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On Globalization - Essay Example

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1. Globalization has dramatically changed the businesses landscape since the early part of 21st century. As per definition of the International Monetary Fund, Globalization is more of a relationship of interdependence of different nations all over the world…
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Essay on Globalization
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"On Globalization"

Download file to see previous pages By itself, globalization is a change that stimulated millions of business transactions which offered millions of products and services that consumers from all over the world can choose from. This resulted to a very competitive market as cheap imports came in from big markets like China. However, the local economy of a less developed country bore the impact of these cheap goods especially if the goods were in direct competition against their products. In many countries with poor competitive advantage, this meant survival of the fittest as small shops would compete with huge retail giants such as Wal-Mart. Eventually, mom and pop stores closed as consumers trekked to bigger stores that offered variety. Another reality that globalization presented to business is the possibility of outsourcing jobs due to lower costs. Hence, many companies downsized creating collateral damage to stakeholders like employees. Furthermore, globalization has decentralized or debureaucratized organizations in order to create more efficient teams or departments that can be accountable for goals. Hence, the whole organizational that was once rigid had to change by removing structures and becoming an open system that can accommodate changes brought upon by technology. Even the speed and method of communication within organizations have changed as workers can now telecommute. All communication platforms such as electronic gadgets (mobile phones, notebooks, iPad) became instant necessities in a globalized wired world. Economic elements like international trade and integration of financial markets are not the only aspects to consider since human migration plays a major role in determining the success of globalization. As such, multinational sent many senior managers to different parts of the world; it meant adopting not only to a new set up but to local culture and language as well. In fact, many CEOs found it challenging to adjust to the business culture of the Chinese for a good reason – their value system and their language was all too foreign. Even medium-sized business owners had to overcome a lot of bureaucracy when dealing with Chinese suppliers when it comes to business practice. So aside from learning a new language, getting one’s message across a new culture had to be appropriate less the company risk a bad reputation. So, what strategies should managers develop in order to mitigate the harmful effects of globalization? First, cultural sensitivity should be a main concern when outsourcing jobs or sending managers abroad. One good measure would be to evaluate Hofstedes Cultural Dimensions to get a good overview of how a certain group of people measure up to certain elements such as Power Distance. If a company would like to make transactions in Saud Arabia, a high power distance score indicates that Arabs highly value hierarchical structures; hence, raising dissension against existing policies or rules may be viewed as not only rude but very radical as well. It is necessary for the local unit in this country to comply with all existing rules and expect much bureaucracy. A business that isn’t culturally sensitive will have some drawbacks. One, teams would not work together in a cohesive manner because the organizational culture does not recognize diversity. This would cause more turnovers that could be very costly since training involves costs. Second, the operations (especially HR) would be marred by issues such as absenteeism and tardiness due ...Download file to see next pagesRead More
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