Why Thai Leaders Must Go Global?
Young Thai Business Leaders must prepare to become global talent and to compete in global business market. Think about the future and plan for the next stage is important for your overall career. Be a global business professional and you can gain better experience and overcome challenges when it matters when you are in the senior management position.
Economic Situation in Thailand
Thailand is second in total GDP amount behind Indonesia in APAC region. Thailand GDP grew double in 7 years and increased significantly as one of the emerging countries in APAC. However, after the GDP reached 419.89 billion US Dollars in 2013, it has decreased two years in a row. The flood that struck in 2011 also had an impact on the foreign companies to invest in Thailand. It is now clear that Thailand economic is facing a challenge to make further growth.
Also, population growth rate has declined from 1.3% in 2000 to 0.28 in 2016. The growth rate is predicted to turn minus after 2030. This does not mean that we need to be pessimistic about the economic situation. However, Thai people need to start preparing for the stage where the commercial market does not make significant growth.
Global Business Expansion is Next Stage for Growth
The next step for Thai companies will aim more toward to expand their business in other countries. Especially after AEC started in 2015, the business expansion will accelerate through neighbour countries. Successful global business development will be a critical factor to gain scale of economics. Global business expansion requires not only global talent but also product strategies, standardize process, governance and investment to compete in each domestic market.
Train Young Thai Business Leaders To Lead Global Business
When Thai companies expand their business to other countries, they need employees who can lead the local business as expats. Future Thai business leaders must start preparing to become a global talent. Do you think it is still too early for these changes? Well, earlier the better to start, as professional development requires a certain amount of time. Companies should plan for global talent before sending potential leaders to other countries. They need to be mentally prepared to survive under different working environment. Otherwise, they might be stressed and resign the company before they can become leaders. In Japan, global business expansion and training global professionals have been a topic since the late 1990s. Japanese are still struggling to secure global talent to make a great impact on the global business market. This is how difficult to train constant numbers of global talent.
Learn Strategies, Business Models, Relationship in Multinational Environment
You can learn various types of business strategies and business models in the different countries. Thai people may know your company or product brand, but if you go outside of Thailand, most likely your competition is with local competitors in each country. Language, business culture and values might be different. You will need to localise your marketing strategies. Although you might have a strong brand, there are restrictions on foreign companies and some cases it is necessary to find local partners to collaborate. There can be different interests with your partner and negotiate patiently to be successful in the domestic market. They may force you to agree on conditions which may not always be an advantage for you. All of these challenges you may not have faced in Thailand. However, the experience will bring competency skills you can utilise to overcome complicated problems.
Utilise Assignee Programs in Global Companies
If you already work for global companies in Thailand, apply for challenges to be assignees to branches in other countries. For example, In IBM, there is a program to utilise a different type of business professionals from various countries to manage the organisation. This is part of the diversity program to leverage multinational skills and culture for future growth of people and sustain the multicultural working environment. It will be an excellent opportunity to apply for these type of programs for future Thail Business Leaders.
Experience of Diversity Environment is Valuable
Working in a multinational environment is a great experience because you will be able to meet new people work with different nationalities and understand the difficulty of communication. As we mentioned in 3 essential business skills, English terminologies and ways of body language are different in multinational business communication. Therefore, you will face some challenges of miscommunication in daily business meetings. When you work under this environment, you will appreciate the people who speak same language and has close common sense. These are individuals who grew up in a similar type of environment. The people you will deal with in a multinational environment are people who have a different background, religion, and beliefs. Accepting different values starts from listening and building trust. Having these experience will make you stronger and a great listener as a future leader.
Master How to Use Business English Communication
Thai Business Leaders will get to use English every single day in a global business environment. This is one of the most stressful things for some people as you will be in an uncomforted zone. However, using English every day at work and negotiating using a common language will help you become capable of convincing customers, and partners in global environment. Remember English is about using not speaking. You do not need to master English like a native English speaker. Most of the case you will understand that you are speaking English with a non-native English speaker. This is the reality, so let’s master how to use business English.
Give Back Global Experience to Thailand Business
As you gain experience outside of your country, you will become a Thai business leaders who can build a relationship with multinational people. You can leverage the experience after coming back to Thailand and perform business negotiations with foreign companies. Also, you already have the competency skills to understand the global way of getting the agreement, expressing your interests, and using effective body language in presentations. Besides, you may learn a new way of alignment with partners and utilise your connections outside of Thailand to bring value to your business. As a business professional, I believe gaining the different type of experience and giving back to your country is the best way you can contribute your countries economics. In a global business environment, the value is what matters most. Do you have the value in the global market? Why don’t you start now to start preparing for those opportunities?
Start Now and You Will Become One of Thai Global Leaders
In Prodemy Thailand, we will be providing you free contents, valuable posts, E-Learning and seminars for potential Thai business leaders. You will need to prepare and practice key competency skills to take the new challenge. Nowadays, there are so many different contents to learn new skills. Blog, Online Course, Classroom, Seminars that will help you to grow as a global professional. Keep in touch with Prodemy Thailand and we will provide valuable contents for Thai Business Leaders.