Contemporary theories of management tend to account for and help interpret the rapidly changing nature of today’s organizational environments. As before in management history, these theories are prevalent in other sciences as well.
What is Contemporary Management
It involves planning, leading, organizing; and controlling operations to achieve organizational goals. Managers at each level of an organization are responsible for using resources effectively.
Building skills in making decisions, monitoring information; and supervising personnel are essential to achieving success. Challenges include managing a diverse workforce maintaining a competitive edge, behaving ethically; and using emerging technologies.
Features of Contemporary Management
It emphasizes working effectively in a global marketplace; so managing diversity is essential. A modern managerial strategy includes establishing values that reflect a commitment to a safe workplace for employees at all levels of the organization; so leadership training in ethics and compliance are featured.
It also features strong ties to the community and ensuring a sustainable environment, therefore building collaborative skills is included.
Some of the current factors influencing the management landscape are:
Types of Contemporary Management
Contemporary management skills include managing people to accomplish tasks, maintaining authority; establishing discipline; and ensuring direction and plans are consistent throughout the company.
Other types of required skills involve handling conflict, providing equitable pay; centralizing operations as appropriate, organizing workflow, maintaining order, and ensuring fairness.
Contemporary management includes entrepreneurship. Skills development in this area involves learning to identify realistic goals; manage risk appropriately, and capitalize on opportunities.
Establishing an entrepreneurial culture enables creative and innovative ideas to be executed, which results in a competitive advantage.