Small diversified businesses that made their way to success – Part 1

Different minds provide different ideas and different insights to different regions of the world. The diversified work pool is a great feature of a company when it comes to invention and innovation but it has its highs and lows. With advantages come disadvantages and diversified workforce has its own challenges to cater to.

There are different mind-sets and working in a foreign country can always lead to acts that are considered misdemeanours in that particular region. There is a need of intensive training and uniform wages. Specific attitude toward a specific group of people is a must to cater the work force.

However, these tasks become easy for the corporate firms to handle, that have enormous sums of money to back the training sessions and hire capable managers. For start-ups, privately owned companies and small-scale enterprises, these require extra-ordinary efforts. Diversification can make or break small and medium ventures. However, there are many organizations that have made the examples of success through the process of managing their human resource without the hint of double standards and favouritism.

Maintaining a global workforce can be important for any company but it is particularly crucial for a company like Xoom, which provides money transfer services to 30 countries. In an industry long dominated by brick and mortar operations, most notably Western Union, Xoom CEO John Kunze said it can provide the same service today online, in less than a minute, at two-thirds less cost.

The small company has made significant inroads in the Philippines and India, and is growing in Mexico and the Dominican Republic. “It is hugely beneficial to have workers with experience in those markets,” said Kunze. “Our employees have empathy for the users because many use the service themselves to send money to family members.” Although started by two native-born founders, Alan Braverman and Kevin Hartz, the company’s chairman, CFO, senior vice president of marketing and one-third of its workforce is foreign-born.

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Posted by Usman Khalid on Jan 30 2012. Filed under Business. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.