LEVERAGING BUSINESS THROUGH CULTURAL COMPETENCY AND DIVERSITY IN THE GLOBAL ECONOMY - Essay Example

This likewise has a leveraging repercussion in trade and commerce. Statement of the purpose. One of the objectives of this dissertation is to show how cultural capabilities and idiosyncrasies neutralize growth and opportunities in business. For instance, because of acute recession in the United States of America and in order to save big on wages and other payroll costs, American companies outsource jobs to countries like India and those in Asia where salaries are significantly lower. Such is the case in call centres where telemarketing and other allied on-line services are rendered.

It is admitted that oral English communications skills are the only required credentials for call specialists. In this field, other cultures can compete with their counterparts in the larger economies thus leveraging business in the global scene. The levelling of business particularly comes from taxes on the earnings of the employees which go to the host country rather than the territory which is outsourcing the services. The same is true with the circulation of money generated by the outsourced business.

Another example where cultural competency sets in is in the car industry. While the world economy hits low levels, people in third world countries tend more to settle for reconditioned used cars rather than buy brand new ones from companies controlled by corporations with main offices based in affluent nations. Circumstances like this become balancing factors in international business and commerce. In short, owning a second-hand automobile is a readily acceptable cultural notion in poor countries while it may not be so much in highly developed nations.

On the other side, there are products made by people from impoverished territories which fascinate rich Western nationals and this kind of exchange likewise levels the trade playing field. Such products include furniture made of rare wood or indigenous materials and tiny handicrafts being worn as beauty accessories. These are among the factors to consider in presenting a study on how cultural competency leverage business. In the case of diversity in the global economy, the research will inquire into non-traditional resources and approaches.

One good illustration is the source of fuel or energy which has always been mineral fossil oil or petroleum. This circumstance has a very