managers manage their agendas, contacts, communications, and time. Managers also spend a lot of time networking —building relationships and sharing information with colleagues who can help them achieve the items on their agendas. Networks are not limited to immediate subordinates and bosses; they include other people in the company as well as customers, suppliers, and friends. These contacts provide managers with information and advice on diverse topics. Social media sites have increased the ability of both managers and subordinates to network. Internal social networks such as Yammer allow employees to connect with one another, while social networks such as Facebook or Twitter enable managers to connect with customers. 36
Finally, managers spend a great deal of time confronting the complex and difficult challenges of the business world today. Some of these challenges relate to: 1. Rapidly changing technology (especially in production and information processing) 2. Increased scrutiny of individual and corporate ethics and social responsibility 3. The impact of social media 4. The changing nature of the workforce 5. New laws and regulations 6. Increased global competition and more challenging foreign markets 7. Declining educational standards (which may limit the skills and knowledge of the future labor and customer pool) 8. Time itself—that is, making the best use of it 37
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- Spring '14