Mexico's Economy Recovery Drives Companies' Global Expansion
Mexico's economy is recovering from a slowdown, pushing many large companies to consider international expansion for growth and risk diversification. This shift requires careful navigation of global challenges in talent, culture, cybersecurity, geopolitics, and sustainability. Meanwhile, Mexican businesses are evolving their approach to diversity, equity, and inclusion (DE&I).
BBVA, a major player in Mexico's financial sector, felt the impact of the economic slowdown in 2020, with its stock price plummeting in September that year. As the economy eases, Mexican companies like BBVA are reassessing their strategies, with many reaching a tipping point that necessitates expansion into foreign markets.
This global expansion will require a rethinking of approaches in several areas. Companies must consider how to attract and retain talent in diverse international environments, navigate varying cultural landscapes, bolster cybersecurity measures, and understand geopolitical dynamics. Sustainability will also play a crucial role, with businesses needing to ensure their expansion aligns with environmental and social responsibility.
In response to these challenges, Mexico is gradually implementing reforms in corporate governance. The focus is on enhancing the independence and diversity of board members. However, businesses are encouraged to broaden their DE&I goals beyond gender diversity. While gender representation has been the primary focus due to lower female labor force participation, a growth mindset should now drive board decisions, shifting away from protection measures and cost efficiency.
As Mexico's economy continues to improve, businesses are exploring international expansion to drive growth and mitigate risk. This global push requires a strategic approach to talent, culture, cybersecurity, geopolitics, and sustainability. Meanwhile, Mexican companies are refining their DE&I strategies, moving beyond gender diversity to encompass a broader range of inclusion efforts.
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