November 14, 2011: The face of business across the world is changing in astonishing pace. There are many multinational firms which are innovative, dynamic and young and have emerged out of growing markets from Asia, South America, Europe and the Middle East.
As more companies are changing from domestic to global players and with entry of multinationals from emerging nations, the top executives are forced to re-evaluating their corporate culture in terms of its international competency. The companies which have expanded at a faster rate have the right kind of vision for growth.
Companies now have to focus on strategies which will nurture a global vision in the minds of employees in addition to strategies for raising capital, recruitment and developing infrastructure.
The Global Growth Forum, which was organized in Washington DC by Ernst & Young, had participation of leaders and executives from World Bank and International Monetary Fund. The participants have shared their insights on how to develop global mind set among the business leaders. These insights cannot be applied in every organization, but still they can be used as a benchmark.
One important suggestion from the participants was that business leaders should be able to integrate multiple perspectives. Very often, different markets require different processes and systems, more over a strategy that works in one country will not work in another country.
If the executives follow different strategies in different countries, it will lead to fragmentation of the business and will affect the synergy of the organization operating in different countries. So leaders can follow an approach of decision making which is interdependent, where the decision made in one market affects the operation in other markets. In order to achieve this, the organizations should adopt a systematic approach of decision making which will consider the different perspectives from the management team.
In addition to this the leaders should develop a system of values which will help in connect the cultural differences among the different markets. The values that the leaders develop should change with the organization. This is because the values that were used in the past may become a burden for the company in the present.
Diversity in terms of employees in an organization will help in creating a global mind set. Diversity will generate different perspectives which will lead to innovation. But in many of the organization, unfortunately the differences are concealed, which inhibits innovation.
The emergence and expansion of Business Process Outsourcing has helped in celebrating diversity in an organization. It has helped in creating professionals who interact with foreign customers on a daily basis.
Organization should be able to serve customers in different market, while managing a diverse work force which will help in bridging the gaps between markets.