Changes In Business Management In The Era Of Globalization: Need And Justification

Aim of the Study

Discuss about the Need for Changes in the Business Management in the era of Globalization.

In the 21^st century, globalization has brought numerous changes in various aspects such as human behavior, human consumption, infrastructure, and technology among others.  Economies of a large number of countries are changing from self-contained entities towards the large existence across borders hence merging the national economies into one global economy.(Rudra & Skillman 2015,pp.662) Through the integration of the savings, investment, trade, telecommunication, transportation, exchange of culture makes the world to look into a more similar thing.

The growing integration of national entities around the world has become a critical aspect in today’s new world order. Globalization poses strong forces that tend to influence everything by changing the nature of happening from people, food, objects, and business. In the business area, the globalization has transformed aspects such as communication, production process, sales and marketing, and the organizational behavior.

The aim of the proposal is to study the need of changes in business management in era of globalization.

• Q 1: What are the effects of globalization on business?
• Q 2: How does globalization affect business management?
• Q 3: What changes are there in business management as a result of globalization?

Globalization has led transfer and exchange of knowledge, intercultural interaction, development of communication skills and technology that all have a significant impact on daily human lives. The exchange of expatriates and the high rate of different background of employees within business enterprises pose different issues that arise from cultural difference. These issues when not well solved may result in more profound problems.

 The interaction between business entities in different geographical areas also needs proper control strategies that have change management styles and approaches for the more pop success of business organizations. These management styles and strategy must conform to the globalization requirements. Therefore, it is imperative for to understand the impact of globalization on business to determine the appropriate management changes that are required to ensure that the organization remain relevant in the competing market.

At the business operations, success is determined by the ability to adapt to the changes in the process, technology, human resources market availability and raw material availability among others (Martens et al. 2015, p.220. These changes have been facilitated by the effects of globalization into the lower level, unlike the previous centuries when globalization only affected the multinational organizations. Therefore in the today’s world of globalization, business entities whether small or large, cannot outplay the need to think and act globally since business competition has been brought down to the doorstep. The challenges and changes brought by globalization, therefore, force every business management set of about change for them to remain relevant in the market.

Research Questions

Globalization is the process of interaction and interaction of people from different background and companies to bring change in knowledge, behavior, growth, and development. According to (Jayaid & Siahmardy 2017, p.29) globalization refers to the force that shapes the contemporary globe by changing the operations of business, environment, and society through connecting the capital flows and transfer of knowledge.  Globalization is an ongoing process has intertwined how people think, behave and operate. The impact has greatly affected the operations of business by changing the management style, production, supply, marketing and sales of goods. Globalization is a process that took effect a hundred year ago and only increased its impact over the past half-century.

Globalization has historical background even before the World War I about 1870 and 1914 there were trades among communities however the globalization concept came into full realization on the 20^th century as the multinational enterprises went across borders into other nations(James & Steger 2014,p.419). However, globalization has history from the 16^th century when the European countries were struggling to establish empires in the world. In the 18^th century, a good number of the firms from the European countries started setting up business extensions in the states that were under their colonization with the principal aim of extracting raw materials for their home firms (Marsella 2012, pp.454). In the 19^th century, a good number of the United States also went global by setting up business enterprises in the various parts of the world hence enhanced the movement of people, capital, knowledge products services and technologies across multiple borders in the world.

Fluctuation in Prices

Globalization has an enormous impact on the prices of goods and services, through globalization. The business operator has the capability of selling their products and services across boards, an aspect that is as a result of nation’s signing multinational Trade Agreements that remove barriers to trade (Jaumotte, Lall & Papageorgiou 2013, and p.281). Through this, various product and service ranging from quantity and quality are available to the customers, who are the determinant of prices in an open market. A large number of suppliers forces every business to rethink the costs of their products, to able to attract a considerable amount of customers that would make the industry survive in the competing market. Such competitions result into fluctuation of prices, a, move that is advantageous to consumers. Therefore, every business marketing management has to conform and follow the trend of globalization impacts on the consumer behaviors.

Literature Review

Job Insecurity in Business

Globalization has great impact on job security and mostly in the developed countries. The increasing completions among firms have forced various business organizations to outsource there in developing countries, a move that has resulted to a reduced number of jobs in the developed countries as stated by Srivastava (2013,p.329). The stiff completion makes some firms to have inadequate raw material, have less market share and even poor competitive advantage hence pushes them to the level of collapsing.

