Course Assignment International Management, Multiculturaland Cross-National Management.pdf

QUESTION 1 Explain the advantages and disadvantages that a company may have while doing business in a multicultural environment.. Understanding local laws, rules, and customs, as well a

VIETNAM NATIONAL UNIVERSITY UNIVERSITY OF ECONOMICS AND BUSINESS

COURSE ASSIGNMENT:

INTERNATIONAL MANAGEMENT, MULTICULTURALAND CROSS-NATIONAL MANAGEMENT

Course code: INE 3223 — E *

Student name: ` Nguyễn Dương Việt Hà

Student ID: 19051065

Class: QH-2019-E KTQT-CLC 1

Instructor: Assoc Prof PhD Nguyén Viét Khoi

Ha Noi, 2022

TABLE OF CONTENTS

QUESTION 1

The advantages of multiculturalism

The disadvantages of multiculturalism

QUESTION 2

QUESTION 3

REFERENCES

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QUESTION 1

Explain the advantages and disadvantages that a company may have while

doing business in a multicultural environment

Multiculturalism (also known as ethnic pluralism) refers to the presence and acceptance of many different minority cultures in addition to the dominant culture in a given location

Multiculturalism is prevalent in many large cities and has numerous benefits However, there are some issues with this concept In some business case, multicultural environment brings pros and cons at the same time for the firm

The advantages of multiculturalism

The first benefit I want to mention is local market knowledge and insight improves a company's competitiveness and profitability When it comes to expanding into new markets, a multicultural staff may provide a significant competitive advantage Adapting a product or service to flourish in a foreign market is common Understanding local laws, rules, and customs, as well as the competitive environment, may assist a company in succeeding Furthermore, local relationships, native language abilities, and cultural awareness may enormously improve international business development

And, in the end, being more competitive means being more lucrative Diversity Inc honors the top 50 most diverse firms each year and compares their performance to the market as a whole Diversity is also beneficial to a company's financial line, according to recent McKinsey research In fact, ethnically diverse businesses are 35 percent more likely to outperform the national industry median in terms of financial

returns

Secondly, a company can recruit and retain the top people by drawing from a culturally diversified talent pool Two-thirds of job seekers said diversity was

important to them when assessing firms and job offers, according to a Glassdoor poll Demonstrating that your company is committed to building a multicultural and inclusive atmosphere will help you stand out in a competitive global employment market Making diversity a priority in the hiring process can help you expand your pool of potential employees Hiring from a more varied talent pool not only makes your company more appealing to ambitious, internationally oriented people, but it also helps you retain them Diversity in the workplace, including gender, religion, and ethnicity, has been found to promote employee retention and lower turnover costs Employees are more likely to stay loyal in a diverse company if they feel appreciated and valued for their unique contribution This, in turn, creates mutual respect among coworkers who value their team members’ different cultures, viewpoints, and experiences An inclusive environment of cross-cultural collaboration is a great method to bring colleagues and teams together throughout the organization

Thirdly, teams with a variety of members are more productive and achieve higher results A varied workplace provides a wider range of experience, skills, and working techniques, which can help to improve problem-solving ability and productivity Organizations with a diverse and inclusive culture are happier and more productive, according to research Working in homogeneous groups may appear to be more convenient, but it can lead to a company accepting the status quo On the other side, diversity may promote healthy competition, pushing a team to do their best in a positive way This healthy competitive environment can lead to the improvement of business procedures for increased efficiency

Fourth is that diverse cultural viewpoints may spur innovation and creativity Our culture has an impact on how we perceive the world A diverse range of opinions, along with an international team's diverse personal and professional experience, may provide fresh insights that motivate colleagues to see the workplace—and the world—in new ways Diverse perspectives have been proved to foster creativity and promote innovation, allowing companies to solve challenges and satisfy consumer requirements in novel and interesting ways

Higher-quality, tailored marketing requires cultural sensitivity, intelligence, and local understanding Cross-cultural awareness, along with knowledge of the local market, allows for the creation of more successful marketing strategies and materials Websites, brochures, and other materials, for example, require high-quality, culturally relevant translations However, without the help of a native speaker, these can be disregarded Even brand taglines might be severely misunderstood when translated

A business with a varied skill set may provide a wider and more adaptive range

of goods and services Companies gain from employing people with a broad variety of abilities that are sometimes unavailable when recruiting locally by pulling from a culturally diversified talent pool By harnessing the talents and knowledge that their foreign workers bring to the table, globally focused organizations may expand their service offerings A more diversified offering of products and services, as well as a larger pool of abilities, can help your company gain a competitive advantage in terms

of adaptability Organizations that are flexible and adaptive will succeed in today's dynamic and uncertain global business climate Adaptability refers to the ability to design, create, and execute projects more quickly and efficiently A business with cultural and cognitive diversity is more likely to notice a market gap It will also have the worldwide (or market-specific) knowledge and expertise to assist a new or modified product in adapting to changing customer behavior - and succeeding More opportunities for personal and professional development Fundamentally,

a firm that is inclusive and culturally diverse will attract smart, ambitious, and internationally minded individuals who will value the potential for personal and professional development Working with people from different cultures can be a genuinely beneficial experience, as it allows others to learn about different ideas and traditions By bonding over commonalities and differences, you may become a global citizen, letting go of preconceptions and an ethnocentric worldview, which is becoming increasingly useful Professionally, having a varied group of coworkers may

be beneficial, as it can expose you to different abilities and ways of working, as well

as help you build an international network that can help you push your career in interesting new areas or abroad

