Barclays Bank's Labor Market and Globalization: Research Project 2024

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RESEARCH PROJECT
IMPACT OF GLOBALIZATION ON THE LABOR MARKET IN BARCLAYS BANK

Table of Contents
PART 1 – RESEARCH PROPOSAL.....................................................................................................3
INTRODUCTION..........................................................................................................................3
LITERATURE REVIEW..................................................................................................................4
RESEARCH METHODOLOGY....................................................................................................... 7
RESEARCH TIME PLAN................................................................................................................9
PART 2 – THE RESEARCH & REPORT.............................................................................................10
ABSTRACT................................................................................................................................ 10
METHODOLOGY....................................................................................................................... 11
RESULTS/FINDINGS.................................................................................................................. 13
DISCUSSION............................................................................................................................. 23
CONCLUSION........................................................................................................................... 28
RECOMMENDATION................................................................................................................ 28
REFLECTION............................................................................................................................. 29
REFERENCES.................................................................................................................................30
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PART 1 – RESEARCH PROPOSAL
INTRODUCTION
RESEARCH TITLE
“Impact of globalization on the labor market in Barclays bank”
AIM
This research project aims to study the impact of the globalization process on the labor market
in Barclays bank.
OBJECTIVE
 To assess how globalization has been helpful in developing the international labor
market.
 To identify the positive and negative impacts of offshoring activity on the local job
market.
 To assess how Barclays can improve its organizational efficiency by understanding the
global labor market.
BRIEF INTRODUCTION
The labor market at present has changed a lot since the time of industrialization. Earlier, the
international job market was much more labor intensive and the workers outsourced from
other countries were used for manual jobs. However, with the advent of digital technology, the
jobs role in the international job market has changed a lot. Fresh graduates from Asian
countries have developed expertise in the IT Knowledge and are fetching a large number of jobs
in the overseas market. This report will examine the impact of globalization on the international
labor market and how Barclays bank is getting affected by these changes. A number of data
collection techniques are used in the current research so that relevant data for the research
hypothesis can be fetched. A questionnaire is also conducted among the employees of Barclays
bank so that a detailed account on the views of the different stakeholders can be assessed.
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RATIONALE OF THE RESEARCH
This research topic focuses on analyzing the impact of the globalization of the job market on
the working of Barclays bank. By assessing both positive and negative impacts of the offshoring
of jobs, organizations can make better policies regarding recruitment and selection. For creating
better services for the customers, it is necessary that most talented individuals are included in
the workforce. To gather necessary data regarding the research topic, the primary and
secondary research methodologies are used in the research and the focus is creating a strong
database. The government records are also used to gather necessary statistics regarding the job
market in the UK and the number of people employed in the financial area (Krugman, 2017).
Detailed information about the job market of the UK will enable the policymakers at Barclays
bank to recruit better candidates both at the local level as well as from the international labor
markets. This research needs to fetch fresh data with the help of the questionnaire as the
available data regarding the topic is not satisfactory and there are certain gaps in the available
data according to the research topic. The data collected by all the primary and secondary
sources will help in forming the right hypothesis for the topic.
LITERATURE REVIEW
According to Apostoaie (2012), labor market represents the availability of a skilled workforce
for a particular sector. The demand for such a workforce and the number of people who are
actually ready to take the job is an important factor to consider for the organizations and
governments. Barkley's bank is a service sector organization and a qualified workforce is
required to carry day-to-day operations of the organization. The process of globalization is
associated with the easy movement of goods, people, technology and trade. Globalization also
puts a significant impact on the labor market statistics. People from different countries of the
world come to the UK in search of better job opportunities. Olimpia and Stela (2017) explain
that with the advent of multinational companies and global brands, people have
unprecedented opportunities to showcase their skills and talent and get better job offers. The
emergence of digital technology in different sectors has also become a strong reason for people
to migrate from one country to another.
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According to Dunning (2014) the radiance of ideas, knowledge, and skills across the border has
also provided a pool of talented individuals for companies like Barkley’s bank. Better talent at
the organization is helpful in improving the internal processes of the organization as well as
make the customer services of the company more people oriented. The sustainable
development goals by United Nations also focus on creating a decent and productive
employment work environment for all. A production work environment for such international
workers will help them find a stable source of employment and utilize their potential to the
fullest. Developed economies like the UK can create shared prosperity for all and distribute the
benefits of the globalization of the economy in different countries of the world.
As per Qureshi, (2011) recently strong media attention was gained when Barclays bank
offshored around 500 jobs to India. Such offshoring drives by the companies may have positive
impacts on the economy of the organization, but the job market in the UK may also be
negatively affected by such moves. The low-skilled workers at the local level are strongly
affected by this offshoring activity. The trade policies of the government should focus mainly on
creating a larger number of employees for the people on the local level it is necessary to create
an easy availability of workforce for multinational corporations.
