MANAGING in the

NEW WORLD

Business and Society

The future of work in much of America is a matter of debate. Some feel it could be bleak, while others have devised solutions for the same. One thing clear, is that the health of local businesses will largely determine the area’s ability to cope up in the upcoming age of automation. There is now an evolution going on in the nature and the location of the US job market. One trend has been that local economies have witnessed divergent trajectories for some time now. This trend will further widen over the coming decades. Automation will not have the same impact across all jobs or geographical locations. Talent recruitment of lesser- educated people, will get increasingly difficult. Unique challenges will now be faced by the young and old alike. Business leaders, educators and policy makers will together need to chart out a course to get the best out of the increasing automation at work.

Source:https://www.mckinsey.com/featured-insights/future-of-work/the-future-of-work-in-america-people-and-places-today-and-tomorrow

Uploaded Date:16 August 2019

Several game- changing transformation are taking place in the business world. The convergence of communications technology and computers is one, while another is the shift towards renewable energy, away from fossil fuels. Self- driving cars are already part of the scheme of things. Jeremy Rifkin, who is a business commentator, has argued for wholesale changes to the way, corporations and the economy are run, to ensure sustainability in the future. He has written three successive books to highlight his views, and is also presently a Lecturer in the Executive MBA programme at the Wharton School of Finance. He argues that the investor- based capitalism should soon be replaced by a more streamlined network- based system. Innovations such as the Internet- of- Things and Blockchain will help facilitate this new wave.

Source:https://www.strategy-business.com/article/Jeremy-Rifkin-on-How-to-Manage-a-Future-of-Abundance?gko=3a999

Uploaded Date:29 July 2019

The term Impact Economy got introduced in the year 2007. A thriving impact economy will help boost global growth while also solving several environmental and social issues. Impact fund managers have done well for themselves, but often at the detriment of the original vision it was set up for. Now things are bound to improved, thanks to researchers developing better methods to track the business intelligence related to such investments. If it succeeds, a greater pie of the total investments would trickle down to social initiatives, as driven by the customers themselves. This will involve a wider range of industry players as well. In order for this kind of an economy to fully take root, some key developments would need to take place. Public policies need to be created that will provide incentives. A broad commitment needs to be reinforced involving fund managers, social entrepreneurs and the intermediaries. Finally, an industry body too must be created to look in to it.

Source:https://www.mckinsey.com/industries/private-equity-and-principal-investors/our-insights/catalyzing-the-growth-of-the-impact-economy

Uploaded Date:08 June 2019

Some clear examples in developing countries such as Mexico point out a major flaw in the welfare schemes. Too often the focus is on affordability, assuming that those at the bottom of the pyramid would be most concerned about prices, and would not care for looks or tastes. But that is not true, as evidenced through their choice of glasses or cell phones in several markets. Thus, some key tactics have been identified that will help companies market better to consumers near the bottom of the pyramid. One of them is to use the right words based around profession such as farmers, artisans or weavers, rather than the broad term- ‘poor’. Another point is that aesthetics do matter as shown by the Atlanta- Business innovations must focus on design so that humble households can be decorated. based Jaipur Rugs. Quality too matters, even at this level. Low prices do not necessarily end up as winning marketing pitch, unless the product or service is of use. Consumer engagement need not be high risk at this level. The mind set of marketers thus needs a sea change.

Source:https://www.strategy-business.com/blog/Designing-for-economic-inclusion?gko=a2806

Uploaded Date:11 May 2019

We are operating in a globalized world, and businesses likewise need to adapt accordingly. There is a recurrent theme emerging from different organizations about the need to provide corporate training sessions to its employees for understanding cross-cultural nuances. This is a central theme in the new book written by Stanford professor Scotty McLennan titled Global Business: Unspoken Rules of the Game. He speaks about how cultural factors vary from one country to another, even amongst seemingly similar cultures. In Mexico for example, guided by Catholic values, family and professional life are not to be separated. So, to attain business success in the country, one needs to start off by creating familial warmth with the partners. In the USA on the other hand, dominated by Protestant beliefs, personal and professional lives are to be totally divorced with a strict adherence towards timelines and schedules. What might appear as nepotism to outsiders in China, is actually an extension of the Confucian principles which dictate that family unity must be above all else. Ideas of Zen Buddhism are increasingly making their way into the oft ruthless world of business.

Source:https://www.gsb.stanford.edu/insights/exploring-origins-foreign-cultural-values?utm_source=TWITTER&utm_medium=Social&utm_campaign=Insights&Date=20180910&linkId=56575421

Uploaded Date:13 September 2018

A recent study was anchored by the BCG titled the SEDA (Sustainable Economic Development Assessment) report. This study was about the correlation between any nation’s wealth with its developmental agenda. Two key findings were made. Contrary to popular expression, wellbeing has actually increased in spite of the 2008 global financial crisis. This well-being however did not affect the near-term economic growth of the countries. BCG also conducted another study titled TSI (Total Societal Impact) where it found that the financial performance actually rose as a result of better social and environmental measures taken up. Companies would thus be well advised to tweak their corporate strategy in a way that it can also incorporate social and environmental elements within the game plan. A mindset needs to be cultivated where people are ready to think differently. Leaders need to reset their traditional strategic planning to connect to more constituencies.

https://www.linkedin.com/pulse/combining-economic-growth-social-well-being-david-young/?linkId=55119478

Uploaded Date:09 August 2018

In the “winner takes all” mindset of the digital age, inequalities are on the rise. These are leveraged by populist politicians but cannot be denied. While technology has been a major growth driver, and increased prosperity, it has also created massive inequalities. There is now an ever-widening gap between the elites and the others. The Gini Coefficient for example is widening especially in places such as France, UK and USA, but also in emerging markets such as India, China and Indonesia. The corporate focus on maximizing shareholder value led to mass increase in income levels, but also with growth rates falling and global trade on a slump, there is a need to rejig strategies. Automation is fueling fears of job losses. There is now a need for a new kind of business leader. The CEO of today needs to be more inclusive in approach. This will help shape the new globalization wave. New technologies such as blockchain need be embraced. Entrepreneurial business growth needs to be provided a fillip. Sensors, software and business analytics are realigning value creation away from standalone products to suites of them. Substantial investment needs to be made in management training of existing employees. Rewards need be realigned towards more holistic goals. Finally, a social business mindset needs to be brought in.

Source:https://www.bcg.com/publications/2017/strategy-agenda-for-future-global-business.aspx?linkId=52367373

Uploaded Date:10 July 2018

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