E Commerce and Retail Business Strategies
E Commerce is growing day by day in both B2B and B2C context. Retailing industry including Fashion Retail and Grocery retailing have caught on to the bandwagon and have begun to offer E trading or Online Shopping. In the early 1990s we saw Companies setting up websites with very little understanding of E Commerce and […]
Employee Engagement and Employee Retention
Individuals coming together on a common platform to achieve the goals of the organization as well as to earn a living for themselves are called as employees. The smooth functioning of an organization depends on its employees and their seriousness towards work. What is employee engagement? Employee engagement refers to a situation where all the […]
Why Some Pharmaceutical Drugs are Very Expensive?
The price of drugs is going through the roof in America. This is also the case in many developing nations. In general, people are simply unable to afford healthcare if they do not have insurance. In developing nations, having insurance is not the norm. Hence, when patients are faced with high medical bills, some of […]
Changes in Financing Policy: Effect on Free Cash Flow
While valuing firms, free cash flow has to be calculated over a number of years. Hence, there is a good chance that the firm may change its financing policies during such a long period. It is for this reason that we need to consider what happens to the cash flows in the event financing policies […]
Regulatory Role Performed By the Central Bank
The two tiered system puts the central bank in control of the commercial banks. Therefore, the government authorities have delegated some of the regulatory responsibilities to the central bank. It is the job of the central bank to ensure that commercial banks are conducting their business in a manner which is considered ethical as well […]
The world is facing unprecedented upheaval and chaos in virtually every sphere of human activity. Where it is economic crisis, climate change, resource depletion, failure of political systems, or the breakdown of the social order, there is only gloom and doom all over us. Hence, the broader question is whether we have had a failure of leadership in the sense that there are no leaders in business or society who are able to show the way and lead us from the front.
The narrower question is why did management thought that was responsible for so many achievements and improvements in material prosperity over the last century or so fail us so miserably. It is these questions that this article and subsequent articles explore to illuminate how a new generation of leaders in business and society emerge and provide us with exemplary leadership that would be known for decades.
First, the Millennial Generation or those born in the period 1980-1995 have come of age at a time when the world is in crisis. As discussed above, the problems are many but the options are limited.
With social, economic, and political transformation, the present generation can again rejuvenate the world of business and chart a new course for humanity. Since this generation came of age when the internet was making its presence felt and are now experiencing the mobile wave, it is safe to say that the emerging generation would have the necessary knowledge and experience in the technologies of the future to make a difference to the world of business.
The other trend is that though people are living and working longer, they no longer are loyal to a single organization and instead, are only loyal to their professional identities. For instance, while the norm in the earlier generations was to stick to a job throughout ones working life, now it is considered something of an aberration if people do not change jobs.
These trends discussed above have led to a fundamental change in the economic logic of the firm. If the earlier management thought was about capital as the scarce resource and the strategic imperative of the firm was to transform inputs into outputs in an efficient manner, now knowledge is the scarce resource and firms succeed not only because of the efficiencies of their processes but also because of creativity and innovation. Hence, these aspects have led to a basic change in the way management and leadership is understood and therefore, there is a compelling case to be made to reinvent management.
Finally, we discussed the positive aspects (reinventing leadership) and the negative aspects (the gloomy situation, as it exists now).
For all future leaders, there is a message here: which aspect you chose to be the basis of your worldview would depend on your attitude and your approach to life.
If you think that the future is all gloomy, then no amount of persuasion is going to make you change your mind. On the other hand, if you think that the future holds promise, then you can start thinking seriously, about how you can revitalize the field of business and management. The choice is yours.
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