, delegation, and problem-solving, while

relations-oriented practices comprise functions like empowering, career development,

mentoring, and rewarding. On the other hand, eternal-oriented practices are concerned with

networking, representation, and monitoring of the external business environment. Change-

oriented practices encompass functions pertaining to change advocacy, envisioning

organizational goals, facilitation of research and development, and innovation. Any personnel

mandated to undertake such functions can thus be said to be engaging in managerial

practices.

Factors Influencing Managerial Practices

Digitalization

In business management context, digitalization is termed as the application of any

digital technologies to human activities. On the other hand, managerial practices refer to

behavior that is attributed to managers and their roles in running organizations. According to

Liu et al., digitalization in business management practices should be considered as the use of

technological innovations in the interest of influencing products, services, sales channels,

supply chains, and overall business processes. While efforts to incorporate digital

technologies in business operations are intended to increase productivity, enhance value

creation, or improve customer engagement, the introduction of digital environment in a

workplace affects the way people perform duties and engage with each other. In Asad and

Liu et al. p.7

Manzoor.s view, working in a digital environment provides opportunities for people to work

collaboratively toward accomplishing personal and organizational goals.

The place of digitalization in managerial practices manifests in a different way

depending on how the inclusion of technology in a business enhance, transform, or diminish

the required human input. With reference to the leadership behavior taxonomy outlined by

Liu et al. (9), task-oriented managerial practices and relations-oriented practices are most

likely to be impacted, either positively or negatively, by inclusion of technologies in working

environment. Activities like planning, monitoring, communication, and some aspects of

problem-solving allow room for the integration of technological solutions. Nevertheless,

managerial functions inclined towards advocating for change, negotiations, and envisioning

organizational goals may, to a large extent, demand direct human input from managerial

personnel.

The proliferation of advanced technologies in the modern business world, although

intended to facilitate automation and digitalization of business processes, has imposed

disruptive effects on priorly conventional management practices. The disruptions witnessed

in business practices as a result of digitalization create uncertainties on how the inclusion of

digital technologies in running business activities is going to affect job occupations. As

observed by Bouwman et al., digital technologies are, to a large extent causing a destructive

effect on occupations and business practices that are enhanced by automation. Where

Asad Syeda, Q. and Manzoor Salman, “Effects of Digitalization on Management Practices.” International

Journal of Management, Vol 12(1); 1665-1689.AIEME Publication. 2021., p.1666

Liu et al., p.9

Bouwman Harry, Mark de Reuver, and Nikou Shahrok. The Impact of Digitalization on Business Models:

How IT Artefacts, Social Media, and Big Data Force Firms to Innovate their Business Model. Conference Paper.

14th Asia-Pacific Regional Conference of the International Telecommunications Society

(ITS): "Mapping ICT into Transformation for the Next Information Society", Kyoto, Japan,

24th-27th June, 2017., p.3

occupations are not destroyed, digitalization is noted to impose transformative changes that

necessitate skills development for employees to build the competence required for interaction

with sophisticated digital systems. According to Asad and Manzoor, digitalization has

significantly changed social and economic aspects of modern society. The leadership

community is thus compelled to adopt emerging technologies and explore new practices that

defy traditional work practices. While technology has been termed as a causative factor in

replacing human labor, it is failure to embrace technology that pose a threat to effectiveness

of managers.

Economic Disruptions

Business organizations are being influenced to change management practices due to

the occurrence of unprecedented disruptions in the business environment. The threat posed by

disruptions can be exemplified by the situation faced by business organizations during and in

the aftermath of COVID-19 pandemic. Due to social distancing requirements, cessation of

movements, and other restrictions imposed as COVID-19 containment measures, business

organizations were necessitated to lay off workers or make arrangements for employees to

work remotely. Approaching management practices from a perspective of supervision and

oversight would, in such circumstances, diminish the role of managerial staff, considering

that employees working remotely had more autonomy in organizing working schedules and

choosing work environment. Arguably, the remote working culture was already gaining

ground in business, and the occurrence of COVID-19 pandemic only accelerated its rate of

adoption in work culture. With organizations carrying on with remote work culture in post-

Asad Syeda, Q. and Manzoor Salman. Effects of Digitalization on Management Practices. Dissertation Thesis.

University of Karachi, Pakistan. 2021, p.1665

International Labour Organization. COVID-19 and the world of work: Impact and policy responses.2020, p.4

pandemic period, occupants of managerial roles are likely to be expected to realign their

competencies and work practices so that they maintain capability of handling management

functions in a dynamic digital work environment.

Another issue associated with economic disruptions that equally influence

management practices emanates from changes in geopolitical environment. In situations

where geopolitical relations between countries or regions deteriorate, business organizations

bear the consequences of disruptions in supply chains, loss of market, decline in supply of

raw materials, and unfavorable business environment. Issue arising from deterioration in

geopolitical relations manifest in the case of Ukraine-Russia War has disrupted oil and foods

market, leading to inflation in many countries. Another exemplar is the economic struggles

witnessed during Brexit, where exit of Britain from European Union predisposed business

organizations to market barriers imposed by countries where they previously enjoyed well-

established markets and conducive business environments. Tariff war between China and the

U.S presents another instance where deterioration in business relationships have led investors

to incur tremendous losses of sales due to the imposition of barriers targeting key market

niches. To withstand economic shocks witnessed to emanate from geopolitical challenges,

business leaders are shifting focus to diversification of supply chains as way of ensuring their

businesses have access to sustainable sources of raw materials and markets.

