Companies such as Buzztronics are leading the way in the global economy because of their dedication to diversity in the workplace. In order to build a diverse and successful workforce, a business needs to recruit, train, and retain capable and talented minorities.
Deloitte, a prestigious financial firm that deals mostly with accounting, traditionally recruited from top tier colleges and universities, as a result most of their new hires were affluent white males. The company took a step back and evaluated whether their firm reflected the clients they served, and they found that it did not. They decided to reevaluate the hiring practices of their firm. Deloitte started to focus on recruiting from smaller schools, such as community colleges. Community colleges offered many bright and determined individuals that were qualified for working for Deloitte, yet did not have the means to afford more prestigious educations.
International businesses are also finding new ways of increasing diversity abroad. Instead of using expatriate employees as management, they are starting to hire locals. Companies that operate abroad are realizing that using expatriate employees is not a permanent solution. They are often expensive, and are not capable of translating their skills into the new environment. In a company that operates globally, it is important that the company knows how to relate to the local markets, and a great way to do this is by hiring local talent. Hiring locally is cheaper, there is not a language barrier, and they are accustomed to the business environment in the area(5). They can also help the business by providing a new perspective into international markets, and offer ways that the company can improve their diversity abroa...
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...serve the people as well as stimulate the local economy. These local employees also help bring a stronger aspect of globalism that promotes new and innovative business strategies and techniques. BuzzTronics is constantly looking towards the future, and the best way to do this is by thinking and hiring globally.
Works Cited
1)http://diversityinc.com/diversity-management/proof-that-diversity-drives-innovation/
2) http://www.thecoca-colacompany.com/citizenship/diversity_council.html
3)http://diversityinc.com/the-2011-diversityinc-top-50/no-8-deloitte/
4)http://diversityinc.com/the-2011-diversityinc-top-50/no-3-pricewaterhousecoopers/
5)http://webcache.googleusercontent.com/search?q=cache:kao-G4H5tWsJ:www.shrm.org/Publications/StaffingManagementMagazine/EditorialContent/Pages/0709overman.aspx+hiring+from+local+communities+abroad&cd=9&hl=en&ct=clnk&gl=us
According to Hill (2007) the ethnocentric staffing policy is now on the wane in most international businesses because an ethnocentric staffing policy limits advancement opportunities for host country nationals, and an ethnocentric policy can lead to cultural myopia. The polycentric or local approach centers on recruitment of host country nationals (HCNs; i.e. individuals within the country) to manage the subsidiary. However, Hill (2007) recognized two advantages to the polycentric approach: (1) the firm is less likely to suffer from cultural myopia, ...
Workforce diversity has become a reality in organizations. More organizations have written workforce diversity policies or programs. Although there is still no consensus on how to define workforce diversity, diversity policies and program are producing positive effects in organizations. Diversity in the workplace is a way of defining acceptable behaviors of employees. Diversity represents all the ways in which individuals are both similar and different. It involves a variation of characteristics such as: age, sex, color, religion, national origin, disability, or any other differences. Although diversity initiatives are common in the workplace today, this is due mainly to the federal government use of constitutional amendments, legislation, and executive orders, along with court decisions to interpret the laws for equal rights (Noe, Hollenbeck, Gerhart, & Wright, 2010). The way an organization defines diversity and how it manages its diverse workforce may determine its effectiveness.
Living in a country where it was founded by immigrants, diversity is everywhere you go especially in the workplace. There are many types of diversity; ethnicity, gender, religion and age just to name a few. Working in a diverse organization it can give you a taste of the real world, and what you will deal with wherever you go. There is so much diversity in the world today so it is a benefit to experience it in the workplace as well. You are given the chance to learn so many things from different cultures, why wouldn't you want to work in a diverse organization?
High turnover rate of expatriate: expatriate managers are frustrated with the performance and practices of local employees. And they do not have enough international experience and cross-cultural communication and sensitivity training.
I would like to suggest that the company can use standard recruitment and selection techniques. For the selecting employees the company should take decision based on goals and objectives of the organization. And also look at competitor in the market. And I think expatriates are easy to understand both foreign workplace and home office. (Edwards, 2010)
...e located and the human resource management to effectively manage the global workforce diversity. Furthermore, management practices across nations should be more focused in terms of enhancing expatriates’ experience with cross-cultural training. It is also highlighted that executives of international firms must efficiently devise the best strategies and plans to increase the business positive performance and for controlling resources of their foreign subsidiaries. As a consequence, global managers play a very important role in the development and success of multinational corporations in the current competitive international market since there are numerous issues that they have to deal with in the operating process. If the enterprises could overcome the management challenges, they would gain great opportunities in the global economy and achieve favorable outcomes.
