Challenges_and_Opportunities_New_Managers_Facewhen_Entering_an_Industry

Challenges and opportunities new managers when entering an industry In recent times, new managers entering new industries face a lot of opportunities and challenges. Some of the major opportunities and challenges are outlined and discussed extensively in this essay. A crucial challenge faced by managers today is their ability to interact and form partnerships with international partners and competitors that they mostly don't understand. In most cases, the problem is not the language difference but cultural differences. Nardon, Luciara1 : 2008. These authors proposed two strategies for succeeding which entails developing cultural fluency and developing a global mindset. While both strategies are useful, they suggest that the increasing intensity, time sensitivity, and diversity that characterizes today's global business environment may require a third approach. They candidly refer to it as ‘learning cultures on the fly’. Culture basically means different ways of doing things or the way of life of a group of people. Cultural difference is a major challenge encountered by new managers in industries in the sense that some of the existing managers may have diverse ways of making decisions, interacting with the employees at the lower level. Issues like this might make a new manager find it harder to relate to the existing managers and this may affect in the advancement of the organisation. On the other hand, cultural differences are advantageous to a new manager making his way in an industry, it initiates a platform for them to learn about other cultures which will become a memorable experience for them in their career. When outlining intercultural interaction learning theory, the above mentioned authors proposed a new approach to succeeding abroad, through which personal learning in cross-cultural settings can be facilitated through social learning. In my own opinion, an intercultural interaction is an opportunity for mutual learning in which these managers can both learn about each other's culture and bring to terms efficient ways of relating them to their work in general. If managers are able to overcome their cultural differences it will reduce the intensity of their challenges and create room for rapid development in the organisation as well as in both new and old managers Change is a conspicuous and inevitable challenge faced by new managers in industries. Change is a constant thing in life and it can be a generational problem. Some managers are not equipped with the knowledge required to adjust to change, they lack the insights required to adapt and to react to rapid change. Managers need to be aware of the changes taking place in their external environment and the need to acquire more skills required to respond to change in due time. Dynamism is an essential tool that will increase progress in an establishment, this is due to the fact that the world is moving at a very fast pace and hence changes are made every minute, in order to be updated to the current trend of society a manager will need to be innovative and well abreast with the modern world, its expectations as well as that of people. Therefore change should be a constant anticipation of new managers as well as experienced managers to enable them build and move their organisations forward. Ambang, Tabian1 : May 2009. Change can also come in form of opportunities and some managers don’t realise that until the change is missed as an opportunity and they are left to face the challenging aspects of it. One of the dominant opportunities faced by new managers in industries is that it provides an opportunity for them to meet other existing and well-established managers. This creates a platform for them to share their past experiences, ideas and relate it to their work. They also share their knowledge with each other and this helps them to develop themselves. Sometimes, there might be rivalry between the new and existing managers due to lack of co-operation in decision-making of which may be to the detriment of the company to avoid these, good communication channels should be created between new and existing managers and interdepartmental workshops should be organised on a regular bases and this should comprise of both new and existing managers regardless of their ranking in the organisation as it will go a long way to enhance the relations between old and new managers in the organisation and therefore improve upon the development of the industry or the organisation. Another challenge faced by new managers recently includes regulatory issues, human capital, innovation and, business models and growth. By way of illustration, new technologies have brought tremendous efficiency gains in some quarters, but at the cost of diminished personalisation and relationship between institution and customer. A critical concern, therefore, is how to blend the use of new technologies with the aspiration to develop and maintain (quasi) face-to-face relations with customers, particularly with the other category of consumer who is becoming increasingly financially literate. This means that managers need to be adequately equipped in terms of technology and also should be sufficient when dealing with people, personally becomes an option (face-face). Professor Andy Neely: 2008. In conclusion, managers should prepare themselves by being well equipped with the knowledge required to adapt and react to changes. As mentioned in the essay, changes come in forms of threats and opportunities. Managers should be conscious of their external environment and be responsive to them in terms of changes so the opportunities brought by change don’t elude them since opportunities can manifest and increase progress through change. References . Winch, G 2001, Wiley, Management of the “skills inventory” in times of major change; Systems Dynamic Review, 17, 2, pp. 151-159 . Tabian, A 2009, Challenges of contemporary Management in Papua New Guinea; Contemporary PNG Studies, 1-16, pp.10 . Borchardt, john R. 2008 ‘Providing New Opportunities for Contract Managers’, Contract Management, pp.26-34. . Kedia, Ben L 2011, ‘Internationalising Business Education for Globally Competent Managers’, Journal of Teaching in International Business.22, pp.13-28. Nardon, L 2008, ‘The New Global Manager: Learning cultures on the fly’, Organizational Dynamics, 37, pp47-59.