One of the most easily guaranteed things that will happen globally in businesses is change. Change will be a constant in the global marketplace. I believe the key to survival in these changing times is going to be adaptability. Those businesses and countries that fail to adapt will grow stagnant and fall behind very rapidly. I see global economic change as a true force in shaping business-society relations partly due to the changes that have occurred in Western Europe. The move toward integrating the economies of European nations by standardizing currencies through use of the Euro dollar is evidence of this concept. Additionally, the entrance of new Asian marketplaces to the world market of international trade has also validated the fact that global economic change is a true force in shaping these relationships. Because of the added competition, from emerging markets like Viet Nam, China, the former Soviet Union, and former communist bloc countries of Eastern Europe, we see former economic powers like Japan decline. I also see many free trade zones, such as the Crimean experimental trade zone in the Ukraine, emerging in countries to add favor to this opinion.

As countries move closer and closer to a global marketplace I see more decentralization of power in governments and their role and more of the decision making process being left to Continue Reading »
Change in the Global Marketplace

Recognition comes in many forms. Not all of them need to be monetary. The value of a “Thank You” can be a very powerful motivational tool. It should not be given aimlessly, but a thank you with sincerity is not only inexpensive, but also very effective.

Many workplaces have a notice board. We frequently receive compliments on many of our employees. We have a place on the notification board called the “Kudos Corner”, where we highlight employees that have been commended by our customers. This, along with letters of commendation sent to an employees’ home not only can impact the employee, but also give their family assurance that their loved one is a valued person within the company. Continue Reading »
Rewards and Recognition (part II)

Everyone enjoys receiving praise or recognition for their good work. One of the primary reasons for high turnover in many work environments is simply because the employees do not feel appreciated. The desire to receive praise begins as children and continues throughout our lives.

Recipients of praise get different things from the recognition as we all value different aspects of rewards. However, there are some benefits the recipients recognize. These include Continue Reading »
Recognition and Reward (part 1)