Management denotes a process of doing things via individuals, by means of their participation. It entails planning and direction of efforts, together with the organization and application of material as well as human resources, for achieving preset goals. One can determine administrative functions in the overall management context. Actually implementing everyday business decisions and strategies necessitates the application of certain admin actions which might be allocated by management to administrative or executive officers. Management responsibilities might also extend to cover, besides overall organizational running, exclusively administrative tasks. Corporate departmental leaders’ regular day at the office may incorporate a blend of generic management duties and comprehensive administrative tasks (Liebler and McConnell, 2016).
Societal recognition of the managerial role’s salience is associated with the encountering of progressively greater expectations and challenges. Hence, the challenges managers are confronted with in the present day (and which they will confront even in the near future) reflect the unpredictability and swift changes occurring in the current era of the corporate environment. A majority of companies have endured and enjoyed success owing to their managerial staff’s outstanding organizational capability. Therefore, executives who look carefully into and constantly monitor management challenges and problems will be able to most positively impact their firm. On the other hand, corporations housing a defiant and unskilled workforce unready and incompetent when it comes to tackling such problems and challenges will end up losing their market share to rivals and being forced to close down (Ngige, 2014).
Sound management has immense positive effects with regard to tackling corporate challenges. Modern-day companies are forced to handle innumerable radical changes, trials and forces. Management responsibilities have expanded to integrate the improvement of resource productivity, direction of resources towards where desired outcomes can be achieved,...
Such challenges have transformed the corporate playing field. Specifically, modern-day challenges have drastically enhanced companies’ need for maintaining flexibility and responsiveness, and developing competences to respond swiftly and compete well within the international market (Ngige, 2014).
Present-day and imminent management challenges will revolve around the improvement of resource productivity. Liberal capitalists of the 19th century held that resources could be self-developed and apportioned automatically. Socialists of the same era and the last century’s communists held that resource development was a systemic activity, somewhat similar to the earlier belief. Contemporary experts, however, know better. Management creates and apportions resources, and is accountable for what results they yield. Thus, the most salient duty and objective of the managerial role is productivity (Ngige, 2014).
Further, clearly, resources (especially the main corporate resources, namely, funds and labor) are man-made, rather than natural. While humans aren’t resources per se, they do come under the category of resources after receiving appropriate training, developing capabilities, and being assigned productive tasks. This represents the management function’s chief challenge. It is of particular significance within emerging economies. The key characteristic of emerging economies is the fact that they face a great shortage of efficient, skilled and productive workers. Hence, the transformation of humans from mere individuals into productive human resource, entailing the activities of individual training, development, allocation and management, constitutes one among the pivotal management issues within developing economies (Ngige, 2014).
However, from several standpoints, capital has been accorded much greater importance as compared to labor, particularly within the context of emerging economies. Further, capital or funding may be acquired only if one provides a surplus amount from current production over current expenses, in the absence of which capital formation is not possible. Formation of capital might prove…
