Importance of context and industry dynamics
This chapter provides a sound basis for understanding why context matters and how it shapes the nature and extent of industry, organisational decision-making and people management dynamics. Despite a burgeoning body of literature on the global financial crisis (GFC) and its impacts in the developed countries such as the United States and Europe, there is little understanding about how Asia and Pacific – new hub of economic activity – were affected when compared to rest of the world. Studying the impact of GFC on Chinese firms, Nankervis found little to minimum impact of GFC on Chinese economy. He argues that due to China's enormous reserves and social ideological approach to dealing with change, the impact was minimal. Garavan undertook qualitative case study analysis of the impact of GFC on global talent management practices in nine pharmaceutical multi-national companies (MNCs) operating manufacturing plants in Ireland, with regional headquarters in Europe and Asia, corporate headquarters in United States, United Kingdom and Switzerland.