The global impact has positive and negative effects in the business world depending on the type of operations and activities carried out. Some of the challenges of global impact include international recruiting, whereby recruiting across borders creates new human resource teams. Companies such as Bcomp have to create a plan on how to interview and vet candidates thoroughly to ensure they have the right qualifications despite being dozens of miles separate from the headquarters. International recruiting is also a challenge for most globalized companies such as Bcomp because they have to research the market demand for salaries and benefits. The extensive research is crucial in that it helps the companies make their offers more competitive than their rivals’. Human resource managers must also consider important factors that may impede international companies’ operations. For example different time zones and varying cultural background can hinder successful interactions between the staff and recruits. As a result, the new employees do not experience a seamless transition into the new working environment, which prevents them from achieving prime performance. The other challenge that international corporations encounter is employee immigration. The migration arouses internal problems because most countries change their systems by adopting the new ones, which makes it difficult for the organizations to secure visas for employees that are foreign nationals. Companies also experience hardships in aligning and complying with in payroll policies in different countries.
Managing international payroll and maintaining compliance with the changing employment laws and tax policies is demanding because of the different business environments in which the international firms operate. Moreover, incurring tariffs and export fees is another challenge that global companies face. Such negative encounters affect companies that sell products abroad, where oversees transportation costs are expensive. Global expansion is another constraint for the international company because setting up overseas compliance is expensive and challenging. Therefore, the international firms have learned how to keep up with dynamic labor laws in the new countries.
Foreign worker exploitation is another negative outcome associated with internationalization. Lower costs are beneficial to many customers for this company but create tough competition that leads to searching for cheaper labor sources. The cheap labor sources also have easier tax regulations that allow the exploitation of foreign workers. The exploitation is a great turn-off for such a company because nobody will want to be working where their rights are exploited. Another challenge is global expansion difficulties, whereby for this company, its expansion might be very difficult. Signing up an overseas complaint presence is difficult for such a company because substantial upfront capital is required to maintain the business.
Besides, the company’s operations must keep up with all the changing laws in the new countries. They must also be knowledgeable of the new legal systems, or else their operations will fail, leading to impediments and severe financial consequences. Local loss of jobs and immigration challenge is another problem facing the globalized companies. Stringent immigration rules make it difficult for the immigrants to find jobs in new countries. The rise in nationalism has also compounded this problem by changing foreigners’ perceptions towards domestic jobs in foreign countries. As a result, the foreigners adhere to their assigned roles and responsibilities without taking risks to advance their knowledge.
Consequently, such firms fail to benefit from the foreigners’ special skills and expertise. During the lectures and company visits, I did not encounter any differences because what I learned in class happens even in the company. All the challenges mentioned during the lecture are the same challenges that the Bcomp company staff and management paid to affect them. The purpose I identified during all my lectures and company visits was not different from my expectations. It is because the company has achieved two-thirds of its objectives, and its operations are still promising. My views and thoughts on this subject have been impacted in a very positive way. Since the establishment of Bcomp Company, it is clear that the founders were passionate and determined to change the world by influencing the automotive industry. The car industry desperately seeks solutions to reduce the emission of carbon IV oxide into the atmosphere.
Insights and Personal Impressions about the Company Visits
According to the new standards of the Kyoto Protocol, the current technology of car manufacturing should be in the front line of purifying the emissions. I developed positive insights and a commendable impression about the general operation of Bcomp from the different company visits. Their records depicted that the company had managed to convince and enter a very complex market filling up all the niches in only seven years. Currently, they have managed to penetrate the sports industry and take charge of the vehicle, aviation, and aero scope industries. The management has had to employ very highly qualified staff to achieve their current level of operations. There are only 12 people currently employed by the Bcomp Company. Among the qualifications for the staff, one must be holding a Ph.D., master’s degree, and only a few of them have a bachelor’s degree. The high academic qualifications show how professional the company is in employing staff and delivering their services.
The company is in a position whereby it can address all the demand because it is still growing. However, when demand is higher than the supply, there will be a few challenges. At some point, they will have to choose the industry to focus on, or else unclear positioning will become their greatest challenge. Specialization will help them in developing better strategies that will give them full-time participation in the business. In addition, there are several business opportunities that Bcomp should consider as an international company.
