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Globalization has impacted management by increasing the level of competitiveness. With widespread impact of internationalization, It has affected all the four functions of management. Today companies need to be on their foot at all the fronts to survive. They need to manage a global workforce, international resources etc. But the management also needs to manage the differences between cultures, societies, etc.
It is not necessary that a leader good in one country will be automatically be successful in another country. The factors which make a leader successful in a place are its culture, expectation of people, social and economic framework etc. For example, if we say that George Bush was successful in USA, it is not necessary that he will be successful in a country like UAE or China.
Many qualities of effective leadership were seen as being important for yesterday, today and tomorrow. Characteristics like vision, integrity, focus on results and ensuring customer satisfaction were seen as factors that were critical in the past and will be so in the future.
Five key factors emerged that were seen as being clearly more important in the future than in the past include:
1) thinking globally,
2) appreciating cultural diversity,
3) demonstrating technological savvy,
4) building partnerships and
5) sharing leadership.
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