Effect Of Globalization Good Or Bad Business Essay

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Globalization can be defined as the ability to produce and good or service anywhere in the world using capital, technology and components from anywhere and to sell the output anywhere and place the profits anywhere". The term "globalization" began to be used more commonly in the 1980s, reflecting technological advances that made it easier and quicker to complete international transactions-both trade and financial flows. It refers to an extension beyond national borders of the same market forces that have operated for centuries at all levels of human economic activity-village markets, urban industries, or financial centers. (Hill, 2002)

√ā¬†Globalization has increased dramatically over the past three decades, particularly for advanced economies, while emerging market and developing countries experienced more moderate increases. Divergences across countries stem from different capital control system, and factors such as institutional quality and domestic financial development. Although, in principle, financial globalization should enhance international risk sharing, reduce macroeconomic volatility, and foster economic growth, in practice its effects are less clear-cut. (Luthans & P.Doh., 2006):

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Culture is "the way we do thing around here"

Culture is the code, the core logic, the software of the mind that organizes the behavior of the people.

Culture reflect the lesion learned that were important enough to pass on to the next generation.

Culture is what we do when we think no one is looking

Culture is defined as Acquired knowledge that people use to interpret experience and generate social behavior. This knowledge forms values, creates attitudes, and influences behavior

Dr. Geert Hofstede defines National culture is the mental programming of a group of people. It is comprised of the values, customs, and belief systems shared by a particular group of individuals.

Corporate culture refers to the character of a company's internal work climate and personality.

In a strong-culture company, culturally-approved behaviors and ways of doing things are nurtured while culturally-disapproved behaviors and work practices are discouraged.

Values:-

Different Cultures have different cultural Values that distinguish from each other.

one way to approach the study of culture is through the identification and measurement of dimensions of culture, and several different typologies of societal cultural value orientations or culture dimensions have been developed.

In summary, the five cultural dimensions of Hofstede are described as follows (based on Hofstede 1997, 2001): Professor Geert Hofstede conducted one of the most comprehensive studies of how values in the workplace are influenced by culture. He analyzed a large data base of employee values scores collected by IBM between 1967 and 1973 covering more than 70 countries, from which he first used the 40 largest only and afterwards extended the analysis to 50 countries and 3 regions.

Source: - http://geert-hofstede.com/kuwait.html

The 9 Dimensions of the GLOBE Project:

Uncertainty avoidance

Power distance

Collectivism I: Social collectivism

Collectivism II: In-group collectivism

Gender egalitarianism

Assertiveness

Future orientation

Performance orientation

Humane orientation

Formal Control Orientation

External

Internal

Form of Attention

Flexible

Internal

Clan Culture: - A very friendly place to work where people share a lot of themselves. It is like an extended family. The leader is like a mentor and even parent figures. Loyalty or tradition is valued. The emphasis is on teamwork, participation, consensus, cohesion, morale, and human resources development. Success means sensitivity to customers and concern for people.

Adhocracy Culture: - A dynamic, entrepreneurial, and creative place to work where people take risks. The leader is like an innovators and risk takers. The emphasis is on experimentation, innovation, being a product or service leader, individual initiative, and freedom. Success means growth, and acquiring new resources.

Hierarchy Culture: - Structured & very well formalized place to work where procedures govern what people do. The leaders are efficient coordinators and organizer. The emphasis is on formal rules, policies, stability, and efficient operations. Secure employment and predictability are valued. Success is defined in terms of dependable delivery, smooth scheduling, and low cast.

Market Culture: - A competitive and results-oriented place to work where getting the job done is emphasized. The leaders value being hard driving, demanding, and emphasize winning and achievement. Reputation and success are common concerns. The emphasis is on hard-driving competitiveness and achieving measurable goals. Success is defined in terms of market share, competitive pricing, and market leadership.

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"Today's youth work very differently to anything we've seen before. They are natural collaborators, communicators, innovators. We just need to give them the tools they need, and get out of their way " Vineet Nayar

http://www.wisegeek.org/what-are-the-most-common-leadership-challenges.htm

Leadership challenges vary by organization, but many of the most common have to do with motivating, encouraging, and effectively managing people. This is particularly true in business settings, where employees must learn to work together in order for a company to be profitable. Any situation in which there are both leaders and supporters can have leadership challenges, however, including a number of volunteer organizations and community movements. So-called "good" leadership is often a lot easier to describe than to actually implement. Many of the most common leadership challenges arise when leaders are either unaware of common pitfalls, or are inattentive to developing problems.

Motivating Employees

No organization, be it formal or casual, will get far if its workers are not motivated. Workers who lack focus or are uninterested in the end goal are not usually very productive, and can often undermine a leader's efforts and authority. Sometimes, the fix is as easy as clearly communicating the mission. In other instances, leaders must work with employees individually to figure out an effective incentive structure.

A lot of worker motivation has to do with workplace psychology. The happier and more valued employees feel, the more likely it is that they will give the company their best efforts. Investing in employee happiness sometimes seems counterintuitive, but ignoring corporate culture is often seen as a serious misstep.

Cultivating Leadership Experience

One of the hardest parts of running any sort of organization is ensuring that those in superior positions are actually capable of leading effectively. The skills needed to head up a cause or execute specific goals are not usually intuitive, and they cannot always be learned in a classroom. Leadership students and scholars are often able to describe leadership styles and techniques quite well - but in order to actually execute them, some experience is usually required. Executives and others looking to hire or appoint leaders are usually wise to consider much more than what is on a paper resume.

Creating Team Unity

Leaders are often responsible for helping build unity between staff members. Teams that do not work well together often take a lot longer to complete even routine tasks. It can take a bit of time for workers to develop trusting relationships with one another, and the role of a supervisor or managers is to set the proper framework to encourage these relationships to grow. Employees do not need to become each others' best friends, but they do need to be able to work effectively with each other. This does not always come as naturally as some might assume.

Facilitating Open Communication

One of the hardest things many leaders face is finding ways to be approachable without losing authority. Effective teamwork depends on a culture of open communication, where superiors and subordinates can freely discuss progress and problems. Employees who feel that their bosses are distant or somehow "off limits" have a tendency to make mistakes that could have been avoided had parties felt more comfortable talking to each other.

Encouraging Action and Innovation

Particularly in larger organizations, encouraging employees to be creative with their ideas and to take risks in their work is one of the more difficult leadership challenges. While it is important for workers to have boundaries and parameters in order to stay focused, some latitude is essential to growth. Organizations that do not ever generate new ideas are often surpassed by more innovative competitors.

Leaders must find a balance between keeping employees focused and giving them space to think creatively. The amount of freedom workers should have necessarily depends on the setting and the sort of work being done, but is important in nearly all disciplines.

Information Management, Consistency, and Other Details Challenges

Leaders are often overwhelmed by the sheer number of things that must be done to keep a business or organization going apart from staff management. Being a good leader usually requires a strong attention to detail, and an ability to manage a lot of competing demands at once.

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Most of the time, those in more senior positions must learn how to stay on top of enormous amounts of data, information, and paperwork. Organizational work like this is often only tangentially related to managing staff - but it must be done just the same. Adjusting to different roles is, for many, one of the most surprising challenges that comes with assuming a leadership position.