The latest trend in business is the rise of new multinationals hailing from emerging markets such as India, China, Brazil and Russia. These new multinationals are using innovative strategies to compete effectively with their established counterparts in the developed countries. The overwhelming agreement amongst experts is that emerging market countries and their multinationals are expected to become or already have become major players in the world trade.
Thus to keep up with the international standards and innovative strategies the managers need to be geared up and be fully prepared. This need arises from the fact that traditional management skills are designed to manage only in local environment which is comparatively static and non-changing. Contrarily meant for local environment will thus be insufficient if one has to manage in an international scene.
To succeed in the global market the manager needs to have a global vision. It should have a strategy that complements the emerging trends in the market. Thus managers need to be more comprehensive with a global perception. We recommend that a global outlook consist of a global mindset supported by appropriate skills and knowledge. A global mindset allows meaningful global strategizing that requires managers to effectively assimilate the three global forces of (1) global business, (2) regional/country pressures, and (3) worldwide functions. A global mindset and a holistic global approach should create, international business environment is highly volatile, and rapidly changing. The skills conditions to build the worldwide organization characterized by specialization, inter-dependency, and coordination. A global outlook is a process of moving an organizational culture from a set of highly autonomous business units to one that becomes an integrated and effective global network. From now on, managers will need to be more adaptive at creating inclusiveness; respecting differences and turning diversity into a practical reality. Complex adaptive systems are a relatively new way of thinking about the world and how to manage organizations. The traits of the managers now would be very different from those some years back. But the skills required of a good manager in the new millennium will be much more complex and diverse. on’s structure, process, people, and We can say that the following skills can enhance the work of the managers and help them to work efficiently in the global markets.
Make the Most of Technology
Technology is forever changing and evolving. Working in a global scenario where the managers would have to communicate with people of different spheres whom they would seldom meet or see, technology plays a major role. Technology helps in effective communication and technology affects all spheres of business. Managers should always be updated on the latest technology and its uses. A manager who is informed about the technology around him, does not only reach out to all his factors without trouble, but also adapts his strategies on his own to keep his pace in the rat race.
Lead By Listening
An ideal manager should be a good listener. He should know where to hear things from and where to implement those ideas effectively. He should use his resources efficiently and draw important things from what he listens from within or outside the business. A manager who speaks more and listens less, is less likely to cope with the international demand of dynamic flexibility.
Cultivate Emotional Stability
A manager goes through a lot of emotions. Stress being the strongest. Stress plays an important role in the manager’s life to control this and direct his emotions to the correct path so as to increase the credibility of his business. He needs to develop a sense of emotional equilibrium.
– both in business as well as in personal life. An efficient manager should know how
Manage Relationships, Not Employees
Today the of workers, like — full time, part time, free lancers, flexible-time, temporary workers, etc. Hence the manager’s role is beyond supervising people. In today’s business there are various divisions work of an efficient manager does not stop at just supervising them. He needs to know the strengths and weakness of all and use the strengths for the benefit of the business.
In the past we have seen that an efficient leader had only one management style which was enough. But just one management style is not enough to suffice in this global scenario and competent world. The managers need to adapt an overall role of a leader, mentor, strategist, etc.
Tomorrow’s managers will need to have a growing reservoir of information and knowledge at their disposal. They must be able to retrieve, understand and repackage this information quickly and in a way that suits the given situation. Thus, it is the role of today’s manager to file all this information in an organized manner so as to make it reachable for his successors.
Any organization while working has a certain budget constraint which the managers need to meet. The manager needs to be skillful enough to use the resources efficiently in order to reach organizational objectives with utmost utilization of the available resources. Resources not only mean money constraints but also consumer relations, managing employees, company image etc. which are also very important.
Be A Visionary
A visionary, is one who can envision the future. He looks forward and beyond. How you could be able to contribute to the organization being a visionary is an important factor.
Cultivate Ethical Practices
Business Ethics is the call of the hour. Managers of the previous generations hardly followed these ethical practices. The managers of the next millennium are less likely to use such unethical practices in their trade.
Diversity means difference; different ways of approaching life and business, different ways of looking at the world. Tomorrow’s managers will have to deal with this diversity and learn to respect and accept the customs and beliefs of the people they work with around the world.