The global business
environment is becoming
turbulent in every aspect due to catastrophic changes
like globalization, liberalization, technological
advancement, economical disturbance and recession. This turmoil in
the corporate world is not only detrimental but is also
bringing with it a lot of opportunities and challenges for expansion of
business across the globe. The top management has to exploit
the potential and resources to be at the top. In order to be successful,
the organizations have to focus on advanced management
concepts like continuous learning, knowledge management,
transformational leadership, change management, diversity management,
virtual organization, etc. They need to formulate HR strategies that
foster team culture, innovative culture, diversity management and
upgrade the skills of employees.
In the present times, the competition is at peak due
to changing behavior of customers, technological
development, shortening of product cycles, so in order to have a competitive edge
the organization should have innovative products and
services. One of the important thing that the management needs to do is
to promote an organization-wide innovation. In previous
times, innovation was accredited as a step towards growth
and success but in the present scenario promoting innovation and implementing
new ideas successfully is as much about survival as progression. So HR
needs to foster on innovative, creative skills of employees and
on inculcation of innovative culture in the organization. Thus,
significance of promoting innovation in management is increasing day by
day in the business world. Organizations that are capable
of coping with business vitality by promoting innovation are
surviving and reaping profits. |
