Fostering Competitive Business Growth in Emerging Markets through Talent Management - Research Proposal Example

School: Topic: Fostering competitive business growth in emerging markets through talent management Lecturer: Contents Introduction 2 Purpose of the study 2 Aim and objectives 4 Justification of objectives 5 Objective 1 5 Objective 2 6 Objective 3 7 Methodology 9 Research approach 9 Research strategy 9 Data 10 Population and sample 11 Research instrument and Data Collection Procedure 11 Ethical consideration 12 Data analysis plan 13 Time schedule 13 Resource requirement 14 References 15 Introduction Purpose of the study As most economies and industries across the globe remain already developed, there are others that are now rapidly growing and undergoing dramatic structural changes (McDonnell, Lamare, Gunnigle & Lavelle, 2010). Such economies and industries experiencing these forms of changes are referred to as emerging markets. In the opinion of Subhash (2006), even though there are still business and economic opportunities in developed markets, the fact that emerging markets are now at their most constructive stages of development make them an interesting trade and business destination. This is because as part of the structural changes that are taking place in emerging markets, demand for most trade and business oriented goods and services are very high (Kvint, 2009). It is not surprising that Li and Scullion (2010) observed a direct response by the global business climate where most multinational enterprises (MNEs) are now shifting their internationalization focus to emerging markets. Apart from the trade and business opportunities in emerging markets, the concept of globalization has also paved way for most of these MNEs to benefit from foreign market incentives and the removal of trade barriers and restriction. The trade barriers and restrictions formally made it unattractive to do business in some of these emerging markets (Doh, Smith, Stumpf & Tymon, 2011). Despite the context described above which seeks to portray emerging markets as very lucrative international destinations for MNEs, Marois (2012) contended that emerging markets have their own challenges they present to global firms. Even though the challenges, risks and problem associated with doing business in emerging markets are many and varying, the proposed study looks at the issue of competitive business growth. That is, it is acknowledged that as emerging markets become the centre of global business attraction, global firms that go into these markets would be faced with the need to strategically compete with each other in order to build competitive advantage for growth (Doh, Smith, Stumpf & Tymon, 2013). In responding to this challenge, there are several interventions and approaches that the global firms may use. The purpose of the study will be to look at the role of talent management in fostering competitive business growth among global firms in emerging markets. The purpose seeks to look at how the global firms can foster competitive growth because the researcher posits that competitive growth is a phenomenon that can be nurtured and reaped if the right strategic planning inputs such as talent management are put in place. Aim and objectives In line with the purpose described above, the study is expected to achieve the aim of investigating how global firms in emerging markets can use talent management strategies as competitive advantage for growth. To achieve this aim, the following specific objectives will be pursued: 1. To understand the implication of growth of the emerging markets for talent management 2. To find the effect of national cultural contexts on talent management in different emerging markets 3. To analyse the impact of business and industry environment on talent management strategy selection Justification of objectives There are different academic and business points of views that seek to justify each of the three objectives set above. Some of these justifications are backed by theories whiles other are backed by business models. An outline of the justification of the objectives is therefore given in thematic orders below. Objective 1 The justification in the selection of an objective to understand the implication of growth of the emerging markets for talent management emanates of gaps in literature identified by Vaiman and Collings (2013) the lack of knowledge of management practice in most of these markets. That is, as the growth of the global business environment become dominant in emerging markets, there continues to be variations in ideologies and models as to the most preferred strategic and deliberate approaches to use in attracting, selecting, training, developing, and retaining employees. Meanwhile, the definition of talent management has been given to cover most of the roles involved in human resource management which continues to be a dilemma for the global firms. That is, talent management involves the practice of using integrated organizational human resource processes put in place to attract, develop, motivate, and retain employees (Kvint, 2009). Through this objective, it is expected that the real implication of growth of the emerging markets would be to use talent management to address the diversities within the organizational front of most global firms. By using talent management, the organizations will be focusing on the employee or human resource, which is the pivot around which movement of the organizational machinery revolves (Shi & Handfield, 2012). This objective will help in establishing a business model of human resource competitive advantage. That is, the real implication of growth of the emerging markets for talent management is to be understood as that, global firms can position their human resource in a manner that becomes the reason for which customers will choose them over competitors and thus achieve the aim of competitive growth. Objective 2 Vaiman and Collings (2013) again asserted that there are different national contexts in which the concept of talent management may be viewed. This is because based on different classifications given to emerging markets such as BRIC (Brazil, Russia, India, and China), CIVET (Columbia, Indonesia, Vietnam, Egypt and Turkey), MINT (Mexico, Indonesia, Nigeria and Turkey), and the NEXT 11 (Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam) (Goldman Sachs, 2007), it would be seen that