Introduction
The success of any business in this century relies on the strength and uniqueness of its business strategy. A company’s corporate culture determines the way it manages its business arms such as human resource, sales and marketing and finance. Common aspects of corporate culture include the business environment, corporate values, rites & rituals and the organizational culture. Every company runs its operations on the basis of a certain culture that is unique to the organization. Companies whose management and employees clearly understand and abide by the company’s culture often succeed. In such companies, all stakeholders perform their duties in accordance to the company’s culture. Employees work hard in order to achieve the objectives stipulated in the company’s business strategy. On the other hand, managers pay much attention to the matters stressed in the corporate value system. Everyone in such a company aims at extraordinary results. Strong cultures also discourage dysfunctional behavior among employees and encourage them to work in the best interests of the company.
In a company where the corporate culture is well defined and understood by all stakeholders, activities are effectively coordinated in an organogram that allows the employees and managers to offer support to each other.
Google Inc Google Inc is a good example of a company which has employed effective organizational culture to gain a competitive advantage in the market. The company has been successful in promoting diversity in the company using analytics, implementation of scientific hiring procedure using a hiring algorithm, calculating the value of top performers, implementing project rotations to promote learning and maximizing collaboration to foster innovation.
However, various environmental factors are affecting businesses all over the world. These include security concerns, location, natural calamities, government policies, competition and infrastructural development among others. These factors affect the profit level of businesses in the short run and growth of the business in the long run
I therefore agree with the continuing management themes of the 21st century. Managers in the 21st century must have the ability to manage emerging managerial issues and lead their businesses through any emerging economic hurdles. Managers should also be able to lead their organizations to adapt to changing circumstances. In addition, managers should use the opportunities available to them to learn from other countries in order to become proficient global strategists, technology masters, sensitive politicians, leader/motivators, and ethical role models. The focus of the business should also be on the needs of customers.
In addition, I think that ethical failures by organizations must have an equal share of consequences to the business. Success of any business relies on efficient marketing and public reputation. It is therefore important for businesses to adhere to high ethical standards in their business operations.
