Globalization has brought a new set of challenges and issues that organizations today have to deal with, in order to remain competitive and become successful. In the changeable scenario, optimizing human and intellectual capital in the major challenge for all organizations. If globalization is the business of mindset and behavioral change then the role of management practices becomes integral to the growth of business. The world is becoming smaller and flatter primary to the new market expansion and opportunities for multinationals .Goldman Sachs, a full service global investment banking and securities firms reports that rising middle class in the four nations known as BRIC( Brazil, Russia, India and China) will quadruple in coming decade and contribute more than 70%of global growth by 2040.Economic policy and liberalization of reforms in India have opened up the flood gates of cheap imports ,foreign direct investment and accessibility of global markets for exports. All these have created competition among the players in the industry including service sectors. The challenge organizations facing for want of latest technology, infrastructure facilities, strong work force, and management is becoming more complex with the liberalization, globalization and changing technology. The problem is becoming more acute since organizational needs to manage workforce diverse in characters which calls for new skills knowledge and adaptability .Competitive pressures have forced a change on organization in the areas of strategies, structures and culture .The entry of MNC’s players has highlighted the need for a proper succession plan for achieving success.
Shrivastava, Roopal and Shrivastava, Sangya
"Management Practices with Indian Work Culture: Towards New Frontiers in Management Thinking,"
Interscience Management Review: Vol. 3
, Article 6.
Available at: https://www.interscience.in/imr/vol3/iss1/6