Economic Growth and Development
‘No More Growth Miracles’ by Danny Rodrick
Manufacturing industries have been facing challenges that may make them retardant. However, most companies in the 21st century have been on the development record in terms of technology, human resource, leadership styles and transformational leadership to move it to another level. This is aimed at increasing profits and service delivery to the consumers.
Information Technology
The use of technology in production is vital and has led to productivity increment in modern times (Hackler, 2007, p.52). This has improved efficiency and production volume of goods and services leading to maximisation of profit upwards, but not without a cost. Jobs have been lost a result and fewer people are being employed because most of the work is done through machines. While the use of technology is appreciated, it is not possible to ignore human input in production. This therefore means that an equilibrium point must be attained between technological advancement and people.
Human resources
Investment in human resource is also important despite the fact that technology is on an upward trend. Frequent leadership summits have been organised by companies with the aim of equipping their employees on leadership matters. Mostly, such summits are organised optimistically to influence the attitude and character of the employee’s in their work. The main goal here is to equip them for service. Many employers have also realised the importance of taking care of the needs of their employees. For instance, the establishment of day care for the nursing mothers in some companies is more likely to motivate mothers to give their best in their jobs. Moreover, establishment of health clubs and gyms within the business premises will bring services near to the people, thus they can strike a balance between working and extracurricular activities.
Leadership styles
The leadership styles contribute to the growth of a company. Leaders who are production oriented and less people oriented are more likely to lose touch on people and thus, fall into the trap of power abuse. This means that there is poor leader-member relation and consequently, it will have detrimental effects to the company’s growth and as a result, work will become a duty rather than an opportunity to serve. The leadership that either has high concern for people and high concern for production, or the leadership that is at the equilibrium between productions and people is an ideal style and this approach can nullify Rodrick’s commentary on industries’ growth.
Transformational Leadership
For rapid growth to happen in an industry, it requires a strong leadership that is determined to go beyond the odd to make things happen in production. The goals of production will only be fulfilled effectively only if the leadership of the company is willing to do business unusual (Chi, 2012, p.1018) and this is what is referred to as transformational leadership. Their role is study the goals carefully and be able to chart the way forward, all in the name of bringing meaningful changes for the better.
List of References
Hackler, D. 2007, Local Economic Development and Information-economy growth in metropolitan Los Angeles. A journal of urban technology Vol. 14, No. 1, 51-76
Chi, H. et al. 2012, The moderate effect of transformational leadership on knowledge management and organisational effectiveness. Social behaviour and personality Vol. 40 (6), 1015-1024
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