The 21st century has brought with it a new workplace, one in which everyone must
adapt to a rapidly hanging society with constantly shifting demands and opportunities.
The economy has become global and is driven by innovations and technology and
organizations have to transform themselves to serve new customer expectations.
Today’s economy presents challenging opportunities as well as dramatic uncertainty.
The new economy has become knowledge based and is performance driven. The
themes in the present context area ‘respect’, participation, empowerment, teamwork and
self management. In the light of the above challenges a new kind of leader is needed to
guide business through turbulence. Managers in organizations do this task.