Looks at cultural diversity in global firms and their positive impacts.
Written in 2004; 2,423 words; 47 sources; APA; $ 74.95
Paper Summary:
This paper explores the impact that cultural diversity is having on large businesses. It contends that the success of large firms depends upon their acknowledgment of cultural diversity within their employee and consumer base. It also asserts that companies must implement human resource management strategies that take this diversity into consideration. The paper looks at some of the challenges companies face when their work force is multicultural and suggests that companies must upgrade and enhance the cross-cultural skills of company executives and managers in order to maintain a competitive advantage. Also examined are various domestic diversity models developed in order to deal with some of the problems associated with cultural diversity and the ways in which they attempt to redress past grievances, cover the weaknesses of domestic diversity differences, and help organizations avert future problems.
From the Paper:
"The famous 'Fortune' magazine in its issue of 1994 notes that there has been a 2500 percent increase in the total volume of international trade between the period of 1960 and 1993, with numerous business organizations expanding their business portfolios from domestic to the international arenas. (Fortune, 1993) The same magazine in its issue of 1997 also noted that world trade witnessed a tremendous growth rate that was even faster that the world gross domestic product. (Fortune, 1997). It was further noted that the majority of chief executive officers of large national organizations expected that both employment and revenue generation would comprise largely from sources outside the organization's home country, and further that the success of such organization depended upon an effective management of human resources, and keeping an competitive advantage edge over their nearest competitors through such measures as alignment of human resource management strategies and diverse cultures."
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