Contemporary Business Environment Assignment Sample

Contemporary Business Environment Assignment 

INTRODUCTION - Business Environment Assignment

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The contemporary business environment is a process where the market changes quickly and it is essential for the leaders and managers to make sure that they are handling the change to increase business and develop results. The report will explain the concept of STEEPLE analysis and the external factor of the business environment in governments. Further, the report will explain the key drivers of change in their changing setting and the process of increased performance in the workplace. The leadership and management skills are being addressed in the report further and the ways to understand the individual and team working in the workplace.

STEEPLE analysis

Social: In a changing environment, the social component is critical for enterprises since it can influence their commercial decisions. The social aspect is changing trends, which can cause a significant change in the corporate environment as customers move in different directions and acquire a tolerance for change.The modern business environment necessitates managers with the ability to comprehend social factors and take actions based on market conditions.

Technological: Technologies aid in increasing the rate of change, as well as providing managers and leaders with the ability to deal with a changing business environment, which is critical for them to build their businesses and achieve their goals. The changing environment needs to be understood and developed so that they can create and betterimpacton the workplace and develop more into the overall process (Wahyu SatrioArdiko, 2019).

Economic: Economic factors are those that are assisting the country's economy as a result of the changing environment. The market's changing environment must be managed, as it may have an impact on the economy. Changes can have an impact on profitability and have a direct impact on the country's overall economic process.If there is less profit, there is less economic growth. Economic factors can have a significant impact on businesses, and a wealthy nation is a comfortable site for businesses to work in order to improve their chances of achieving better results.

Environment: The environment must be controlled, and businesses must operate in accordance with environmental safety and security. The environment must be kept in mind as the legal policies are followed and changes are made. The adjustments must not be harmful to the environment, and the firm must have a concern for environmental safety.The ecosystem must be preserved, and resources must be appropriately managed and utilized in order to do so.

Political: Political developments must be conquered by managers and leaders in the workplace because they can have a significant impact on business. The changing environment is also influenced by political policies and the influence of government reforms, both of which can have an impact on the working environment (Kumar Tripathi and Brijpuria,).Managers and leaders must keep an eye on market policy changes in order to grasp them and build new ways of working in order to grow the business.

Legal:The legal component refers to the process of adhering to all legal laws and regulations that must be maintained and followed by the organisation in order for it to operate in the market in a peaceful manner. They must design a comprehensive business plan that complies with many legal statutes and regulations in order to do better business and advance their careers. For example, organizations follow the legal changes in the workplace and work with regulations to increase the working with legislation.

Ethical: No companies are allowed to breach the culture in the market and they need to provide the best of ethics at the workplace. This is important and they need to develop working according to the process of the workplace.To establish a business, it is necessary to understand and work on ethics (Jiang and Ren., 2019). This aids in the creation of better working practices in a changing environment, as well as the development of ethical behaviour, which can lead to increased employee engagement and corporate growth.

Key Drivers of Change

Human resource: Human resources are one of the most important aspects of any corporation since they aid in the establishment of company policies and the management of the effects of changing environments. Human resources can be critical to a company's success, and it's important for them to develop new strategies for functioning in a changing environment. HR and managers develop different stories where they make an increase of understanding for the changing business environment.

Customers: Customers are the change agents on whom the organisation relies. They are the ones for whom the job is being done, as well as the whole process of strategy formulation and modifying work thoughts (Escobar-Camacho and et.al., 2021). The changing environment is crucial and they need to be developed in the market where they are creating more impact on the workplace. Customers need to be satisfied by the business and the organisation needs to make strategies to develop the overall process to increase the market.

Change in legislation: There are occasions when a company's working laws change, or when a company relocates to a new country with new employment laws. The awareness of the change in the workplace is required to regulate and develop this. Changes in law must be followed by businesses in order to improve the whole process of workplace efficiency and profitability. They must adhere to the new law in order to have an impact on workplaces and to comprehend the altering business environment.

Competitor: Competitors represent a threat, and organisations improve their performance when managers improve their understanding of changes in the business environment, which they focus on developing in order to attain corporate goals. Competitors' tactics can be understood and applied when developing new business strategies and developing a procedure for improving business performance through the abilities of managers and leaders.

Key performance indicator: KPIs are one of the finest ways to understand overall changes in the workplace and may also assist in determining employee performance.For instance, consider the organization's results and personnel performance. It is critical for the management to design a better process for comprehending changes in order to improve the organization's working environment (Zischg and et.al., 2018).

Expansion Planning: Managers and leaders apply strategies in the workplace by gaining a better awareness of the changing environment and devising plans to ensure that they are discovering new business opportunities. This is critical for the firm and the manager to ensure that they are developing their business through the process of globalisation and finding new ways to develop it. Globalization can increase business for the company in new market and develop business

Internal growth: Working to grow the business and performance, managers and executives will establish a new plan to boost productivity and ensure that they are taking advantage of the changing market as an opportunity to expand the business (Hevia and et.al.,2017).

The impact of changing environment on organizations

Structure: Companies are implementing new techniques of organisation development and operating to boost performance and produce results, and their structures are evolving in response to market changes. Changes in workplace policies and functioning in a new structure might have an impact on the overall process of an organization's performance.

Culture: Culture refers to an organization's organisational culture and is a knowledge of a specific group of people who display their culture, art, habit, religion, and music, among other things. Every employee and worker in the business demonstrates their culture, and the business should accept all cultures so that employees and workers are motivated and confident in their job.

Structure and culture impact on:

Teamwork

Managing the teams and group refer to the process of developing the understanding of the project and task in the workplace between the groups and teams so that the organization gets the good results and achievement which they were aiming for in return.

