Managing in the 21st century
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Analyze the forces shaping work, workplace and worker skills required in the 21st Century. Discuss the implications of these trends for the workforce, firms and management. Articulate the ways in which people differ from one another at a high level and why it is important for management.
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Managing in the 21st century
- 1. Managing in the st 21 Century Mala Sarat Chandra mchand1@uw.edu
- 2. Learning Objectives Analyze the forces shaping work, workplace and worker skills required in the 21st Century. Discuss the implications of these trends for the workforce, firms and management. Articulate the ways in which people differ from one another at a high level and why it is important for management. 1/8/2014 Mala Sarat Chandra University of Washington 2
- 3. 21st Century at Work Rapid Pace of Technology Shifting Demographics Economic Globalization 21St Century Work Source: The 21st Century at Work, LYNN A. KAROLY, CONSTANTIJN W. A. PANIS, Rand Corporation (2004) 1/8/2014 Mala Sarat Chandra University of Washington 3
- 4. SHIFTING DEMOGRAPHICS 1/8/2014 Mala Sarat Chandra University of Washington 4
- 5. Civilian Labor Force in the USA 1950, 2000, 2050 (Projected) Source: Mitra Toossi, Monthly Labor Review (May, 2002) 1/8/2014 Mala Sarat Chandra University of Washington 5
- 6. Educational Attainment in the US 1/8/2014 Mala Sarat Chandra University of Washington 6
- 7. Women in the US Workforce Source: http://carrington.edu/blog/carrington-college-news/women-inthe-workforce/ 1/8/2014 Mala Sarat Chandra University of Washington 7
- 8. The Gender Journey - USA Source: 20-first's Global Gender Balance Scorecard 2013 (PDF 2 MB) 1/8/2014 Mala Sarat Chandra University of Washington 8
- 9. The Gender Journey - Europe Source: 20-first's Global Gender Balance Scorecard 2013 (PDF 2 MB) 1/8/2014 Mala Sarat Chandra University of Washington 9
- 10. The Gender Journey - Asia Source: 20-first's Global Gender Balance Scorecard 2013 (PDF 2 MB) 1/8/2014 Mala Sarat Chandra University of Washington 10
- 11. 1/8/2014 Mala Sarat Chandra University of Washington 11
- 12. Implications for the Workforce and Workplace: Shifting Demographics The workforce is becoming more diverse in gender, race and ethnicity. The workforce is becoming more balanced in age. Workers have more responsibilities outside of work. Many mature workers will remain in the workforce. Educational attainment will continue to rise. 1/8/2014 Mala Sarat Chandra University of Washington 12
- 13. RAPID ADVANCE OF TECHNOLOGY 1/8/2014 Mala Sarat Chandra University of Washington 13
- 14. Rapid Advance of Technology Moore’s Law, Predicted and Actual Price Indices for ICT SOURCE: BEA NIPA Tables, Table 7.8 (http://www.bea.gov/bea/dn/nipaweb/SelectTable.asp). 1/8/2014 Mala Sarat Chandra University of Washington 14
- 15. Global Knowledge and Hi-Tech Industries 1998 - 2010 Value-Add Exports Source: National Science Board, Science and Engineering Indicators, 2012 1/8/2014 Mala Sarat Chandra University of Washington 15
- 16. Global Growth of the Internet World Population Estimate Internet Users 2000 Internet Users 2012 Growth 7,017,846,922 360,985,492 1/8/2014 2,405,518,376 Mala Sarat Chandra University of Washington 566.4% Source: www.internetworldstats.com 16
- 17. Factors Leading to Rapid Adoption of Technology Computing power and capacity, data transmission speed, and network connectivity have increased dramatically, while hardware costs have fallen rapidly. Increased user-friendliness of new software has led to rapid adoption of computer systems. Levels of business investment in computer hardware during the mid- to late 1990s reaching several times the level of previous years. High bandwidth, affordable tariffs resulting in widespread adoption of the Internet. 1/8/2014 Mala Sarat Chandra University of Washington 17
- 18. Innovations of the 2nd Millenium 20th Century 21st Century 1. Electrification 2. Automobile 3. Airplane 4. Water supply and distribution 5. Electronics 6. Radio and television 7. Agricultural mechanization 8. Computers 9. Telephone 10. Air conditioning/refrigeration 11. Interstate highways 12. Space flight 13. Internet 14. Imaging 15. Household appliances 16. Health technologies 17. Petrochemical technology 18. Laser and fiber optics 19. Nuclear technologies 20. High-performance materials 1. Energy conservation 2. Resource protection 3. Food and water production and distribution 4. Waste management 5. Education and learning 6. Medicine and prolonging life 7. Security and counter-terrorism 8. New technology 9. Genetics and cloning 10. Global communication 11. Traffic and population logistics 12. Knowledge sharing 13. Integrated electronic environment 14. Globalization 15. AI, interfaces and robotics 16. Weather prediction and control 17. Sustainable development 18. Entertainment 19. Space exploration 20. "Virtualization" and VR 1/8/2014 Mala Sarat Chandra University of Washington 18
- 19. Focus of Innovation 20th Century: Physical Capital and Physical Objects Cheap power through electrification Capital assets such as factories, mines, oil wells and refineries Telephony Computers Household appliances The Internet 1/8/2014 21st Century: Intellectual Capital and Virtual Objects Digitization of information, Big Data Decoding the human genome Online knowledge resources (e.g., weather prediction and control, traffic and logistics, terrorism and security) Global connectedness and rapid knowledge dissemination User generated content Internet of Things Mala Sarat Chandra University of Washington 19
