Explain globalization of production and its benefits. Why should a company study

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Explain globalization of production and its benefits. Why should a company study international firm management if its leadership commits to globalization of production Explain globalization of production and its benefits. Why should a company study international firm management if its leadership commits to globalization of production Explain globalization of production and its benefits. Why should a company study international firm management if its leadership commits to globalization of production

Explanation / Answer

Globalization of production refers To The dispersal of production actives To locations That help accompany achieve its cost- minimization or quality- maximization objectives for a good or service. hissing clues The sourcing of key production inputs (such as raw materials or products for assembly) as well as The international outsourcing of services. Benefits To companies for the globalization of production include:

Communications (e.g. TV);

Transport;

        Travel;

       Products;

Here we identify, by way of a summary or stock-take, a number of dynamic environmental issues that have been raised in this book. These critical environmental trends include:

globalization in manufacturing and service provision

1.     Train early

Leadership training for the global stage should begin sooner in the average management-track employee’s career. Instead of intensive training in their early 40s, companies should instead offer global mobility and leadership training to staff members a decade younger who are entering supervisorial roles. This provides them with both necessary training and direct experience in other countries, which will prove invaluable as they later transition into global managerial roles.

2.     Encourage collaboration and communication

Global managers must develop an “us” perspective among global team members. If a manager is handling 50 employees ranging in age from 25 to 65 who live in 14 different countries, then it’s imperative to encourage sharing and collaboration. Managers should encourage team members to talk about their cultural differences as they apply to their work in order to develop understanding and connections.

A next step is to present unified goals. The successful global manager will relate each individual’s work to the company’s overall global goals; however, it’s important to remember that global goals and values translate differently across cultures. For example, while “competitiveness” might translate to a goal of “aggressively seeking revenue opportunities in all markets,” that wording would not sit comfortably across all cultures. The balancing act of the global manager is to link global, team and personal goals in a way that is understandable and comfortable to all.

Personal communication is essential for global leadership, despite the challenges of time zones and some language barriers. Successful global managers will take the time to reach out with phone calls to develop a trusting relationship and further team building. This is especially true if the manager expects similar communication among the team. If the expectation is for the developers in Moldova to talk frequently with the Australian design team, then the global leader in New York needs to set the right example.

The manager must understand that “leadership” looks different across the world. The western style is top-down, with leaders pushing down messages that they expect will be followed. Outside of the west is a more consensus-driven approach, where the group agrees to a goal and then develops a corresponding strategy.

Managers also need to adapt their speaking style to accommodate non-native language team members. For example, they should remove slang terms or any pop culture references, and instead speak slowly and clearly. Managers should also encourage staff members to speak up if something isn’t understand, instead of allowing “lost in translation” moments to potentially disrupt important projects. The manager and the team members must learn from one another over time by explaining cultural differences

3.     Encourage international assignments and multicultural teams

Exposure to multicultural teams is also an excellent way to develop managers that can understand different cultural perspectives and styles. Through such work prospective global managers develop the need for geographical context, where they better understand specific markets as well as the corresponding initiatives to reach those audiences.

Global managers also need to develop their communication skills to properly connect with different generational and geographic groups. For example, staff members in their 40’s and 50’s might be more receptive and used to a “command and control” style of interaction from their management teams. Millennials often prefer a softer style that seeks to challenge and inspire them without being autocratic. Effective global leaders will understand how to switch gears quickly between various styles, understanding they need to convey leadership while tailoring interactions for optimal results.

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