An organization should be responsible towards stakeholders such as shareholders, employees, consumers, society, and nation. Previously, social responsibility had become the subject of discussion or an optional one; there was time to argue against social responsibility.
Management should be very careful about business ethics or morality. Business ethics should be shown in price, quality, labeling, advertisement, etc. of products or services. Similarly, the society and consumers should not be negatively impressed.
Cultural diversity is the quality of diverse or different cultures. Education, communication, and mobility of employees or labor having different races, languages, costumes, fashion, and living style bring changes in cultural diversity.
The development of information technology has restructured the world. It has change the world in one global village. Regional and local political alliances have been made.
Development of technology
Development of technologies has brought swiftness, simplicity, and effectiveness in managerial functions of the management. For example, the development of management information technology has provided an easy access to 15 complete, reliable, and up-to-date to information.
Globalization is a process of interaction and integration among the people, companies, and governments of different nations. Now, globalization is not new. A wave of globalization is sweeping through. World Bank, International Monitory Fund, World Trade Organization, etc. are providing support to globalization.
Change makes things different. It is not a negative thing. Rather it is the most important aspect of new innovation. Thus, change should be managed effectively.
Quality Assurance (QA) is a way of preventing mistakes or defects in manufactured products and avoiding problems when delivering services to customers.. A business organization should assure the customers about the quality of their products. The business can win the competition by enhancing the quality of products or services.
It is the similarities and differences among employees working in the organization in terms of age, cultural background, physical abilities and disabilities, race, religion, and sex. It is important to understand how these dimensions affect in performance, motivation, success, and interactions with others.
Empowerment of the employee is the process of allowing employees openly share suggestions and ideas about their work and make them able to work effectively and efficiently. It is a strategy and philosophy that enables employees to make decisions about their jobs.
It is one in which people at all levels individually or collectively increases their knowledge and capacity. It is based on learning from experience and experiment.
An organizational structure defines how activities such as departmentalization, coordination, and supervision are directed towards the achievement of organizational goals. There are two perspective of organizational structure namely, mechanistic and organic organization.