MBA HRM ASSIGNMENT 2: Project - Business Expansion Overseas RUNNING HEAD: MBA HRM Assignment 2: Human Resource Practice in the IT Sector in China
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Running head: MBA HRM ASSIGNMENTAssignment 2: Project – Business Expansion OverseasRUNNING HEAD: MBA HRM Assignment[Author’s Name][Institution’s Name]
MBA HRM ASSIGNMENT 2Executive SummaryThe report is related with the Human Resource practice in the IT Sector in China. There is complete Revolution in the IT industry witnessed an exponential growth since the past two decades. There can be challenges in terms of be aware of the creditworthiness of suppliers and clients. The court system in China is fickle and conventions here aren’t as strictly followed as in Australia. This might create problem to have knowledge about partners in China especially about dealing of business effectively. This is a vital step for any company entering into an association with a Chinese firm. This sector is now considered as a key contributor to the country’s overall economic growth. China has planned to make IT as one of seven strategic industries assisting in becoming a world-class, high-tech market. Itis further stated through the report that, China, is a hub for the world and most electronic products. The availability of expert technicians and relatively low-cost of manufacturing is one of the reason contributing to the IT investment destination. This is further important to accomplish legal and commercial aspects of the two countries Australia and China. There are differences in culture and traditions, but China has enormous potential in terms of technology market.
MBA HRM ASSIGNMENT 3Table of ContentsIntroduction.................................................................................................................................................4IT Industry in China....................................................................................................................................5Combined Internet Usage........................................................................................................................5Figure 1: IT Market growth outlook 2014...............................................................................................6Growth Potential......................................................................................................................................7Political Factors in China’s IT industry.......................................................................................................8Government Framework..........................................................................................................................8Legal Aspects..........................................................................................................................................8Cultural Factors in China.............................................................................................................................9Ethnicity and Religion.............................................................................................................................9Family values and Hierarchical Importance..........................................................................................10Differences in Cultural Backgrounds of Australia and China....................................................................11Figure 2: Australian wine exports to China show strong growth...........................................................12Steps forEffective Negotiations.................................................................................................................131.Face...............................................................................................................................................132.Non-Verbal....................................................................................................................................143.Personal Space...............................................................................................................................14Figure 3: Chinese and western cultural differences set in China............................................................144.Gift Giving....................................................................................................................................15HRM practices in Australia and China......................................................................................................15Challenges Facing TechnologyOne in China.............................................................................................16Recommendations.....................................................................................................................................17Conclusion.................................................................................................................................................18References.................................................................................................................................................20
MBA HRM ASSIGNMENT 4IntroductionAs part of the Australian company that the project has been assigned to me, I have chosen my firm that specializes in IT. The name of the company is TechnologyOne. It is a major software and IT consulting services firm and the country in which the company wantsits business to grow is China.The main reasonforthecountry being China is that it is both, one of the biggest IT markets as well as a hub of Information Technology producing services. The commerce and trade arrangements between Australia and China are quite cordial and friendly and date back to several years. China’s IT sector has rapidly grown since the new plans and policies were introduced by the government. China’s IT industry has witnessed exponential growth since the past two decades and the sector is now a key contributor to the country’s overall economy.In its recent 5-year plan, China has plans to make IT as one of seven strategic industries which would assist the country in becoming a world-class, high-tech market that is innovation-oriented and away from its cheap-labor outsourcing destination image. Since the past few years, China has also maderapid developments in the IT sector, stirred by foreign investment and several indigenous private firms.
MBA HRM ASSIGNMENT 5IT Industry in ChinaCombined Internet UsageChina’s IT sector is very vast and multifaceted and covers a large array of products, firms, and departments. China is well-known to be the manufacturing hub of most of the world’s electronic goods. China has billions of Internet users onmobile and PC platforms and the number is ever increasing. China also has millions of users in social networking and smartphone devices and these are also constantly on growth (Assessment, 2013). Figure 1: IT Market growth outlook 2014Source: (ChinaDaily, 2013)
MBA HRM ASSIGNMENT 6China’s IT market is the fourth-biggest in the world in terms of spending. At the present time, it is ranked as the second biggest IT and software outsourcing destination after India. The country’s IT industry is expected to grow by 15 percentannually in the next five years. The four main areas of the IT industry in China are Telecom, Hardware, Software and IT services. The latter two sectors have considerable foreign investment involved and it is advisable for all foreign companies venturing into China to form a partnership with a local firm. China has the largest population count in the world and at an estimated, 1.3 billion people.It has a large market base. The country also has large consumer consumption rates and market research shows enormous potential for almost any category of businessin China (Zeng, 2015). Growth PotentialWith such huge potential for growth in the IT sector and internet usage, statistics show that the number of internet users in China has grown from 600 million to 700million in just a year’s time. As per the same data, the overall internet penetration in China has also increased to 48.8% as of now (Moser & Yu, 2014). The differentiation of various internet users in China can be done on the basis of age, gender, educational qualifications, occupation, location, and income. The key statistics pertaining to internet usage in the country shows that most of the users are from the age group of 10-29 and that there are more male users than females.
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