Business Management: Industry Overview

Written by: Wendy Flores, Department Director, Business Department

Five Trends in Business Management

Management is an essential role in any business field. Managers help guide all members of an organization and oversee all business operations. Business managers are responsible for managing daily tasks and setting organizational goals. As the daily business operation demand grows, so does the pressure for management to stay on top of the day-to-day business responsibilities. The diverse skill set for business management includes conception, planning, budgeting, managing personnel, communicating, ensuring quality and sustainability of materials, equipment, and labor, procuring materials, hiring talent and many more.

Whether you are thinking of becoming a manager of your own company or want to land a position as manager in an organization, you’ll need to stay on top of these changes.


Here are 5 trends to keep in mind in the fast-changing business management field:

Rising Salaries

Business Managers are at the top of the pay scale. According to the US. Bureau of Labor Statistics, employment projections for business fields are increasing and will continue to increase through 2026. The US Bureau of Labor Statistics shows that Management Occupations had the highest median annual wage among other occupational groups in 2017 and is projected to continue this fast growth into the next decade.

Business Operations Managers earned an average salary of $123,460 in 2017. Comparable jobs earned the following average salaries in 2017: Marketing Managers made $145,620, Financial Managers made $143,530, and Management Analysts made $93,44. You can take a look at different states’ salary pay for business operations managers here.

Artificial Intelligence

Technology is advancing in today’s modern world with artificial intelligence being at the forefront. From self-driving cars to self-cleaning robots, Artificial intelligence will dictate how we conduct our everyday activities. Manages have to be prepared to multi-task and manage their daily tasks efficiently.

Artificial intelligence will soon have a greater impact on the workplace. Artificial Intelligence can help by taking over many tasks and essentially assisting with time management. Automating processes throughout a business can save money and increase efficiency. Managers can take advantage of having machines and programs perform specific tasks, thus allowing for greater time spent on other interactions that are essential in creating the organizational culture.

Management involves constantly analyzing essential data in order to make key decisions, that can have a huge impact on the overall organization. Data analytics tools are on the rise and managers must understand the importance of the data provided to avoid common pitfalls and improve on daily transactions. With the new software and technology available now, managers can save time in collecting and analyzing data. AI technology is creating an impact on the decision-making process.

Check out How AI Will Help Good Managers Be Great?
https://www.workboard.com/blog/artificial-intelligence.php

Virtual Workplace

Changes in the workplace, such as an increase in individuals working remotely means telecommunications will take on greater significance in the workplace. Fundera Statistics website reports, “…in 2017, 3.7 million employees (making up 2.8% of the entire U.S. workforce) work from home for at least half the time. The number of regular telecommuting employees (excluding the self-employed population) has grown by 115% since 2005.” Managers will need to prepare for telecommunication in the workplace and assist in keeping operations going. Employees will be work collaboratively and digitally sharing information. Managers will take on a greater role in finding new strategies for virtual workplace collaboration and the sharing of information.

Leading a Generationally Diverse Workforce

The workplace is more generationally diverse than ever before.  According to the Bureau of Labor Statistics, for the first time, there is a presence of five generations in the workplace. There is now a diverse age group in the organizational culture from 20 somethings just out of college working side-by-side with 60+-year-olds with decades of experience. As the next generation (Generation Z) enters the workforce, managers need to prepare for training and motivating the various generations present in the workplace. There is an even greater need for understanding the differences among these generations, bridging the gaps between them, and determining the best management style for every member of the organization.

Maximizing Cross-Training

The workplace is no longer a one-skill, one-task workforce. Business managers are seeing the increased necessity in cross-training. Employees are now coming into the workforce with a significant skill set that will transfer across the many departments of the organization. Managers need to understand the importance of strategically staffing such employees and continue cross-training throughout the organization. Cross-training, increases productivity, even when employees are absent. Staffing strategically can help the organization be successful and have the appropriate skill sets on hand. Cross-training can also increase motivation and decrease turnover within the organization.


How can you prepare for these management trends?

Good leaders will get ahead of the curve and prepare for the coming trends. You can start by continuing your education in management. Business degrees are on the rise and the many skills gained will provide a wealth of opportunities for any business manager.

Bridging the gaps between generations may be a challenge but as you learn more about your team, you will need to create learning and development strategies focusing on multigenerational learning. As a leader, you will be responsible for creating an inclusive culture where your team exemplifies trust and respect towards one another. As a result, you will see an increase in collaboration and a successful work environment where goals are more easily met.

Preparing for new technology is essential for managers. Managers who are constantly exploring new ways of processing, analyzing, and completing day to day operations will be successful with the technological tools the future that AI will bring.

With new technology will come an increase in telecommunications. Video conferencing is a growing platform for telecommunication in the workplace with various software providing the services needed to communicate with employees who are working remotely. Online cloud software is essential for the virtual workplace and employees will need to have the appropriate technology for successful group collaboration and communication to work more effectively in the virtual space.


Business Management
is a rewarding career field and with the right skillset and flexibility for changes in the business world, you will be prepared to be successful in your leadership.


Sources
https://www.fundera.com/resources/working-from-home-statistics

https://money.usnews.com/careers/best-jobs/business-operations-manager/salary

https://www.thebalancecareers.com/best-technology-manager-tips-4129665

https://www.hrtechnologist.com/articles/learning-development/how-to-engage-your-multigenerational-workforce-through-learning-and-development/


Prepare for your (management) journey TODAY!