Why Do We Need Diversity?
The globalization of the world economy and the appearance of numerous companies operating in different countries across the globe has caused a shift in the financial consulting market. While localized services are still invaluable, especially for companies planning to expand into new countries, most clients do not wish to disperse their need for information over a dozen different companies.
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To follow this trend, I am happy to announce that MegaGlobe Business Solutions is expanding to São Paulo, Brazil, and Shenzhen, Guangdong, China. In this effort, we will establish new standards of qualified financial consulting, claim new markets in Asia and South America, and continue working with our long-term customers. As a result of this expansion, our company will see an influx of specialists from different countries and backgrounds. Although such diversity would feel unusual at first, I assure you that the corporation would only gain from it.
Implications of Leading within a Globalized Market
While competing globally offers significant benefits to our company, it is also associated with dangers and threats from localized and global competition. Our experiences in financial consultation on the US market would serve us well, but only to a degree.
The realities of finances and the economy in Brazil and China are vastly different. China has a difficult and complex system of relationships among investors, banks, and the government, whereas many companies in Brazil exist under the looming threat of nationalization (Nahavandi, 2015). The American experience of financing would not be fully applicable in these environments. Therefore, to learn new skills and gain experience, our pool must be expanded to involve professionals from different genders and nationalities. We could lead the market of financial consultations only by applying innovative and inclusive strategies way ahead of our competitors.
Team Leadership Model
In order to adapt to the new global environment, many existent teams will be reorganized to include new members and specialists in Chinese and Brazilian financial markets. Team leaders will be expected to accommodate individual employees with changes and facilitate effective work. According to Hill’s team leadership model, effectiveness could be achieved only through adequate leader intervention decisions (Kirkman & Harris, 2017). Leaders would be required to perform several internal and external leadership functions. Internal functions that team leaders are expected to fulfill includes:
- Establishing and clarifying tasks
- Setting examples and standards of quality
- Providing training
- Facilitate effective leadership and decision-making.
- Facilitating effective relationship functions: coaching, encouraging collaboration, managing conflicts, and helping individuals to improve (Kirkman & Harris, 2017).
External functions of team leaders are as follows:
- Networking and establishing connections with other teams;
- Negotiating support;
- Buffering, assessing, and sharing information (Kirkman & Harris, 2017).
All of these functions will be invaluable in a globalized venture that Megaglobe Business Solutions is becoming, as it would be needed to integrate new members and cooperate between different departments located on the other side of the globe.
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Diverse Business Structure and International Performance
In a globalized venture, culture plays an important part in success. While a company can have a uniform standard of application and performance, the results of the American mindset in China or Brazil would be drastically different. Many clients in these countries are suspicious of foreigners. It is especially true for China where people view the USA as a potential threat to their nation. Nevertheless, it is impossible to ignore a potential 2-billion-strong market.
Therefore, we will be required to adapt. Implementing a diversified workforce would help ease the adaptation. Hiring local experts from China and Brazil would offer greater insights into their culture, methods of doing business, and financial systems (Cooper, 2017). In addition, it would provide the customers with more familiar faces, making them at ease when doing business with us. In addition, the presence of different viewpoints, ideas, and experiences would help us create a better system and enhance our international performance.
Positive Aspects of Change for Employees
Some of our employees could be worried that the expansion would cause additional problems and difficulties with integrating new members into our community. It is true that change is a complex process that requires adaptation and transitional management. Nevertheless, diversity has many potential benefits in store for each and every one of us. The first benefit is the perspective of broadening one’s horizons. Instead of servicing American companies only, we will deal with numerous clients from Brazil and China. It would encourage professional competence and growth, which are valuable in the modern market.
The second positive aspect of working in a diverse company is the opportunity to be acquainted with many people from different backgrounds and cultures (Cooper, 2017). It enables us to receive a wholesome view of the world and make friendships built not only on similarities but also on differences that make us unique.
Going global will bring Megaglobe Business Solutions to a completely new level of operations, potentially expanding our market and enlarging our organization to include China and Brazil. In order to adapt to these changes, the company’s leadership and organizational structure would need to be changed according to Hill’s Team Leadership model. Increased diversity and inclusion will affect us on individual and group levels, bringing fresh blood and new perspectives to help us compete in the ever-changing globalized financial market.
Atcheson, S. (2018). Embracing diversity and fostering inclusion is good for your business. Forbes. Web.
Earley, K. (2017). The business benefits of promoting diversity and inclusion. The Telegraph. Web.
Cooper, M. (2017). Diversity means business. ITNOW, 59(1), 60-61.
Kirkman, B. L., & Harris, T. B. (2017). 3D team leadership: A new approach for complex teams. Stanford, CA: Stanford University Press.
Nahavandi, A. (2015). The art and science of leadership (7th ed.). Upper Saddle River, NJ: Pearson Education.