Impact of Globalization on the Managers Job - Coursework Example

Impact of Globalization on Manager’s Job Table of Contents I. Introduction ………………………………………………………………. 3 II. Definition of Globalization ……………………………………………… 4 III. Main Purpose and Consequences of Globalization ………………… 4 IV. Ways in which Globalization Affects the Role and Responsibilities of Modern Managers ………………………………… 5 a. The Need to Restructure the Business and Public Organization ……………………………………………. 6 b. Positive Impact of having Good Leadership Skill among the Modern Managers ………………………………… 7 c. The Need for a Strong Negotiation Skill …………………… 8 d. Importance of Customization and Niche Marketing …….. 8 e. Establishing an Effective Cross-Cultural Communication 9 f. The Need for Diversity Management Skills ……………….. 10 g. Challenges Associated with Learning the Global Economic Issues ……………………………………… 11 V. Discussion ……………………………………………………………….. 12 VI. Conclusion ………………………………………………………………… 15 References ……………………………………………………………………… 17 - 22 Introduction Globalization is one of the biggest issues being tackled in the politics, business and academic world. (Smith & Yaw, 2002: p. 1; Tierney, 2004) Basically, globalisation has resulted from many years of human inventions and technological improvement such that it focuses on the integration of global economic activities by promoting endless trading of products and services from one country to another. (Steger, 2003: p. 37) Therefore, the globalization is considered an important business topic since it enables the local businesses to have more business opportunities. Globalisation relates to the global movement of technology, business people as well as the skilled and unskilled workers. (Smith & Yaw, 2002: p. 1) Even intangible thing such as knowledge and skills are also being transferred from one country to another. Since globalisation increases competition within the domestic and global markets, modern managers are being pressured with bigger challenges associated with these changes. (Steger, 2003: p. 113) For this reason, managers need to promote work efficiency whereas employees should become more competitive and flexible to enable them to perform well. To enable the readers to fully understand how globalization significantly influenced major changes in the role of the modern managers, the meaning and main purpose and consequences of globalization will first be discussed in this study. Aside from providing examples, globalization and management theories will be used as part of examining the impact of globalization on managers’ role and responsibilities in managing a business organization. Definition of Globalization Thomas Friedman (2000: p. 9) defines globalization as “the inexorable integration of markets, nation – states, and technologies in a way that it enables individuals, corporations and nations to reach around the world farther, faster and cheaper…” (Kiggundu, 2002) Based on a pure economic point-of-view, globalization can be defined as “the growing liberalization of international trade and investment which could result to the increase in integration of national economies.” (Griswald, 2000) On the other hand, Lewellen (2002: p. 7) stated the definition of globalization as “the increase in the flow of trade, finance, culture, ideas, and people brought about by the sophisticated technology of communication and travel and by the worldwide spread of neoliberal capitalism which is the local and regional adaptations to and resistances against these flows.” As compared to the definition of globalization that were provided by authors like Friedman (2000) and Griswald (2000), the definition given by Lewellen (2002) is unique in the sense that his definition of globalization does not only focused on highlighting the impact of globalization on economic activities, the type of capitalism used, the cultural aspect behind globalization but also the impact of regionalization and localization on the global economic activities. Main Purpose and Consequences of Globalization In reality, globalization strengthens the dominance of capitalism within the global economic system which indirectly erodes the importance of local cultures and traditions by establishing a single business culture around the world. (Stiglitz, 2002; Kellner, 1998 & 1997) Aiming to promote global trading, the World Bank, International Monetary Fund (IMF), and the World Trade Organization (WTO) among others have exerted a lot of effort in removing the global trade barriers to increase economic growth among the developing countries. (Mender, Baker, & Korten, 2001) Basically, the main purpose of globalization is to promote free trade across the world by removing all possible barriers that will prevent people from allocating the world’s resources more efficiently. (Nanduri, 2006) In the process of promoting free trade in the world market, big multinational companies are expected to earn a more profit by making use of the lowest paid human resources which are commonly found in developing countries all over the world. (Tasini, 2007) The problem with globalization is associated with the fact that the promotion of contunuous market expansion all over the world could lead to the loss of distinct local cultures aside from exploiting the world-market which often causes some of the existing businesses to file bankruptsy whereas new ones are being created. (Marx & Enels, 1967: p. 83) Ways in which Globalization Affects the Role and Responsibilities of Modern Managers Due to the fact that globalization increases market competition from purely domestic to international markets, managers are challenged to produce high quality goods at a much lower price. In line with these challenge, managers today has an increased responsibility in terms of keeping the business highly competitive despite the external business pressures caused by globalization. As part of the major changes in the role of managers, these individuals are