Final answer:
To manage HR strategies effectively, a multinational company should prioritize diversity ethics in hiring employee retention competitive compensation continuous staff development adherence to international standards and the safeguarding of labor rights. ensuring professionalism in the hiring process can reduce discrimination while investments in human capital and technology enhance overall business sustainability.
Step-by-step explanation:
How Should a Multinational Company Manage HR Strategies?
Ideally, a multinational company should manage its HR strategies by first understanding the importance of cultural diversity and local market nuances. It is crucial for the HR team to specialize and focus on employee retention and ethical hiring practices. This not only ensures the least number of firings but also the greatest number of hirings relative to the organization's size. Further, to reduce bias, a commitment to professionalism in the hiring process is key, as evidenced by the research demonstrating discrimination against Asian applicants, giving large, more professional organizations an advantage in promoting fairness.
Providing competitive wages and benefits, compared to local businesses in developing countries, will not only attract but also retain top talent. In addition, corporations must make thoughtful investments in their employees through continuous training and development to optimize the benefits of the hiring process. Moreover, in the age of globalization, transparency in compliance with international standards, such as the United Nations Global Compact, is essential. This self-regulation involves adherence to principles concerning human rights, the environment, and anti-corruption efforts. Lastly, investing in technology and infrastructure to improve supply chains, while ensuring labor rights are safeguarded, solidifies a multinational company's commitment to its workforce and ethical business practices. This integration is necessary for sustainable business operations and promotes a positive image in the global market.