Such business does relocate to less competitive areas to save the situations, such, mostly in the developing countries that aloes tend to have adequate raw material and potential market. The move is always advantageous to the developing countries to some extent, mainly when there is a gap for such products, a might disadvantageous to the developing nations when there is a host business of the same, the host business too will have inadequate raw materials, reduced market share, and generally low revenue collection.

With the reduced performance of the host business, some of the workforces might lose their jobs as a result of retrenching and yet cannot be absorbed by the foreign business maybe as a result of small experience. On the other hand, the forewing business relocation also reduced the availability of jobs in their home countries (Wang & Youn 2017, p.35). So either way, the business has to change the way of management to remain relevant in the competing market.

Global Knowledge Transfer into Business Management

Globalization has enabled the transfer of knowledge from one country to another, through various mean such as educational tours and hiring of expertise among others. Education has different perceptions, for example, according to Gaur (2015, p.110) state that knowledge as remains of thinking and result of information and experience application during contemplation. Countries are known as a reality in the human brain, a creative attitude that offers new solutions to problems. Regarding organization, knowledge refers to the ability to add more values through active influence on the operations of organizations(Dukes 2017,p.556). The new international understanding enables organizations to manage multidisciplinary activities that affect the daily running of the business such as cultural diversity, communication skills, and management personality.

Global Knowledge and New Technologies in Creating Competitive Advantag

In the 21^st century, globalization has exposed many business organizations into stiff competition. Most of the organization’s competition results from new technologies: Businesses that use and efficiently manage the new technologies experience considerable growth over others hence obtain a competitive advantage (Carolina, Zonta & Amal 2018, p.69). Knowledge created scientifically has become the primary source of business operations in the today’s error such as in telecommunications, use of social platforms for marketing among others. 

The Concept of Globalization

Therefore, Knowledge management is an aspect that current business can afford to avoid since new aspects of business management tend to pop up in daily publications and newspaper, that when followed by managers foster efficient management of resources. Organizational knowledge management entails organizing, fiction, finding storing and triggering knowledge to different levels and departments for individual gain that eventually translates to the entire organization.

In the current world, it is evidential that states and organizations that have a significant inverse in the knowledge management have become economically successful. That has been facilitated by the development of innovation process based on the implementation of new organizational solutions with the use of new technologies and management strategies, that in turn make the organizations gain more significant competitive advantage both local and the global market.

Information Technology and Business Management

Business management depends on the styles and expertise power exhibited by the leaders. A business operation with the manager will good managerial skills enjoys favorable conditions that make it more successful than others. A top qualified person tends to create a strong base for the social and cultural use of knowledge in the organization, and this is only achieved when an informational environment is well established(Sarker 2016, p.831). The informational environment is well established through globalization that allows the spread of hardware and software that make the management of knowledge very easy.

It is evidential that business organizations that implement new informational technologies usually use less time its operations since computer and telecommunication systems have facilitated that(Skiver 2015,p.361). In today’s world, internet use in the business management is inestimable since most managers use these platforms as communication and advertisement tools. These platforms enable business offsite business management such as the use of teleconference, electronic mailings, video calls and many others

Decision Making Process in Business Management

In every business management, decision making is a critical aspect as it determines the directions of resources. Effective and quick decision-making process enables business operations to run smoothly and evade any challenge that might hinder growth and development. In the 21^st century, business management seems to be more difficult than ever before (Welch 2015, p.368). The contemporary managers tend to confront numerous challenges that are brought about by the globalization effect. Hence changes in the quality of management have to be considered and applied.

In this context, decision making refers to the most general function of the administration: the essence of the manager’s responsibility, since it is the manager’s ability that determines the success or that failure of an organization and thus its existence in the market In the new era of globalization. Only the competent, well informed and motivated managers are capable of making respective companies to surveys the global market competition, and this is achieved through proper and effective decisions on the expenses and profit-making strategies. This has become more difficult for the contemporary managers who work in unbalanced environments since most of them have poor design making strategies.

Reasons why Business organizations have to change the management styles in the era of Globalization

Types of Decisions

In the management field, there is a slight difference between decision making and the decision-making process. According to Camero and Gomez (2016, pp.13), decision-making process tends to be more comprehensive concept than the act of selection of an option.  Camero and Gomez denote that it is the process of identifying and defining the nature of the situation and making the appropriate decisions by evaluating the available alternatives. Therefore apart from the act of picking the best option, it includes analysis of the location.

However, according to Jonassen (2012,p.342), states that active decision-making process entails the following conditions: one has to realize that every problem is generic and the solution can only be achieved through the establishment of rules and principles. Thinking through what is “right” is the solution that will satisfy the specifications before attention is given to the compromises.    

