Towards the end of 1980’s, however, the views of “African socialism or Ujama” began to experience a series of extremely hard internal and external economic shocks. Internally, the Ujama system could not work effectively to alleviate the levels of poverty. Bureaucratic inefficiencies, lack of responsibility and weak performance of collective farms and factories and the deficits in the government budget and trade could not be removed. Externally, Tanzania could not escape the reality of globalization forces. In 1995, Tanzania introduced privatization policies which include attracting foreign direct investment (FDI) and multinational companies (MNCs), to improve its socio cultural and socio-economic conditions.
In early 2000, US based Citibank and South Africa based Standard Bank started providing financial services in Tanzania. Both the banks claimed to possess global “best practices” in managing their organizational structures and human resource management policies. All foreign investors to Tanzania faced the same sort of pressure of thinking GLOBALLY but acting LOCALLY. Now we have to find out whether their actions really reflect “HR best practices” or not.
Citibank Ltd. in Tanzania:
Citibank opened three main branches in Tanzania – Dar Es Salaam, Mwanza and Arusha. The bank offered variety of specialized financial services and products, involved in electronic banking, selling and purchasing of foreign exchange, issuing and monitoring of credit card systems. The organizational system was systematically interconnected with the hierarchical structures of the bank. The environment of... [continues]
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