Abstract
The developing world is characterized by new talents, resources, and opportunities. This paper identifies the main problem presented in the article “Winning the Race for Talent in Emerging Markets” by Douglas Ready, Linda Hill, and Jay Conger. The discussion also explains why MBA program students should study the article.
The essay also discusses the methodology employed by the authors to collect and analyze data. A detailed critique of the article is presented. Useful ideas are presented in order to support the needs of many multinational corporations (MNCs).
Problem Identified in the Article: Hypothesis Statement
Many countries in the developing world are currently embracing modern technologies in order to achieve their economic goals. Such countries have managed to empower more individuals thus making them industrious and productive. The developed world is characterized by new markets for various products and services.
However, many multinational corporations (MNCs) have failed to reap the benefits associated with these emerging markets. Ready, Hill, and Conger (2008) believe that “only a small number of MNCs have managed to succeed in these markets” (p. 3). Such MNCs have embraced the best business models in order to get the best results.
The authors have used an appropriate hypothesis statement in order to support the needs of many corporations. The targeted hypothesis statement is that “multinational corporations can achieve their business goals by investing and attracting new talents in the developing world” (Ready et al., 2008, p. 1).
Many countries in the developing world have the best resources and opportunities. Local companies have been able to capitalize on these resources. These approaches can also make many MNCs profitable and successful. The important trick is to identify the major opportunities in these emerging markets. This knowledge will promote positive practices and produce the best goals.
This problem encourages organizational managers to focus on the major changes experienced in the developing world. Local companies in countries such as the United Arab Emirates (UAE), Brazil, India, and China have achieved their potentials. At the same time, many foreign corporations have performed dismally in these countries (Ready et al., 2008). This situation explains why the scholars decided to undertake the study. The study made it easier for the researchers to identify the best practices that can support many companies.
The authors present useful concepts and practices that can support the business goals of many MNCs. The article identifies specific practices that will make MNCs profitable in these emerging markets. For example, a company can undertake numerous researches in order to produce powerful products that can fulfill the needs of many local customers.
Research and Development (R&D) should also be taken seriously in order to get the best results. MNCs should also identify every profitable offshore location. This decision should be made “in accordance with the economic growth patterns, political stabilities, and managerial practices embraces in such countries” (Woollard, 2010, p. 7).
Such companies should also consider the effectiveness of different business policies embraced in these emerging nations. Such practices will ensure every international company is able to realize its goals.
Appropriateness of the Article
MBA programs are designed to equip learners with useful managerial skills and competencies. This article identifies powerful practices that can support the goals of many multinational corporations (MNCs). MBA students can use the article to widen their competencies. They should also embrace powerful leadership approaches that can attract more employees. For instance, managers can use the concepts presented in the article to personalize their leadership strategies.
They will also hire more employees depending on their skills. Every successful candidate will get proper remunerations and trainings (Woollard, 2010). The practice will increase the level of loyalty and eventually produce the best outcomes. Many MNCs can use these concepts in order to succeed in the GCC environment.
The United Arab Emirates (UAE) is one of the fastest developing regions in the world. New opportunities exist in this market. MNCs should hire local workers to market their products in the UAE. Local professionals can also be hired to promote the best leadership practices. Such individuals will support the changing needs of many local workers and customers.
Many scholars can acquire new insights from this article. Students of an MBA program will be able to implement proper initiatives. International companies should therefore analyze the operations of many local companies in the GCC environment. This knowledge will make it easier for them to focus on the best practices and eventually realize their potentials. They should embrace a wide range of strategies in order to address the needs of every targeted population.
The strategy will eventually make such companies successful (Scroggins, 2010). International companies should therefore use appropriate signatures or practices to attract competent employees. Such employees will be able to fulfill the needs of every local customer. Such workers will also deliver the best services to different consumers. Foreign companies operating in different countries will have customized practices that are aimed at attracting more stakeholders.
Methodology and Data Analysis
A powerful study approach was used in order to get the best results. The authors examined the operations and performances of several MNCs in the developing world. The study examined how various business practices and entrepreneurial approaches can be embraced by different MNCs.
The authors used different case studies in order to outline the best practices towards attracting new talents in the developing world (Scroggins, 2010). Such case studies focused on successful MNCs such as Tata and the Standard Chartered Bank. The authors identified “a powerful framework that can be used by different companies to attract and retain talent especially in different emerging markets” (Ready et al., 2008, p. 4).
The model focuses on different aspects “such as brand, opportunity, culture, and purpose” (Ready et al., 2008, p. 4). The researchers identified specific practices that can make many firms more profitable. For instance, TCS Iberoamerica was providing quality technology and software services to many customers across the globe. The company was also hiring many local employees from different parts of the world. Tata was also providing new opportunities to many employees in countries such as Brazil.
The collected information was analyzed in order to offer powerful practices that can support the future of many multinational corporations. The methodology used presented powerful practices, ideas, and strategies that can support the business goals of many companies (Jassawalla, Asgary, & Shashittal, 2006).
The study approach focused on the best approaches that can increase the potentials of many companies. Such companies should embrace the practices in order to address the needs of many stakeholders. The gathered information provided meaningful insights that can produce the best outcomes.
Critique of the Article: Assumptions, Limitations, and Potential for Future Research
The article presents powerful arguments and ideas that can support the needs of many customers. To begin with, the study approach used by the authors produced meaningful results that can support many MNCs. For instance, the study identified different practices and concepts that can encourage more firms to hire skilled employees from the developing world (Woollard, 2010).
The developing world is also characterized by new talents and skills. As well, the developing world is characterized by new markets that can support the economic needs of many companies. Local companies in different emerging markets have also benefited significantly from the current changes experienced in the world.
