Globalization- the Leadership Challenge
GLOBALIZATION- THE LEADERSHIP CHALLENGE
Globalization is not only inevitable, but also a blessing in disguise. It is something like, as Ronald Steel (1999) very aptly puts, "You try to shut the door and it [the global economy] comes in through the window. You try to shut the window and it comes in on the cable. You cut the cable, it comes in on the internet. And it's not only in the room with you. You eat it. It gets inside you."
Globalization refers to a process of increasing economic integration and growing economic interdependence between countries in the world economy.
In an article titled "The globalization of markets", Levitt(1983) had predicted a new commercial reality- the emergence of markets on a previously unimagined scale of magnitude. He puts forward a theory of globalization where he predicted that one of the effects of globalization would be the emergence of firms straddling the globe and providing standard products. Thus being global is not just about where you do business but how you do business.
Challenges
Unlike the bounded world, globalized world needs different sets of leadership skills because the challenges of the globalized world are entirely different. The very word global intrinsically also connotes diversity. And diversity itself is a big challenge.
Therefore in a globalized world, we need leaders who have worked in more than one market. Working in markets of different countries helps them to broaden their minds and they start seeing the world as their oyster that helps them to develop an enveloping culture(Sinha and Mohanty,2004). An enveloping culture encourages drive, initiative and skills necessary to operate effectively in diverse communities. However honing these skills is not an easy task, and therefore is a challenge in itself. A survey(1997) of the US
Fortune 500 firms has revealed that 85% of the firms do not think they have an adequate number of global leaders. 67% of the firms think that their existing leaders need
additional
Globalization is not only inevitable, but also a blessing in disguise. It is something like, as Ronald Steel (1999) very aptly puts, "You try to shut the door and it [the global economy] comes in through the window. You try to shut the window and it comes in on the cable. You cut the cable, it comes in on the internet. And it's not only in the room with you. You eat it. It gets inside you."
Globalization refers to a process of increasing economic integration and growing economic interdependence between countries in the world economy.
In an article titled "The globalization of markets", Levitt(1983) had predicted a new commercial reality- the emergence of markets on a previously unimagined scale of magnitude. He puts forward a theory of globalization where he predicted that one of the effects of globalization would be the emergence of firms straddling the globe and providing standard products. Thus being global is not just about where you do business but how you do business.
Challenges
Unlike the bounded world, globalized world needs different sets of leadership skills because the challenges of the globalized world are entirely different. The very word global intrinsically also connotes diversity. And diversity itself is a big challenge.
Therefore in a globalized world, we need leaders who have worked in more than one market. Working in markets of different countries helps them to broaden their minds and they start seeing the world as their oyster that helps them to develop an enveloping culture(Sinha and Mohanty,2004). An enveloping culture encourages drive, initiative and skills necessary to operate effectively in diverse communities. However honing these skills is not an easy task, and therefore is a challenge in itself. A survey(1997) of the US
Fortune 500 firms has revealed that 85% of the firms do not think they have an adequate number of global leaders. 67% of the firms think that their existing leaders need
additional