Definition: A polycentric approach entails international recruitment where an organization hires local personnel for operation in the host country. This allows firms to market themselves as local and expand their operations. Local managers can help run the firm more smoothly and efficiently than expatriates since they are familiar with local cultures, norms, and regulations. Reasons …
Definition: Process benchmarking is a method of comparing a company’s procedures to those of industry leaders to identify flaws and improve processes in order to gain a competitive advantage. Process benchmarking is followed by a process improvement program. The process benchmarking framework applies changes to operational approaches to improve performance. This benchmarking selects a specific …
Definition: Strategic benchmarking compares a company’s processes to those of industry leaders, analyzes them, and makes the required changes at the organizational level to align them with the company’s goals and long-term plans. Strategic benchmarking is a step above traditional benchmarking. Businesses assess organizational procedures and capabilities, review relationships, and finalize strategic planning to gain …
In the early 1960s, two professors from the University of Texas at Austin, Robert Blake, and Jane Mouton, developed a managerial effectiveness theory known as the Blake and Mouton Managerial Grid. The grid is a tool that helps managers understand how to manage their team to achieve the best results. This blog post will discuss …