not all these countries are in the same continent or geographic location. Meanwhile, as differences in geographic locations are experienced, the issue of cultural dimensions arises as part of location factors in moving to international markets (Minkov, 2007). This objective was therefore set with the rationale of helping MNEs operating in different countries to understand and appreciate how they can react to cultural differences in the different countries whiles managing talent. The objective is backed by the Hofstede Cultural Dimensions which clearly identifies five major cultural contexts based on which employees of different countries can be managed by meeting their needs and expectations (Hofstede, Hofstede & Minkov, 2010). These five dimensions are power/distance, individualism, masculinity, uncertainty/avoidance index, and long term orientation (Hofstede, Hofstede & Minkov, 2010). Based on the Hofstede Cultural Dimension, the objective can be justified in the sense that not all talents can be managed in exactly the same way, whereas it is found. The effect of national cultural contexts on talent management in different emerging markets is therefore expected to be understood from the perspective of how global firms are expected to apply different approaches to talent management based on the culture of their employees. Objective 3 Vaiman and Collings (2013) acknowledged the fact that the understanding of talent management varies in different organizations and industries. This reasoning was the rationale that informed the setting of this objective to analyze the impact of business and industry environment on talent management strategy selection. That is, if there are different contexts in which businesses and industries can be classified, then it is expected that the talent management strategy used in these businesses and industries will be different. One major theory that serves as a guiding principle to this objective is Porter’s five forces. Based on the five forces, it is understood that every business or industry have external environmental forces that determines how to build competitive advantage. The five forces are threat of new entrants, threat of substitute products, bargaining power of buyers, bargaining power of suppliers, and intensity of competitive rivalry (Porter, 1980). With this noted, it is expected that the talent management strategies of global firms in emerging markets will be those that equip employees in responding appropriately to their external environment. By implication, an employee may have some levels of skills and knowledge but if these are not tuned towards the demands of the larger business environment, it will be difficult to make use of them. The real justification behind this objective is therefore in the fact that it will assist organizations to approach talent management in a way that directly responds to their external environment. This is because a refusal to do this will misdirect the talent that will eventually be created and nurtured (Boudreau & Ramstad, 2005). Methodology Research approach Given the nature of the research topic and purpose which are more exploratory in nature, the study will be conducted as qualitative research. This mean that the researcher will be seeking to understand and interpret human behavior based on a specific context, which is talent management. In line with the qualitative research method, an inductive research approach will be used in establishing knowledge for the study. With the inductive research approach, the researcher will be seeking greater flexibility with the establishment of a conclusion on the research aim by modifying the research emphasis based on the accumulated findings gathered through the data collection process to be used (Fisher, 2010). That is, instead of tying the researcher to specific hypotheses that must be justified or disproved, the researcher will have the opportunity of analyzing different data sources on talent management to understand how it can be used in emerging markets to achieve competitive growth. Research strategy To satisfy the provisions of the inductive approach and qualitative research method, a case study research strategy will be used as the major procedure to conducting the study. As noted by Smith (2011), case study research strategy seeks to identify a unique situation or problem within a research setting and critically analyses it through the collection of data. To satisfy this definition, the research setting to be used for the study will be the MNEs in BRICS countries, which are Brazil, Russia, India, China, and South Africa. The issue to be analyzed will be talent management. The rationale for selecting BRICS is that it will give the researcher the opportunity of analyzing the issue of talent management from different national cultural contexts spread across fourth key continents of the world which are South America, Europe, Asia, and Africa. By so doing, it will be possible to collect data that meet all three objectives as these five countries have growing international markets, different cultural dimensions, and different industry environments. Data From the qualitative research method, the outcome of data collection is expected to be more exploratory than descriptive. As a result of this, data to be collected for the study will focus on tentative variables rather than numerical ones. The data types are thus categorized into three themes which are reflected directly on the objectives of the study. By collecting data under each of these themes, the objective will indirectly be addressed or achieved. The themes are thus given below: 1. Growing trend of emerging markets and how they affect selection of talent management strategies 2. Cultural dimensions of BRICS countries and how they affect selection of talent management strategies 3. External business environment of MNEs and how they affect selection of talent management strategies Population and sample The population of the study will comprise business executives in New York whose corporations have business openings in the BRICS countries. Preliminary internet search has indicated that out of 23 MNEs based on New York, 11 of these operate to one of the BRICS countries or the other. From the 11 corporations, a purposive sampling technique will be used to select the most appropriate respondents whose executive portfolio meets the demands of the study. By the purposive sampling, it