Contextual Factors Impact Business Orgs' Decision Making. (70 Characters)

Impact of Globalization

Discuss about the contextual factors internal and external to a business that impact on a business organisation and its decision making.

Globalization is the increasing flow of ideas, people, money, technology, and businesses from one country to the rest of the world (Beck, 2015). Globalization is evident in the many things that we see around us today. It is not uncommon for an Australian citizen to use a phone that has been built in China or eat rice that has grown in India. Almost half of china eats the meat that has been produced in our homeland. This globalization has led to the world being a flat place and enabled growth of different parts of the world. This has been possible because of increasing exports, multinational companies, franchisees, the widespread use of social media and other tools of international marketing (Baylis, Owens & Smith, 2017).

For the businesses it has been a life changing era. Globalizations has enabled businesses to recruit employees from a foreign land, effectively utilize another technology and allow a flow of information from a different land (Crane & Matten, 2016). This has led to rapid paced growth and development of the world at large. Of course every coin has two sides and hence there are cons that come along with globalization. At the foremost front, globalization in some manner has made the rich richer and the poor poorer. The shift and flow of resources has been unfair and partial towards the developed economies of the world. But the benefits of Globalization have been productive in ways more than one.

Assessment 1 described a global internship business which created internship opportunities for Australian students outside their homeland and invited foreign students to Australia for internships in the country’s corporates, educational sectors and NGOs. The internship profile and the right candidate would be selected after immense research to ensure that the internship offered is in line with the student’s professional goals. And at the same point of time, the student’s qualifications can add value to the organization.

Globalization would largely assist this business by ensuring there is a better flow of people and information from one country to another. There are several benefits of globalization specifically in this line of business. Few of the benefits are listed below:

The increasing globalization has anyway made it easier for people to travel to different parts of the world in a matter of hours. Today, businesses are going international and various organizations are understanding the need and importance of a cross cultural resource in the organization. Globalization would hence assist organizations to understand the value of a foreign intern and how they can utilize that resource to the full potential. Students would also have a greater understanding about the importance of an international exchange program and hence they would try their best to utilize their time in a foreign country more effectively (Stromquist & Monkman, 2014). Convincing teachers and parents of the students would also be less strenuous once they realize the depth of the opportunity presented to their children.

Greater understanding of the business

The exchange of students from one part of the world to another would also enhance cross cultural awareness in organizations. Businesses can gain much from having a foreign resource. It would assist in bringing new perspectives and ideas on the table (Pieterse, 2015). The intern would be able to provide first-hand information about many details. This would also assists employees to learn about different cultures and countries. Many businesses are now either procuring raw materials from other countries, or delivering final products to them. Anyhow, the reach of most businesses in no more limited to their homelands. This has helped in increasing the importance of cross cultural organizations and hence better education (spring, 2014). Cross cultural firm find it easier to adjust to the changing scenarios. It is also easier for employees of these firms to work with different people. Globalization has hence successfully helped in establishing the importance of cross cultural diversity in the organization (Kraidy, 2017).

Communication forms the key to international business and is a crucial part of any organization. Globalization has made it easier to communicate with people from different parts of the world. This would enable the sales team to reach out to students as well as organizations. Social media, emails and instant messengers have eased the process of communicating with people which are at a separated by distance (Dunning, 2014). Communication is the key to an effective processes in an organization. And it was crucial that members of the organization and all its stakeholders are able to communicate with each other. This efficiency in communication has only been achieved by the advent of globalization in the current scenario.

Globalization has increased awareness about different parts of the world. Every country has now become a brand and they are putting substantial efforts in making their mark on the world map. This effect of globalization would make it easier for the global internship business to attract students from different parts of the world to apply for internships in Australia. This would lead to increased and more efficient sales as well as would enable the firm to place more students for internships in Australian companies.

