The increasing need for global managers, yet not suffient!!! How to identify and develop them?

Abstract

Many researchers argue that a new global economy shaped and driven by money flows as well as by goods and services has emerged. It is characterised by volatile foreign exchange, government policies, resistance to standardised products, need for creative and innovative product and services, increasing demand from customers, and changing economies of scale of flexible manufacturing technologies. Doing business across the borders in this kind of environment requires a global perspective and the management of the associated challenges accordingly. As national economies, political systems, cultures, technologies, resources, and industries are increasingly interlinked, global business and management skills are likely to become more important to all organisations. These changes occurring around the business environment show the need for global managers. Managers need to be able to understand and adapt to the new realm of the global business. Thus, companies engaging in global business endeavours need to have globally minded executives to manage complex, dynamic global environment and associated challenges. Although global leaders are considered to be important for the global success, the research suggests that there is a lack of global leaders with required knowledge, skills and abilities. Many studies conducted in the literature indicate that most companies clearly lack the quantity or quality of global leaders they need ?? today or in the Juture. Many global companies are increasingly recognizing the importance of developing leadership talent-those individuals who demonstrate the ability to become the company's future senior executives. Even many succesfull organisations often feel their strategies for executive development are inadequate. These facts reflect that companies need to pay attention to identificatin and development of global leaders. The main objective of this article is to draw the attention of both academician and practitioner to the increasing need for global leaders, point out that there are not many around them, and show that there is an urgent need to identify and develop them. To achieve this objective, the article, first, tries to show that there is an increasing need for the globally minded leaders. It makes it clear that the numbers of global leaders are insufficient. The article also outlines the iimportant characteristics of global managers along with how to identify and develop the globally competent leaders to survive in today's global business environment. The article additionally explains the responsibilities of the companies, managers and universities with respect to developing the globally skilled leaders.