Many organizations struggle to attract, hire, and retain top performing individuals who will contribute to the success and growth of an organization. According to the Journal of Accountancy, (2008) “companies with diversity programs enjoy a competitive advantage when it comes to recruiting top talent” (p. 24). Further, almost nine
To accurately explain why the workplace has become more diverse for minorities over the years, one needs to understand first, what workplace diversity is. Workplace diversity is defined as all forms of differences among individuals including but not limited to age, culture, religion, personality, social status and sexual orientation. For minorities particularly teens, this diversity has grown into a global phenomenon. For some leaders, the word teen and workplace don’t mix. One cannot see such young, mainly inexperienced people benefitting their company and outlook in any way. Diversity can create a portal for innovation. By being exposed to different people and cultures, a teen can understand the significance of different thought processes and problems.
In today’s world, diversity is just a part of life. Everywhere you turn, you will see someone different from you. Diversity and inclusion are particularly important in the workplace because it allows the organization gain a global edge and respond to the increasingly changing world. Not only that, having the right policies and values in place will not only allow every employee perform their best and meet their full potential. However, having inclusive diversity values is easier said than done.
With the proliferation of the internet international Business transactions are more common today than ever. Globalization is now a key factor when creating a business strategy for most companies whether they are small family own businesses or huge corporations. Globalization however does not just involve selling a product in other countries. There are legal and cultural concerns that must be addressed. The legal aspects are fairly simple because in most places the laws are spelled out. It's the local customs, and regional way of doing things that can be tricky. Research on globalization has shown that it is not an omnipotent, unidirectional force leveling everything in its path. Because a global culture does not exist, any search for it would be futile. It is more fruitful to instead focus on particular aspects of life that are indeed affected by the globalizing process. (1). In this new economy, as it has been in the past, it will be the people not the machines who will determine a company's success. Having an effective Human Resource Management team that effectively analyze your company's current and future personnel needs is key in any business organization.
“Great ideas push the world forward. And they can come from anywhere. At Apple, we rely on
“Today, we do not live in a civilization, we live in a ‘globalisation’ – with a globalisation of resources, a globalisation of business activity and a globalisation of humanity” (Schermerhorn et al., 2014, p. 151). This large scale societal evolution of the global economy of late has resulted in the need for managers to possess a transnational outlook, be competent in working with other cultures, be more informed of international developments (Schermerhorn et al., 2014, p. 90), as well as be able to successfully manage the expansion of their firm into international territories by respecting the culture of the host country, and through the use of expatriates. These are employees who live and work in foreign countries on short-term or long-term assignments and, as a result, gain valuable international and corporate experience (Chew & Debowski, 2008, p. 4). Globalisation signifies the “interdependence of resource flows, product markets and business competition” (Schermerhorn et al., 2014, p. 89) on a global scale. The expansion of international corporations into uncharted competitive territories has brought managers of these MNCs to face a vast number of greater challenges than before, such as problems that arise from managing expatriates and repatriates, management across cultures, managing cultural diversity, the transference of knowledge across cultures, and the need for alterations to the existing management practices. This essay will further examine the aforementioned challenges that managers are required to surmount to succeed in today’s global economy.
According to the book entitled, Diversity and Public Administration: Theory , Issues, and Perspectives by Mitchell F. Rice, he stated that many theorists had their concept of diversity (Rice, 2010). E. Cross and other theorist define diversity as a component focus on race, ethics, or gender categories. These three components are important because it is a way to identify and these categories stay the same. Another way diversity is defined is that theorists focus on difference of the group that were evaluated are income , region, and education background. Dow Corning defined is when organizations benefit from individuals’ experiences and talents that organizations can utilize. Other theorists defined diversity as difference within social group.
This article “why it pays to be different” by Niki Chesworth talks about the prediction of having four generations working for the same company and how age diversity will benefit businesses. To attest to this EY talks of how their success is driven from the diversity of their workers. EY’s diversity is what sets them apart from their competitors. EY has linked a “direct correlation between performance of their business and the employee ‘gene’ pool”. EY’s diversity is not limited to age they also have more than 34 different nationalities.
To be diverse it's a difference from one another, or to be composed of distinct, or unlike element of qualities. This can be a difference in race, religion, cultural, mental or physical abilities, Heritage, gender, gender identity, sexual orientations, or other characteristics. Diversity is the condition of having or being composed of different elements; variety; especially the inclusion of different types of people (as of people of different races or cultures) in a group or organization. As a business owner, we need to ensure that we instill are diversity into decision-making and good servicing planning and Delivery at all levels of our business.