Firstly, Globalisation is the process whereby the whole world interacts with each other. We are now in a global village and countries are interdependent on each other which have seemingly also affected the business world tremendously. International trade which is one of the children of globalization is not only known for the exchange of goods only but now includes the exchange of skills in terms of labor.
THE BIG FOUR FACTORS NECESSARY FOR ORGANISATIONAL SUCCESS TODAY
Due to the rising complexities that exists in the world today especially as regards to the dynamics in the business sector, a lot of firms are struggling with how to keep up, let alone survive the various challenges facing the business world. These major challenges have to do with sustaining a good corporate governance system to ensure objectives are met. This takes us to discussing the big four factors necessary for organizational success today which are not only important for business survival in the 21st century but extremely relevant for any firm who wants to be an industry leader and to be truly exceptional.
. They are globalization, technological changes, knowledge management and cross boundaries collaboration. These factors are very crucial in decision-making as well as to give us the ability to know how to behave or react depending on the environment the organization finds itself.
There are certain environments in which most businesses operate in, such as the external environment which includes the competitive environment and the macroeconomic environment which includes economic indices like
exchange rates, inflation rates, taxes, government policies and regulations, etc. which cannot be controlled by the company. Hence, leaders’ needs to be better positioned in terms of skills and resources to be able to adapt to these ever changing environments.
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Which is why issues of recruitment and hiring as taken a new shape and companies must be willing to adapt to this development. Ways of adaption could be by establishing employment policies that supports international applicants in order to get the best. Also, organizations have to abide by the rules and regulations, the culture and tradition of the country they are operating in. Failure to do this might lead the organization to an abrupt end.
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Secondly, Technological change and its adaptability also affect the success of any business. Rapid change in technology occurs almost on a daily basis and it can be difficult for companies to keep up. There are two sides to technology change; the positive side and the negative side. The positive side has to do with it encouraging and enhancing dissemination of information very quickly regardless of the geographical location involved, it also saves time and reduces costs; for example during production and during trade through the e-commerce platforms, etc.
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The negative side to it is the advent of more sophisticated ways of executing crimes especially internet based crimes like money laundering, hacking, online theft, and so on which further makes company’s secret information very insecure. Therefore, organizations’ have to properly put in place the appropriate structures which includes the job roles, the departments and their managers that would have the sole objectives of managing both the cons and pros of this technological change to ensure company’s objectives are met and success is achieved.
Thirdly, knowledge management
which has to do with the process of developing the human capital aspect of the organization which is very crucial in attaining success in any firm because the factors of demand and supply that affects production which include changes in consumer preferences and tastes, changes in technology and market innovation, changes in population, etc are ever changing and so organizations should be in dire need of positive, passionate and creative people that are critical thinkers as well as problem solvers and are also ready for change and to take up new challenges. This is why leaders must properly and adequately manage their employees by boosting their morale through regular review of employments benefits and compensation policies. Therefore, ensuring that workers are motivated is a necessity for organizational success.
Fourthly, cross-boundaries collaboration has to do with ensuring effective collaboration and information dissemination across boundaries between employers and employees, clients and customers and all stakeholders in the business. In this case, differences in geographical location are not a barrier to effective business agreements and contracts. This can be achieved through the use of up-to-date
technology such as emails, social media platforms, websites, customer database and other online/offline tools. Hence, for organizations to achieve success in the 21st century, cross boundaries collaboration is an essential factor. In today’s world, organizational existence, survival and success is not only limited to the big four mentioned above but also includes;
In Conclusion
the only constant thing is life is change and it is inevitable. Therefore, in order for leaders to gain positively and effectively from the big four factors responsible for organizational success in today’s world, they must be willing to embrace change and most importantly quickly adapt to it.