Mangan et al., (2016) states that many other financial institutions are employing oversees IT
services providers to reduce their cost of operations. Barclays bank is using the offshoring
services not only to increase the savings but also to improve the operations process by using
better technologies from abroad. Before using the workforce from the international job market,
it is necessary for all these financial institutions to ensure that they are following the rules and
regulations laid by the UK government. Dunning (2014) explains that the legislation related to
equality and diversity also needs to be followed strictly at the workplace. The companies
should ensure that the employees at the local level are not making any discriminatory behavior
with the employee which are from different country have different color or ethnicity. By
creating an environment of equality and mutual support the team can learn new skills from the
employees and improve the capabilities to find a solution for a problem.
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According to Lee and Carter (2011), Offshoring also has many positive effects on the economy.
When the offshoring happens, the rippling effects of the lower cost can be seen on the
economy. When barleys decided to offshore some jobs to a foreign country, it must have
experienced a reduction in the operating cost. When this reduction of prices is transferred to
the end consumers in the form of more cost-effective services it can be said that the process of
globalization has created a positive impact on the economy. The national economy also
develops due to a higher amount of taxes and the benefit is again transferred to the common
people in the form of better public facilities.
Falk and Hagsten (2015) explain that Job creation and job destruction at Barclays bank are
affected by a number of factors. These factors may include the change in consumer
preferences, changes in the technology and changes in the competitive environment. The jobs
lost due to organizational restructuring are balanced by the creation of new jobs. It is necessary
to find out whether offshoring jobs have a stronger impact on certain industries. By assessing
both and positive and negative impact so the globalization of jobs, the government of the UK
can form better policies related to the labor market.
Castells, (2010) has a view that the emergence of digital technologies has enabled the
international expansion of the service sector. The facility to deliver work form long distances
has created new employment opportunities for the people. It has only become possible due to
the advanced telecommunication facilities by which data can be transferred to far distances
without loss in quality or delays in the delivery of services. Earlier, the routinized service work
such as data entry or call center services were outsourced to lower cost countries. However, in
the past few years, more knowledge-intensive jobs such as software development and
accounting are being relocated abroad. Due to this changing trend, there has been a sharp
increase in the wages of workforce form developing countries while in the western countries
the rise in the wages is stagnant. The competition in the global job market has also become
very strong and it is necessary for these workers to learn new skills and expand their knowledge
base to face the competitive forces and secure their position in the international labor market.
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RESEARCH METHODOLOGY
RESEARCH APPROACH
The research approach followed for the current research is both qualitative and quantitative. A
mixed approach of both these methodology is used because it will provide a strong theoretical
and analytical base to the research hypothesis (Grimshaw et al., 2012). The qualitative data
includes a collection of the views and ideas of respondents by the means of personal interviews
or other such techniques. Such data is important to understand the viewpoints of different
stakeholders associated with the international labor market.
MAIN RESEARCH TECHNIQUES
The research technique primarily used for this study is a questionnaire. This questionnaire
contains a variety of questions which are asked by the employees of Barclays bank. The
questions have multiple choice answers and the respondents have to choose the appropriate
response according to their understanding about the international labor market scenario. In
addition, secondary data is collected by means of a literature review. This literature review
provides a detailed discussion about the international labor market scenario and the situation
of the labor market in the UK. To collect the most authentic data, government records are used
(Palinkas et al., 2011). These records show that there is a great increase in the number of jobs
outsourced by the organization like Barclays bank. By the means of exact data about the
number of jobs fetched from outside the country, the companies can make better decisions
regarding recruitment and selection process.
SUGGESTED DATA COLLECTION PROCEDURES
To assess the research hypothesis completely, it is important to select the right data collection
technique. This research focuses on a mixed approach of data collection in which primary and
secondary data collection methods are used. The primary research uses a questionnaire to
assess the views of the population regarding the current job market scenario. The secondary
data contains the data offered by the government of the UK and other reliable agencies. These
kinds of data help in fetching authentic data and reach up to meaningful conclusions (Windle,
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2010). A mixed approach of using the primary and secondary data collection techniques is the
key to develop a reliable hypothesis regarding the research topic.
ANALYTICAL TECHNIQUES INTENDED TO BE USED
The data collected by the means of different techniques need to analyzed completely so that
the right logical conclusion can be formed. The responses of the survey participants give a
range of ideas to improve the organizational policies of a company. Managers can use this data
to identify the current labor market demands. For the banking industry, the candidates with
perfect domain knowledge are required and by analyzing the data by the help of graphs and
chart the demand and supply calculations can be done more accurately (Hartas, 2015). In
addition, some software such as SPSS will also be used in the research so that every aspect of
the data collected can be analyzed deeply. This software sorts the data according to the
requirements and the results of this analysis will be used to develop a better hypothesis.
