Global growth, emerging businesses, shifting customer demands, new and faster technology, competition, intellectual capital, and redefined values are but among the many factors driving the new economy that are changing the way businesses operate in the twenty-first century (Dattner & Rothenberg, 2008). These changes are propelling companies to refocus and redefine their strategies towards beefing up their organizational capabilities and meeting the demands and challenges of their respective organizations on leadership, personnel retention, talent, diversity and operational effectiveness. Business leaders are challenged not only to be able to manage change but also to produce change to ensure that their companies stay ahead of the brisk competition. This is a rather gargantuan task considering the nature and complexion of today’s workforce
From the essay I have read, it is clear that VW utilized several management strategies to accomplish their goal of doubling sales. Some strategies were:
1. Business goals and strategies were clearly articulated within the organization. Business expectations as well were clearly communicated so that every department’s functions are aligned with company goals and strategies.
2. VW developed a well-defined vision for at least the next five years of what it hopes to achieve or the direction it will pursue.
3. VW developed a strong collaborative relationship within the organization.
4. The utilization of knowledge and continuous learning. These have become critical elements of success in the new economy led by those who can create, find, and combine knowledge into new products and services faster than their competitors (Heller, 2006).
Undeniably, the 21st century is a tough time for business organizations as a whole. The unique challenges of globalization, rapidly changing technologies, competition from new and unexpected sources in business and talent acquisition/retention, pressures for containing and reducing costs, and the emergence of a new generation of workers require equally unique people to lead organizations (Peters & Kabacoff, 2008).
Dattner, B. and Rothenberg, E. (2008) “The Future of Human Resources” Accessed 02-Feb-2012 from http://www.dattnerconsulting.com/presentations/futureofhr.pdf
Heller, R. (2006) “Stepping outside the box. Management Technique” Accessed 02-Feb-2012 from http://www.thinkingmanagers.com/management/management-technique.php
Peters, H. and Kabacoff, R (2008) “HR Leaders at the Crossroads: Remaining Relevant in the 21st Century” MRG Research Report: Leadership and Role. Accessed 02-Feb-2012 from http://www.mrg.com/documents/HRLeaders.pdf.