...Businesses in the 21st Century Gia Serrette Dr. Tina Lamb Business 101 January 30,2012 Businesses in the 21st Century Businesses in the 21st Century face many challenges, and these challenges are based on the fact that there is a need for managing change and resources more effectively, in the current global marketplace and because of the fast developments of infrastructures. The below review will attempt to review the role and challenges of a business or non-profit organization and the marketing strategies that would make any venture competitive. The role of a business or non-profit organization can be determined by the services it provides for its stakeholders. (Carroll and Buccholtcz, 2008.) The relationship between the government and businesses has changed significantly since World War II. The government has a regulative role in the life of businesses, while businesses communicate with the public through advertising and public relations. Globalization has created some new ground rules, and these are changing the role of businesses and non-profit organizations alike. (Norén, Göran, 2004) The role of businesses The basic role of a business originally is to develop and supply goods and services for customers. Profit oriented companies do this for a profit, while non-profit organizations choose to work for the benefit of the society. The profit generated by companies is the foundation of the society’s prosperity; therefore, it is a driving force. Governments...
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...alienation because it can create jobs that require no specialist knowledge. The internet in its current form was developed as a free exchange of information, unregulated by any one government or owned by any one person or company. The free flow of information, has brought about technological advances at an unprecedented rate and has made many rich and brought companies who failed to adapt to a standstill. The internet dissolves all boundaries; already the barriers between countries are non-existent. Any person can use the Internet to search for a company’s details and can commence trading without ever having met. Resisting the tide of technological advances has become almost impossible for any company who wants to remain competitive. Business today is about remaining competitive and technology is the leverage. The impact of the technology revolution means e-commerce will affect the middle man and allow direct trade with consumers. Efficiency brings about lower prices for the consumer, though it is more accurate to argue that efficiency brings about greater...
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...Challenges of business leaders and HR managers when managing the 21st century workforce ” A company’s workforce represents one of its most valuable resources: for this reason the way this workforce is managed represents a critical element in enhancing internal effectiveness and improving the organization’s competitiveness” (Rennie 2003)”. Introduction Most HR management systems available in most firms were formed at a time when business and technological practices were completely different. As the world is becoming more economic globalized so is the workforce. The 21st century workforce will consist of multi-generational team and a mix of minorities. With a more diverse and complex workforce, the challenges facing the HR managers also expands. There are several issues faced by contemporary business leaders. First is globalization-which is the present flow of capital, goods, services, ideas, people, and information virtually. Second is talent acquisition and talent management issues- HR Administrations are still struggling with managing their talent efficiently. Most corporate employment and talent meanings are reactive and hardly are they future focused. Third is fruitful human capital administration-the explanation to handling your multi-generational staff. As we move towards 2020 there will be four generations working side by side, how can we accomplish knowledge transfer and maintain good team work when there exists intergenerational problems due to generational differences...
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...Remalli DATE \@ "d MMMM y" 9 April 2015 “Are idea’s such as mutualism and industrial democracy of relevance to the 21st Century business management?” The world as we know it today is in constant advancement of technology and knowledge. In result, economists have developed a myriad of theories that have shaped and changed the way we manage people, time and resources. Organisation theorists such Russell Ackoff, Warren Bennis & Chris Argyris have been advocating the need for a more ‘free-form, humanistic, and democratic organisation’ (Nodoushani & Nodoushani para. 23), whereas theorists with the names of Henry Ford and Frederick W. Taylor oppose such notions. Some theories stand true and thrive in today’s economy, while others have faded as time has progressed. However, are ideas such as mutualism and industrial democracy of relevance to the twenty first Century business management? Is there still social and economic inequality? Or do citizens have natural rights to liberty, justice and property? Perhaps these ideas may have been diminished with time? This paper argues that the business management has had a major shift in its structure due to the concepts and influences of mutualism and industrial democracy. Although these ideas may not be prevalent in its purest form, there have been major refinements in the structuring of management in twenty first century, including the focus on de-layering and a more co-operative environment. Not all economies and establishments embrace...