One of them is that most people currently have the urge to own a car at an affordable price. The urge is an awakening call for the company to increase production and avail affordable goods. There is a world market that is to be satisfied with different wants from customers. It turned out to be the best time to do the bridge in the mobility industry. Their products have dominated the market and proved their efficiency, thus demonstrating their ability to produce car parts and ensure they have enough money to scale their production chain. There is a logical order in the market conquest plan company must consider what happens in all the industries in which it is involved.
There are international and national business opportunities that the company should consider during their production and supply. Each year, the company registers a rise in its customers’ portfolio involved in the new technology. The increase depicts the success of their penetration strategy. An added advantage is that their credibility is established across the industry, thus enabling them to focus on the automotive industry with both hands-frees. Besides, their internationalization strategy will improve their efficiency because as soon as the volume becomes sufficient in a country, it will be replaced by replicating their production. Generally, the company knows controlling its market and exploiting the available business opportunities.
The company management has acknowledged the importance of entering into contracts and making deals with other entrepreneurs. For instance, in 2017, one of the company’s founders Christian Fischer a partnership with Lufthansa Technikon on how such a technology used by this company could profit the aviation industry. Also, in 2018, the Bcomp Company partnered with the European Space Agency in a two-year contract to develop more efficient materials for satellites. The main purpose behind entering into such contracts is to develop a sustainable solution for space exploration. The operations of this company have had major positive and negative impacts within the sports industry. One of the positive impacts is that because of the new technology applied. In addition, the quality of the produced vehicles or vehicle parts is higher. The higher the production, the higher the technology, and the higher the supply of good quality products are associated with these companies’ objectives.
The company has managed to make a good name for itself in the national and international markets through these strategies. The organization has also been a source of employment for various people such as the management staff, the manufacturing workforce, and the distributors. Another positive impact is that it is the leading company in producing vehicles with low emission rates of carbon IV oxide. However, it has few negative impacts on the environment. The industries producing materials that make the environmentally-friendly vehicle have high emissions. Besides, these vehicles or spacecraft use high-level engines that consume much non-renewable energy such as petrol and diesel.
Managing others in an Intercultural and International Business Environment
Managing others in an intercultural and international business environment is a key factor to consider in any business operation. Intercultural management is all about learning how to lead globalized companies with a diversity of profiles. Internationalization has made many companies expand their business operations across national boundaries. Diversity in culture makes sense in morals and business because it is highly correlated with profitability. Bcomp Company is not left out in the internationalization policy. The policy has to lead this company to face different and unknown cultures in the international community. Business success is strongly contingent on how the executives manage the new and unknown culture. The intercultural difference is a common issue in the cultural discourse. Culture has a strong impact on a person’s actions in different situations because it comprises norms and values that govern human behavior in a particular direction. Any management staff should learn how to approach others without judging or discriminating against them based on their cultural differences.
One way of managing people in an intercultural and international environment is by creating cultural awareness. The awareness helps business people to understand the cultural differences more quickly and act appropriately. Gaining knowledge of the culture helps to do international business with confidence and provide customer service more efficiently. Another way is to accept that cultural differences are common and normal, just like individual differences. In the International business context, for a business to succeed, mutual understanding’s culture is key. The seller plays a critical role of bridging the gap between the ethnic differences in corporations that operate within multicultural environments. The seller develops curiosity and invests substantial effort to know and study a client’s culture, developing the ability to understand other people’s morals and beliefs irrespective of their backgrounds. Therefore, the buyers prompt business to learn about the different cultures they serve, which consequently promotes cultural awareness and sensitivity. Culture may be different based on religious disposition, ethnic groupings, linguistic affiliation, or religious membership. A sense of cultural heterogeneity may be essential in maximizing the pros and minimizing the cons in the intercultural and international business encounters.
Furthermore, flexibility, while retaining individual identity is another way of managing intercultural and international business matters. An employee must perceive all things from multiple directions such as interest, understanding, outlook, mindset, and the business perspective of another individual to develop a flexible personality. Flexible personality helps because, in an international Business, culture does not matter as long as business goes on as usual. Believing in the win-win game is another way of operating an international business without limiting cultural differences. Fixing the mindset from a business perspective helps in achieving the objectives of any business goals. Business people should stick to a win-win game in international business because, in most instances, they are not in direct contact with their customers. After acknowledging cultural diversity, business owners must align the business tasks and purpose with their organizational culture. The approach emphasizes task and purpose-related focus in any business. International organizations should also eliminate ethnocentric attitude, which focuses on judging others based on their culture. The prejudice limits minorities from exploiting their full potential in such working environments.
