¶ … Starwood hotel chain expand their business into Kazan market?
Kazan is one of the largest cities in the Republic of Tatarstan in Russia. With a populace of just one, 143, 546 recorded for the year 2010 in the earlier results of the national Census, it ranks as the eighth most populated city in Russia and was branded as the third capital of Russia in 2009. Subsequently, it has also been dubbed as the sports capital of the region. The importance of the city can be recognized from the recent level of importance it has been given by the Russian government as it continues to increase the economic strength, foreign investment and trade for the country.
As technology brings the planet closer together, more businesses have become multinational corporations (MNC) and have included in a method in their administrative policies to strengthen their market share and profits. The success to become a profitable MNC usually depends upon expatriates who are able to successfully implement the company's home strategies in the host country. Selecting employees willing and in a position to complete a global assignment efficiently is becoming vital to the success of numerous multinational businesses (Shaffer et al., 1999). Same is the case for Starwood looking to expand into Kazan. The two most important aspects that the expatriates will need to consider in this situation are the differing socio-cultural aspects of Kazan from other franchised markets as well as the flexible Strategic Human Resource Management (SHRM) and development policy that will be best suited for the region. Both these aspects will be discussed thoroughly later on.
Business leaders for Starwood enterprises all over the world are searching for methods to increase the amount of expatriates who complete international assignments successfully and stick with the organizational values following the completion to transfer knowledge and nurture a worldwide mind-set within the different franchises of the organization. Some businesses or franchises for Starwood have as many as 200 employees working abroad at a given time (Gregerson & Black, 1990). Based on Gregerson and Black, failures of those assignments range in expense from $55, 000 to $200, 000, necessary to replace one person, and expatriate assignment success rates are in times as little as 20%. A worst-case scenario predicated on Gregerson and Black's figures could imply that a business with 200 expatriates and an 80% failure rate may experience a loss between $11 million and $40 million largely because of poor choice of their expatriates. Based on most recent studies, proper choice of expatriates and their appropriate adjustment to the socio-cultural dynamics of the host country are paramount to successful completion of international assignments.
The objective of this paper is to analyze if there is any potential of Starwood hotel chain to expand their business into Kazan market. For this particular aspect, the paper will focus on, as aforementioned, the socio-cultural dynamics of the region as well as the appropriate SHRM policy. The paper's main focus will be on the data collection, analysis and interpretation of research findings which will, hence, make up a large portion of the paper.
Introduction
Businesses which have expatriate employees should regard successful completion of expatriate assignments as the main human resource mission and an integral aspect of the corporate strategy. You could barely imagine a business spending the amounts stated above on a bit of equipment that consistently does not meet expectations (Black, 1990). To improve the potency of the expatriate employees and also to ensure better performing multinational strategies, multinational businesses started to focus heavily on a variety and retention criteria of such employees as a strategic business goal in reaction to the increasing requirement for expatriates in MNCs. However, the criteria usually utilized by most businesses to pick expatriate employees are successful job performance in your home country, in addition to technical and managerial skills. If your candidate for an overseas assignment qualifies when it comes to technical skills, some businesses then search for personality and over all fit, which, based on Jassawalla, Truglia, and Garvey (2004), should be the primary aspect as opposed to the secondary one. Jassawalla and his colleagues asserted the fact that personality characteristics, including adaptability, should be studied first in potential expatriates, followed closely by an analysis of those candidates' technical skills. Jassawalla and colleagues...
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