Business Success In Eastern Europe
Business Success in Eastern Europe: Understanding and Customizing HRMTremendous growth and profit opportunities exists in Eastern Europe, but the culture and their management practices make it difficult to attract, motivate, and retain high-quality workers.Changes in Eastern Europe have occurred rapidly and often unpredictably. The financial risks are high and the short-to-medium-term gains are often too low to justify the expenditures. Many Western firms are investing rapidly in companies in former communist countries. Despite large investments from Western companies, Western managers know relatively little about the human resource management (HRM) practices or the difficulties that Western businesses encounter in Eastern Europe. To understand the evolution of HR and the challenges that Eastern European countries face in trying to transform their formally centrally controlled economies, I will examine three major activities since the end of the Soviet era and three factors that may contribute to greater risks in the region. The three major activities since the end of the Soviet era: (1) Performance appraisal (2) training and development (3) compensation and benefits. The two
To establish HR systems that employees will accept as fair, Western managers should seek the assistance of local managers who have become socialized to the company's norms and values yet still understand the culture of their home country. * These imports may be used to recruit, retain, and motivate workers, making them privileged class among their peers. found that Russian executives have a strong distrust of foreign investors, fearing that the latter are more concerned with short-term gains than with long-term development of vital industries. The most popular training method in Eastern Europe is on-the-job training. Banking is very cumbersome and often entails a great deal of red tape. * Western-style business and government infrastructure is non-existent, and as a result, communications, transportation and simple business banking transactions are difficult. * Be a part of Eastern Europe's evolution from a communist to a market economy. factors that may contribute to greater risks: (1) infrastructure (2) financing. Countertrade was a means to repatriate profits but most of the products were not high quality. * Foreign investors usually enjoy special privileges to import whatever materials and products they may need in their operations. Do not be overly optimistic or hold unrealistic expectations. The weakened infrastructures and feeble economies resulting from many years of central planning in Eastern Europe may render each country unable to recover and compete seriously in the world market for years.
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