墨尔本作业代写Leadership Challenges and Strategies in

 
 
 墨尔本作业代写Leadership Challenges and Strategies in a Post-GFC World
 
 
Leadership Challenges and Strategies in a Post-GFC World
 
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墨尔本作业代写Leadership Challenges and Strategies in a Post-GFC World
 
The latest Global Financial Crisis (GFC) which began in 2008 has far-reaching and long-lasting effects on leadership around the globe. It seems that it is the GFC that has sharpened people’s expectation and requirements for business leaders. However, the challenges that are faced by leaders have already existed even before the arrival of this contagious GFC; only the GFC makes these challenges much more obvious and at the same times initiates the imperative needs of relevant strategies. This essay, therefore, pays attention to leadership challenges in a post-GFC World; meanwhile, corresponding strategies, including a reform of leadership education and the construct of global mindset, are also discussed to tackle with these challenges.
In this essay, these challenges are identified as influential leadership challenges in a post-GFC world. They include incompatibility between curriculum and realistic business practice, continuous diversification of work force, and an increasing level in a fast changing society. Some of these challenges are nothing new to the academia and the business world, yet the past GFC amplifies the influences of these challenges.
One of the challenges faced by leaders is the incompatibility between curriculum and reality. In other words, the education they have received in business schools cannot prepare them well to the real business world as these schools promise to do. Business schools have been the main “suppliers” of leaders since the beginning of the 19th century. Yet as people enter the era of information from the industrial age, education in business schools does not catch up quite in time. As Schoemaker (2008) points out, traditional and typical curriculum in business schools, which highlights certain analytic and cognitive skills, is not able to deal with changes and ambiguity in today’s business world. This logic is not hard to comprehend. In the past, the popularity of factories promoted the concept of effectiveness above other evaluation criteria. Taylorism and Fordism, for instance, welcomed standardized treatments towards staff and production process. However, globalization and technological advancements have changed the relatively unified management style forever. The former requires that leaders should have a global vision, while the latter emphasizes that leaders should be comfortable and more importantly, prepared for the fast challenging society. Yet management education, particularly MBA education, fails to mend this gap between traditional leadership styles and current requirements for leaders (Schoemaker, 2008; Waddock & Lozano, 2013). Evidence can be seemed in the recent financial crisis. The unprecedented level of globalization and complexity among economic entities highlights this gap between schooling and reality for leaders.
Another challenge in post-GFC world is the diversity of the work force. The term “diversity” is in no way novel to academic researchers as well as organizational managers. As early in 1995, for example, the Karpin report called for the establishment of organizational culture to deal with the increasing diversity of the work force in Australian companies (Samson, 2011). In other words, with the trend of globalization, leaders need to develop the cohesion among their employees who have distinguished cultural backgrounds. To complete this task, leaders need to have a global vision and to embrace differences in all cultures. However, for leaders, they are also strongly influenced by the cultures that have raised them up. Therefore, it is difficult for them to transcend cultural barriers within their organizations. In addition, the lack of both academic and pragmatic support in terms of international human resource management (IHRM) worsens the situation (Story et al., 2014).Considering the fact that the staffs is an important source of the creation of wealth, this issue deserves to be addressed imperatively.
墨尔本作业代写Leadership Challenges and Strategies in a Post-GFC World
In addition to human problems, the challenges brought by the uncertainty of the fast changing society also post great pressure on leadership. Many tales highlight the requirement for business leaders’ quick response: the rapid ups and downs experienced by numerous start-up companies in Silicon Valley, the fast and widespread of the global financial crisis which started in the sub-prime mortgage market in America, etc. All these stories show that leaders now are faced with an increasing degree of uncertainty, which are far beyond the cognition of these business leaders. Under this situation, balance interplay between transformational and transactional leadership styles is critical for companies to deal with various corporate challenges (Du et al., 2013). Yet leaders, even with MBA degree, are not prepared well to deal with every issue from globalization to economic integration (Samson, 2011). Even if they did, the uncertainty inherent in business indicates that certain effective solutions might be obsolete overnight. Therefore, leaders are and will be seriously challenged by this increasing uncertainty.
