The Era of Rapid Globalization - Essay Example

sustainable growth of any organization. He said, ‘The effectiveness of organisations could be at least doubled if managers could discover how to tap into the unrealised potential present in their workforces’ (McGregor, 1960). McGregor’s theory of X and Y Management Strategy is highly relevant in contemporary times when the changing dynamics of business compulsions require a better understanding of human nature, within an organization.
The advancing technology and the advent of computers have greatly influenced the changing paradigms of business strategies. While the technology has considerably improved the overall performance of the organization, the managers have also realized the vast potential of the emerging new technologies in opening a huge vista of business opportunities that are global in nature but made easily accessible through new technology like the internet and tech gizmos. ‘The Internet with its low-cost entry and ease of use quickly changed how information was exchanged and removed the distance barriers for business partners’ (Gottardi et al. 2004). The changing times have made it imperative for managers to use the technology to promote their business.

Employees are a very important part of organizational culture and their welfare is an intrinsic part of corporate responsibility. In the era of advancing technology and rapid globalization, it is crucial that the workforce is encouraged to share mutual knowledge and ideas but they must also be involved in collective decision-making to work towards common goals. The shared vision promotes better understanding among the employees and provides the impetus for improved performance and easy changeover. The shared learning must become an intrinsic part of the work methodology, characterized by the stability provided by the system and the integrated approach of the workers.

Globalization has given a new perspective to the business which needs to look beyond the local interests and operate the business on a wider platform based on common goals and a universal value system. Levitt, in an article, says that ‘A powerful force drives the world toward a converging commonality, and that force is technology’ (Levitt, 1983).
The process of globalization has changed the dynamics of international business.
Managing diversity has, therefore, become a crucial issue with the businesses which needs to be addressed urgently if they want to maintain a competitive edge over their rivals. The diverse ideologies and opinions promote creativity and therefore, the managers need to diversify and encourage creativity and innovative practices that give a unique perspective to the participatory approach of management and employees. Read More