In the business management practice in the globalization era, every manager has to tolerate different types of challenges that require appropriate and effective ways of making decisions. These challenges can be broadly classified as either programmed or nonprogrammed. According to Jonassen (2012), the programmed decision refers to either structure with some frequency or both. These programmed decision makings are always by the organization established procedures, policies, and habits and always aim to provide solutions to the constant problem. These include decisions concerning operating systems and transactions among others.

The nonprogrammed decisions refer to those that are ill-structured and always aim at providing a solution to install and exceptional problems. This decision always aims at making developmental steps, solving risks and uncertainty (Ploner 2017, p.120). The uncertainty situations still need excellent skills in decision making that are very rare to get among localized managers since they have no or inadequate information management skills and techniques. Globalization, through the creation of inflation technology, enables business manager, to make nonprogrammed decisions that eventually facilitate the growth and development of an organization.

Globalization on Human Resource Management

Every business in the current world lies on the effectiveness of the human resource. In the past decades, the value of human resource was limited to recruitment and the output (Smith & Cheung 2015, pp.583). Employers used coercive forces to make employees deliver the quality and quantity of work assigned without giving much attention to the needs of the workers, however, in the current word of globalization, a lot of changes have affected the organization of the human resource environment leading to strategic ways of human resource management.

Business strategist such as Michael Armstrong has developed theory that has shaped the today’s business management systems, leading to the vast difference with the previous decades. Such arguments entail the talent management, human capital corporate responsibility and organization change, and development (Asongu, Efobi & Beecroft 2015, p.428). These changes have pushed managers to quest for more knowledge on how to go along with them to remain relevant in the globalizing market. The globalizing market crates stiff competition on the human capital since most of the managers have realized the importance of investing and developing the human capital, which is a critical aspect in the success or failure of every business.

Globalization on the Professional Development

The professional development is more concerned with providing more opportunities to employees to advance their career-related goals. In the today business organizations, employees are not just absorbed in the organizations for their labor, but also to facilitate their development. (Sytlik & Bracek, 2016, p.367)Most of the today’s business success is also promoted on how much investment is on the employee development, for example, a good number of businesses days offer university scholarship, conferences, and training to their employees, that in the long run benefits the organizations by bringing acquired skills and connections (Seeber et al. 2016, pp.689). The employee development is an expansion of the human theory.

Human Theory

The human capital theory has grown to much importance in today business management. Today’s managers are capable of acknowledging the importance of workers through various strategies to improve the performance of organizations(Kacowicz & Mitrani 2016,p.192). It is evidential that human capital investment is one of the key contributors to the rapid development in the Asian countries during the 1970s and 80s. The theory tends to change the equation of employee training and development into organizations experiences that in the long run will bring a significant change in the entire business enterprise.

The Dependency Theory

The resource dependency theory, suggest that during the economic recessions of the 1970s, managers changed ways of how they acquired the scare resources and effectively used them to remain relevant in the competitive market. The ability of a manager to effectively use human resource created a great difference in the industries during the economic recessions and continued to create much difference in the 21^st century of globalization.

Globalization on the Organization Behavior

The organizational change theory, explains the process that every business undergoes from the present state to the desired future state as a result of the external and internal changes, mainly brought about by global technological changes, human resource policies, customer behavior changes, among others (Moonjoo 2017, p.1259). The constant interaction of people across borders changes many things both in the recruitment and customers.

In the today’s world, embracement of cultural diversity is a significant factor in the success of business organizations: unlike in the past decades whereby 90% of employees were most from one common background, the today’s business is formed of different cultural employees. The cultural diversity of employees facilitated by the free movement of people from one country to another, the continued need of knowledge and expertise by business organization among others have forced the management to revise on how to offer leadership in such multicultural environment.

Globalization on the management of Laws across Jurisdictions

As much as globalization has created a good environment for any businesses to invest and increase their market command, it has also resulted in restriction in the game. Globalization has pushed the creation of the global economies from different national economies resulting into business relations in a controlled environment (Soldatos 2017, p.7). Human cultures, political systems, economic development and business environment, have been affected by globalization in one way or the other:  a great numbers of which are positive while some are negative. In such changing environment, rules and regulations are very important to keep the stakeholders into the right direction, for example, to allow good business operations across the world and also widening of the gap between business entities. Such changes have caused the global economy participants to create different rules and regulations that govern business entities.