Taking the previous challenges into account, two strategies are suggested to deal with leadership challenges. First, it is suggested to reform the current curriculum in business school. Second, leaders should develop a global mindset, with a comprehensive understanding of their responsibilities.
To deal with the aforementioned leadership challenges, business schools need to restructuring education in business school and adapt their in class education. Relevant curricula should put an emphasis on issues ranging from the role of intuition to the management of uncertainty (Schoemaker, 2008). In addition, for some MBA programs, there needs a shift from individual career-centred education to an education which calls attention to the process of globalization, diversification and other actual issues faced by today’s integrated world economy (Story et al., 2014). In short, outdated business education now needs some revolutionary modifications and changes in order to ensure that leaders have a holistic vision towards companies’ daily practice (Waddock & Lozano, 2013). Business school, which undertakes the task of educating future managers, cannot maintain its premise of an industrial age anymore. They must accept the uncertainty as well as the resilience of the post-GFC world and take steps to deal with the leadership challenges.
Besides, the construct of global mindset is important. an up-to-date curriculum might guarantee the competence of leaders to some extent, but education only stresses the technical aspects of a legitimate business leader. This passage points out that the construction of a global mindset, with an awareness of responsible and sustainable leadership, is critical for leadership in a post-GFC world. This modern management style bases on the assumption that the global economy, politics and culture, even with differences, are interrelated throughout the world. Thus, it has certain requirements for leaders. The most obvious requirement is the global mindset. In other words, a leader in today’s business world should notice the holistic environment far beyond the micro-environment of the company he or she manages. This leader should view the whole economy as an integrated system in which system thinking should be applied in both strategic and tactical level (Waddock & Lozano, 2013). To better manage problems such as cultural heterogeneity, moral dilemmas and ethical conflicts, a kind of responsible leadership, which emphasizes a leader’s societal and political responsibility, should be promoted (Voegtlin, Patzer & Scherer, 2012). The sustainability of both leadership and any business should not be taken for granted. It needs uninterrupted input of human and non-human resources. The heart of leadership is to resolve conflicts and to ensure that this process can go on smoothly. Since conflicts are closely related to the globalized process, the complexity of the economy and the increasing uncertainty of the economy in today’s business world, leaders should have a much more comprehensive view of all these issues.
In conclusion, leaders in the post-GFC have to deal with numerous challenges imposed on them by the fast changing society. Three challenges have been made much more obvious than even by today’s business world. The first challenge is the discrepancy between education in business school and business practices in reality. Traditional and styled paradigm, to some extent, is too narrow for leaders to deal with the ever complex business issues. In addition, an unprecedented level of globalization makes it imperative to address the diversification of work force especially in international companies. Moreover, the increasing uncertainty prevailing in the technology and business world amplifies these challenges, because uncertainty implies that even an effective solution guarantees nothing for tomorrow’s business. To deal with these challenges, a reform of existing management is recommended. In addition to in-class education, leaders should pay attention to their global mindset as well as their societal and political responsibility, so that they can ensure a sustainable leadership. In this way, they can increase the sustainability of their leadership as well as their business.
 墨尔本作业代写Leadership Challenges and Strategies in a Post-GFC World
References
Voegtlin, C., Patzer, M. & Scherer, A.G., 2012. Responsible leadership in global business: A new approach to leadership and its multi-level outcomes. Journal of Business Ethics, 105(1), 1-16.
Schoemaker, P.J.H., 2008. The future challenges of business: Rethinking management education. California Management Review, 50(3), 119-139.
Du, S. et al., 2013. The roles of leadership styles in corporate social responsibility. Journal of Business Ethics, 114, 155–169.
Waddock, S. & Lozano, J., 2013. Developing more holistic management education: Lessons learned from two programs. Academy of Management Learning & Education, 12(2), 266-284.
Samson, D., 2011. Karpin report revisited: Leadership and management challenges in Australia. Viewed 3rd, March, 2014 https://www.ibsa.org.au/sites/default/files/media/IBSA%20REPORT%20-%20Karpin_0.pdf
Story, J. S., Barbuto, J. E., Luthans, F., & Bovaird, J. A., 2014. Meeting the challenges of effective international HRM: Analysis of the antecedents of global mindset. Human Resource Management,53(1),131-155.