The BRICS Nations in International Business Research Paper

The BRICS Nations in International Business - Research Paper Example The paper tells that the emergence and importance of the BRICS in international business is a reality that for years had been underestimated. The BRICS nations have important roles to play in international business as players and partners. It is, however, paramount that we first understand the term BRICS, before we can give a detailed description of each country’s economy. The word BRICS is an acronym for the world’s largest and strongest emerging economies. These countries are Brazil, Russia, India, China, and South Africa. They are now considered as significant as other global players are and have consequently shifted economic status, from developing to emerging economies. This is because of the rapid and exponential growth that is witnessed in these economies, with statistics indicating that their contribution to the growth of the world’s Gross Domestic Product (GDP) being very significant. In the past decade, the BRICS contributed to more than half of the wor ld’s growth in GDP. The population of these economies has also been singled out as a unique feature. These economies alone constitute half, or a little under half, of the world’s population. Analysts have however pointed to the fact that these economies rarely have anything in common. Their demographic compositions, governance styles, and type of economies, are all different. They may have one or two similarities in their economies but have very little in common. This is the beauty that has been associated with these economies, that despite having very little to share, they each have independently affected global business in ways that are not only noticeable but also strongly profound and significant. These impacts to international business include increased trade levels, increased funding of development or development financing, and donor funding, earlier only a preserve of the western countries. Having looked at the economies forming the BRICS in general, let us now examine them individually.

HRM Assignment Guide Each individual student will be required to Essay

HRM Assignment Guide Each individual student will be required to prepare a written assignment on the following two questions - Essay Example In addition to this, the study will discuss the similarity and differences of these principles. A multinational or a domestic organization when develops human resource strategies and policies according to the host country’s work or religious culture, then it can be defined as domestic practices and policies. On the other hand, an organization develops human resources policies or strategies in several global operating market places according to the cultural or religious background of people or employees, it can be considered as multinational human resource policies and practices. Discussion Global business environment has become highly competitive as several leading organizations are operating within a similar industry. In addition to this, these organizations are continuously developing unique business strategies in order to maintain its significant competitive edge in global market place. Human resource department is considered as one of the important department of an organiz ation. Several leading national and multinational organizations have given significant importance to their human resource department in order to ensure effective business performance. ... National or multinational organizations generally try to develop human resource policies to improve the workplace environment and motivate the employees to perform well (Cooke, 2003, p.72). Each and every organization develops human resource policy in host or international country to foster recruitment and workplace performance management process. A multinational organization follows same step or process in all the operating countries regarding the recruitment activities. Job posting, advertising and interview procedures follow same structure in all the countries. Differences in human resource policy in domestic and international countries take place regarding organizational culture of an organization, workplace diversity programmes in an organization, leadership styles in the organizations and use of motivation tolls in the organization (Colling and Terry, 2010, p.98). It is true that an organization has to develop these strategies differently in several global markets due to differ ence in cultural background and behaviour of people. In addition to this, multinational organizations generally develop different types of policies due to various political aspects in different countries, such as wage distribution regulation, labour policy and employment policy. Differences It is important for a multinational organization to implement cultural or social research and survey activity before entering into the international market. It is very much essential to considered different external environmental factors as it helps the human resource department to develop policy. It already has been discussed that there are significant similarities in domestic and international