means not all people within the population will have the opportunity of becoming part of the sample size (Yin, 2009). This is because of large number of executives that can be derived from each of the 11 corporations. As part of the purposive sampling, one senior-most executive whose role is related to international human resource will be approached in each corporation. This means the sample size will be made up of 11 respondents. Research instrument and Data Collection Procedure As part of the qualitative case study, interview will be used as the main data collection procedure. In the light of this, an interview guide will be prepared and used in collecting data as reflected under the three themes set above. The interview guide will ensure that questions are evenly distributed under each theme so as to make it possible to analyze how each objective of the study influences the purpose of the study. The interview will therefore be undertaken as a structured interview involving face-to-face question and answer sessions with the 11 respondents. It is expected that with the use of the interview guide, the same set of questions will be given to each respondent but responses are to vary based on a respondent’s industry and county of doing business. Ethical consideration Due to the human involvement in the data collection process, there will be maximum consideration for ethics. In the first place, the researcher shall ensure that all necessary permissions are sought from the targeted corporations. This will be done with the assistance of an introductory letter to be issued by the awarding university. Secondly, a consent form will be prepared for each respondent, outlining the arrangements to be put in place by the researcher in ensuring maximum confidentiality and anonymity. For example instead of reporting full text responses of respondents in the study, only coded excerpts that makes it possible to identify the trend of their answers towards particular themes will be given. What is more, respondents will not be identified by their names or names of their corporations. Rather, general identifications that refer to their industries and international market destinations will be given. This will be done as the real focus of the study is not on the individual corporations and how they approach talent management but on MNEs and emerging markets as a whole. Lastly, participation in the study will be voluntary and each person will have to right to leave the study at any point. Data analysis plan The major plan towards data analysis will be through the use of discourse analysis of the responses to the interview questions. The themes given will help in making the discourse analysis easier. This is because the themes will be used to identify recurring answers and responses, which will then be interpreted with basis in literature to understand how each objective of the study has been addressed or achieved. The data analysis approach will therefore help in drawing much relation between business practice and business literature. Time schedule Task Completed by Finalization of research proposition June 15, 2015 Setting themes based on objectives July 1, 2015 Preparing literature log and search July 15, 2015 Writing literature review September 15, 2015 Preparing interview guide based on themes from literature November 15, 2015 Seeking official permission November 30, 2015 Setting sample size December 30, 2015 Collecting data March 30, 2016 Sorting and analyzing data April 1, 2016 Writing draft research May 1, 2016 Finalizing research paper June 1, 2016 Resource requirement The following list of resources is required to make the conduct of the research complete and success: Supervisor Ethical form Consent form Books, articles and newspapers on talent management Funds for transportation Funds for desk research Funds for stationery purchasing Mock sample size Actual sample References Boudreau, J.W. & Ramstad, P.M. (2005). Talentship, Talent Segmentation, and Sustainability: A New HR Decision Science Paradigm for a New Strategy Definition. Human Resource Management, 44(2), 129–136. Doh, J., Smith, R., Stumpf, S. & Tymon, W. (2011). Pride and Professionals: Retaining Talent in Emerging Economies. Journal of Business Strategy, 32(5), 35–42. Doh, J., Smith, R., Stumpf, S. & Tymon, W. (2013). ‘Emerging Markets and Regional Patterns in Talent Management,’ in Strategic Talent Management: Contemporary Issues in an International Context, eds. P. Sparrow, H. Scullion and I. Tarique, Cambridge University Press Fisher, C (2010). Researching and Writing a Dissertation, An Essential Guide for Business Students, 3rd Edition, London: Pearson Education Goldman Sachs (2007), ‘The Next – 11 More than an Acronym,’ Global Economics Paper 153. Hofstede, G., Hofstede G. J. & and Minkov, M. (2010). Cultures and Organizations: Software of the Mind, 3rd ed. New York: McGraw-Hill. Kvint, V. (2009). The Global Emerging Market: Strategic Management and Economics. New York, London: Routledge. Li, S., & Scullion, H. (2010). Developing the Local Competence of Expatriate Managers for Emerging Markets: A Knowledge-based Approach. Journal of World Business, 45(2), 190–196. Marois, T. (2012). States, Banks and Crisis: Emerging Finance Capitalism in Mexico and Turkey. Cheltenham, Gloucestershire, UK: Edward Elgar. McDonnell, A., Lamare, R., Gunnigle, P., & Lavelle, J. (2010). Developing Tomorrow’s Leaders—Evidence of Global Talent Management in Multinational Enterprises. Journal of World Business, 45(2), 150–160. Minkov, M. (2007). What makes us different and similar: A new interpretation of the World Values Survey and other cross-cultural data. Sofia: Klasikay Stil Publishing House. Porter, M.E. (1980). Competitive Strategy. Free Press, New York. Shi, Y. & Handfield, R. (2012). ‘Talent Management Issues for Multinational Logistics Companies in China: Observations from the Field,’ International Journal of Logistics Research and Applications, 15(3), 163–179. Smith, M (2011). Research Methods in Business, 2nd Edition, Ne York: Sage Publications. Subhash, C. J. (2006). Emerging Economies and the Transformation of International Business. New York: Edward Elgar Publishing. Vaiman, V. & David G. Collings, D. G. (2013). Talent management: advancing the field. The International Journal of Human Resource Management, 24(9), 1737-1743 Yin, R. K. (2009). Case Study Research Design and Methods, London: SAGE. Read More