In: Finance
The Five Management Functions as a Coordinated System. Of the five management functions, which do you expect will experience the most dramatic changes in the next decade? Defend your answer. Which will have the least amount of change? Explain your answer.
Five management functions as a coordinated system are planning,organising, staffing, leading and controlling.
I expect that out of these Five management functions, the most dramatic change will be experienced by Staffing, because there is a complete change in the dimension of overall business in the next coming years due to this pandemic which is unfolding in the global economy right now.
The business will not be conducted into a physical manner and they will have to switch to a digital mode so these businesses will be cutting onto their staffs and there would be an adequate amount of right people at the right place who have the potential to do the work so there should not be any additional workforce in the coming decade, and the right amount of staffing is very important in order to survive and sustain in the long run as it will help in cost cutting and effective optimisation of resources to maximize the organisational value.
The least amount of changes would be faced by controlling as there would be more transparency in the system because businesses will go online and there would be more electronic transfers and assessment of performance would be more transparent because of businesses going digital and doing more businesses in non physical manner.