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managing in the new millennium

managing in the new millennium - managing in the new...

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managing in the new millennium Patricia M Buhler; SuperVision ; Burlington; Feb 2004 the new challenge for management in the 21st century: leadership There is a silent talent war being waged in American business. As organizations acknowledged that a management shortage was looming on the horizon, steps were outlined in the astute companies to begin preparations for meeting this challenge. These future-oriented plans address a variety of issues to win this talent war. To be successful on an ongoing basis, new management must continuously be developed. Continued success means organizations must ensure that talented individuals are at the helm of the organization, critical teams, departments and divisions. Companies, then, must identify potential talent and then develop them. This is a lengthy process. Talent is rarely discovered overnight, but rather it is nurtured and developed over time. Two Roles: Management and Leadership When identifying talent, companies must determine what they need. The first step in the talent war, then, requires identifying what skills these talented individuals must possess. While Corporate America uses the terminology managers, what they really need are leaders. The two terms reflect two different roles that are filled in the organizations - both of which are important. Companies today need those who can promote change. These are the real leaders. Managers, on the other hand, fill the role of stability. Maintaining the status quo (the role of managers) causes an organization to fall behind if not paired with the role of promoting change. As the world continues to change, stability implies the organization is being passed by as it stands still. While companies need both stability and change, there are more individuals who can fulfill the role of promoting stability. Yet change is the order of the day. Therefore, organizations need more leaders - those whose role it is to promote change. This implies progress and provides an opportunity for growth. Promoting change is indeed a much more difficult role with far less talent currently available to fill it. Succession Planning Once the firm knows the skills they need, they must then determine if they have enough of these talented individuals. Through the use of a transition matrix (also known as a Markov analysis), the company can identify where the likely shortages (or surpluses) in management are likely to occur within the firm.
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