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Essay / International Management Challenges - 2709
In recent decades, the process of globalization has accelerated and the world economy has become increasingly interdependent. The increase in the number of companies that operate extensively in several foreign countries, called multinational corporations, plays an important role in the ongoing process of globalization. The United Nations has reported that multinational corporations own a third of the world's productive assets and control 70% of global trade (Schermerhorn et al., 2014). With the considerable growth of international businesses, the global economy is becoming increasingly competitive. The global economy not only provides great opportunities for multinational companies, but also creates many difficulties for them. Therefore, success in a large-scale economy requires a number of elements. One of the main determinants depends on global managers. In the functioning of organizations, managers may be confronted with different international management challenges that limit their business development. These challenges often include issues related to host countries, managing global workforce diversity, cross-cultural management, difficulties in a competitive global business environment, and the planning and implementation process. global control. This essay will discuss the above international management challenges in a broad sense and give an illustration of the aspects of each challenge. The first challenge faced by managers of multinational companies is related to the problems of the host country. International companies and the countries that host their overseas operations should mutually share opportunities arising from any business relationship. Multinational enterprise...... middle of paper ......e located and human resource management to effectively manage the diversity of the global workforce. Additionally, management practices across countries should be more focused on improving expatriates' experience of cross-cultural training. It is also emphasized that managers of international companies must effectively design the best strategies and plans to increase the positive performance of the company and control the resources of their foreign subsidiaries. As a result, global managers play a very important role in the development and success of multinational companies in today's competitive international market because they have to face many problems in the operational process. If companies could overcome management challenges, they would benefit from great opportunities in the global economy and achieve favorable results..