Q.

)In the current economic climate, what are the biggest challenges and biggest opportunities facing new managers entering industry?

The biggest challenges & faced by new manager entering industry are 1.) Responding to a Crisis No matter how much planning we do, things will go wrong. An employee will get sick at a critical time. A weather disaster will hit your facility and disrupt your plans. A crime will be committed maybe a theft or even something that harms an employee. Planning is a part of managing, but perhaps more important is a managers ability to change plans on the fly in response to changing conditions. When a crisis hits, you have to be able to deal with it calmly, quietly and without being overwhelmed by stress. Source : http://blog.makingitclear.com/2009/11/11/managerchallenges/ Source Type(Internet Website) View Point The ability of handling crisis is very important , as the managers need to understand that crisis is a point where managers need to apply all managerial skills to overcome it then only they can be survived or in other words they are being hired to manage things and overcome problems. So The Process of Learning can be facilitated here. 2.)Dealing with Underperforming Employees/Cross Culture Employees Not all of your employees will do their best. Some will have personal issues that interfere with their work. Technically its not your problem, but in reality any issue that contributes to an underperforming employee is your problem. Youll help employees cope with personal issues, youll provide motivation and counsel, maybe steer them to appropriate resources inside or outside your company. Youll carry your underperforming employees to a point, and then beyond that point youll have to ease them out of your organization. Youll be humane, but you have to balance the needs of the organization with the needs of the employees. Also there are employees from the companies who are from different countries so the cross culture differences will be there so those differences needs to be managed here which is a very important role of a manager that how he handles the same Source : http://blog.makingitclear.com/2009/11/11/managerchallenges/ Source Type(Internet Website) View Point

The explanation is self explanatory..in other words ABILITY TO HANDLE EMPLOYEES with motivation and perfection 3:http://www.businessweek.com/managing/content/jun2008/ca20080620_891131.htm Full Reference: 4.) Creating a value proposition that appeals to multiple generations. With four generations in today's workplace, most companies are struggling to create an employee experience that appeals to individuals with diverse needs, preferences and assumptions. The Gap, for example, has 153,000 people in its workforce. The stores have a high percentage of Gen Y employees, while corporate roles and leadership ranks are primarily made up of Gen X'ers and Boomers. Source Type :Internet (website) Contribution to answering the question : In the above context the author is trying to explain us that there are four generations of employees in todays era and many of the companies are working hard to create experience in their employees as an individual.

Source 5:http://www.hbs.edu/mba/academics/coursecatalog/2140.html Full Reference : 5.)Managing Innovation Managing Innovation (MI) introduces you to the critical elements of designing and developing innovative products and services, how these can be configured, and how the results are managed. These elements include the pivotal roles played by experimentation, prototyping, and learning; product/service development process design and improvement; the understanding and integration of customer needs; development strategy and project management; and the powerful challenge of designing and managing development networks. Along the way you will encounter many of the best management practices, tools, and frameworks currently in use as well as new approaches just now being deployed. Source Type: Internet (website) Contribution to answering the question :

The above mentioned context states that innovation is all about designing and developing a new product or services by understanding the market scenario or what the customer needs .