Managerial Practice In The New Economy - The Malaysian Context

Essay by yeewahchongUniversity, Master'sA, December 2006

download word file, 8 pages 1.0


At the dawn of the next millennium, to thrive in a global economy, it would require organizations to create new international cultures and value systems for their global outreach employees. Multinational companies operating in Malaysia for instance, have realized that apart from developing competitive business strategies, the issue of effective management of people or employees is equally important in their efforts to support the initiatives of business success. The challenges of addressing people issues, cultures and values of an organization are rapidly changing and becoming more intense as the pace of economic environment unfolds. Its subtle influence has daunted many business entrepreneurs as well as corporate entities today who are ill prepared for this new revolutionary change. This was further supervened by the rapid advances in technology that have taken the limelight in business opportunities through increased competition in the global environment. On the contrary, many business managers are aware of the importance of global business interactions and the need to redress issues of new orientation to business conducted in different cultural environments.

While business impetus undergoes transformation, globalization also changes the way we conduct business and manage people as it is nothing new but intrinsic to the utilitarian nature of an organization itself. It has literary cut across trade borders and countries that has seemingly transacted in a virtual manner driven by technology. As rightfully claimed by the father of economics, Adam Smith, business is still business but where it is performed is strictly irrelevant for as long as it is good for business.

With the growth of global trade and investment and the emergence of multinational corporations, the same utilitarian logic of business will unfold, resulting in economic efficiency and progress. However the issue of cultural diversities was often impartially addressed, in particular on the need for...