The Business World Heavily Relies On Globalization

1372 WordsNov 15, 20156 Pages
The business world heavily relies on globalization. In order to remain competitive in their respective markets, corporations need to branch out to other countries, capturing more of the market share. This will not only cost a company a large amount of cash, but it also stresses their employees. Firms need to ensure they are sending the right managers to their offshore locations, or they could face dire consequences in both market share and employee attrition rates. Emphasis must be placed on properly training managers how to interact with citizens from the target country. This will ensure employees and customers are approached in the appropriate manner, quality employees are properly trained and retained, and companies’ expansions are possible. When companies consider expanding their business and whom they will send abroad, emphasis must be placed on sending managers with the ability to comprehend differing customs and courtesies. One does not necessarily need to fully understand the new environment they are going into, but they must have the ability to adapt to changing scenarios. When selecting employees, one would want to ensure the prospective employee fully understands the company’s vision and mission statement. Businesses thrive when all employees understand the vision and mission statement. This may not be an easy task, however, when considering employees from a different country. Abyad (2011) states The successful business leader has a nearly evangelical
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