Multicultural business environment - management approaches, values, trends and stereotypes

Abstract

The article explores the setting up of a system of management procedures and approaches under the conditions of a multicultural business environment. The trends, the stereotypes and the impact of cultural differences on the values in the work process are identified. An analysis is made of the tools for an evaluation of the challenges, facing the management in the organisation and society. The focus is on assessment of the five determinants (5-D model) of Geert Hofstede for measuring and comparing national cultures. The research justifies the argument that knowledge of cultural values, stereotypes and cultural trends is not sufficient for the effective leadership and management of human capital in a multicultural organisation. It is necessary to apply this knowledge in practice by different models of management and methods of motivating people to achieve optimum efficiency in the work process. Based on this, conclusions and recommendations are formulated to increase the effectiveness of management in a multicultural environment.