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Today, the development of business is closely intertwined with the development of effective management and leadership strategies. Traditionally, four basic functions of management were planning, organizing, controlling, and evaluation are not absolutely up-to-date. In fact, they are still important but it is obvious that these four functions alone are not enough for a successful business development. In this respect, leadership becomes particularly important. In the contemporary business environment, organizations often function in multicultural diverse environment and they need to develop effective strategies to adapt to such diverse environment. In such a situation, the role of leaders can hardly be underestimated. Basically, leaders should perform not only their role of leaders but also they should be able to perform basic functions of managers. In addition, they should be able to change their management and leadership style respectively to changes in the current business environment. At the same time, the development of a high organizational culture is hardly possible without hard work on this issue of leaders of organizations which actually establish the basic ‘rules of the game’ and are supposed to demonstrate the highest level of culture that should be followed as an example by the rest of the organization’s staff (Hesselbein, et al., 1996). In such a situation, it is important to study effective approaches to leadership and management in modern organizations operating in the globalized business environment.
The aim of the study is to identify the current trends in the leadership and management which affect the organizational performance consistently. In addition, it is important to find out to understand changes that take place in leadership and management under the impact of globalization. In this regard, it is important to lay emphasis on the fact that the development of the adequate research is impossible without clear understanding of goals and objectives of the research. In this regard, the aforementioned goals can help consistently to elaborate effective research revealing the essence of leadership and management in the context of the economic globalization that affects consistently the organizational performance in the contemporary business environment. buy term paper
The research focuses on the performance of large, multinational corporations operating internationally. At the same time, the study has certain limitations because it is difficult to trace the impact of small and medium enterprises on the leadership and management in the globalized environment. Moreover, the study does not have large opportunities for a detailed analysis of the organizational performance under the impact of not only external factors, such as globalization, but also internal ones. The research will involve the study of two large multinational corporations and their organizational performance in the context of globalization. The study will pay a particular attention to the management and leadership style and its effectiveness. In this respect, the study of the impact of management and leadership on the organizational performance of each company is crucial for the overall understanding of the significance of leadership and management in the contemporary business environment.
At the same time, the research of current trends in the leadership and management can help to uncover future trends and changes in the business development. It proves beyond a doubt that cultural background of managers and employees affect consistently their relationships and organizational performance. Therefore, the study should pay a particular attention to the impact of the cultural background on the leadership and management style as well as the organizational performance. At this point, it is worth mentioning the fact that the role of culture is likely to grow stronger in the course of the development of the process of globalization. The process of globalization contributes consistently to the closer integration and interaction between representatives of different cultures. In such a context, it is quite natural that successful leaders and managers should be able to adapt their leadership and management style to the multicultural environment, where they have to work. On the other hand, the elaboration of new, flexible methods of leadership and management style implies the careful study of the cultural background and peculiarities of employees.
In such a situation, the study of the organizational performance in the context of the process of globalization contributes to the development of new, more effective approaches to management and leadership. In addition, it is possible to identify challenges the contemporary business environment exposes modern companies to. As a result, it is possible to assess the current situation in the contemporary business environment and to elaborate effective approaches to management and leadership in the context of economic globalization.