Creating Sustainable Superior Performance in Emergent Economies

Creating Sustainable Superior Performance in Emergent Economies The business world is fast changing due to globalization. Globalization has seen economies establish remarkable growth mechanisms. These mechanisms are enshrined in the infrastructural network that has been spread throughout these countries. With the change in economic dynamics, businesses are experiencing an increased need of innovation to help them capture and address the needs of the growing populace with much ease while at the same time satisfying their needs with the production of quality products. Many businesses are keen at investing in these emerging economies. This brings increased levels of competition. Firms are looking to outshine competitors in the market. The aforementioned driving forces pose a headache to company management. This essay seeks to look into the matter while unraveling issues to be considered by managers to enable them improve their performance in emerging economies.

Buy this excellently written paper or order a fresh one from acemyhomework.com

EMERGING ECONOMIES

2

Emerging economies are those countries experiencing increased levels of economic growth guided by increased level of investment. In addition, emerging economies pride themselves as countries having potential to thrive to developed economies having harnessed their full potential.

With the interest of business community to establish themselves in these economies, the achievement of their dream is paramount in the long run. Understanding the dynamics of an economy is paramount if a business is keen at increasing its profitability and growth rates.

Business establishments have objectives, postulated guides that align the firm to its mission and goals. A manager is mandated to guide business to next levels of operations. To achieve this, managers need to be well versed with the measures to be adopted to enable them develop a sustainable business that engages in sound industry practices. Modern emerging economies are keen to entertain businesses that are sensitive to their social and environmental states. A firm needs to envisage social and environmental issues in its core value and package them well to impress economies. According to economic experts, general managers who are keen to conquer emerging markets need to be sensitive to corporate sustainability (Sebastian, 2007). The aforementioned is a chief priority for managers and business leaders in the 21st century.

Sustainability is an essential component to business success and profitability. Managers need to advance sound and realistic strategies to enable them thrive in the market and stay ahead of their competitors. Competitive advantage places a firm in a unique position that can easily influence market trends. This will in turn increase its profitability and growth. Despite sustainability being an important aspect in the 21st century, firms are keen to harness the cost advantages brought about by emerging markets i.e. Africa, Eastern Europe and Latin America (Jain, 2006). The establishment of their branches in these countries increases rapidly. In addition, firms will tend to shift operation bases to these economies to enable them fully enjoy

EMERGING ECONOMIES

3

the cost advantages. However, these cost advantages come with strings attached. The standards subjected to these businesses are high. According to social and environmental experts, these standards are unique when compared to the ones advanced in developed economies. Therefore, businesses have a puzzle to unravel when considering these high standards with their ability to deliver without necessarily denting their profitability. Business managers are responsible for the satisfaction of stakeholder needs i.e. stockholders, customers and suppliers. The effect of a decision adopted needs to cause the least harm to a stakeholder.

Sustainability implies that a firm engages in activities that will improve not only its image but also the face of the society. The adaption and use of efficient technologies that ensure efficiency in production is an important aspect managers need to adopt when looking to address the environmental issues of a project. In addition, the use of environmental friendly inputs is paramount in containing the levels of emissions to the environment (Docherty, Forslin & Shani, 2002).

Apart from looking at the environmental standards, social issues need to be addressed by managers if business establishments are to remain competitive and sustainable. First, the plight of employees needs to be looked into. Employees play a major role in fostering the sustainability of the firm. They engage in day-to-day operations of business. This implies that they are responsible for the implementation of the daily policies formulated by general managers. It is apparent that the contribution of employees cannot be neglected by a firm looking to increase its productivity and stay ahead of competitors. Considering emerging economies have limited experts to be absorbed to business establishments, firm managers need to advance strategies that will help attract and retain employees. These policies include attractive salaries and remunerations. In addition, good working environment is paramount if a firm is keen to develop

EMERGING ECONOMIES

4

the knowledge base of its employees and ensure it is well versed with the developments. The safety of employees during the dissemination of their duties is of utmost importance. General Managers need to advance stringent monitoring and evaluation of company safety. This will ensure that injuries are limited if not eliminated. Training employees on some safety regulations can address the issue. Contribution to social responsibility coffers is paramount if a firm is to improve its public image. Some programs that can change public perception towards a firm include water supply, development of educational facilities and other social amenities (Hedley, 2011).

To enhance superior production and sustainability in emerging economies, there are important aspects managers need to take into consideration. First, productivity efficiency is important in enhancing company sustainability. A firm that employs modern technologies in production will be able to minimize wastes while ensuring improved efficiency in the use of resources. This is not only beneficial to the environment but also reduces the operation costs of a company. In addition, a modern productivity facility enhances product quality and improves the stability of a firm’s productivity process.

Secondly, the support by the local community is important. General Managers keen to foster sustainability in emerging economies need the support of community and local authorities to be able to succeed. Sensitive managers who adopt sound sustainability programs are better placed to attract the support of these two important bodies. For instance, a firm seeking to venture into new businesses to increase their productivity will easily get approval and licensing with much ease that a sustainability insensitive firm.

Thirdly, the sensitivity of a firm manager to the improvement of the social and environmental sustainability will help it enhance its productivity capacity. In addition, a firm is

EMERGING ECONOMIES

5

better placed to engage the use of state of the art technology in its production. This will enhance the quality and quantity of a production process. Fourthly, managers need to be able to advance sound strategies that seek to attract and retain employees. Employees are a pillar to sustainability of a company in emerging economies. Employees, just like any other human being cherish and are attracted to companies that are sensitive to their needs. To be better placed, a firm needs to advance good working environment whose safety standards are also high. According to experts, employees who feel that their needs have been addressed well by a firm will engage themselves in working for the sustainability of a company. Finally, Company reputation is important for its own sustainability. The improvement of a company image lies largely on perception. A company that is perceived to be environmentally friendly and enhances social responsibility is appealing easily to citizens. General Managers who are sensitive to environmental and social aspects of an economy are able to stay ahead of their competitors in the market (Hill, 2011).

In conclusion, profitable firms and those that have thrived well in emerging economies have a history of sustainability. Financially successful companies have done remarkably well in aligning their company strategies towards relevant sustainability spheres. In addition, managers at these firms are committed fully to the firms’ corporate social responsibility. Moreover, it is apparent that successful companies are keen to satisfy the needs of stakeholders. In addition, it is evident that companies excelling well in emerging economies use state of the art technologies to foster production efficiency. Therefore, General Managers need to be sensitive to the spillover effects of a technology when settling on an environmental friendly technology. In addition, managers need to be sensitive to the plight of their employees to ensure that sound social engagement between employees and management is enhanced. From the aforementioned issues,

EMERGING ECONOMIES

6

it is evident that managerial strategies are paramount to a firm’s sustainability of performance in an emerging economy.

EMERGING ECONOMIES

7 References

Docherty, P., Forslin, J., & Shani, A. (2002). Creating sustainable work systems: emerging perspectives and practice. London: Routledge.

Hedley, S. (2011). Managing the professional practice: In the built environment. New York, NY: John Wiley & Sons.

Hill, A. (2011). The encyclopedia of operations management: A field manual and glossary of operations management terms and concepts. New York, NY: FT Press.

Jain, C. (2006). Emerging economies and the transformation of international business: Brazil, Russia, India and China (BRICs). United Kingdom: Edward Elgar Publishing.

Sebastian, E. (2007). Capital controls and capital flows in emerging economies: policies, practices, and consequences. Michigan: University of Chicago Press.