Borderless World - Definition & Meaning
What is Borderless World?
Borderless world is a concept of globalization where the goods, services, technology, information, capital flow through the borders from one nation to other. In this present day world of globalization, components may be produced in one country, assembled in second country, marketed in third country and financed from fourth country.
Hence running of businesses is changing drastically in a interesting way. Organizations are finding a lot of opportunities to expand and run in other countries. Resources can also be found very easily in a borderless world. Hence, products are made very effectively and efficiently.
There is a lot of exchange of cultures happening in a borderless world. Running a business in such scenario is itself a task. The issues businesses face today are diverse. Managing the employees belonging to different cultures creates many challenges to the human resource management department.
In the borderless world as the HRM is increasingly getting involved with the strategic planning, the company's vision and mission should be reworked to give a broader perspective so that employees of different cultures can align their goals to the vision and mission. The organizations have to rework on the policies, compensation, and structure time to time to attract and retain talent. Organization's effectiveness completely depends on its people. Hence attracting, utilizing, and retaining talent and their knowledge is very essential. The management has to be trained and made aware of the cultures and cultural differences they are dealing with. Hence, the cross cultural communication is becoming increasingly important as organizations expand its business to other countries. Impact of change in cultures during mergers and acquisition has to be handled very carefully.
Hence, this concludes the definition of Borderless World along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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