Ethnocentrism and prejudice do not provide a good working environment for everyone, especially in international business. Therefore, the purpose of a business should not be interrupted by the intercultural differences involved in international business.
Finally, creating cultural synergy is also our way of handling the cultural differences in an international business. The fact that the Eastern and Western cultures are different does not hinder business activities in any way. Cultural synergy embraces cultural multiplicity as a crucial business resource. Organizations that exploit cultural synergy to enhance interactions report better productivity and less workplace conflicts. Cultural expertise plays a critical role in determining business success, especially in the international market. Each culture is unique, and in a multicultural perspective, that uniqueness may give new solutions to existing problems within the market.
I have learned a wide range of do’s and don’ts in the business environment from the lectures and the company visits to the Bcomp Company. For the dos, I have learned to take every opportunity with the seriousness it deserves. Ensuring that the business is operated by well-educated personnel is another key factor to consider in the operation of a business. Respecting our cultural differences is another lesson that has a wide perspective in international business. Another do is that business activity should be aiming at reducing the environmental pollution in every way possible. Also, learn how to manage people in owning a business or being in the management. There are also different approaches in which a business can conduct its activities within the industry. Whether it is production, management, or distribution of products, they should be professionally done. For the don’ts, I learned not to despise any customers based on their cultural differences, especially in the international business market. Respecting an individual’s culture also shows the professionalism and business ethics of the working environment. I also learned that in every business, there are challenges that organizations must handle to enhance the business’s success. Therefore, I cannot start a business and think that it will be the best in the business environment within two months. Another take for the future is that internationalization is the current trend in business. It is associated with the new technology that is used to run most of the activities.
The lectures and company visits have been extremely insightful in elucidating ways to manage an intercultural and international environment. The company visits revealed that the contemporary working environment is increasingly becoming multicultural. As a result, managers deal with individuals with varying cultural and religious beliefs, affecting productivity and interactions at the workplace. I learned that incorporating cultural sensitivity into the workplace improves collaboration and reduces conflicts related to cultural differences. Companies that embraced cultural sensitivity in the workplace registered higher returns and better outcomes. Leading purposeful teams was also illuminating in outlining how a leader at the workplace can enhance interactions between the employees. The topic presented essential elements of establishing a purposeful team. According to the lesson, a purposeful team is characterized by such components as a clear purpose, tasks, roles, open communication, a constructive challenge to explore, and collective accountability. The lesson also provided approaches that I can use to achieve these objectives as a manager.
I also acquired vital knowledge regarding the three Ps of establishing purposeful teams – people, purpose, and progress. I learned that I could leverage people’s skills to achieve optimal organizational performance. For example, assigning employees roles and tasks based on their skills and talent can better the organization’s performance. Similarly, establishing a clear purpose that defines the “why” is crucial in achieving organizational goals. On the other hand, understanding the concept of progress facilitates sustainable organizational growth and achievement of present and future accomplishments. Finally, the lessons empowered me with crucial knowledge on handling multicultural employees and how I can leverage their cultural backgrounds to achieve the highest organizational accomplishments.
The Speedstar lecture also provided appropriate lessons on influencing people’s lives in emerging markets through technology and entrepreneurship. According to the lecture, incorporating entrepreneurial knowledge into formal education and facilitating networks play a crucial role in developing products that influence the market. Speedstar is one of the companies that have achieved immense success over the years through technology and entrepreneurship. The organization is leveraging technological innovations like smartphones, social media platforms, the internet, televisions, and mobile telephones to influence the markets and achieve its goals. Therefore, the company invests in education and networks to achieve its success. The lecture highlighted the importance of networking, technology, and skills in achieving better performance. I learned that I could integrate these three components in the workplace to achieve better performance. I will take these lessons with me into the future, and I believe they will be vital in achieving my professional goals. The lessons would also be crucial in advancing the organizational goals and achieving the strategic objectives of any company that employs me. I would also utilize my knowledge to advance the existing evidence on how to achieve better organizational performance by utilizing the available resources.