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November 20, 2019

Management must adapt to new business environment

Myanmar has started to open up many sectors of its economy to the world, including energy, advertising and finance. One of the challenges local organizations are encountering is competition for human resources.
While international organizations and businesses take consideration of employee welfare in the form of year-end leave, salary increases and promotions, many local firms neglect these things. Although local employees are accustomed to such disregard, they realise their lack of labour rights when comparing their conditions to those of their counterparts in well-managed international firms.
As a result, some organizations that are neglectful of labour rights struggle to hold onto skilled personnel in the long term. Most employees are willing to work hard for their firms provided their welfare is properly taken into account. Imprudent bosses and irresponsible managers must therefore bear responsibility when companies are unsuccessful. Management must realize that the work conditions of previous decades in a closed society are no longer satisfactory.
To develop the management capacity of local firms, managers should not turn a blind eye to the welfare of their staff. Competition in the new market of Myanmar is gradually intensifying. Businesses face rapid change like never before. Globalization has increased access to markets and opportunities for growth. Under these circumstances, human resource development is very important for the sustainability of a company. If a firm cannot hold onto its workforce, it will lose human resources that are familiar with the policies of the company.
In most developing countries, there is typically a lack of human resources with technical expertise at both the national and local level. Management styles of the past may have suited an era when there was little competition in each sector, but they are sorely outdated in a globalised business environment.
Management of a company should not
focus only on finances, but should consider technical, social and institutional constraints to avoid business failure.

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