Global Competition encompasses Executive Competitiveness at a global level, more dynamic and challenging. In other cultures, communication, thinking, competition, customer service, management and more can differ vastly from those in your culture. An advantage in one culture can become a disadvantage in another.
Foreign business people might need to score 110-150, on a scale of 100, while a native need only to score 80-90 when being evaluated for the same project or position. You can also face a wider array of risks in politics, market, regulation and more. To compete with natives, you need better products and services, and smarter team performance management even more.
In the meantime, regional global competitiveness can change dynamically, for example, the US can be #2 while China is the #1.
Is International Competitiveness only needed at Overseas?
No. Concerns regarding international competition are not limited to companies doing business abroad as foreign competitors may be entering your home market. You may also outsource certain functions overseas, need foreign investment or collaborate with institutions abroad.
Cross Culture Employee Management
In the global economy, talent comes from different cultures. Cultural differences, both within a company and between a company and its customers, can lead to misunderstanding and conflict if not managed. Successful executives must understand cultural differences in assessing talent and leadership and choosing the right people for any role.