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Business dynamics are now different from what they used to be, so the rules of the game are also changing. Organizations have to now look at global markets, and they also have to gear up their processes and people in line with these needs. Even if an organization does not aspire to move into overseas locations for new opportunities, it cannot neglect the competition coming from World Class Companies. World-class competencies are thus specifically important for Global Brands & Organizations, that wish to now scale up in the International business arena. Let us therefore now look at a set of important competencies that makes an organization a clear winner because unless you become “World Class” the future may not be very bright.
One has to start with the human capital shaping the culture of the organization. A locally competitive mindset is not sufficient anymore for success and professionals would now need to develop a global mindset. It is not important to strategize anymore in line with local markets, as the entry of international companies and their products and practices is an extremely important factor. Managers would now need to train themselves and their people to view the competition from a broader Global Mindset. The defining factor would be that people would have to think big and have the vision to compete in global markets.
Talent management is going to be a lot more important from now on. The future of the organization would now depend on carving out accurate competencies required to be successful for each individual and train and develop them accordingly. Soft skills like Cross Culture Sensitivity, Leadership, Planning & Project Management, would find a lot more importance as undue losses have to be minimized, and business would need to be managed to remain competitive. For certain, Creativity and Innovation would play a crucial role to emerge as winners in this new era. Outdated processes, technologies, and mindsets would find no place anymore in the new business dynamics. However, with increasing opportunities retention of talent would become a specialized function.
Quality consciousness amongst people and processes is utmost and important. The market will have huge choices and consumers would look for this aspect and would even become demanding by the day. Trends have shown the value called “Quality” is becoming important in the minds of the consumers, manufacturers & service providers. The business culture would now need to be shaped up to meet challenges from the International competition. In this culture, undesired attrition and desired attrition needs to be distinguished. There would be fewer opportunities for outdated talent and thus would emerge a “young in mind” aggressive technologically innovative workforce which would shape up the future of the organizations. In the new business culture, collaborations with expert partners would be the key to bring down costs and improve technology and quality. These partners would also play a role in bringing about breakthrough innovations in products. Vendor policies would thus need a serious relook. Collaborative partners would also have options to choose from, thus retention of these partners is also the key to success.
It is important to note that organizations that lack cross-culture sensitivity would have challenges, which could result in serious losses and the workforce would thus need a specialized skill to operate with different cultural mindsets. Research shows projects may not fail owing to lack of planning but due to lack of cross-cultural sensitivity. Cultural challenges would have to be researched in advance as a part of developing a global mindset. There is no choice now; Leadership would need to demonstrate a cross-cultural intelligence.
Social Responsibility is another key area where a lot of focus would be needed. It would be expected from now on that all World Class companies would need to contribute at a social level. Respect for the brand in the mind of the consumer would be a factor of pull. Organizations cannot anymore neglect their responsibility of giving back a part of what they earn to the system in which they operate.
It is difficult to summarize all it takes to be a world-class organization in one article however it would be my endeavor to contribute my experience in this field by discussing my research competency wise in the coming few months. Till then sit back and give it a thought, are you shaping up a world-class organization?