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Sherritt International Corporation is a Canadian mining firm that entered the Cuban market in order to tap into the lucrative nickel market. Cuba owns about 30% of the world’s nickel reserves, and this has offered it the opportunity to attract international corporations to invest in the country. Sherritt specialises in mining nickel, processing it, and then exporting this important mineral to various parts of the global market. The decision to move into the Cuban market was motivated by the fact that most of the United States’ firms were barred by the American laws to trade in this country. The price of nickel was also on the rise consistently given the increasing relevance of stainless steel and other alloys made from this mineral.
Mission and Vision
It is important to understand the mission and vision of the firm of Sherritt International Corporation in order to be able to understand some of its strategic moves in the Cuban market. The vision of the firm is to be the leading producer and exporter of nickel in the global market. The entry into the Cuban market that has been shunned by many American firms is one of the ways through which this vision can be achieved. The mission of the firm is to continuously work with the local community as it seeks to produce and export nickels into the international market for the benefit of all the stakeholders. The government stands to benefit from this firm through the job opportunities it creates to the local community, and through taxation. The firm has also engaged in corporate social responsibility as a way of boosting the living standards of the local community in the areas where it operates.
Strategy Choices
The strategy choices that Sherritt International Corporation made when entering the Cuban market were based on the Cuban government regulations. One of the strategies was based on the management of the employees of this firm. It partnered with the Cuban government, especially when it comes to managing the employees. The employees of this firm are hired, paid, and disciplined by the government of Cuba. The management of this firm has no control over these employees. It pays the government to pay its employees. In case the management had an issue with any of the employees, it had to inform the government over the issue and the decision they desire the government to take. It will be the responsibility of the government to take actions at a time that it considers appropriate.
SWOT Analysis
It is important to understand some of the internal and external factors that may affect the operations of the firm in the global market. In order to understand these factors, a SWOT analysis would be appropriate at this stage. The strength of this firm lies in its financial strength. The firm has a financial capacity to support all its operational costs in the Cuban market. This is supported by the successful operations it has experienced in the home country in Canada. The experience it has in this field also acts as another important strength for this firm in this market. However, the firm has a weakness of dealing with its employees. The partnership that it entered with the Cuban government denies it any right to hire or fire the employees because that is a responsibility reserved for the government. The payment is also done by the government. This means that this firm cannot offer tips to its employees as a way of boosting their morale.
The market offers a huge opportunity that it can take great advantage of within this country. The level of competition in this country is very low because most of the American firms have shunned this market. The increasing demand for nickel in the global market also offers it a great opportunity to grow. However, the direct political interference is a threat to the prosperity of this firm. The Cuban government has been constantly interfering with the operations of this firm.
Strategy Implementation
In order to operate successfully in the Cuban market, this firm has embraced the need to partner with the government. In implementing this strategy, this firm has shifted the entire process of hiring, firing, and payment of employees to the government. Its only duty is to direct the employees once they are hired. The management also has the mandate to offer promotions to some of the employees, but with the approval of the government.
Strategy Evaluation and Recommendations
This strategy has been successful for this firm. Although it is not the appropriate strategy that this firm would want to use in this market, it has no option but to do this because of the demands of the government. The following are some of the recommendations it should consider.
- The management should convince the government to allow it manage its own employees in terms of hiring, firing and promotions.
- The firm should find a way of giving its employees some incentives directly to compensate for the low salaries paid by the government.
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