Managers in different industries face challenges such as finding and retaining the right staff, creating products that appeal to multiple generations and creating a sustainable leadership pipeline. Managers face increasing global competition for clients; therefore, they must differentiate their products in order to retain consumer interest.
Firms that rely on skilled professionals are creating talent management programs to nurture talented employees. Talent managers are focusing on retaining talent within one position for a period of three years or more to increase a firm's profitability. Such firms are intent on creating a healthy environment for employees from all generations to work in harmony without discrimination. Managers are collaborating with top executives to create a culture of nurturing talent within organizations, which previously focused on acquiring mature talent.
Managers are facing challenges maintaining the integrity of operations within organizations. Increased global competition has increased pressure on employees and managers, requiring them to perform at a high level in order for companies to remain competitive.
Building an environment of ethical transparency is a challenge that managers face. At times, workers or supervisors may act dishonestly in order to meet their work targets. This culture of dishonesty erodes trust between employees and management, which makes a company inefficient and ultimately leads to failure.