1. The 21st Century Workplace
The 21st century has brought a new workplace, one in which:
Organizations must adapt to rapidly changing society with constantly shifting demands and opportunities
Economy is global and driven by innovation and technology
High performing companies gain extraordinary results from people working for them. The best employers value people!
Our economy is knowledge based.
Success is forged in workplaces that are continually being reinvented to unlock the potential of human intelligence.

2. What are the challenges of working in the new economy?
1. ___________________
People: what they know, what they learn, and what they do with it, are the ultimate foundations of the organization and how it performs
Intellectual Capital
___________ ________ is the collective brainpower or shared knowledge of a workforce
Intellectual Capital
A ________ _________ is someone whose mind is a critical asset to employers and who adds to the intellectual capital of an organization
Knowledge Worker

3. Example: Intellectual Capital
-Houston Astros former employee
-used password to steal information prospects for his new team from St. Louis
Facebook, Google, etc…
Always facing challenges and lawsuits on their tech, how they got it.

4. What are the challenges of working in the new economy?
2. _______________
People and countries are increasingly interconnected through the news, travel, labour markets and in business dealings
Globalization
_________________ is the worldwide interdependence of resources, markets, and business competition that characterize the new economy
Globalization

5. Example: Globalization
Just bought a part for my vehicle from Thailand
12$ to buy and ship it here
Companies can now do business in any part of the world without fear of losing market share
Management Fundamentals - Chapter 1

6. What are the challenges of working in the new economy?
Technology
3. _______________
Continuing transformation of the modern workplace through:
The Internet
Computers
Information technology
Automation
Increasing demand for knowledge workers with the skills to fully utilize technology
Computer literacy must be mastered and continually updated

7. Management Fundamentals - Chapter 1
Example: Technology
Cloud storage
Other examples…….
Management Fundamentals - Chapter 1

8. What are the challenges of working in the new economy?
Diversity
4. ___________
___________________describes differences in gender, age, race, ethnicity, religion, orientation, and able-bodiedness among workers
A diverse and multicultural workforce both challenges and offers opportunities to employers
By valuing diversity, organizations can tap a rich talent pool and help everyone work to their full potential
Workforce Diversity

9. What are the challenges of working in the new economy?
4. Diversity Continued
Businesses are improving in valuing diversity but inequalities still exist
A subtle form of discrimination is the ______________________, an invisible barrier or “ceiling” that prevents women and minorities from rising above a certain level of organizational responsibility
Glass Ceiling Effect

10. Example: Diversity
Somali man not hired by Kitchener investment company because of a “Culture of resisting authority.”
Wilfred Laurier University: Last year corrected a “wage disparity” between men and women doing the same job

11. What are the challenges of working in the new economy?
Ethics
5. ___________
moral principles that determine “good / right” behaviour as opposed to “bad / wrong” behaviour of a person or group
Society requires businesses to operate according to high moral standards

12. Example: Ethics Volkswagen: Caught cheating on emissions tests
15 billion dollar penalty in Canada alone
Wells-Fargo: 5,000+ employees caught making fake accounts to bolster their numbers.

13. What are the challenges of working in the new economy?
6. _____________
Won’t all be full-time or with one large employer in the 21st century
More likely to involve changing jobs and employers over time
Skills must be portable and of current value
Skills are not gained once and then forgotten; they must be carefully maintained and upgraded
Careers

14. Example: Careers
Average person will have 10 different jobs before the age of 40
That number is expected to grow as competition becomes more fierce for jobs.

15. Changing Nature of Organizations
Workplaces that focus on these things will have a better chance of attracting/retaining better employees…
_________________________ – need to fully utilize the knowledge, experience and commitment of all members
____________________________________ - traditional hierarchy structure are proving too slow, conservative and costly to thrive in today’s economy
____________________________– today’s organizations are less vertical and more horizontal
_________________________ – new opportunities appear with each new IT development and continually change the way organizations operate and how people work
Belief in Human Capital
Demise of “Command and Control”
Emphasis on Teamwork
Pre-Eminence of Technology

16. Changing Nature of Organizations
Embrace of Networking
_______________________ – organizations are networked for intense real time communication and coordination; both internally and externally
_____________________________ – a new generation of workers brings less tolerance for hierarchy, more informality and more attention to performance as opposed to status and seniority
____________________________ – workers are forcing organizations to pay more attention to balance in the often conflicting demands of work and personal affairs
_________________– those companies that get products to the market first have an advantage, and in any organization work is expected to be both well done and timely
New Workforce Expectations
Concern for Work-Life Balance
Focus on Speed

17. Changing Nature of Organizations
Organizations that fail to listen to their customers and fail to deliver quality goods and services at reasonable prices will be left struggling in a highly competitive environment

18. Managers in the New Workforce
Organizations perform better when they treat their members better
_______________________ treat employees as costs to be reduced
High performing organizations treat people as valuable strategic assets
It is a manager’s role to ensure that their employees are treated as strategic assets
“Toxic Workplaces”

19. Changing Nature of Managerial Work
The work managers perform is less directive and more supportive than in the past and can often be found working alongside those they supervise
High performing managers …
Build working relationships with others
Help others develop their skills and performance competencies
Foster teamwork
Create a work environment that is performance-driven and provides satisfaction for workers

20. Changing Nature of Managerial Work
The organization can be viewed as an ________________________ where;
Each individual is a value-added worker
A manager’s job is to support workers’ efforts
The best managers are known for helping and supporting
Upside-Down Pyramid

21. The Organization: An Upside-Down Pyramid

22. The Four Functions of Management

23. Mini Assignment
We discussed 6 different challenges workplaces/managers have to deal with in today’s world. Your job is to find an example of a company that is dealing with 1 of the issues we discussed. It can be in a positive or negative light.
In a 1 page, single spaced write up, you will summarize the situation and explain how this situation is positively/negatively affecting the company. You will also suggest a solution for the company if possible, or suggest what they could do to improve upon what they are already doing.
Be sure to include your sources in a properly formatted bibliography