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RESEARCH TIME PLAN
TIME SCALE ACTIVITIES TO BE DONE WORK PROGRESS
WEEK 1 IDENTIFYING THE AIMS AND
OBJECTIVE FOR CONDUCTING
THE RESEARCH
ACCOMPLISHED
WEEK 2 FINALISING THE METHODS OF
DATA COLLECTION TO BE
USED FOR THE RESEARCH
PROPOSAL PREPARED
WEEK 3
WEEK 4 COMPLETING THE
QUESTIONNAIRE AND THE
LITERATURE REVIEW
TO BE DONE
WEEK 5
WEEK 6
WEEK 7
DATA ANALYSISWEEK 8
WEEK 9 FINDINGS AND DISCUSSIONS
WEEK 10
The research time plan shown above explains the steps which are required to analyze the
research topic deeply. At the first stage, the focus is on establishing appropriate aims and
objectives for the research. After setting the right objectives for the research, it is important to
decide what research activities will be required to assess the aims and objectives. Finalization of
the data collection techniques will be completed by the end of the third week. From the
starting of the fourth week, the questionnaire will be conducted to assess the views of the
employees of Barclays regarding the situation of the job market and the impact of globalization
on the job generation on the local level. This activity will take time of three weeks. In the
seventh and the eighth week, the analysis of the data collected will be done. Finally, in the
ninth and tenth week, the findings of the whole research will be arranged.
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PART 2 – THE RESEARCH & REPORT
ABSTRACT
Globalization is the process of unification of the world markets due to which the flow of goods
and services from one country to another has become convenient. Many organizations in the
UK are seeking employees from other countries to work with them and increase the business of
the company with the help of innovative ideas and new technological knowledge. This report
will discuss how the internal functions of Barclays bank are affected by the international labor
market activities. The employees hired from other countries are generally used in the field of
information technology. These employees possess high technical skills related to digital
technology and this is the reason there is a great demand for these professionals for different
countries of the world. The companies hire these employees from overseas at a lower wage
which helps in increases the overall savings of the bank. However, there are some negative
impacts of these outsourcing activities on the local job market and it is necessary to understand
how socio-economic conditions in the country are affected by this phenomenon.
The data regarding a total number of jobs generated in the country and the jobs outsourced to
the other nations will provide many useful insights on the impact of the international labor
market activities on the job scenario in the local market at the UK. The research project will also
collect data by means of the survey. This survey asked a set of question from the participants
and the responses of these participants provide information regarding the current views of the
employees of Barclay bank. This survey will help in analyzing the exact impact of the process of
outsourcing on the social and economic situation in the country. A detailed analysis of the
responses of the people is done and on the basis of the answers provided, some
recommendation is provided which may help Barkley bank create better work conditions for
the workforce.
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METHODOLOGY
DATA SOURCE AND COLLECTION
The data collection is done with the help of primary and secondary data collection techniques.
Both these data collection techniques need to be employed in the current research because the
topic of the research is very broad and to assess the exact impact of the globalization process
and the expanding international job market, it is necessary to gather authentic data. The
primary research technique uses a questionnaire for assessing the state of mind of the
employees of Barkley bank (Almalki, 2016). This questionnaire contains some questions
regarding the labor market implication which need to be answered by the respondents. The
total numbers of people participating in the survey are 50.
DATA SAMPLING
Sampling is the process of using a small subset of the large part of the population so that high-
quality information can be collected. While selecting the audience for the sampling it is
important to choose the respondents who can represent the whole population effectively.
Mainly two types of sampling techniques are used in the research methodology: Probability and
non-probability sampling. Probability sampling is also called random sampling (Brannen, 2017).
In this type of sampling, every member of the sample has an equal chance to be represented in
the survey. This sampling method has minimum chances of error and the possibility of bias is
also reduced as the respondents are chosen on a random basis. By carefully selecting the
members from all the subgroups, it can be ensured that the different subgroups are
represented effectively.
DATA ANALYSIS AND INTERPRETATION
Along with the data collection, the analysis of the data is also an important step. With the help
of right data interpretation tools like graphs and pie charts, the data is represented in an
illustrative manner and it becomes very convenient for the managers to take better policy-
related decisions based on the data analysis. The data collected by the help of the
questionnaire contains the views of the service users and analyzing these views is a useful
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technique to improve the customer service or the basic organizational structure (McCusker and
Gunaydin, 2015). Research findings are also prepared with the help of data analyzing and
therefore it is important to select the right data interpretation tools and techniques.
ETHICAL CONCERNS
Few ethical issues are also associated with the research which needs to be taken care so that
dignity of the subjects can be protected. The private data of the survey participants need to be
secured and any outside access to this data has to be restricted. The views of the respondents
should also be presented in the right manner without distorting the facts to achieve the desired
outcome. The researchers need to protect the rights, sensitivity, and dignity of the survey
participants. Informed consent is also an important factor to consider. An individual has the
right to whether or not to participate in the study (Bryman, 2017). The information provided to
the respondents should be communicated in an effective manner so that it is easy to
understand any ambiguity in the information provided may become the reason for the
distortion of survey findings.
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