Changes in Demographics and Social-Culture Trends

As markets continue to flood with Millennials and Generation Z population, business

leaders are forced to alter managerial and business practices so that they rhyme with trends

and preferences relating to consumption behaviors and work cultures of the young

Eldman Richard. Businesses must take action on geopolitical issues or risk losing public trust: Edelman. World

Economic Forum. 2022, np.

generations. Unlike older generations, for which employees were accustomed to office-based

routines with specified work hours, members of Millennial and Generation Z exhibit more

preference for work arrangements that allow them more autonomy and mobility. Managers

are thus expected to be capable of dealing with employees who prefer to work remotely as

opposed to working from office, dress casually, and have a high level of work-life balance. In

this regard, business leaders are compelled to formulate or adopt work cultures and business

practices that do not put employees in restrictive positions.

In addition to work culture, the young Millennial and Generation Z population is

noted to be highly dependent on digital media and social media platforms as sources of

information intended to inform marketing decisions. Business organizations are consequently

pushed to adjust the manner in which marketing and promotional activities are conducted.

Managers have to learn how to manage, monitor, and evaluate effectiveness of practices like

influencer and internet marketing. Relating to work culture and consumer trends is increased

recognition of LGBTQ+ community, diversity and inclusion, and corporate social

responsibilities. To cope with influences from such social-cultural and demographic issues,

business leaders are forced to alter managerial practices to ensure workplaces and brands are

not only conducive but also responsive to disparate demands, preferences, and expectations

of different social groups.

Conclusion

The modern business environment is observed to be surrounded by trends and forces

that influence the manner in which business leaders interact with employees, other actors in

Valickas Andrius and Jakstaite Kristina. Different Generations’ Attitudes towards Work and Management in

the Business Organization. Human Resources Management & Ergonomics. Vol 11(1), pp.108-119., 2017., p.110.

Ohunakin Folakemi et al. “The Effects of Diversity Management and Inclusion on Organizational Outcomes:

A Case of Multinational Corporation,” Verslas Teorija ir Praktika, Vol 20(1); 93-102, 2019., p.94

industry, and served communities. Dynamics in business environment emerge to be imposing

pressure on business leaders in ways that compel them to change managerial practices for

their occupations to remain relevant, effective, and useful in modern business environment.

Among factors that emerge to be influencing managerial practices include the digitalization

of business activities, events that are disruptive of economic trends, and changes in

demographic and social-cultural trends. Digitalization is observed to push business leaders to

enhance their competencies and work cultures to ensure they are capable of managing

employees and business processes in technology-driven economies. Disruptive events like

COVID-19 pandemic and geopolitical conflicts are observed to necessitate the diversification

of supply chains and enhancement of logistical operations to secure business continuity and

sustainable operations. On the other hand, demographic trends compel leadership community

to adopt practices that are representative, accommodative, and responsive to trends in social-

cultural dynamics. Amid the influencing forces, the role of leadership community and

managerial practice is not diminished but forced to undergo transformations aligned with

technological advancement, economic resilience, and responsiveness to social-cultural needs.

Bibliography

Asad Syeda, Q. and Manzoor Salman. “Effects of Digitalization on Management Practices.”

International Journal of Management. Vol 12(1), pp.1665-1689. IAEME Publication.

2021. DOI: 10.34218/IJM.12.1.2021.146

Bouwman Harry, Mark de Reuver, and Nikou Shahrok. “The Impact of Digitalization on

Business Models: How IT Artefacts, Social Media, and Big Data Force Firms to

Innovate their Business Model. Conference Paper. 14th Asia-Pacific Regional

Conference of the International Telecommunications Society (ITS): "Mapping ICT

into Transformation for the Next Information Society", Kyoto, Japan, 24th-27th June,

2017

Eldman Richard. Businesses must take action on geopolitical issues or risk losing public

trust: Edelman. World Economic Forum. 2022. https://www.weforum.org/agenda/

2022/05/the-geopolitical-business-russia-ukraine-war/

International Labour Organization. COVID-19 and the world of work: Impact and policy

responses. ILO Monitor 1st Edition. 18 March 2020. https://www.ilo.org/wcmsp5/

groups/public/---dgreports/---dcomm/documents/briefingnote/wcms_738753.pdf

Liu Guanting, Fitri Bin Zainal, and Helena Muhammad, F.A. Effects of Digitalization on

Managerial Practices as Experienced by Managers. Thesis. Malardalen University.

2020.

Ohunakin Folakemi et al. The Effects of Diversity Management and Inclusion on

Organizational Outcomes: A Case of Multinational Corporation. Verslas Teorija ir

Praktika. Vol 20(1); 93-102. 2019. https://doi.org/10.3846/btp.2019.09.

Valickas Andrius and Jakstaite Kristina. Different Generations’ Attitudes towards Work and

Management in the Business Organization. Human Resources Management &

Ergonomics. Vol 11(1), pp.108-119., 2017.

September 18, 2024

24/7 custom essay writing by real academic writers

WPH

Academic level:

Undergraduate 3-4

Type of paper:

Research paper

Discipline:

Business and management

Citation:

Chicago

Pages:

6 (1650 words)