9.1. What is Globalisation?
The
term "Globalisation" refers to the increasing interconnections of
the world's economies, cultures, and populations, which is a result of
technology, cross-border trade in products and services, investment flows, and
information and people movements.(Kolb, 2018)
9.2. History of Globalisation
9.3 Types of
Globalisation
has affected numerous countries in various ways. Because the phenomenon is so widespread
and intricately entwined with people's lives, both advantages and disadvantages
are frequently disregarded.
The
following list is a list of the significant types of globalisation:
- Economic
globalisation
- Social globalisation
- Cultural
globalisation
- Political
globalisation
- Environmental
globalisation
- Technological
globalisation
- Financial
globalisation
- Geographical globalisation
9.3.1 Economic globalisation
Globalisation
of the economy unites conservative, liberal, and hybrid economies into a single
market, impacting jobs in Europe and Asia and influencing each other. It
influences the performance of the stock market and permits businesses to engage
freely, establishing infrastructure abroad. Variations in market performance
and financial news are made possible by this connection.
The advantages of
globalising the economy
- ·
Employees in countries
that are developing have more opportunities
- ·
An increase in per capital consumption
- ·
Better goods at more
affordable costs
- ·
An increase in income
- ·
More choices for low-skilled
labourers
9.3.2 Social globalisation
The term
"social globalisation" describes how traditional regionalistic
communities are becoming more integrated as a result of the integration of
societies across the globe. Given that the pandemic spread from one nation to
several societies, it is a noteworthy illustration of this interconnection.
Social networks facilitate the exchange of ideas and long-distance connections
by connecting users with like-minded people around the globe. The globe is now
more connected and inclusive as a result of this.
Advantages of global
- ·
Greater exposure to a
wider range of cultures and ways of life
- ·
Building a diversified
workforce
- ·
Employee unionisation
opens a discussion on a number of global issues.
9.3.3. Political
The
term "political globalisation" describes the persistence and knock-on
effects of international political ties. Another illustration of this kind of
globalisation is the establishment of international organisations like the UN,
NATO, and WTO, which discuss and control global politics and trade. International
agreements and regulations that protect the rights and interests of smaller
countries were made possible by globalisation as well. The main force behind
modern globalisation is business. Thus, shady businesses with entrenched
interests are a common occurrence in weaker nations endowed with abundant
natural resources. International bodies thus provide protection for these
nations.
Political globalisation's advantages
- ·
The establishment of a
single society
- ·
Establishment of global
institutions
- ·
Healthy international
rivalry for socioeconomic development
- · An collective effort to solve common problems
- The dispersal of the national government
9.3.4 Technological globalisation
Globalisation
is now automated due to the rapid growth of technology. Technology has an
impact on data management, supply chain, talent acquisition, marketing, and
business.Globalisation has been both a cause and an effect of technology.
Globalisation has accelerated thanks to technologies like the internet, cloud
computing, and high-speed mobility. This kind of globalisation, though, can be
considered an afterthought. Rapid advances in economic and political
globalisation have accelerated the spread of information. The globalisation of
the economy has reduced the cost of obtaining resources for the research and
development of new technologies.
Advantages of globalisation in technology
- ·
Expansion of tech-related
small businesses and startups
- ·
Both local and international
mobile banking
- ·
Automation
- ·
An increase in income
- ·
More chances for workers
without formal training
9.3.5 Environmental
In
simple terms, environmental globalisation is the result of all the consequences
from previous types of globalisation. Without a doubt, the environment has been
damaged by the acceleration of development caused by globalisation. Our per capital consumption rises as a result
of globalisation. Natural resources are heavily strained as a result,
negatively affecting the ecological cycle. Despite being a component of
globalisation, industrialisation has led to the release of toxic chemicals into
the atmosphere that have a negative impact on the climate. In an effort to
reduce their carbon emissions, nations from all over the world have gathered to
sign climate accords like the Paris Climate Agreement and the Kyoto Protocol.
9.3.6 Geographical
The set of dynamics (economic, social, cultural, technological, and institutional) that influence how people interact with each other and with societies around the world is known as globalisation in geography. It is an ongoing procedure that increases flows and exchanges between various regions of the world. Geographic globalisation is the term used to describe the dynamic new global hierarchy and structure of various locations. Furthermore, travel limitations are minimal due to the ease and affordability of transportation and aviation, with the exception of a few nations that require a visa
9.3.7 Cultural
Cultural
globalisation is the term used to describe the interpenetration of cultures,
which leads to countries adopting the values, customs, and beliefs of other
countries and losing their own distinct cultures in flavor of a single,
globalised supra-culture;
9.3.8 Financial
The
development of a worldwide financial system characterised by cross-border
financial and monetary transactions is associated with financial globalisation.
For example, stock markets provide as an excellent illustration of how
interconnected the world's economies are, as any drop in one market has a
knock-on effect on other markets and the overall economy.
9.4 Globalisation's Impact on HR Management
The
study of HRM has been profoundly impacted by globalisation. The growing
diversity of the workforce is one of the main ways that globalisation has
affected HRM,.HR professionals need to be ready to oversee and assist a staff
that is multilingual and culturally diverse as businesses grow internationally
and access a wider range of talent. Because of this, HR practitioners must be
highly sensitive to cultural variances and capable of modifying HR procedures
to suit the requirements of a varied workforce.
Globalisation
has also brought about changes in the job of HR personnel. HR professionals
need to be strategic thinkers who can assist companies in navigating the
intricacies of a global business environment as they grow into new markets and
face new problems. Strategic thinking is developed by professionals with the
aid of a critical thinking writing service. Employees will find it easier to
access new marketplaces as a result. This entails creating and putting into
effect HR policies and procedures that are in line with the business's
international activities, in addition to handling cross-cultural dialogue and
handling conflict.
Globalisation has resulted in a shift in the function of HRM and an increase in diversity. It has also brought about the standardisation of HR procedures. Businesses frequently implement HR procedures that align with their foreign operations when they grow internationally. Implementing global performance management and training and development systems, together with standardised salary and benefits packages, can all contribute to this.
Globalisation has impacted HRM significantly overall, necessitating that HR professionals adjust to a dynamic and varied business environment. The management of a worldwide workforce and ensuring that HR procedures are in line with the company's international operations need HR professionals to be proactive and strategic in their approach9.5 Disadvantages of Globalisation
9.6 Relationship between Globalisation and International Business
Globalisation is the
internationalisation and interconnections of business. Increasing
global competition is one way it affects international business. International
markets are penetrated by international Market, which may pose a threat to
certain local companies The phenomenon of
globalisation leads to a rise in foreign direct investment (FDI), thereby
promoting the globalisation of brands. Moreover, increased international
investment in research and development is made possible by globalisation.
Certain saturated markets and industries are also able to grow internationally
thanks to globalisation. Many developed nations run the risk of
experiencing sluggish growth and over saturated markets. Companies can
grow internationally as a result of globalisation, which can support the
expansion of these businesses.
This term can be used generically to refer
to doing things the way others in faraway places do them, or more specifically,
it might entail adhering to international norms in the areas of politics,
economy, culture, education, the environment, and other areas. It explains the
interactions and integrations between nations and people worldwide. As people
interact, a lot of things have gone worldwide. This topic has large area to
discuss and in this blog I have
completed the most of the area.
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