The paper "Impact of Globalization on Management" is a great example of management coursework. Globalization has been defined as the integration of capital, markets, technology and nation-states in a way that allows corporations, groups, countries and individuals to reach out the world faster, farther, cheaply and successfully than before (Mark, 1997, p. 221). The literature which is relevant to research into the managerial implications of global organizations describes various interactive elements that constitute the proper construction of an efficient management system for a borderless organization. The arguments of discussion revolve around the effects and impacts of globalization on management.
There are unique challenges that a manager faces in managing in cross-cultural contexts and also ethical issues to be dealt with. What realities must international companies come to terms with in relation to managing multi-cultural, multi-national workforces in a sustainable manner? This paper seeks to argue out the managerial implications of international organizations, as introduced above. The paper will first give an overview of the impact of globalization on management and then delve into various management challenges in manoeuvring a global landscape, as well as the ethical issues involved.
Finally, the paper will discuss the internal management policies and practices of Australia and New Zealand banking group in terms of managing across cultures and boundaries, while examining a number of relevant management theories. The conclusion will highlight the key points while summarizing the argument. The Body In the face of a globalized economy, there are unique challenges for managers to deal with. Additionally, certain ethical issues must be considered for successful implementation of management practices. Success in a global market requires various ingredients, among them: competitive labour, innovative ideas, savvy marketing and sustainable supply modes, stable financing and proper logistical support.
However, one central player - perpetually forever caught in the mid-ground - is the international manager. As the pressures of competition and global engagements mount, so does the pressure for managers to deliver tangible results increase (Ruigrok & Tsuyushi, 2003, p. 226). As companies find themselves growing across borders, there are endless lists of cultural dynamics that managers must learn if the company is to succeed in new frontiers. For instance, criticizing heads of government for the bad policy is a common pastime in many countries.
However, criticizing the Thai king is a felony that is punishable by not less than twenty years in jail. In Russia and many formerly USSR countries, it is common practice for companies to offer money to government officials to raid and vandalize business rivals or instigate endless criminal investigations against them (Miller & Vaughan, 2001, p. 19). In Nigeria, a number of corporate heads have been sued for seeking the help of witch doctors to vanquish rivals or increase business certainty.
Dressing for business meetings in the global arena is very challenging: for instance, adorning yellow attire in Malaysia is reserved for royals; in some parts of Asia, white attire is worn for mourning; and in India, adorning anything made of leather can be very offensive to the Hindu populace (Mansour et al. , 2007, p. 32). Many local customs and norms are likely to stay for quite some time and the best managers can only prepare adequately to not ignore the global differences, but to capitalize on them (Wren, 2004, p. 44). These are some of the realities that organizations must come to terms within managing international business.
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