The 21st Century Workplace The 21st century has brought a new workplace, one in which: Organizations must adapt to rapidly changing society with constantly shifting demands and opportunities Economy is global and driven by innovation and technology High performing companies gain extraordinary results from people working for them. The best employers value people! Our economy is knowledge based. Success is forged in workplaces that are continually being reinvented to unlock the potential of human intelligence.

What are the challenges of working in the new economy? 1. ___________________ People: what they know, what they learn, and what they do with it, are the ultimate foundations of the organization and how it performs Intellectual Capital ___________ ________ is the collective brainpower or shared knowledge of a workforce Intellectual Capital A ________ _________ is someone whose mind is a critical asset to employers and who adds to the intellectual capital of an organization Knowledge Worker

What are the challenges of working in the new economy? 2. _______________ People and countries are increasingly interconnected through the news, travel, labour markets and in business dealings Globalization _________________ is the worldwide interdependence of resources, markets, and business competition that characterize the new economy Globalization

What are the challenges of working in the new economy? Technology 3. _______________ Continuing transformation of the modern workplace through: The Internet Computers Information technology Automation Increasing demand for knowledge workers with the skills to fully utilize technology Computer literacy must be mastered and continually updated

What are the challenges of working in the new economy? Diversity 4. ___________ ___________________describes differences in gender, age, race, ethnicity, religion, orientation, and able-bodiedness among workers A diverse and multicultural workforce both challenges and offers opportunities to employers By valuing diversity, organizations can tap a rich talent pool and help everyone work to their full potential Workforce Diversity

What are the challenges of working in the new economy? 4. Diversity Continued Businesses are improving in valuing diversity but inequalities still exist A subtle form of discrimination is the ______________________, an invisible barrier or “ceiling” that prevents women and minorities from rising above a certain level of organizational responsibility Glass Ceiling Effect

What are the challenges of working in the new economy? Ethics 5. ___________ moral principles that determine “good / right” behaviour as opposed to “bad / wrong” behaviour of a person or group Society requires businesses to operate according to high moral standards

What are the challenges of working in the new economy? 6. _____________ Won’t all be full-time or with one large employer in the 21st century More likely to involve changing jobs and employers over time Skills must be portable and of current value Skills are not gained once and then forgotten; they must be carefully maintained and upgraded Careers

Changing Nature of Organizations Workplace changes that provide a context for studying management … _________________________ – need to fully utilize the knowledge, experience and commitment of all members ____________________________________ - traditional hierarchy structure are proving too slow, conservative and costly to thrive in today’s economy ____________________________– today’s organizations are less vertical and more horizontal _________________________ – new opportunities appear with each new IT development and continually change the way organizations operate and how people work Belief in Human Capital Demise of “Command and Control” Emphasis on Teamwork Pre-Eminence of Technology

Changing Nature of Organizations Embrace of Networking _______________________ – organizations are networked for intense real time communication and coordination; both internally and externally _____________________________ – a new generation of workers brings less tolerance for hierarchy, more informality and more attention to performance as opposed to status and seniority ____________________________ – workers are forcing organizations to pay more attention to balance in the often conflicting demands of work and personal affairs _________________– those companies that get products to the market first have an advantage, and in any organization work is expected to be both well done and timely New Workforce Expectations Concern for Work-Life Balance Focus on Speed

Changing Nature of Organizations Organizations that fail to listen to their customers and fail to deliver quality goods and services at reasonable prices will be left struggling in a highly competitive environment

Managers in the New Workforce Organizations perform better when they treat their members better _______________________ treat employees as costs to be reduced High performing organizations treat people as valuable strategic assets It is a manager’s role to ensure that their employees are treated as strategic assets “Toxic Workplaces”

Changing Nature of Managerial Work The work managers perform is less directive and more supportive than in the past and can often be found working alongside those they supervise High performing managers … Build working relationships with others Help others develop their skills and performance competencies Foster teamwork Create a work environment that is performance-driven and provides satisfaction for workers

Changing Nature of Managerial Work The organization can be viewed as an ________________________ where; Each individual is a value-added worker A manager’s job is to support workers’ efforts The best managers are known for helping and supporting Upside-Down Pyramid

The Organization: An Upside-Down Pyramid

The Four Functions of Management