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...structures available to Northern Ireland business enterprises in the 21st Century. There are various options to anyone wishing to establish a business in the Northern Ireland economy in the 21st century. This paper will discuss and assess the three legal structures; sole traders, partnerships and incorporated bodies. Thus, establishing the features, operations, advantages and disadvantages of each. A sole trader is the simplest type of business structure. Tracey defines a sole trader as “a term used to describe an individual who carries on a business or profession without partners”. An alternative term is ‘sole practitioner’. The individual is free to engage in any kind of lawful business activity. Although small, a sole trader is not necessarily any less successful than a larger business. According to the Office of National Statistics, as of 2013, sole proprietors represented 62.6%, of all UK private businesses. Martin McNaughton, from Newry, founded Glen Dimplex in 1973, manufacturing heating pumps. He now ranks at number 736 on the Forbes Rich List, employing 10,000 staff, making a billion sales each year.The main advantage of being a sole trader is having total control over the business. There are no shareholders nor business partners one can be held accountable to. The business person can therefore make any decisions they see fit. In addition to this a sole trader receives, and keeps, 100% of the profits earned by the business and can cease trading at any time. Sole...
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...Issues Facing Organisations of the 21st Century (Source: Hewitt Associates – Best Employers to Work for in Australia 2001) 1. The emergence of employee networks (flexible staffing models) 2. More diverse workforces 3. Growing importance of information to employees 4. Power shift from leaders to workers 5. Empowered employees 6. New ways to connect to work 7. Speed blurs work life and personal life 8. More diversity in employee needs and concerns Best Business Results (Source: Hewitt Associates – Best Employers to Work for in Australia 2001) Talent acquisition & retention (Accelerated development) Economic Conditions Customer Loyalty Best Business Results Employee Motivation (Compelling employment offer) Organisational Culture & Values People Leadership A PAUSE FOR REFLECTION In a recent paper, 21st Century Corporations, Hewitt examined the demographic and technological forces impacting businesses this century. The key trends impacting the employer/employee relationship are interesting to consider as we reflect on the practices and secrets of Best Employers. As you read this report, it is worth bearing in mind the issues facing the organisations of the 21st Century. The Emergence of Employee Networks As technology speeds product life, companies’ workforce needs will change frequently. Companies will need to implement increasingly flexible staffing models and rely on networks of employees, independent contractors, consultants, part-time employees and...
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...(Amar V., 2000 pg 265). ‘Broadly, strategies encompass the set of approaches that the company will use to achieve its objectives’ (Jobber and Lancaster, 2006 pg 49) A well defined strategy should therefore integrate decisions about; scope of the business, objectives, resource allocation, developing sustainable differential advantage and synergy. The importance of strategy in the achievement of business goals cannot therefore be over emphasized judging from the above features. Split into corporate and competitive strategies, the former determines the scale and scope of the business while the later determines the sustainability of the company in the ever dynamic and competitive business environment. Whether inward out (resource based) or outward in (market based), competitive strategy is cardinal to the continued existence if the firm. Since successful strategies are those which adapt firms to the opportunities and threats in their markets/environments and which develop their internal capabilities, it means that in order to remain relevant, firms must adopt strategies suitable and consistent with the market changes, its development and the environment at large, either responsively or proactively. The business environment has by no means been stable, with each era presenting its own set of problems and need for adaptability. Strategic approaches and fits in the 1800s, 1900s,...
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...Scientific Management and Human Relations Approaches in the 21st century Authored by: Nguyen Thi Kim Anh Submited to: Mr. Tran Quoc Trung Foreign Trade University Submission date: May 22, 2015 The development of management in the 21st century is seen as the result of a process of change from the past. Managemant specific to the driver and guide all parts of an organization, usually economic organizations, through the establishment and change of resources (human, financial, material, intellectual real and intangible value). Surely, the managers always hoped that they could find the appropriate management approach and effective to increase work efficiency, labor productivity, as well as enable them to easily manage job and humans. The birth of the company from the years of 1780s to mid 1800s has created a significant influences on management, making it became a necessary element for the survival of a company. However, until the start of the 20th century, the knowledge of management was unified, development and transmission. Early 20th century, writers management called Mary Parker Follett defines management as "the art of getting the work done by others.". Since then, there have been many management methods and the human approach were launched, which included: Scientific Management and Human Relations Approaches. The founding father of Scientific Management is Frederick W. Taylor ( 1856 – 1915). He came from a mechanic in the US, who has made the positions as foreman, chief...