Due to the advent of globalization, Airline industries have realized the importance as well as the demand for global travel. This has in turn led to higher frequency of flights from one part of the globe to another. Which has in turn led to convenience of travel and this has then made it easier for students across the globe to travel international boundaries for the internship opportunities created by us. Before the era of globalization, travelling to a foreign land was considered a task. It was extremely tedious and hence people stayed away from pursuing it (Hanusch & Fürsich, 2014). Today, the scenario is entirely changed. Travelling from any part of the world to another part can be achieved only in a matter of a few hours. This is one of the gifts of globalization.

Cross-cultural awareness

Globalization has made it possible for different people of the world to collaborate and effectively better the current working system. Now it is hence able to achieve the best resources, talent, technology and people. This has led to an increased competition in the industry. As a global internship business, this is a great advantage. This would enable the firm to convince students about the benefits of working with diverse organizations. Every student is competing with every other student for grades, performances and jobs (Narula, 2014). A global internship would provide the student with a much needed competitive edge.

Globalization has made a lot of knowledge public. People are now more aware about different geographies and cultures. They understand the importance of this knowledge. This has also established trust. People can assure their safety by gathering information on their own. The internet knows everything. An Indian student can gather information about an Australian organization. He or she can know their culture, working profiles, organizational history etc. (Patil, 2017). This would assist the student in making the right choice regarding their internships.

Similarly organizations can get details about the students they would be hiring. Their LinkedIn and Facebook profile would throw more light on the students’ career graph, subject preferences, talents, hobbies and previous working experience if any. This creates a transparency and allows both the parties to gather details about each other before investing

Conclusion

Globalization is a phenomenon that has here to stay. It has connected everyone from different parts of the globe and made the world a boundary less place to live (Ritzer & Dean, 2015). Globalization has evolved over the recent years and has helped various economies grow, develop and make the best of the available resources on this planet. It has specifically helped businesses in acquiring better technological, human as well as knowledge resources from different parts of the world (Bowen, Baker & Powell, 2015).

Our business as explained in Assessment 1 is a global internships business which would facilitate students from Australian in availing internship opportunities abroad and at the same time it would assists foreign students by placing them for internships in Australian organizations. The business would be largely assisted due to the advent of globalization.

Students and organizations would find it easier to know about each other before amalgamating together to achieve organizational goals. It would be easier for our business’s sales team to reach out to students from different parts of the world to offer them internships in our country. The traveling and communication process across the globe has been made easier due to globalization. Lastly, globalization has helped people realize the importance of working in different parts of the world and gaining knowledge about a foreign culture (Ang & Van Dyne, 2015). This understanding of cross cultural organizations has been identified and valued due to the vast effects of globalization.

References

Ang, S., & Van Dyne, L. (2015). Handbook of cultural intelligence. Routledge.

Baylis, J., Owens, P., & Smith, S. (Eds.). (2017). the globalization of world politics: An introduction to international relations. Oxford University Press.

Beck, U. (2015). What is globalization? John Wiley & Sons.

Bowen, H. P., Baker, H. K., & Powell, G. E. (2015). Globalization and diversification strategy: A managerial perspective. Scandinavian Journal of Management, 31(1), 25-39.

Crane, A., & Matten, D. (2016). Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.

Dunning, J. H. (2014). The Globalization of Business (Routledge Revivals): The Challenge of the 1990s. Routledge.

Hanusch, F., & Fürsich, E. (Eds.). (2014). Travel journalism: Exploring production, impact and culture. Springer.

Kraidy, M. (2017). Hybridity, or the cultural logic of globalization. Temple University Press.

Narula, R. (2014). Globalization and technology: Interdependence, innovation systems and industrial policy. John Wiley & Sons.

Patil, P. B. (2017). Globalization Impact on Management Education in India. Globalization, 102(2).

Pieterse, J. N. (2015). Globalization and culture: Global mélange. Rowman & Littlefield.

Ritzer, G., & Dean, P. (2015). Globalization: A basic text. John Wiley & Sons.

Spring, J. (2014). Globalization of education: An introduction. Routledge.

Stromquist, N. P., & Monkman, K. (Eds.). (2014). Globalization and education: Integration and contestation across cultures. R&L Education.