The study method made it easier for the scholars to identify powerful practices that can support the future of many companies. The suggestions identified in the article can be used to transform the functions, leadership approaches, and business strategies of many MNCs. The identified model can make it possible for many companies to achieve their business potentials (Jassawalla et al., 2006). The case studies presented appropriate models that have the potential to transform the gains of many companies.
However, some assumptions are notable in this study. For example, the authors ignored the fact that many developed countries were producing new talents. Such opportunities can also support the business needs of many companies. The study also assumed that many developing nations were characterized by similar opportunities and talents. This assumption affected the quality of the study outcomes.
The authors also assumed that specific organizational cultures could produce positive results in every part of the world. This move affected the targeted study outcomes. Some limitations also affected the study. For instance, the researchers focused on a few corporations (Scroggins, 2010).
This approach resulted in prejudice thus affecting the quality of the discussions. The authors were also unable to access quality information from the targeted companies. This is the case because many companies do not publicize most of their operations. The researchers lacked enough time to consider the practices of other successful multinational corporations.
As well, the scholars assumed that foreign companies should always use different leadership models in order to succeed in offshore nations. This assumption can be misleading because some leadership theories are universal (Chitakornkijsil, 2010). The study also assumed that many employees from different countries tend to have similar needs. However, this is something wrong because every person will tend to have his or her career objectives.
Future studies should therefore focus on the above assumptions. It would be appropriate to offer evidence-based ideas that can address the needs of different employees. The appropriateness of different theories of leadership should be examined in order to support the performance of many international firms. Future research studies should also focus on other successful MNCs such as Samsung Group and Apple Incorporation.
These companies use powerful models in order to succeed in different geographic regions (Scroggins, 2010). Such strategies have made such firms profitable. Future researchers should therefore use these companies as case studies in order to support the needs of many MNCs. A detailed analysis of every emerging market in sub-Saharan African will produce new concepts that can support more companies. The needs of different employees can be examined in order to produce better frameworks.
Summary and Conclusion
The developing world is currently characterized by new opportunities and markets. These emerging markets also have numerous talents to offer. Established companies can retain more employees from these growing nations. Such employees have the required skills and concepts that can make many MNCs successful.
Entrepreneurs should use appropriate strategies in order to attract new talent. This approach “will make it possible for many international companies to tap new potentials in the developing world” (Ready et al., 2008, p. 6). The targeted companies will eventually realize their business potentials.
Companies such as Tata use powerful strategies in order to succeed in countries such as Uruguay and Brazil. Tata hires local workers and equips them with the relevant resources. A positive leadership structure “is designed whereby locals head up various opportunities thus attracting more customers” (Ready et al., 2008, p. 1).
The important goal is to achieve the best business goals. The company’s brand promotes powerful values such as excellence and commitment. Local engineers and marketers are hired in order to oversee different business practices.
Every corporation operating in a foreign country should be ready to keep its promises. For instance, they should offer better incentives because many employees in such nations will always be looking for new opportunities. A powerful culture should be based on such promises. This strategy will attract and retain the required talent.
A good example is Standard Chartered Bank. After starting its operations in China, the managers examined the cultural aspects and practices of the Chinese. An induction program was introduced in order promote the best behaviors and organizational practices. Newly-employed locals “were equipped with the best skills such as ethical practice and prevention of money-laundering” (Ready et al., 2008, p. 1).
Business organizations should therefore offer professional and management development programs. They should be trained in order to get the best communication, business, decision-making, and listening skills. Such skills can be essential towards delivering the best services to every local consumer (Erickson & Gratton, 2007). The authors of the article believe strongly that multinational corporations (MNCs) can use various strategies to attract new talents.
The above discussion explains why MNCs should offer competitive promises to every targeted employee. For instance, companies can promote their brands in order to achieve their goals. Such companies should also offer new opportunities to the targeted employees. This goal can be achieved by offering new training opportunities and competitive remunerations (Woollard, 2010).
Proper training opportunities can also be availed in order to support the needs of many potential workers. As well, every MNC should have a powerful purpose. Companies should promote the best values and missions. Such values will encourage more workers and employees to work for these foreign companies.
The other important thing is to retain such promises. Foreign companies “hiring employees from different emerging markets should have a merit-centered reward system” (Ready et al., 2008, p. 1). They should also “focus on the concept of accelerated professional development for the targeted employees” (Erickson & Gratton, 2007, p. 4).
The companies should also promote the best organizational cultures. New values such as authenticity and empowerment should be embraced in order to retain more employees. A powerful framework characterized by the above practices will make it possible for many companies to succeed in the developing world (Erickson & Gratton, 2007). They should also attract and retain the best talent. This move will make such companies more profitable and successful.
Reference List
Ready, D., Hill, L., & Conger, J. (2008). Winning the Race for Talent in Emerging Markets. Harvard Business Review, 1(1), 1-10.
Erickson, T., & Gratton, L. (2007). What It Means to Work Here. Harvard Business Review March, 1(1), 1-11.
Chitakornkijsil, P. (2010). The Internationalization of Human Resource Management in the Host Nation Context and Strategic Approaches of IHRM. International Journal of Organizational Innovation, 3(2), 379-400.
Jassawalla, R., Asgary, N., & Shashittal, C. (2006). Managing Expatriates: The Role of Mentors. International Journal of Commerce & Management, 16(2), 130-140.
Scroggins, A. (2010). International Human Resource Management: Diversity, Issues, and Challenges. Personnel Review, 39(4), 409-413.
Woollard, S. (2010). Managing talent across a global workforce. Strategic HR Review, 9(5), 5-10.