The document discusses several challenges faced by modern management, including globalization, workforce diversity, stimulating innovation and change, total quality management, empowerment of employees through teams, downsizing, and the rise of contingent workers. Globalization requires adjusting organizational structures to different country requirements. Workforce diversity provides benefits if organizations make accommodations for diverse groups. Empowering employees through self-managed teams has improved quality and productivity at some firms. Downsizing and contingent workers present issues around job security and motivation that managers must address. Overall, the changing economic environment is posing new challenges that are shaping management concepts and practices.