Characteristics of Evolving Competitive Environment for Business
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Characteristics of the Evolving Competitive Environment for Business
There are different changes sparked by factors that bring competitiveness in the business environment. New technologies and the internet features are sparking a possible revolution in the industrial sector with the emergence of new changes. These transformations are far ranging from the processes, leadership and staffing in the corporations. The leadership roles and structures of organizations have far shifted from sole dependence to multi dependence, with each employee of a corporation being remunerated on contributions made other than the position held at the firm.
The characteristics recognizable of an evolving competitive environment thus include operations mode, globalization, innovation imperativeness, demographic changes and increased cultural diversity among others. Organizations are far much changing structures from a pyramid style to web-like system with inclusivity of the organizational leadership, staff agents, customers and stakeholders, which keeps growing more and more bringing on the importance of managing it too as part of the organizations activities.
With the technology advancements, competitors in business environments will play on a fair ground to build on the capacity to match or supersede the rest. This, therefore, organizations need to change their human resource management in a manner that will encourage acquisition and retention of knowledge from its employees and free agents in order to fit in the competitive business environment. This cannot be done through paychecks alone, but also creating favorable cultures and reward systems that provide flexibility to its employees.
Therefore while capital are moving across boundaries through globalization, and the change in the structure of the management of an organization from pyramid to web like structure, and innovation imperativeness encouraged through acquisition of skills and retaining them, innovative imperativeness is still seen to define the business world during the 21st Century because it is seen as the central core that an organization will depend on to outshine other corporations. This characteristic is also essential for the survival of an organization, due to the demographic shift and changing cultural environments characterized by rapid change on the skilled and the number of people available to work.
Demographic shift has impact on the workforce which in turn reshapes economies and markets in the 21st Century. On one hand, the entry of young people in the market is able to drive productivity whilst improving the economic growth. On the other hand, the aging population will potentially slow down productivity possibly limiting economic growth. For this reason therefore, policy makers and market leaders need to intervene through new approaches as a result of the likely massive changes brought about by such shifts.