20. Impact of Globalization on Work and Employment. - I

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Running head- Impact of Globalization on Work and EmploymentImpact of Globalization onWork and Employment
1Impact of Globalization on Work and EmploymentIntroductionThis paper has been designed to study the impact of globalization on work and employment inregard toHong Kong and India.Globalization is defined as the borderless world in which anindividual can easily move from one corner to another corner of the world in the search ofemployment. Due to globalization, an organization can operate from anywhere in the world.Globalization has improved or enhanced the scope of businesses and hence there are a lot ofopportunities available for the businesses in the market (Beck, 2018). Thus, it can be said thatglobalization has significantly helped the business world to grow and develop over a period oftime. Due to globalization, employment opportunities have also been improved significantly. So,globalization has not only helped the business to grow and develop but also has helped thepeople to get employed. Globalization has also created challenges or issues for the business. Dueto globalization, the level of competition has increased significantly. It has mainly hurt the smalland medium local business because large organizations have dominated the market.Therefore, it is important to analyze the impact of globalization on work and employment. Inorder to complete this paper,Hong Kong and Indiahave been selected. McDonaldization as anapproach to globalization has been selected to analyze the impact on work and employment.Globalization Meaning and ScopeGlobalization has become one of the most frequently used terms, particularly in economics andpolitics. It can be defined as the process of integrating the whole economy of the world and makethe world borderless (Steger, 2017). The main goal of globalization is to ensure socio-economicintegration as well as the growth and development of the whole humankind of the world through
2Impact of Globalization on Work and Employmenta free flow of knowledge, information, goods, and services including human across all thephysical borders or boundaries. It is active as well as the conscious process of expanding tradeand businesses all over the globe. It helps in expanding economic linkages and cross-borderfacilities. It is done in order to ensure an active and effective integration of economic activities aswell as the interest of the individuals who are residing all over the globe. The main objective ofglobalization is to make the world inter-dependent, inter-related, as well as developed. It is aconcept which helps in securing real political, cultural, as well as the social economictransformation of the world into a real global community (Pieterse, 2019). It is also consideredthat globalization has become a necessary means in order to secure the sustainable developmentof all the people all over the globe. The desire of moving from national to the global sphere ofpolitical as well as economic activities is represented by globalization. Thus, globalization isboth a structure of economic linkages as well as cross border facilities and an active process oforganizational expansion all over the globe.Globalization has created several opportunities for business all over the globe. Now, anorganization can operate in any country in the world. So, the organization can have a relativelylarger customer base. Rapid technological advancement has also been possible due toglobalization. Technological advancement has supported businesses to grow and develop rapidly.Globalization has also created more demand for products and services. Rate of employment hasbeen increased due to globalization (Vivarelli, 2018). It has not only increased the rate ofglobalization but also has ensured the standard working environment. Labor laws of variouscountries includingHong Kong and Indiahave been improved. Wage rate has also beenimproved. Thus, it can be said that globalization has produced a significant positive impact onthe work and employment although there are some challenges of globalization which should be
3Impact of Globalization on Work and Employmentdealt with effective strategies in order to enhance the positive impact of globalization on workand employment.Approaches to globalizationThere are several approaches to globalization such as internationalist, globalist,transformationalist and McDonaldization which define how globalization has taken place. Theprocess of globalization is defined by these approaches and hence it is easy to understand theprocess and concept of globalization using these approaches. Here, McDonaldization approachhas been used to describe and understand the concept of globalization. The McDonaldizationapproach of globalization particularly states how society adopts the characteristics of othersocieties (Ritzer, 2018). It particularly states the adoption of the characteristics of fast foodrestaurant by a society. The process of McDonaldization approach defines the principles of thefast food industry which are dominating almost every sector of the society in the world. Forexample, there was no trend for fast food in India initially. There was no restaurant for fast foodin India. But with the passage of time, fast food restaurants started targeting India to enterconsidering the potential of the Indian market (Dustin, 2016). Hence, fast food restaurants fromdifferent countries including China stepped into the Indian market. It created employmentopportunities in India. Thus, it can be said that McDonaldization is an effective approach withthe help of which the process of globalization can be understood easily.Globalization has a significant impact on work and employment. There is both positive as well asthe negative impact of globalization on work and employment. Therefore, it is important toanalyze and understand the impact of globalization on work and employment.
4Impact of Globalization on Work and EmploymentImpact of globalization on work and employmentGlobalization affects work and employment significantly. Due to globalization, several worksand employment opportunities have created. Millions of people have been employed. Theemployment rate has been increased due to globalization at the global level. Globalization hasalso improved wages, the standard of living, cost of living, etc. It has brought standard workingpolicy which has strengthened the power of workers (Nica et al., 2016). But there is somenegative impact of globalization on work and employment. First of all, the positive impact ofglobalization will be discussed here.Globalization has boosted trade volume on the global level. Trade is one of the significant partsof economic growth. If the trade volume of a country is higher, the rate of economic growth ofthat country will also be higher. Increase in the trade volume also increases employmentopportunity within the country. More and more people from that country will be employed. Asthe rate of employment will increase, the per capita income of the people will also increase. Itwill enhance their standard of living.Globalization has also significantly contributed to poverty eradication. Poverty is one of themajor causes of backwardness and underdevelopment. Globalization has improved trade and hasa significant impact on poverty. Poverty is directly related to trading practices. If the tradevolume of any country is low, there will be high poverty in that country. On the other hand, if thetrade volume of the country is high, there will be low poverty in that country.Globalization has also boosted foreign direct investment which is very important for the growthand development of the country. Foreign direct investment creates employment opportunitieswithin the country (Tejani and Milberg, 2016). Several organizations have entered into the
5Impact of Globalization on Work and Employmentmarket of India due to globalization. India has become one of the most attractive markets in theworld. Therefore, most of the organizations want to enter into the market of India. Globalizationhas also supported the organizations to enter into the market of India. It has not only helped theforeign organizations but also India. Thus, India has attracted a handsome amount of money inthe form of foreign direct investment within the country. It has helped the country to build andimprove infrastructure facilities. Similarly, Hong Kong has also attracted foreign directinvestment from different countries. Hong Kong has particularly attracted foreign directinvestment in the tourism sector. However, other sectors such as manufacturing and servicesectors have also attracted foreign direct investment. Globalization has accelerated the growthrate of these two countries significantly.Unemployment and wages inequalities have also been reduced by globalization on a large scale.Unemployment is a major concern of every country and hence every country develops initiativesto reduce the rate of unemployment (Reader, 2017). As it has been discussed that globalizationhas created tremendous employment opportunities thus the Global unemployment rate has beendropped significantly. Apart from this, the issue of wages inequalities has also been consideredand initiatives have been taken to reduce the inequalities in wages. Globalization has brought astandard wage rate for the labors in order to improve their living standard. Underdevelopedcountries, as well as developing countries, provide low wages to the labor which is not sufficientfor living. Globalization introduced the standard wage rate for the labors so that they canimprove their living standard.Globalization has not only improved the wage rate of the labor in developing as well asunderdeveloped countries but it has also improved the working policies, rules and regulations. Itis very important to provide a healthy and hygienic working environment. Globalization has
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