challenged to focus more on the following aspects: (1) restructuring the business; (2) good leadership skill; (3) strong negotiation skill; (4) application of customized and niche marketing; (5) cross-cultural communication; (6) diverse management skills; and (7) learning the global economic issues. The Need to Restructure the Business and Public Organization Globalization resulted to the increase in competition within the domestic and global markets. Given that almost all businesses today are competing within the global markets, modern managers face the challenge of being able to produce high quality products at a cheaper market price. (Smith & Yaw, 2002: p. 170) As a result of globalization wherein most of the available jobs in developed countries have been shifted to developing countries, most of the modern managers were left with no choice but to end up with the need to restructure the business in order to keep the company competitive in the global markets. Among the major changes that most managers have considered includes entering into merger and acquisitions (Chapman, 2003; Auster & Sirower, 2002) or going into public through the use of initial public offering (IPO) (Goergen & Renneboog, 2003). Between the use of IPO and Merger and Acquisitions, most managers today have considered merger and acquisitions because it enables the business not only to have a better financial and market share standing but also serves as a bridge for possible foreign direct investment opportunities aside from allowing the company to improve the business organization’s employment and territorial development which is necessary in making the company more stable within a globalized economy. (Chapman, 2003) In the case of a government-owned company, managers may consider privatizing the company to improve its daily operational efficiency. (Hassard et al., 2002: p. 115; Smith & Yaw, 2002: p. 24) Likewise, Wooldridge (2004) also suggest that the modern managers in the public sector needs to consider decentralization as an effective strategic-contingency approach when it comes to the preparation of public administrators for the era of globalization since implementing a decentralized management approach could result to long-term benefits not only on the part of the organization but also in terms of enhancing the work reputation of the professional employees. Positive Impact of having Good Leadership Skill among the Modern Managers As part of globalization’s impact on managerial learning, Cseh (1999) gave emphasis towards the importance of developing the ability of each member of the work force. To be able to do so, modern managers should have make use of leadership skill that promotes and acknowledges the value the personality, purpose, and potential of each employee. Each leadership style has its particular advantages and disadvantages. Therefore, managers should not only consider their own personal character but also the working environment and the work force when choosing the most appropriate leadership style. For example: Even though the use of pure authentic leadership style may be useful in enabling employees to develop self-reflection and self-awareness at work (Covey, 2004), this approach may not be effective in controlling all employees within a business organization. Since modern managers are required to deal with employees that has diverse cultural background, there will always be the need to combine authentic with transformational and/or transactional leadership style to enable the manager achieve a better result in managing the human resources. (Mind Tools, 2007) The Need for a Strong Negotiation Skill Globalization causes serious employment issues on the part of the employees and trade unions. To enable managers to effectively manage trade unions with regards to the need to implement new working conditions caused by significant changes in trade and technology and/or sensitive issues related to the job security and income of employees, modern managers need to have a strong negotiation skill in order to avoid negatively affecting the work efficiency and high productivity of the existing workforce. (Iranzo & Patruyo, 2002; Smith & Yaw, 2002: p. 69) Having a strong negotiation skill is not limited in solving internal conflicts within a business organization. The manager’s ability to negotiate well with other people also contributes a lot in increasing new business opportunities by successfully closing business transactions in other countries or geographic territories. (Woods, 2007; Sheer & Chen, 2003; Wakabayashi, Kondo, & Chen, 2001) Importance of Customization and Niche Marketing The study that was conducted by Luo, Sivakumar, & Liu (2005) reveals that not much studies has been conducted with regards to the importance of testing the relationship between globalization and its link with market orientation, entrepreneurial orientation, innovative capabilities, and business performance. Despite the lack of a more detailed study with regards to the impact of marketing with globalization, several studies concluded that modern managers should be knowledgeable on the importance of customization and niche marketing based on the target market’s specific needs and wants in order to increase the sales and profitability of the company. (Smith & Yaw, 2002: p. 207; Dalgic & Leeuw, 1994) In fact, managers today are encouraged to take advantage of customization and niche marketing approach as a way of increasing a company’s competitive edge against its competitors. (Dalgic & Leeuw, 1994) Establishing an Effective Cross-Cultural Communication Globalization works well in a working environment that is culturally diversed. (Kiggundu, 2002: p. 283) For this reason, managers today acknowledges the importance of not only improving one’s own communication skill but also in making the global communication system more efficient. (Maddison, 1998: pp. 118 – 119) Since a globalized economy is composed of human resources