A SURVIVAL STRATEGY FOR SMALL BUSINESSES: THE NEED TO ADAPT GLOBAL HR PRACTICES (Published)
Small businesses are no longer competing against same sized adversaries; globalization has exposed them to the wrath of big multinationals that are hungry for growth. The success of global companies and continuous expansion comes at the stake of small businesses losing their market share. This loss extends to losing key personnel and human resources (HR). Hence, not only is it necessary for small business to learn from the HR practices driving the successful work-culture of these globally connected enterprises (GCE’s) but also to use them as a survival skill to rejuvenate their HR functions in order to attract and retain the best talent. This research aims to learn from the HR functions of GCE’s to see which of their practices can be easily employed by small businesses for their immediate benefit.
Keywords: Small businesses HR practices, culture and HR, embracing change for HR manager, global HR for small businesses, pitfalls to avoid for HR managers undergoing change, small businesses survival strategy, virtual teams, world class HR functions