Question

Discuss and explain (The shift toward a service economy.) and (The role and impact of social media.) of the contemporary management challenges. Provide an example of each from either your own experience as an employee or from one that you have researched online.

Answer 1

Challenges of contemporary management :-

Various challenges of contemporary management are -

a) Remote employees :-

Due to technological development employees tends to work remotely from their home which indirectly helps companies to save space costs.

Example :-

Now a days every employees want to work from home and give more time to their family. So by keeping that in mind, many companies allowing employees to work remotely from home, so that they can reduce their office space costs. But the managers face challenges while coordinating with the remote working employees.

b) Employee satisfaction :-

Every company tries to satisfy the employees so they would be more loyal towards the company which can provide much benefit to the company.

Example :-

In terms of employee satisfaction, Google comes in the first place. It is a very common challenge for the management to find new ways to satisfy the employees so they can give their best for the sake of the productivity of the company. Loyal and internally satisfied employees may be back up the company in case of any crisis.

c) Innovation :-

Social media plays a role in the formation of innovative thinking in an organization. It also encourages people to develop new thing rather than improving the same thing to make it better.

Example :-

Apple Inc. ranks on top when it comes to innovation. It is very known to all that what Apple creates, is followed by everyone.

Hope this helps :)