coursework based on a journal
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Coursework Based on A Journal
The paper explores the different aspects of expatriate employees, especially with respect to multinational companies and the aspirations of the individuals for professional progress. This knowledge is then applied to the Global Talent Management strategies in order to maximize profits for the companies and improve production. The policy of expatriating certain employees by the multinational companies is mainly focused on improving the work culture and management in a country where they are not strongly established. Highly resourceful individuals are also transferred as expatriates in order to improve productivity and employ their expertise in a region where more profit or expansion is expected.
On the other hand, highly motivated individuals may shift on their own accord to a different country and look for employment opportunities there. They can use their resources and novel approach in order to bring about changes in the local companies and quickly scale the career ranks. The way these different approaches can be brought together to unleash the best of potential in both the company and the individual needs to be analyzed.
While the benefits of expatriation are pretty clear, as already stated above, a major concern for companies still exist. One of the main issues regarding expatriation is the initial high cost, a huge risk that many organizations do not find themselves willing to take. In addition, there runs the risk of failure due to multiple problems arising out of adjusting in a foreign location. Family difficulties or cultural problems, which the company has no control over, may lead to failure of the assignments, causing a very large degree of uncertainty in the projects (Bolino 821-825). This means that while success may mean long-term benefits for the company and newer markets for expansion, failure would result in huge losses and a potentially flawed infrastructure in a new region of expansion.
Another concern for companies happens to be that about self-initiated expatriates, who are essentially paid volunteers for the company. While they are more enthusiastic about developing and accentuating the growth of the firm in the new region, they are quite easily frustrated and may seek to move to another company if their expectations of professional progress are not met. This would mean the loss of a huge investment for the company financing the expatriate in the first place, as they spend time developing and grooming talent while paying them good salaries.
IMPACT ON BUSINESS
Global Talent Management focuses on optimizing the use of the talent pool available to the companies and making the most productive use of them. This means that multinational often recruit employees at one part of the world and appoint them with an eye on their talents in other parts of the world. This allows them to develop and nurture talent without worrying about an availability of the required positions in the company as they can be accommodated in the ever-expanding projects of the company (Harvey and Moeller 290-296). GTM programs offer a good degree of flexibility and allow each individual to carve out a space for themselves in the company. Experience in a foreign culture also helps an individual develop their skills for managing workers from different environments and cultures, and also helps them understand the needs of the company. Thus the principle of GTM helps in the process of reciprocity between the individual and the company. In the process, both can grow and develop each other’s faculties. Most MNCs use talented individuals in different regions to drive and boost their growth in a region and to ensure that the offices or outlets of the company remain in accordance to the global standards (Harzing; 472-475). By offering attractive incentives and opportunities to work at key positions at exciting foreign locations, the company ensured that it had the best pool of talent reserved.
IMPLICATIONS FOR GLOBAL BUSINESSES
The paper deals with the issues and dilemmas faced by global businesses especially with regard to the GTM policy and expatriation. Questions regarding the main drivers of growth in an MNC environment and have been addressed to a great extent and the processes, which help the employees retain focus have also been explained. The essential difference between organization assigned expatriates and expatriates, who self-initiate or even expatriates, who start newer ventures for the company, have been given a detailed inquiry. Global businesses need to understand the motivation working behind the individuals they send into the newer markets in order to expand the organization.
Expatriation is a useful tool for creating new avenues for a company to find a new market. There are times when employees from the market region shift to the headquarters in order to help better strategize the central planning and make sure that the strategies will work in the specific region. On the other hand, some expatriates shift to the region where expansion is taking place in order to understand better the market and make informed decisions. The aspirations of the individuals and the objectives of the company need to be synchronized for the better development of both.
Bolino, Mark C. Expatriate Assignments, and Intra-organizational Career Success: Implications for Individuals and Organizations. J Int Bus Stud Journal of International Business Studies. 2007. Print.
Harvey, Michael, and Miriam Moeller. Expatriate Mangers: A Historical Review. International Journal of Management Reviews. 2009. Print.
Harzing, Anne-Wil K. The Persistent Myth of High Expatriate Failure Rates. The International Journal of Human Resource Management. 1995. Print.