Connect with us

Business News

3 tips to maximize your company’s global HR

Human Resources or Human Capital Management can often get overlooked in the bigger picture of international business. Here are 3 tips to help maximize and leverage your global HR.

Published

on

global hr

global hr

Global HR is often an overlooked part of international business

It’s a must now days-in order to stay agile and competitive, companies must seek ways to leverage current, often commonplace, departments. Research and Development/Innovation and Marketing are two departments most companies focus their efforts when maximizing efficiencies to stay ahead of the curve.

I wonder why the ever humble HR department gets overlooked? Here are 3 tips to create a competitive advantage in your global HR.

1. Activity oriented interviews

This is a phrase I’ve tossed for the type of interviews we conduct. Essentially, it goes beyond just the normal (and expected) meet and greet. In an A-O interview, the interviewer would give the interviewee an assignment to present or come prepared to discuss at the interview.

I often select a portion of an ongoing or upcoming project and assign it as the activity portion of the interview. It gives both the interviewer and the interviewee an up-close look at potential work product and work styles.

2. Stay abreast of local changes that can keep you competitive

More often than not, global and multinational companies adhere to the home or headquarters’ rules. In an effort to leverage your HR, stay abreast of local changes.

For instance, knowing that Japan just raised the retirement age to 65, China has a new 5-year work visa, and the minimum wage has risen among a myriad of ASEAN countries can all help you be competitive when acquiring talent.

3. Have your compliance covered

Using local best practices that mirror company objectives can greatly improve the effectiveness of your HR machine. In addition, making compliance coverage part of your corporate culture will definitely serve you well.

Many companies are creating global SOPs (standard operating procedures) in an effort to ensure all bases are covered in terms of local and global compliance.

Whatever you do, be sure that all of your departments are in lock step to fulfill the company’s goals.

Monica Moffitt, founder and Principal Cultural Consultant at Tianfen Consulting, Inc., has traveled the world and enjoys linguistics and all things culture. Having split her career between project management and business analytics, Monica merges logic, fluency in Chinese and creativity in her new role as cultural consultant. She received a Bachelor of Arts in East Asian Studies/Chinese from Vanderbilt University and a Master of Business Administration (International Management and Marketing) from University of Texas at Dallas.

Continue Reading
Advertisement
1 Comment

Leave a Reply

Your email address will not be published.

Business News

$100m reimagined convenience store startup to open 25 stores in 2022

(BUSINESS) Foxtrot is looking to redefine the convenience store as we know it. This startup is looking to make it a whole new experience.

Published

on

Laptop with Foxtrot convenience store locations in Chicago.

Move over 7-11, there’s a new player in town! There’s always room for competition, even in the world of convenience stores. Yes, you read that right, Quick Trip has some serious competition from a newcomer, Foxtrot.

Foxtrot is a curated, modern convenience store offering a brisk 30-minute delivery and 5-minute pick-up. It was created by Mike LaVitola and Taylor Bloom in 2014. These stores will undoubtedly be popular in walkable areas, but also with their online ordering convenience. This modern version of a convenience store offers the combination of an upscale corner store with a digital-first e-commerce platform. Sounds pretty glorious, right?

However, the original convenience store is safe as long as people are traveling and need to stop for gas or a restroom break.  If you’re from Texas, then you know and love, Buc-ee’s, the Texas-born chain. Buc-ee’s have been creating their own in-store products garnering a cult following among their customers. Still, Buc-ee’s doesn’t have an online ordering or delivery option unless it’s offered through a third party.

Foxtrot has raised $160 million in Series C funding and they are expecting to open 25 locations in many cities in 2022. There are a few different levels of funding. If a company makes it to Series C funding, they are already successful and looking to expand or develop new products per Investopedia.

According to Retail Dive, “About half of the new stores will be in Chicago, Dallas and Washington, where all of the 16 stores Foxtrot currently operates are located, LaVitola said. The tech-focused retailer is also planning to begin operations in Boston and Austin, and intends to open four or five new stores in each of those cities during the next year and a half, he said.”