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...Framework for 21st Century Learning The Partnership for 21st Century Skills has developed a vision for student success in the new global economy. 21st Century Student Outcomes and Support Systems 21ST CENTURY STUDENT OUTCOMES To help practitioners integrate skills into the teaching of core academic subjects, the Partnership has developed a unified, collective vision for learning known as the Framework for 21st Century Learning. This Framework describes the skills, knowledge and expertise students must master to succeed in work and life; it is a blend of content knowledge, specific skills, expertise and literacies. Every 21st century skills implementation requires the development of core academic subject knowledge and understanding among all students. Those who can think critically and communicate effectively must build on a base of core academic subject knowledge. Within the context of core knowledge instruction, students must also learn the essential skills for success in today’s world, such as critical thinking, problem solving, communication and collaboration. When a school or district builds on this foundation, combining the entire Framework with the necessary support systems—standards, assessments, curriculum and instruction, professional development and learning environments—students are more engaged in the learning process and graduate better prepared to thrive in today’s global economy. Publication date: 12/09 177 N. Church Avenue, Suite 305 Tucson, AZ 85701 ...
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...THE BROADWAY CAFE BRINGING IT TO THE 21ST CENTURY 1 THE BROADWAY CAFE BRINGING IT TO THE 21ST CENTURY 2 Abstract I just recently inherited my grandfather's coffee shop called the Broadway Café. In this paper we are going to examine how to bring it up to the 21st century. To get a better understanding of how to bring the coffee shop into the 21st-century; we are going to talk about the history of coffee and how it got started, and what life must have been like in the 1950’s. We are also going to talk about running today's coffee shops with today's technology. Wi-Fi allows us to access the Internet, check our bank accounts, and read electronic books & magazines. Another piece of technology we're going to talk about is a Point of Sale or POS unit, which is an electronic cash register. THE BROADWAY CAFE BRINGING IT TO THE 21ST CENTURY 3 History Coffee supposedly started in Constantinople, Turkey. According to the International Coffee Organization: “The global spread of coffee growing and drinking began in the Horn of Africa, where, according to legend, coffee trees originated in the Ethiopian province of Kaffa. It is recorded that the fruit of the plant, known as coffee cherries, was eaten by slaves taken from present day Sudan into Yemen and Arabia through the great port of its day, Mocha. Coffee was certainly being cultivated in Yemen by the 15th century and probably much earlier. In an attempt to prevent its cultivation elsewhere, the Arabs imposed...
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...Why Is Effective Business Communication Important to Employers? by Lisa Nielsen, Demand Media Effective communication is important to employers as they build a 21st century work force. Effective communication is important to employers as they build a 21st century work force. Related Articles Why Employers Want Good Business Communication Keys to Effective Business Communication Effective Business Communication Methods Why Effective Communication Is Important for Businesses 7 C's of Effective Business Communication How to View a Blocked or Deleted Profile on Facebook Business in the 21st century is more complex than ever, especially in companies that conduct operations at several locations, or even worldwide. In this environment, communication skills have become paramount and employers are increasingly looking for those who can communicate well so they can function in complex business environments. Ads by Google Free Employee Handbook 100% Free! Print, Save, Download. Employee Handbook w/ e-Sign.employeehandbook.rocketlawyer.com Communication Skills Defined Communication skills are the ability to absorb and transmit ideas orally and in writing. A subset of communication skills is interpersonal skills or the ability to relate well with peers, management, company stakeholders, clients and suppliers. Employees who know how to inspire others and help mediate conflict are in high demand. A company's most valuable employees are those who are great communicators...
