GMS 200 Lecture Notes - Lecture 1: Human Capital, Work Unit
2 Jul 2018
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Chapter 1: Introduction to Global Management
1. What are the challenges of working in the new economy?
Intellectual Capital
● The shared knowledge of a workforce that can be used to create value.
● People are the ultimate foundations of organizational performance.
Globalization
● The worldwide interdependence of resource flows, product markets, and business
competition that characterize the new economy.
● National boundaries of world business have largely disappeared.
Technology
● Continuing transformation of the modern workplace through the internet, WWW,
computers, and information Technology.
● Increasing demand for knowledge workers with the skills to fully utilize technology.
Diversity
● Workforce diversity reflects differences with respect to gender, age, race, ethnicity,
religion, sexual orientation, etc.
● A diverse and multicultural workforce both challenges and offers opportunities to
employers.
Ethics
● Code of moral principles.
● Society requires businesses to operate according to high moral standards.
● Emphasis today on restoring strength of corporate governance.
Careers
● Career of 21st century won’t be uniformly full-time and limited to a single large employer.
● Skills must be portable and always of current value.
2. What are organizations like in the new workplace?
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Critical Skills
● Mastery
● Contacts
● Entrepreneurship
● Love of technology
● Marketing
● Passion for renewal
Organization
● A collection of people working together to achieve a common purpose.
● Organizations provide useful goods and services that return value to society and satisfy
customer needs.
Organizations are Open Systems
● Composed of interrelated parts that function together to achieve a common purpose
● Interact with their environments.
● Transfer resource inputs into product outputs (goods and services).
● Environmental feedback tells organization how well it is meeting the needs of customers
and society.
Organizational Performance
● Productivity → an overall measure of the quantity and quality of work performance with
resource utilization taken into account.
● Performance effectiveness → an output measure of task or goal accomplishment.
● Performance efficiency → an input measure of the resource costs associated with goal
accomplishment.
● Effectiveness and efficiency in terms of goal achievement and resource utilization.
Workplace Changes that provide a context for studying management
● Belief in human capital.
● Demise of “control and command”.
● Emphasis on teamwork.
● Preeminence of technology.
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Document Summary
The shared knowledge of a workforce that can be used to create value. People are the ultimate foundations of organizational performance. The worldwide interdependence of resource flows, product markets, and business competition that characterize the new economy. National boundaries of world business have largely disappeared. Continuing transformation of the modern workplace through the internet, www, computers, and information technology. Increasing demand for knowledge workers with the skills to fully utilize technology. Workforce diversity reflects differences with respect to gender, age, race, ethnicity, religion, sexual orientation, etc. A diverse and multicultural workforce both challenges and offers opportunities to employers. Society requires businesses to operate according to high moral standards. Emphasis today on restoring strength of corporate governance. Career of 21st century won"t be uniformly full-time and limited to a single large employer. A collection of people working together to achieve a common purpose. Organizations provide useful goods and services that return value to society and satisfy customer needs.
