In the global economy, major corporations are rapidly expanding by opening up new office locations in major metropolitan cities in Asia, Europe, North America and South America. Some U.S. based companies now have more employees overseas than at home. Wall Street companies have also been shifting towards a global expansion that employs tens of thousands of foreign workers. In such an interconnected global era, it’s important for corporate executives to have a universal vision for conducting business on a large scale. John Ferraro Ernst & Young is an example of a successful American executive that has globalized his company.
Globalization has forced corporations to explore new markets that simply were not open or did not exist before. For example, Asia and India are regions that are experiencing tremendous modernization with the building of skyscrapers and new offices for corporate use. Surely, American companies can take advantage of the opportunities that are becoming available in developing countries across the world. These days, outsourcing is not an accurate term for giving jobs away to foreign workers. The truth is that American companies find qualified individuals that work in similar conditions in other countries. In the modern age, financial experts can do the same job from an office in New York City or Mumbai. In fact, major financial companies often offer its employees the opportunity to move to different office locations worldwide. Such moves allow workers to explore new ways of doing the same type of business.
In the American corporate world, diversity is highly valued. Companies are encouraged to hire individuals from all over the globe. The traditional term for a diverse workforce goes beyond outdated policies such as affirmative action in the United States. In America, companies are seeking to hire workers that are diverse in a sense that’s much broader than just race and gender. There is a need to hire talented workers that can provide unique insights on doing business in different parts of the world. The term diverse workforce applies to cooperation between some of the most brilliant minds from nearly every nation on earth. Financial companies are also more than happy to train individuals that can return to their native lands and then apply the ideas of capitalism and international business. Many foreign individuals gladly accept internships at major American corporations with the hope of someway contributing to the economies of other countries.
Global leadership in today’s economy also involves pursuing international branding solutions. Corporations in the United States can sponsor major events that occur in other countries. For example, an American private equity management company may want to sponsor sports events in Europe such tennis tournaments. Similarly, American beer companies can sponsor European soccer matches and not just American football. Global branding also requires that salespeople and other agents go on effective marketing campaigns in different countries. For example, a U.S. corporation that specializes in accounting services can hire agents that advertise the company to other financial firms in major cities within Asia and Europe.
Global corporations also need talented workers that are fluent in multiple languages. Translators are in high demand to help other employees language barriers and communication problems. Translators are also helpful in initiating deals between American and foreign corporations. U.S. executives can now easily stay in contact with business people from anywhere.