While a majority of organizations recognize the need to compete globally, very few have a strategy to develop leaders with the competence to truly compete globally. This is according to a recent piece of research by UNC Kenan Flagler Business School and the Human Capital Institute.
In addition to the survey results, their white paper also includes recommendations as to what can be done to develop global competence.
You can download the white paper by clicking the Download Resource button below.
As companies from emerging economies make large inroads into the markets of the developed world businesses in the US and Europe urgently need to compete more effectively in global markets. They need to work effectively with people of different cultures and languages and convey consistent brand and messaging across borders.
Companies must reassess their talent and their ability to compete for current skillsets and ensure they can achieve global success in a smaller, interconnected world.
Several methods that can help include:
• Increasing the diversity of the senior executive leadership
• Developing knowledge and appreciation of different cultures
• Providing opportunity for cross-border projects and teams
• Job rotation across regions, business divisions, and functions
• Cultivating interpersonal and social ties across different locations
Developing globally-competent leaders involves much more than just sending individuals on a business trip; it requires a complete top to bottom development strategy encompassing all of the training they need to interact with people of different cultures, languages, and backgrounds. It involves asking them to understand others’ perspective and experiences.
Understanding the variances of not just the locations you expand your business to, but also the unique needs and development requirements of the leaders you’re trying to develop is the key to success.