There are organisations that work on the development of groups and expand their training and development, which has been shown to improve team performance and accomplish company results. For example, Google provides training and development in the office to increase the use of the efficiency of the people and develop performance in workplace.

Companies are improving their methods for developing teams and groups so that they can get better market results and build higher levels of performance while operating in a changing environment. The teams must have a good attitude toward work and must build an overall process of higher performance that allows them to function in a changing environment and get the best results possible. They must remove the impediment in the workplace. Managers and leaders utilise their skills to make sure that they are working in increasing the motivation and developing the development in business. Working on the growth and development of skills can develop more in increased performance.

Individual:

Individuals assist the business in developing particular tasks and achieving desired outcomes. It is critical for businesses to raise motivation and training in order to improve workplace performance, which can lead to an improvement in the organization's outcomes and the achievement of its goals. Developing the training and development need to be done and many organizations like Tesco spend a lot on the training of their employee in individual to provide better results. Individuals need to be trained so that they can develop their process of working and create an increase in performance for the business

Individual behaviour is developed on the ethics and values which are needed to be respected and the organization need to follow the best ethics at the workplace. The ethical ways and the behaviour of the organization can help in the development of personality and also provide better results in the workplace from the individual. Both the individual and the team are vital for the business and the changing business environment need support from both of them in increasing the overall performance in the workplace. This help in increasing the performance to develop result in a competitive market. This is increasing by the training and development from the workplace to develop the actions and results. Improving corporate performance by emphasising the value of individual and team collaboration, as well as ethical behaviour in the workplace.

Discuss how the changing environment is impacting the need for leadership and management skills

Leadership and management skills:

Leadership is very vital factor for the business as it increases in the overall process of making the necessary changes to develop better working. Developing in skills need to be done so that they can provide a better process of results in the business. Manager and leaders change their workplace development to increase employee skills and performance (Myers and Pronovost, 2017). For example, apple is investing in India, they need to have leaders and managers which know the way to increase the performance from the workforce they are making in the country. Every country works differently and this is very crucial for the leader to understand this in the development of work. Working in new ways and knowing the leadership abilities are critical for them to improve performance. Developing the ways through the knowledge and creating in the increase of performance need to be developed.

The leader plays a very important role in the development of the business as this can lead in the development of business and they also help in increasing of the overall ways the people are performing. They also develop motivation in the proof of working with the employee so that they can create development in the workplace. Developing the skills and increasing in the management to develop a better understanding of the changes.

There is different type of leadership approaches for example autocratic and democratic style of leadership approach which the organizations can use but the approach which can work best in today’s market trends are that they need to provide a supporting to the employee and understand the employee's point of view as well. Working in leadership necessitates a strong link with employees in order to improve performance, and this necessitates open lines of communication between employees and management.The democratic leadership approach is one of the best for today’s market as this allowed a good relationship between the people working in the organization from top to bottom (Mampane, 2017).

The communication between the management and the employee are increased and the decisions are to be taken with the understanding with employee as they are dealing with the close stuff of working. It also allowsa good relation who also motivates them in development and creates a better working performance in workplace.

The close relationship between the leaders and the organizational culture are that they are interconnected as the leaders create a working place in the organization and develop a process of creating new ways (Burns, 2019). The culture needs to be developed and this is the responsibility of the leader to make a workplace where the employees are motivated and developed to increase performance. Relationships can help in promotion and development in the motivation of employee which can help in understanding better for the changes and create an impact of learning new strategy to develop a business which can be used in developing better process of working.

CONCLUSION

From the aforementioned data, it can be stated that working in an organisation necessitates the development of positive relationships with employees, and that the changing market climate can have a significant impact on the workplace. To improve performance and generate results, they must also create leadership. Leadership is critical, and it must be established along with a stronger culture in order to improve performance and produce market results. Managers and leaders invest in their own growth in order to improve their talents and gain a better grasp of how to assist their companies grow.

Further, it concluded that working in the organization need to have a good culture in business and the structure or culture can create a difference in results. People working in the organization need to perform and increase results in the workplace and the leaders help in the development of better culture and supporting structure to help the people and develop their performance. Both the individual and team are vital for the organization and they need to work on the training and development to increase results.

References

Books and Journals

Burns, D., 2019. Leadership and Management. In Foundations of Adult Nursing (pp. 187-220). Sage Publications Ltd.

Escobar-Camacho and et.al., 2021. Oceanic islands and climate: using a multi-criteria model of drivers of change to select key conservation areas in Galapagos. Regional Environmental Change. 21(2). pp.1-26.

Hevia and et.al.,2017. Trait?based approaches to analyze links between the drivers of change and ecosystem services: Synthesizing existing evidence and future challenges. Ecology and evolution. 7(3). pp.831-844.

Jiang, H. and Ren, Y., 2019. Crashworthiness and failure analysis of steeple-triggered hat-shaped composite structure under the axial and oblique crushing load. Composite Structures. 229. p.111375.

Kumar Tripathi, A. and Brijpuria, V., Steeple Analysis of the Double Glazing Solar Water Heater. Journal homepage: www. ijrpr. com ISSN. 2582. p.7421.

Mampane, S.T., 2017. Training Middle Managers of South African Public Schools in Leadership and Management Skills. Bulgarian Comparative Education Society.

Myers, C.G. and Pronovost, P.J., 2017. Making management skills a core component of medical education. Academic Medicine. 92(5). pp.582-584.

Wahyu SatrioArdiko, W., 2019. Socio-Hydrology of Keduang Sub-basin in Central Java, Indonesia using case study approach: Understanding the relation between hydrology of Keduang sub-basin and social aspects using a qualitative case study.

Zischg and et.al., 2018. Flood risk (d) evolution: Disentangling key drivers of flood risk change with a retro-model experiment. Science of the total environment. 639. pp.195-207.