Changing Environment for Business

Globalization is term which has been in and around for the last few decades. It is nowadays used more frequently by the big corporate players and organizations that have been on the topped the list of successful organizations. Globalization has undoubtedly changed the way organizations formulate and develop their strategy, as they have realized that no organization can take its place in the global market for granted and they have to continuously innovate themselves to stay ahead in the race. The changing environment have seen the fall of many big players like for instance Arthur Anderson, so adapting to the changes and continuously innovation is the order for the day.

Dr Malek Shah Bin Mohd. Yussoff in his article (http://unpan1.un.org/intradoc/groups/public/documents/EROPA/UNPAN014373.pdf) has given an Malaysian example of how globalization has forced the Malaysian government to define its current and future roles of administration. Globalization has affected most of the countries and every country has to come up with a strategy to counter the increasing competition due to globalization. He has also given some examples like “The Malaysian Remuneration System, HRMIS” which are the initiatives taken by the government to meet the rapid changes taking place in the global market. This holds true for all developing country so as to remain in this hunt for competitive edge.

During my internship with HSBC, which is one of the banks who has its services worldwide, I could clearly make out the stress the bank had on expansion in all possible markets, to enjoy the possible market share. They have clearly understood that in today’s competition its not easy to stay ahead in the race, as due to globalization any small player can also be a potential rival.