The internet and technological advancements have made it easier for people to interact and allowed more production components to move around. The increasing globalization of people, cultures and economies is known as interconnectedness. The interconnectedness and opening of international boundaries have boosted the movement of goods, money, labor, and ideas, and states have adopted corresponding measures to encourage international contact (Hitt & Hoskison, 1). The comprehensive vision and mission of a company will increase its ability to reach its strategic goals.
The increasing globalization of the economy is the increase in interconnectedness. This facilitates job mobility and culture to support economic expansion. Many firms are expanding their business operations to reach new markets and profit margins, as globalization is enabling them to grow (Steenkamp). Globalization has allowed McDonald’s to expand its operations into new countries and regions. This has helped McDonald’s’s grow. In spite of the economic instability caused by currency fluctuations and inflation, the worldwide development plan has helped the company to remain resilient. McDonald’s is present in over 38,000 stores across North America and Asia. McDonald’s has been relentless in growing its market share through the creation of products that suit the needs and preferences of their target audience. Their income has increased in all areas due to this. McDonald’s invests in top 7 countries, with each country having over 1000 stores. These include the United States and Canada. The company has seen strong revenues from global investment. In the US, the market generated $7.66 billion and $8.71 trillion in 2020, 2021, respectively, while the world operating market grew $9.4 billion and $12.09 million during that time (Lock 4).
The quality and quantity of the human resources employed by companies in globalization is also affected. Employers can now hire from diverse cultures and other regions thanks to globalization. Multiculturalism and diversity in the workplace are vital to the survival of any business. Due to increasing global immigration and the growing need for diversity, McDonald’s employs a wide range of people. McDonald’s employees are 59% female; 63.4% of them are Hispanic/Latino (17.1%), 7.8% Asian or Black (7.8%) (McDonald’s 3)
Technology has had an enormous impact on Covid-19 after the uncertainty created by the lockout. After the closure of its restaurant, the company decided to implement an ecommerce strategy that would allow virtual customers to purchase meals online. The organization can become global by allowing employees of different cultures to collaborate and create excellent products. This allows them to discover new technologies and increase their creativity. Franchises are how most big chains like Subway or McDonald’s can sustain their business models. With the introduction of covid-19, franchise shops were more flexible and adaptive. Online delivery was also an option. McDonald’s (McDonald’s) McDonald’s adopted online delivery for vulnerable groups such as the elderly and those with chronic illnesses.
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