that has different race, gender, culture, and ethnic background, several studies strongly recommend the need for modern managers to be able to adapt with cross-cultural communication to allow them to effectively communicate with people with different cultural background. (Starke-Meyerring, 2005; Smith & Yaw, 2002: p. 207) Aside from the fact that open communication with employees and the manager increases efficiency at work by minimizing possible risk of operational mistakes caused by miscommunication, the study that was conducted by Chales (2007) suggests that the managers’ choice of language could signficantly affect employees’ satisfaction at work. Beyond the need to remove communication barriers, the use of an increased flexibility in communication technology enables managers today to easily connect with highly competitive individuals across the world. (Kaplan, 1993) In order to narrow down possible communication gap between two nations, technology used in communication has been continuously upgraded over the years. The Need for Diversity Management Skills Modern managers should know and acquire diversity management skills given the fact that globalization has resulted to a massive movement of competitive workers all over the world. (Smith & Yaw, 2002: p. 207; Kennedy & Danks, 2001: p. 1) In general, diversity management skills will enable the modern managers to effectively handle a wide-range of human resources that has different race, gender, culture, and ethnic background. In line with this matter, Kiggundu (2002) concluded that diversity is essential towards the success of a company since it promotes respect and appreciation with regards to the differences between each employee including the management style being used in each country. Based on the study that was conducted by Jacoby, Nason, & Kazuro (2005), evidences were found showing that some Japanese companies are being managed in a way that is similar to how a US-based company is being handled. Likewise, some of the Japanese-style management is also seen to have emerged in some US-based companies over the years. This makes it easier for US modern managers to deal with businessmen in Japan. Aside from the need to have stable environment, intense market competition, and organizational position, Carr & Harris (2004) stated that it is equally important for a company to develop a diverse national values when making a successful strategic investment decision (SID) within the context of globalization. As a result of promoting diversity with a business organization, developing shared-values including the exhanges of new ideas coming from individuals with different culture is possible. Challenges Associated with Learning the Global Economic Issues Aside from the need to develop communication and diverse management skills (Smith & Yaw, 2002: p. 207; Kennedy & Danks, 2001: p. 1; Maddison, 1998: pp. 118 – 119), modern managers are challenged to learn more about the past and latest global economic issues. Knowing more about how the global economy works will enable the modern managers to have a better chance of making important decision-making which could eventually make them successful global managers. (Harvey et al., 2007) As part of the global economic issues, modern managers are expected to learn more about world trade organization (WTO) (Dasgupta, 2000) including the advantages and disadvantages as well as the impact on labour and economic purposes of NAFTA which controls the border regions of the US and Mexico (Landau, 2005); European Union (EU) which controls the combined population of a total of 25 countries in Europe (Hancké & Rhodes, 2005; Lisiankova & Wright, 2005); and the ASEAN which includes the Asian countries including China (Sucharitkul, 2006; Abella, 1984). Learning about this issues will help minimize the possibilities for managers to commit wrong business decisions in the future. Basically, the economic, social and political issues related to WTO, NAFTA, EU, and the ASEAN could guide the modern managers when conducting an international trade with other countries. For example: The WTO provides a complete details with regards to the rules and regulation of international economic activities back in 1995. However, given the fact that there has been a lot of economic and political changes that occurred in some of WTO members, the article written by Steger (2007) discussed about the significant reasons behind the need to reform the existing WTO laws. For this reason, managers are highly recommended to practice continuous learning and update themselves with any progress that occurs in the global economic reforms. Discussion There has been a major shift that each manager has to go through from handling purely domestic markets towards wider global markets. Although some of the typical job of a manager remains the same, globalization has resulted to some changes in the role and responsibilities of modern managers. For instance: Aside from the application of diverse management style and effective cross-cultural communication, there is a stronger need for managers to be able to customize and take advantage of niche marketing today as compared in the past wherein the integration of the world market did not exist. By doing so, it will be so much easier on the part of the modern managers to compete with a large group of competitors within the market. Aside from typical management style, major economic changes caused by globalization made modern managers face with challenges associated with the need to increase their knowledge on global issues. (Harvey et al., 2007) Since not all of the existing globalization theories we have today could happen in reality, modern managers still need to critically think about each globalization theory before accepting it as a fact. For example: the first wave of globalization theory states that “hyper globalized economy would mean that national economies are less significant or will