Different federal governments have set out labor laws and taxes that determine the operations of business within and across borders, for example, recruiting an employee from a different country might force the industry to alter the minimum wage, and change some benefits, rules, and regulations pertaining the operations of the company(Backer 2016,p.43). Understanding such laws by the current managers are essential since in case of the breach of the international laws, may lead to not only financial loss but also the destruction of the business reputation(Blanton & Blanton 2016,p.189).

Globalization on Business Morality

According to the Mahatma Gandhi on the moral leadership, seven deadly sins result from globalization and among them is the business without morality (Robbins 2013, pp.243). Morality dictates the major success of every business in the today’s global era: fair treatment of suppliers, employee and customer create a spirit of benevolence and service of contribution. Therefore, it is a challenge to many businesses that are out to make a profit and gain a competitive advantage over others to act impartially to succeed. In many cases, business enterprise does not play the spirit of the Golden Rule, due to the fierce competition that has been brought down to the door-step by the effect of globalization. Since every business enterprise wants to outdo the other, therefore, many managers and business operators will generally find crooked ways of doing business creating imbalance such as serving customers and at the same time mugging employees.

Such immoral behaviors have resulted in great debates in the today’s business area. Does morality create success in organizations? The logical answer is yes; the today business arena as influenced by globalization makes organizations as a collective of individuals who get motivated by moral purpose. Business morality dictates that the primary obligation of leadership is to castigate loyalty, so the managers are supposed to work for the good or an organization rather than their advancement, and this is achieved only by satisfying the employees, customers, suppliers and any stakeholder that is directly or indirectly linked to the business.

The fair treatment of all the stakeholders shapes the reputation of a business that is widely spread through the current form of communication such as social media and televise. The vast knowledge of the business reputation creates loyalty among the stakeholders hence making the business to withstand and beat any counterpart that is practicing the immoral business. Therefore, it is evidential that managers have to change according to the global moral requirements in managing the business enterprises so as create a good reputation of the business rather than focusing on the short run business profit.

Methodology

The following mixed methodology will be adopted to ensure useful collection and analysis of data for the above proposals: qualitative and quantitative data collection and analysis(Garg 2016,p.34). The adoption of the mixed methods is appropriate since it will ensure that both the numerical and the data and the qualitative data are collected and analyzed for the better understanding of the problem statement.

Population and sample

The community for data collection will include all the national and international business since the globalization has impacted all. From the randomly selected industry, managers will be chosen regarding responsibility.

Semi -Structured Questionnaires

Semi-structured Questionnaires will be developed to collect all the information that will be needed to analyze the reasons why change is required for the management of organizations as a result of the globalization (Tsushima 2015, p.119). The questionnaire will be served to the various managers by the researcher and collected at the specific period. The questionnaire will be based on the Likert scale of five active and five weak effects of the globalization, together with an open-ended question that will provide the respondent with an opportunity to air their views.

Interviewer

The researcher will interview with the managers of some of the both the national, international organizations to collect their views on how globalization has affected the operations of their business. The interview will also collect methods on how these managers have used to keep up with the globalizations (Bhaskar & Manjuladevi 2016, p.39).

Literature Review

 A in-depth literature review has been conducted to study and analyze the past journals and articles that have been done on the topic and topics that are related to this proposal (Brown et al. 2018,p.443). A thematic content analysis of the literature collected will be done to elaborate the extent to which globalization have affected business and determinations of the management changes that are required for the own business to cope up with the internationalization effects to remain relevant in the market.

Data analysis

The data analysis of the research proposal will entail two methods, which are qualitative and quantitative analysis. The qualitative study will ensure review of the literature collected and analysis of the attitudes and opinions of various managers regarding the impact of globalization. On the other hand, the quantitative analysis will ensure the understanding of the numerical data collected in the research. Descriptive statistics will be used to analyze the quantitative data to provide the standard deviation, mean and minds of the impacts of the globalization on the business operations. The correlation and regression analysis will also be used to determine the relationship between globalization and the business adaptability or changes.

Ethical consideration

All the secondary data will be acquired after an approval from the respective authors, and no publication will be made without any permission. The respondents who will participate will be briefed first to ensure their full transparency of the information required and will  be assured of information privacy of each. Finally, there will be no alteration of data in favor of the researcher

Conclusion

In conclusion, globalization is good, bad and inevitable to any organization and human beings. As people are looking for new things of high quality, and quantity, they experience all sides of globalization. Business organizations cannot evade the impacts of globalization that directly affect the business operations; from the prices, competition, creation of knowledge and technology, reduction of human resource power and changing of the organization behavior. All these effects of globalization to business organizations demand the need of change in business management so as to remaining relevant and continue serving in the developing and competitive world

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