Contemporary Issues in Management Essay Example | Topics and Well Written Essays - 3250 words

Contemporary Issues in Management - Essay Example This in turn has created issues and challenges for the companies operating in different industries and in different regions (Chiaroni, Chiesa, and Frattni, 2011). Most companies tend to invest loads of money in research and development. They invest huge amount of money in research and development regardless if they are getting results in days, months or in years. These companies know that if by doing research they can bring innovation which will eventually lead them towards the glorification of brand name and business. However, in order to manage innovation in effective and efficient manner it is important for the organisations to make sure that the innovation is supported by the other organisational elements as well (Chiaroni, Chiesa, and Frattni, 2011). In this report working of Zara and Hennes and Mauritz fashion retailers will be put under consideration with lime light on structural factors these companies has including how much they spend on research and development, what kind o f organizational structure they have, concept of decision making, empowerment and strategies alliances with regard of innovation. Furthermore the effective use of corporate culture in order to get innovation for instance by giving flexible timings to worker, the concept of knowledge sharing, project initiation or by project organization giving different teams different projects will also be a part of this report. Finally policies of human resource will be discussed and its aptitude how these companies deals with human resource policies in order to encourage innovation. How they resolve staffing issues by hiring new or by retaining the current best staff in order to get productivity and innovation. Innovation Management: Innovation management is the process of managing the innovation by coming up with different related strategies and techniques. Different organisations are coming up with rapid innovations and new products and business methods in order to remain competitive in the ind ustry. The innovations are not only in the form of providing the customers with new products or services but also revolve around the improvement of different business processes and operations. In order to make sure that the innovation is implemented and managed in effective and efficient manner it is important to come up with appropriate innovation management strategies. It is also important to keep in mind that innovation management is an ongoing process and the organisation should carefully monitor, design, and execute different strategies. In order to make sure that innovation is a success it is important to adapt the other organisational elements accordingly (Rowley, Baregheh, and Sambrook, 2011). For instance, the company should have supportive corporate culture, organisational structure, and human resource management policy. The three elements or factors which should be given special attention in this regard are as follow: 1. Structural Factors: the structural factors include the structure of the research and development department, the structure of the organisation, different systems for encouraging innovation, and other related factors. 2. Corporate Culture: the corporate culture is used to come up with a supportive atmosphere for creative and innovative ideas