no longer exist because of the role of capital mobilization.” (Martell, 2007) This idea is obviously not true. Even though globalization today is widely practiced by a lot of multi-national companies, national or domestic trading within each country remains visible up to the present time. One of the common assumptions related to the theory of globalization is that factors related to a country’s culture and economy is considered as an important aspect of a society. (Sparks, 2007) For this reason, modern managers should be able to learn and understand not only the business and economic factors but also the culture of each country to enable them to become more successful in managing a business within the global markets. Personally I would accept this particular globalization theory because despite the integration of human resources and trading, the preservation of a country’s culture still remains one way or the other. A very good example of a real-life case scenario is the closure of one of Starbucks’ retail store outlet in China. Even though Starbucks has successfully established several coffee shops in China, the company was forced to close down its coffeehouse in China’s former imperial palace because of the need of the Chinese people to preserve its cultural and historical image. (The China Daily, 2007) Given that Starbucks managers were able to foresee that establishing its coffee shop in historical and cultural areas could damage the cultural heritage of the Chinese and/or non-Chinese people, the company could have saved more money by choosing not to open a Starbucks store outlets on these kinds of places. Another major assumptions related to the theory of globalization is that global communication combined with international ties that was built over the years has significantly lessen the used to be nation-state category such as individual culture and national identity in exchange with the promotion of more financial and trading activities. (Thomas, 2001; Hedetoft, 1999) This assumption is not true in all cases. Even though the use of modern communications technology narrows down the economic gap between two regions, the cultural aspect of quality management in each country remains (Yavas & Rezayat, 2003). Therefore, there is still a strong need for modern managers to promote and strengthen the importance of cultural and international communication in order to enable them to easily transact with business people from different countries more effectively. Another theory of globalization assumes that the standardization of advanced technology is able to connect each of the existing social sectors worldwide which promotes better communication and economic trade. It means that economic activities within dominant and non-dominant groups of a society are greatly affected. (Galbraith, 1999; Mundell, 1998: pp. 177 – 186) For example: The use of a single currency called ‘Euro’ was implemented as a way of promoting free trade among the members of the European Union. (Forder, 1999) Some economic experts in the past have considered the use of a single currency as an effective way of promoting free trade among the EU members. However, this idea is not true based on the real-world economic experience of the EU members. In line with this matter, Mundell (2005) argues that the implementation of a single currency could only lead to a disorganize the currency markets, recurrent currency including the debt crisis of each country. Conclusion Modern managers should carefully analyze the existing globalization theory we have today before deciding whether or not to accept the idea. Since the study of globalization is still considered new, there are still some areas wherein further study is required. There is truth behind the theory of globalization stating that a country’s culture and economy is one of the most important aspects within a society. (Sparks, 2007) For this reason, modern managers should strengthen their knowledge on the cultural aspect of each country. In line with this matter, it is equally important that modern managers should be able to apply effective skills related to leadership, negotiation, diversity management, and cross-cultural communication since these qualities will enable the manager to minimize possible internal and external conflicts that may arise out of globalization. As part of keeping the business competitive in the market place, managers are recommeded to take advantage of customizing and using niche marketing as a strategic method of increasing the company’s competitive edge against other competitors that offers homogenous products and services. Application of niche marketing will enable the modern managers not only increase the business’ profitability but also improve the company’s market share. Managers today can make use of business restructuring to enable the company survive a serious financial difficulty. This option could temporarily solve a company’s financial problem. Therefore, modern managers should consider this strategic approach as a last option when dealing with globalization issues. Instead of focusing on business restructuring option, modern managers should take it as a serious challenge to learn more about the latest global economic issues. These information will make modern managers highly competitive when there is a need to make important decision-making related to global business transactions. *** End *** References: Abella, M. "Growth of Modern Sector Employment in the ASEAN Countries: Trends and Prospects." Asia Pacific Journal of Human Resources (1984): Vol. 22, No. 1, pp. 35 - 41 . Auster, Ellen R. and Mark L. Sirower. "The Dynamics of Merger and Acquisition Waves." The Journal of Applied Behavioral Science (2002): Vol. 38, No. 2, pp. 216 - 244 . Carr, Chris and Simon Harris. "The Impact of Diverse National Values on Strategic Investment Decisions in the Context of Globalization ." 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