Human Resource Management for the 21st Century Global Economy

Human Resource Management for the 21st Century Global Economy

Julianne Seely (Grantham University, USA)
DOI: 10.4018/978-1-4666-1601-1.ch079
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Abstract

The purpose of this chapter is to concentrate on Global Human Resource Management (GHRM) by demonstrating how the functional areas of Human Resource Management, such as talent acquisition, leadership capacity, training/development, and compensation/benefits, need to be fused with a higher level of strategic endeavor through cultural intelligence (CQ), system thinking, and the applications of related system archetypes. Understanding the role cultural intelligence plays in the global business community, knowledge of how systems and subsystems operate, and how variables impact the immediate landscape, as well as overall business performance, are the key drivers for competing successfully in the global marketplace.
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Introduction

Unquestionably one the most critical issues facing globalization of the workforce today is that of talent acquisition – requisite skills, retention, leadership, and continued development of expertise necessary to compete in the complex world of unknowns. The skills and abilities we possess today will diminish in importance and application over time more quickly than ever before, and as M. Goldsmith reminds us in the best-selling book, What Got You Here Won’t Get You There, a new set of behaviors are therefore essential. How we question the underlying assumptions that our hiring and leadership decisions are based and how we forecast and then prepare for the next iteration of global business demands as well as the evolving expectations of the global marketplace, in a very large part will determine our position in a world economy. To that end, the objectives of this chapter are four-fold:

  • 1.

    To examine how we currently address the issue of talent acquisition

  • 2.

    To understand the radical changes that have taken place in the global economy and how these changes impact leadership knowledge, skills and abilities

  • 3.

    To highlight and articulate the crucial role that cultural intelligence (CQ) demands for the entire workforce

  • 4.

    To examine the role of systems thinking and application of system archetypes to act as the cohesive force that blends all of these variables in such a way as to position our economy in a place of leadership in the global community

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Capability 1: Talent Acquisition, Development, And Promotion

Fifty years ago, the late P. Drucker coined the term “Knowledge Workers” to denote a class of business leaders whose value was based on what they knew. Knowledge Workers are required today more than in the past as business has become more complex due to technological advances and other factors; however, all employees need expertise that will enable them to function successfully in a global workplace. Knowledge and the ability to identify cultural differences and similarities as well the ability to respond appropriately is a necessary commodity that extends from the front line to the board room.

A study conducted by McKinsey & Company identified a new concept that has been taking precedence over an older model. Knowledge and talent marketplaces are becoming the seedbeds for global talent – a place where networks of professionals foster a rich exchange of ideas; a place where resources and systems are identified and developed. The call for inspired leadership has never been louder. The global economy requires individuals who possess business savvy, cultural intelligence, and strategic thinking.

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