- 20. 21st Century IT Innovations “Consumerization of IT” “There’s an App for that!” “BYOD” “Live Video Streaming” “Big Data Analytics” “Sensors and machine learning” “The new Biology” “Nanotechnology” 1/8/2014 Mala Sarat Chandra University of Washington 20
- 21. Impact of Technology Use of PCs in the workplace doubled between 1984 and 2001. 80% of managers and professional workers use PCs in the workplace. Moore’s Law will continue for some time. New technologies exploit the continued miniaturization of computer chips and communications devices. Continued growth in the volume, variety and velocity of data. The IT revolution is fundamentally intertwined with economic globalization. 1/8/2014 Mala Sarat Chandra University of Washington 21
- 22. Implications for the Workforce and Workplace: Technology Advancement and Adoption Increase in productivity. Shifting the skill requirement for jobs. Changes to the wage structure. Altering how firms are organized. Changing the nature of employer-employee relationship. Provides the ability to work remotely. Changes to the delivery of workplace education and training. 1/8/2014 Mala Sarat Chandra University of Washington 22
- 23. ECONOMIC GLOBALIZATION 1/8/2014 Mala Sarat Chandra University of Washington 23
- 24. Value of US Goods and Services Trade 1/8/2014 Mala Sarat Chandra University of Washington 24
- 25. A Review of Significant 21st Century Economic Events Dotcom Bust Leverage Yuan tied to $ 30 – 1 ratios in building CDO portfolios Securitization Illiquidity 85% of US mortgages in Collateralized Debt Obligations Domino effect as defaults accelerated Insurance Deceptive sales tactics Credit Default Swaps insure CDO owners Complexity CDOs could comprise CDOs Deceit Hubris Sub-prime crisis Myopia, Greed, Denial 9/11 Source: What Matters Now, Gary Hamel 1/8/2014 Mala Sarat Chandra University of Washington 25
- 26. Global Economic Integration Growing trade, especially in services, with more diverse countries. IT Outsourcing. Internationalization of Capital flows. Globalization of Labor and Intellectual Capital. 1/8/2014 Mala Sarat Chandra University of Washington 26
- 27. Implications to the Workforce and Workplace: Global Economic Integration Expanding Markets. Intensified Competition. Importance of innovation. Alteration in job mix, with displacements in some sectors and growth in others. Changing employment relationships. 1/8/2014 Mala Sarat Chandra University of Washington 27
- 28. Implications for 21st Century Management The business world is global and more complex. Organizational boundaries are fluid and dynamic. Leadership stretches across organizational boundaries. Enterprises are networks of organizations that must respond quickly to emergent challenges and opportunities. Rapid pace and nature of change. Impact of technology evolution and convergence. Importance of resilience, adaptability and long term relevance. 1/8/2014 Mala Sarat Chandra University of Washington 28
- 29. Hostage to Heritage 1/8/2014 Mala Sarat Chandra University of Washington 29
- 30. Profound Shifts in Business Models Focused competitors (jetBlue, Virgin America) gain ground over industry Majors (AA, UA). Transition from scattershot drug discovery to diseasefocused, gene-based drug design. Plug-in hybrids and all-electrical vehicle challenge combustion engine cars. Software as a product transition to software as a service. Explosive growth of e-books and diminishing role of traditional booksellers. Healthcare “fee for a service” business model moving to “integrated care” models. 1/8/2014 Mala Sarat Chandra University of Washington 30
- 31. Management and Leadership Focus Focus 20th Century 21st Century Span Within Organizations with well defined boundaries Across an Enterprise – a network of organizations with fuzzy boundaries Context Generally stable and predictable, with longer planning horizons Complex and uncertain, dynamic, real-time Leadership Hierarchical Distributed Orientation Functional anchor Issues anchor Culture Largely homogeneous Highly diverse Employment base Largely permanent, full-time Increasingly contractors, outsource, off-shore Employee Skills and Knowledge Functional Integrative 1/8/2014 Mala Sarat Chandra University of Washington 31
- 32. Thought Provokers Does organizational longevity have intrinsic value? Are Startups an alternative to established companies? Is institutional death inevitable? What management values does the www inspire? 1/8/2014 Mala Sarat Chandra University of Washington 32
Editor's Notes
- As a result of automation and the investment in new technology, the same tasks could be accomplished with a smaller workforce, which raises worker productivity.Some jobs are becoming more specialized and requiring greater analytic and problem-solving skills to perform tasks that cannot easily be automated. Often these skill requirements are manifested in increased demand for workers with higher education levels.Pay is tied to underlying skill capacities with a greater reward for those with the highest skills relative to lower-skill counterparts.With greater specialization and work products that can be digitized and distributed over electronic networks, it becomes possible to redistribute workers across geographically dispersed work sites rather than requiring workers to be collocated.The incorporation of new technologies requires the reorganization of work to account for the new responsibilities and level of decision-making required of workers in various occupations.Adapting to technological change often requires retraining workers so that they are able to work with the new technology and within new organizational structures.