Global Partnerships : The World Markets Today Are Full Of International Partnerships

Global Partnerships : The World Markets Today Are Full Of International Partnerships

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Global Partnerships
The world markets today are full of international partnerships. Notably, businesses need an overseas partner to help navigate foreign policies, business, and customs. Moreover, cross-cultural partnerships succeed because human resources (HR) have a hand in providing relative information to corporate management in candidate selection. All in all, organizations must analyze the factors that drive companies to international alliances, HR contributes sound advice to the executive management team before joining with potential partners, and HR is making a move toward decision-making process in partner collaboration.
The Five “Cs” in Cross-Cultural Partnerships
Nowadays, firms align with other companies globally to gain a market position in that particular continent or country when parent companies cannot penetrate that market by themselves. After all, businesses that are expanding worldwide will need a partner who is familiar with cultural customs, languages, lifestyles, and the government if corporations want to acquire an intercontinental presence; so there are five factors cross-cultural business alliances should consider in a partnership.
First, partners should seek other partners that have complementary skills (Brouthers, Brouthers, & Wilkinson, 1995). Businesses spend too little time on searching for the appropriate partner instead of selecting a partner that has the experience, capabilities, and potential to reinforce the alliance to be successful (Brouthers et al., 1995). When collaborators complement each other, then each party member is willing to get as much out of the other as possible (Brouthers et al., 1995). Second, cultures must cooperate with each other, especially dealing with organizations from dif...

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...aborating with other enterprises (Tepedino & Watkins, 2010).
Overall, global partnerships are a common business practice in almost all organizations. If businesses are going to join with other firms, they should measure if the partner has skills that will complement the collaboration, cultural cooperation on foreign land, compatible partnership goals, congruence goals that could lead the partners to become future competitors, and commensurate the level of risk to hold the alliance together. Whereas the concern of human resources, they are advising upper management before investing in a joint venture, and they are working to make partner recommendations. Even though international collaboration guide market success, businesses still need to pay close attention to the internal culture to ensure a global presence does not jeopardize interpersonal relationships.

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