What is Happening?
Since the 2008 financial crisis, many countries have increased their focus on the protection of their own interests; this change has come at the expense of initiatives aimed at easing free trade.
Poland is a good example of a country where the political agenda has shifted towards protectionism. Other examples include Britain’s BREXIT and Germany's government being pressed to give more consideration than initially expected to "Alternative für Deutchland".
International companies around the world are starting to really worry about the impact of this trend. Several recent news articles confirming the global impact of these developments are quickly gaining traction. Click here to access some of these articles and gain insight into how companies around the globe are impacted.
How Does This Impact Me and My Company?
You might be thinking: how is this in any way relevant to me? To be honest, it’s quite relevant to you and not only your company’s success, but your success as an employee. Understanding the importance of “Glocalisation”, that is, localizing your global perspective, is necessary in today’s changing world. If this change is not recognized, you could be faced with severe challenges including but not limited to:
Losing customers to suppliers who understand this trend and have a better understanding of the local conditions and preferences
Increased costs for the adoption of marking and sales campaigns geared towards individual market needs
Challenges relating to macro scale trade regulations (e.g. import taxes)
Longer processes for approval of goods down to simple requests for more languages in the user manuals
Gaining access to skilled workers
All in all, this is a threat to the traditional and often less responsive company, but it is an equally big opportunity for the adaptable company and for the ambitious manager, wanting to contribute to the prosperous future of the company - or even taking the (fully legal) option to boost their own career by pushing for this important change to happen.
What to Do?
The problem for companies is that this trend makes the traditional and highly conventional training of “global mindsets” dangerous. Now, and in the next 10-20 years, companies must adjust the balance between “economies of scale” and “adaption to local market”. This balance, and the optimal company structure /daily practicalities to handle it, has been and will continue to be analyzed by top researches as finding “the perfect” balance is an evolving process. (Click here for research conducted by Bartlett and Ghoshal)
Implementing change can initially be cumbersome for the company and crew but not implementing change is actually dangerous for them. For us, here in Denmark, this is a MUST, due to being a small country and our dependence on European trade.
The markets' DNA will become increasingly English in England, French in France and Polish in Poland both on the HRM side as well as on market side. Companies must be prepared; those who do will have a much stronger advantage over those who don’t.
Where to Start?
To find out more about how this trend impacts you and your company AND what you can do to be proactive in addressing the challenges it creates, join us November 29th for IFAK’s and My Future’s “Glocalisation” event at the Clarion Hotel and Conference Center at Copenhagen Airport. The event is funded by the EU so there is no charge to attend.
Not only will you be presented with examples of how this trend has impacted a specific country (Poland) but you will also be provided with the opportunity to meet other professionals and brainstorm ways to deal with this significant and disruptive change.