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...recent studies indicate that newly hired college graduates do not excel in these higher-level knowledge and information based skills at the level that employers desire. Entrepreneurs have also indicated that the shortage of highly skilled workers inhibits the growth and development of new entrepreneurial firms. In response to this there have been multiple calls for educators at all levels to recognize the challenges and opportunities in today’s economy and to ensure that students develop the “21st century” knowledge, skills, and abilities (KSAs) they need. A closer look at these 21st century KSAs alongside research and data on entrepreneurial competencies reveals a meaningful overlap between the two. This overlap can be developed into a useful heuristic to determine appropriate outcomes for assessment of undergraduate entrepreneurship programs. Sample outcomes and program assessment processes are illustrated and discussed. INTRODUCTION As the “new” economy of the 21st century continues to develop around knowledge, service, and information based activities, a company’s ability to create and commercialize knowledge has become tantamount to its ability to generate sustainable returns (Apte, Karmarkar, & Nath, 2008; Audretsch & Thurik, 2000; Black & Lynch, 2003; Ewing Marion Kauffman Foundation, 2007). This emphasis on knowledge, service, and information creates space for more new firms to emerge, but also pressures existing companies to hire employees with higher level...
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...Insurance Acquisition of 21st Century Insurance Finalized SECTION: EXPANDED REPORTING; Pg. 15 LENGTH: 725 words The Farmers Insurance Group of Companies(R) announced that it has completed the acquisition of 100 percent of AIG's U.S. Personal Auto Group, which includes 21st Century Insurance. In addition to 21st Century Insurance, the acquisition includes the former AIG Direct business and Agency Auto business. The purchase price amounts to approximately $1.9 billion. Under the agreement, AIG's U.S. personal auto insurance business is being sold to Farmers Group, Inc., a Los Angeles-based subsidiary of Zurich Financial Services Group. Farmers Group, Inc. will sell the underlying insurance entities to the Farmers Exchanges, which Farmers Group, Inc. manages but does not own, for approximately $1.4 billion. This acquisition by the Farmers Exchanges strengthens Farmers' place as the 3rd largest personal lines insurer in the US. And, the acquisition positions the Farmers Exchanges as the largest auto insurer in several states, including California. The acquisition is the largest in the 81-year history of Farmers. The acquired companies operate in 49 states and Washington, D.C.; have more that 2.4 million customers; and insure more than 4 million vehicles in the US. Further, 21st Century Insurance is the nation's 3rd largest traditional "direct" writer of insurance. Without including 21st Century customers, Farmers already provides auto, home, business, specialty, life insurance...
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...Name: Trương Quỳnh Trang Class: K52_BFA Student ID: 1301BF5901 17/5/2015 Are scientific management and human relations approaches still applicable to organization of the 21st century? Scientific management and human relations approaches had been a well-known and well-used in business management in the 1900s. It is, however, still a question whether or not those methods are applicable to organization of the 21st century. Some opinions stated that these practices are still appropriate for organizations nowadays due to the benefits and effectiveness they brought to the organization, while other people based on the grounds of different features between recent organizations and organizations of decades ago to disregard the effectiveness of any of management theories from the 20th century. Therefore, the main focus of this essay will be demonstrating the illustration of some principles of scientific management and human relations approaches, comparison between them and writer’s personal view of their capabilities to determine whether or not they are still suitable for the modern organization. Even nowadays, it is no difficult to find examples of Scientific Management, for instance the car and computer manufacturing plants, work environment and anywhere that required a strict and accurate function to serve men. In fact, these methods of working seem so commonplace and so logical to a citizen of the modern world that it is almost impossible to accept that they...
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...Unions thrived in the 1960s but are now facing declining membership in the 21st century. Unions have attempted to rebuild strength and numbers; however, membership continues to decrease. Manufacturing jobs declined; therefore, union membership declined. Membership has not kept up with the increase in jobs. Unions must bring themselves into the 21st century, because their original purpose may no longer be valid. Are unions a viable entity in the 21st century, and can they meet the challenge of new membership demands? Due to lack of unionization, workers have not shared the benefits of the U.S. economic upturn of the last 40 years. CEO compensation has increased dramatically, but U.S. worker wages remain stagnant. However, as members continue to lose jobs, such as automotive employees, unions do not believe that their members should accept the same benefits given to managers. Unions have become blind to the economic reality, and workers have lost trust in the union concept. Approximately 57 million unorganized workers would join a union if given the chance. The AFL-CIO sees this interest in unions as an opportunity in the 21st century; however, the same fears from years ago continue to plague union organizing. The problem is that workers are still afraid to join a union for fear of retaliation by their employers. Unions can take a more proactive role to disseminate this fear by providing a variety of ways for workers to join unions. For example, if there is employer retaliation...
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