What are the new contemporary management challenges faced by businesses?

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Management in the current era is very different than it was in the twentieth century. To begin with, people are more connected than they were a few years ago. Digital learning is slowly overtaking classroom teaching. And there's talk of cryptocurrency replacing fiat money. With all these changes, managers are faced with new challenges, such as the following:

1. Remote workers: With many people preferring to work from home and many companies going for this option to save on office space costs, business managers are faced with the challenging task of coordinating workers from different locations.

2. Quitting and transient employees: Many young workers are leaving their jobs or moving quickly between jobs in order to pursue their passion. Employees rarely stay for long in one company, and business managers are finding it difficult to search and hire new workers every time.

3. Employee satisfaction: Modern employees cannot be motivated by only higher salaries. As a result, business managers are faced with the difficult task of finding what makes employees happy in order to improve productivity.

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Different businesses face different types of challenges. A small family-owned antique store or restaurant in a small town faces far different challenges than a multi-national technology firm.

The first type of challenge faced by many larger businesses is globalization. This means that competition, which was once more localized, is now global. Manufacturers in rich countries need to compete with producers in countries with lower wages and fewer regulations. In developing countries, local industries need to compete with highly efficient and sophisticated multinational corporations. 

The next challenge is the rapid pace of technological change. New technologies are constantly appearing and being replaced, and businesses must learn to adapt to them. Even a small local restaurant, for example, might need a web presence and online ordering. Larger companies need fully integrated technology and media strategies for everything from hiring to supply chain management to customer relationships. 

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