The disadvantages of multiculturalism

Some colleagues from other cultures may be less willing to speak out However, having a diversified pool of brainpower is insufficient It's also vital to foster an open and inclusive work atmosphere in which all members of the team feel empowered to participate This can be especially difficult for coworkers who come from polite or submissive cultures Professionals from Asian nations such as Vietnam

or Japan, for example, may be more hesitant to speak out or share ideas, especially if they are new to the team or in a lower-level position Conversely, forceful colleagues from the United States or Western Europe, as well as those from Scandinavian nations with flat organizational hierarchies, may be more likely to speak out during meetings

or negotiations while others do not

Across languages and cultures, professional communication might be misconstrued or difficult to comprehend While competent translations are essential for effective marketing, there is a genuine danger that dialogue among multicultural employees may be lost in translation Language hurdles are only one of the difficulties Even in an organization where everyone speaks English, recognizing a variety of accents or idioms used by native speakers might be challenging Furthermore, effective cross-cultural communication entails much more than simply speaking words Nonverbal communication is a complex and subtle aspect of cultural interaction that can lead to misunderstandings or even insult among team members from other nations Things like physical space, creating or sustaining eye contact, and gesture may all differ dramatically between cultures Even a simple greeting or handshake has cultural connotations that should be taken into account in the workplace This excellent infographic was created by Business Insider to demonstrate the differences in handshakes and business welcomes throughout the world

Professional etiquette is seen differently by different people Colleagues from other cultures might bring with them a variety of attitudes, beliefs, behaviors, and etiquette to the workplace While they might be stimulating and even advantageous in

a varied professional setting, they can also lead to miscommunication and unpleasant sentiments among team members

For example, formality (or relative informality), organizational structure, and even working hours can all be a source of contention among cultures A Swedish professional may be accustomed to a 6-hour work day, yet a Japanese colleague may not believe it is polite to leave work before their manager (or anybody else) Furthermore, divergent approaches to timeliness, confrontation, and dispute resolution might be problematic

Teams with divergent working styles Working habits and attitudes about work,

on the other hand, might vary greatly, reflecting cultural beliefs and exacerbating disparities Conflicting work methods can stifle productivity if they aren't acknowledged and accounted for

The Hult classroom reflects this experience in many ways, engaging you from day one in a varied and collaborative working environment You will master the talent

of speaking successfully across cultures and embrace the importance of diversity in the workplace by studying across the world and learning with peers and instructors from over 150 different nations

It can be tough to navigate visa procedures, employment rules, and the cost of satisfying workplace requirements Additional allowances for attracting and keeping a culturally diverse staff should be considered in addition to visas For example, offering a quiet room for prayer, as well as taking into account different cultural or religious holidays, may make a workplace more friendly and inclusive for employees

of many faiths Of course, these concerns and adjustments may often be both a financial and administrative burden

In the face of prejudice or unfavorable cultural preconceptions, integrating ethnic teams can be tough While local knowledge is crucial, it's also critical to encourage team cohesion to avoid colleagues from various nations working in isolation and restricting information transfer This can be difficult to overcome, especially if there are underlying stereotypes between cultures that prevent people from cooperating Negative cultural stereotypes can have a negative impact on employee morale and productivity The centuries-old animosity between the British

and the French, or the Poles and the Germans, for example, may sometimes sneak into the workplace Although not all stereotypes are negative—for example, the idea that Americans are self-assured or that Asians are intelligent—they are all simplifications that can be restricting or divisive in the workplace While overt discrimination and stereotyping are major concerns, established and unconscious cultural prejudices can

be a more difficult hurdle to overcome when it comes to workplace diversity

QUESTION 2

Assume that a Vietnamese investor conducts his/her business in a foreign country, Analyze that country (*) multicultural environment issues that may

affect his/her business results

The military industry — telecommunication group Viettel is one of the earliest and most successful vietnamese companies to invest in foreign markets Viettel has its own brands in ten countries after more than ten years Established as a technology company, Viettel hardly had issues in techonology However, the Group's human resources management is challenged by investment and business activity on all three continents, Asia, America, and Africa Because Viettel now includes individuals from various nations throughout the world, they will undoubtedly face language, cultural, and legal challenges

Figure 1: Original logo of Viettel in home country Vietnam

Hãy nói theo cách của bạn

Hiring employee in the host country is different from in the home country This

is harder to the both non-english nation like Vietnam and Peru Invest to another culture, the R&D activities is hard, change human resources management to fit in new market is even harder Because worker is the success key of owner A friendly multicultural environment workplace leads to cooperate fluently But the border between changing the Viettel original identity and loss the company original identity

is very close Viettel need general rules to avoid employee and employer misunderstanding In addition, religion and culture are obviously affect the firm activities a lot

Figure 2: The International Appearance of Viettel in different countries

INTERNTAIONAL INVESTMENT OF VIETTEL

VIETTEL |

TANZANIA |

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There are several significant difficulties The first range I have to mention is Viettel has many degrees of corporate culture There are Viettel's corporate culture distinct framework such as logo, uniform, cultural programs, traditional holiday, language meaning, symbol meaning, E-Publications, stories, social activities For instance, if Viettel miss any important holidays in that religion, the worker will take that as an unfair taking care, and claim that a toxic workspace atmosphere If in Peru’