Foxtrot is testing out technology equipment that would allow customers to leave the store without stopping to checkout at the counter. They plan isn’t to go entirely self-service, but as the creator LaVitola stated, “the more hours we can allocate towards sampling and storytelling and interacting with customers and less [on] tasks that don’t add on to value, like checkout, that’s great.”

Foxtrot is redefining convenience by including carefully curated products. They aim to offer local popular products as well core pantry items. They aim to make the commonly unpleasant experience of convenience stores enjoyable. Let’s hope they succeed.

Continue Reading

Business News

What small business owners can learn from Starbucks’ new D&I strategy

(BUSINESS) Diversity and inclusion have been at the forefront of Starbucks’ mission, but now they’re shifting strategy. What can we learn from it?

Published

on

Hands of all different skin colors on green background representing Starbucks' D&I.

Starbucks was one of many companies that promised to focus on diversity and inclusion efforts after the death of George Floyd by Minneapolis police in 2020. What sets Starbucks apart from other companies were its specific goals.

How It Started

They began with hiring targets and have now added goals in corporate and manufacturing roles. Starbucks’ plans and goals revolve around transparency for accountability. They released the annual numbers for 2021 as a way to help hold themselves accountable. The data they’ve released so far show that they’ve met nearly a third of their 2025 goals according to Retail Brew. Because of this information, we can see why they are choosing to move in the direction of manufacturing and corporate jobs. In 2021, POC’s fell to 12.5% of director-level employees from 14.3% in 2020 in manufacturing.

How It’s Going

Per Starbucks’ website stories and news, “[I]t will increase its annual spend with diverse suppliers to $1.5 billion by 2030.  As part of this commitment, Starbucks will partner with other organizations to develop and grow supplier diversity excellence globally.” To put that into perspective, they spent nearly $800 million with diverse suppliers in 2021. With these moves, by 2030, it will increase by almost double.

As part of their accountability and progress, they plan to partner up with Arizona State University to give out free toolkits to entrepreneurs on fundamentals for running successful diverse-owned businesses. Another goal they’ve listed is to boost paid media representation by allocating 15 percent of the advertising budget to minority-owned and targeted media companies to reach diverse audiences.

At the heart of all this information on their goals and future plans, data transparency and accountability are what’s forcing them to look at the numbers to make specific goals. They are doing more than just throwing money at the problem, they are analyzing how they can do better and where the money will make a difference. Something that, as entrepreneurs, we should all do.

Continue Reading

Business News

Peloton is back-pedaling: Reports of price increases, layoffs, and cost cuts

(BUSINESS) After a recording of layoffs leaks, ‘supply chain’ issues cause shipping increases, and they consult for cost-cutting, Peloton is doomed.

Published

on

Man riding Peloton bike with instructor pointing encouragingly during workout.

Is Peloton in Trouble?

According to many reports, Peloton had success early in the pandemic when gyms shut down. Offering consumers a way to connect with a community for fitness along with varying financing options allowed the company to see growth when many other industries were being shuttered.

After two years, CNBC reports that the company is “being impacted by …supply chain challenges” and rising inflation costs. According to the report, customers will be paying an additional $250 for its bike and $350 for its tread for delivery and setup.

As demand has decreased, Peloton is also considering layoffs in their sales and marketing departments, overheard in a leaked audio call. The recording details executives discussing “Project Fuel” where they plan to cut 41% of the sales and marketing teams, as well as letting go of eCommerce employees and frontline workers at 15 retail stores.

Nasdaq reported that the stock fell 75% last year, after a year where it soared over 400%.

Peloton reviewing its overall structure

According to another report from CNBC, Peloton is working with McKinsey & Company, a management consulting firm, to lower costs as revenue has dropped and the growth of new subscriptions has slowed since the pandemic. Last November, according to NPR, Peloton had “its worst day as a publicly-traded company.” It also anticipates greater losses in 2022 than originally predicted. It makes sense that the company would reexamine their strategy as the economy changes. They aren’t the only one that is raising prices amid supply chain issues.

It will be interesting to watch how Peloton fares

Peloton has a large community that pays a monthly fee for connected fitness. While growth has slowed, the company still has a strong share of consumers. Although it is facing more competition in the home fitness market and more gyms are reopening, as Peloton adjusts to the new normal, it should remain a viable company.

Continue Reading
Advertisement

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!