Challenges Faced By Today 's Business Leaders

Organizational success is dependent on several interior and exterior factors. While exterior factors are important, the internal workings of an organization are vital. Specifically, empowered employees and effective communication contribute indefinitely to accomplishing common goals within the company. The foundation of successful high performing teams is through effective leadership. Without effective leadership, company morale and productivity can decline causing, the company to fall into a downward spiral. Therefore, to pursue and maintain a career as a leader in financial management, I will need to empower employees and effectively communicate the goals of the organization.

Strong leadership is needed during times of change. For the proposed change to be successful, a clear vision of the proposed change needs to be

The challenge is hiring the right kind of employee and training the management/leaders that are current employees. Their roles need to be interdependent and not independent. Transitioning a leader to believe in the power of mutual engagement can be difficult. I can make sure during the hiring process key questions are asked about their leadership style to figure out if there is a fit to the companies desired culture. In addition, set up training programs to show existing leaders and future leaders the benefit of viewing leadership in a collaborative way.

Change is a basic part of life. Leaders, whether it be the CEO of the company or you, must anticipate forces that will cause changes, identify opportunities that will require changes, react to unforeseen events that make changes imperative, and work with others to overcome the predictable reactions to change, which almost always include some amount of resistance, often to a significant degree.

A leader’s age and generation plays a significant role in the way they communicate. When different generations come together they bring with them their own worldviews and expectations. An effective leader is able to step out of their generational preferences and customize the way they communicate to the other generations. By effectively addressing and taking advantage of those unique generational differences they can bridge the generations together to create a collaborative, innovative and exciting work environment resulting in a highly productive and performing workforce.

The importance of a leader’s ability to embrace and promote change can not be over stated. It is imperative for a leader to understand and manage changes in the work place in order to promote innovation and therefore creativity from the work force. A leader that promotes innovation promotes an environment of change and with it people that are encouraged to accept changes. The leader’s role is very important because they have a duty to create and atmosphere that promotes innovative ideas and changes (Huber, 2014).

Corporate culture is a difficult thing to pin down. It is continually in a state of flux, elusive, and unspoken. Although corporations make it a practice to declare their mission and values, these are not the same as the corporate culture. Regardless, these elements of strategic planning may be articulated as culture and may even find their way into expressions of corporate culture. Corporate culture, in the words of Microsoft, is "unspoken, unconscious, and"¦implicit" (Microsoft, 1977, p. 16). The commitment that Microsoft made to accessibility and diversity, within its company and with regard to its products and services, is carefully and deliberately articulated and aims for integration into the "collective consciousness" of the corporation.

The Six Secrets of Change: What the Best leaders Do to Help Their Organizations Survive and Thrive.

In order for leaders to perform their day to day requirements, they have to deal with the following challenges below that they may need to introduce, theories or appropriate models to identify solutions or put plans in place for future trainings and various situations.

Leaders have to give stakeholders the opportunity to properly digest information, and react to change, especially if it affects them directly. Understanding that a disruption may occur also provides the leaders with an opportunity to address issues and assess the need for training. Properly allocating an honest timeframe for all stages of the change process gives the organization an opportunity to set realistic goals. This means allowing for the training of employees that may require it to be successful in projected goals. Treating employees fairly and setting them up to be successful is not only good for them, but also for the productivity and possibility of success of the organization as a whole. During the assessment phase leaders must have an honest reflection of the entire process, considering the areas of both success and failure. Leaders must be fair in their assessment of the outcomes and be able to take responsibility for making decisions and the effects of those decisions (Stainer, 2004).

The contrasting values of the generations can impact manangment and human resources in the workplace. Currently, the diverse generational wokplace is a challenge that leadership must face. The genearations contrast in value set can impact the leadership style found in workplaces (Twenge, 2010). Managing Baby Boomers includes earning their respect and communicating with them in person. Because Baby Boomers are the oldest generation in the workplce, they tend to be in higher leadership positions. As a leader they need to keep in mind that the younger geneartions may not value the same things as their generation (Gibson et al., 2009). Workplace leaders need to recognize that Generation X values a work/life balance, so they can offer them flexible scheludes to accomadate their value set. In addition, leaders need to be giving these workers stimulating work, because they value it (Gibson et al., 2009). Unlike, other generations, Millenials favor friendship and working in groups. Leaders should recognize this value and allow their workers socialize in the workplace (Gibson et al., 2009).One way leadership could allow their employees to socialize is through group projects and company parties. It is crucial for leaders to recognize that the generations value many of the same things like health, family security and honesty.

Leading change within an organization is challenging regardless of the leader adeptness. Therefore, there are ten necessities to potent transformation if the organization desires a positive outcome.

It’s too often forgotten how success comes about for an organization or an individual. To sum it up in word – Change. Change provides growth and experience. It’s forever a learning process that while one can be confident of their skills it’s best to not leave those who were part of the change forgotten. For an organization such as MGM and LVS this means listening and learning from the changes and be aware of who and what makes these changes possible.

Today’s society is evolving around us every minute. Technology is constantly changing, and the business world must adapt to these changes in order to keep up with the current demand. These changes can be very difficult because change is a very slow process that many people do not particularly like. Nevertheless, it is very important to work through these changes. Although some people would argue that change is bad, I personally think that there are many ways in order to adapt and be successful in our modern work environment.

When it comes to Millennials, there is nothing that screams “business as usual.” Consequently, savvy leaders who want to remain successful in the global business arena, must concede their current method of attracting, engaging, developing and retaining Millennials as future global leaders is ineffective. Therefore, today’s leaders must develop a more compelling strategy to entice Millennials into leadership. Failure to use strategic foresight to recognize trends regarding future organizational trends and take timely actions to change their tried and true, old school philosophy regarding developing and retaining talented employees will result in losing the competitive edge, which is driven by technology-laden Millennial’s who are poised to innovation.