Management Challenges in Uncertain Environment

Abstract

The final phase of last century has witnessed dramatic and drastic changes in the spheres of business around the globe. The advancement in science and technology has conquered the space, time & distance, thus transforming the world into a global village. Change is the operating lever of the 21st Century business. The present business is driven by technology and business is knowledge based. The twin forces of globalization & technology revolution has orchestrated a whole new wave of changes across economies, societies thereby radically impacting the way we lead our businesses. Excellent businesses across the world have a Heart Beat! Gone are the days where people were treated as liabilities and were put under stringent work rules. Likewise management is no longer about control, command, hierarchy, title or status but is everything about making a difference, creating positive change, encouraging, enabling and empowering every employee. Thus organizations are embracing the emerging leadership practices such as Shadow Resourcing, or Succession Planning, Professional Hibernation, and Reverse Mentoring.