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Accepting and being able to change plays a big part in management. The process that today was sufficient for a business may not be the best way to do it tomorrow. The textbook provides many theories on how to motivate workers. Why is this? It is because no matter how your balance sheet reads or your income statement fluctuates into the red or black, the bottom line is the work force provides the service. As diverse as it is today, and with culture and gender to take into account, understanding what makes each segment of the pie work eventually is the key to a successful management team. You have to foster the financial planning into this of course but you also have to take risks. With a closed mind, risk will never happen. Change comes by taking risk. Gone are the days of being able to do things one way only. With the use of the Internet, and the way entrepreneurs come up with new ways to provide competition, you have to adapt many times to this changing world. If not, you fall behind and that costs money! .
Management needs to learn to diversify their knowledge of their business. Communication is many times faster today than it was say ten years ago. We've learned to adapt to that change. Well now it gets faster daily and keeping up with the speed of technology is even more difficult. The reliance on the one man who can do it all is long gone. Sure there are those who have extensive knowledge in their field. What that is called is experience. This was mentioned in the first paragraph of this essay. The world is much more technologically intelligent today it was even last year. The ways used to ensure that the work force is challenged and satisfied is harder to achieve. Abraham Maslow's 5-step theory of achievement has increased in content. This is because of the knowledge and new resources needed to accomplish the balance he theorizes. Along with Clayton Alderfer's three-step theory, management has the real potential to expand horizons at their fingertips.
