The Significant Issues Facing Today’s Business Managers

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...