Submitted by: Submitted by daytyme333
Views: 642
Words: 1525
Pages: 7
Category: Business and Industry
Date Submitted: 04/01/2013 12:16 PM
RUNNING HEAD: THE SIGNIFICANT ISSUES FACING TODAY’S BUSINESS MANAGERS
The Significant Issues Facing Today’s Business Managers
Managers come in many shapes and sizes with different levels of responsibility
for people, facilities and budgets. There are various challenges which are being faced by
the managers in all organizations. The three that I chose were the economy, retention and
ethics .
Economy:
The most critical issue currently facing management, in my opinion, is the
economy. The nation’s current economic standing is requiring companies to operate
under tight financial constraints The reason I believe the economy is so critical is
because it is evident, through reports of huge job cutbacks and closings of several stores
and manufacturing plants, that companies are suffering.
The economic standing of the United States changed drastically due to varying
factors such as the War in Iraq, heavy natural disasters and unethical practices from
major financial institutions. All these significant factors combined have caused
businesses to experience huge financial burdens just trying to maintain simple day-to-day
operations. It is vital for a business to have sufficient plans in place to survive during
critical financial times and taking action toward economic revival falls heavily on
management as it tries to come up with innovative ways to “do more with less.” The key
to survival is to come up with ways to weather the economic storm until the economy
improves.
Currently, organizations are identifying the problems caused by limited financial
resources and are discovering low-cost ways to create and market their products and
services. One prime example of this is the Starbucks Corporation. Starbucks decided
to change the scheduling system of its employees so there will be fewer employees
working more hours at its coffee shops. This new program was...