‘’Globalization is a widely and somewhat loosely used term intended to describe the recent and rapid process of intercontinental economic, social, and political integration. This worldwide integration allows people to communicate, travel and invest internationally, and helps companies market their produces widely, acquire capital human and material resources more efficiently share advanced technology, and enjoy economics of scale. While many benefit from globalization, others are hurt economically, some cultures may be harmed, and local environments may suffer.
The introduction of new technologies makes information accessible to the entire organization. Due to this, time lapse during the activities can be avoided effectively. Since technology is globally reachable, the expenses will be reduced and global reach can be successful. The introduction of technology has its impact on the following fields of HR practices: • E-Recruiting: HR professionals can post the vacancies can be posted online and the applications can be collected. Now a days, the interviews are also conducted online to avoid extra expenses during the process and also to save time.
Forasmuch, migration is believed to enhance cities’ global competitiveness and allows companies to address labor shortages and specific skills needs. Migration also represents an expanded consumer base and often creates new market opportunities for businesses to thrive in (Cavicchio, 2008). According to Koser (2013), not only are better-integrated migrants more successful due to higher motivation and productivity, but they also display higher loyalty towards their employer, which results in less turnover and absenteeism. Furthermore, a diverse workplace has been shown to boost competitiveness and innovation among employees. This was proved to be certainly legit in big innovative company like Google, Apple or Tesla.
Globalization is a small term after all, but has a broader definition acting as a catalyst to progress and growth transforming the world in general. The concept of globalization is not something new for most of the people as this is gaining momentum in today’s era. Globalization has resulted in interrelation and assimilation between world economies and business. Globalization in general has a significant role in advancements of a country and improving the lifestyle of people. In the business world, the benefits of globalization are not just limited to profit maximization, but also provide other advantages equipping business to carve a niche for itself in today’s highly competitive market.
Also, because of globalization international business grown, improved and removed a lot of obstacles when interacting with international markets. Then again, globalization can likewise be a significantly enhancing process, opening personalities to new thoughts and encounters, and fortifying the finest all-inclusive estimations of mankind. For the culture factor is like a code we as a human being live with. It also includes the arrangement of convictions, good values, conventions, dialect, and laws (or standards of conduct) held in like manner by a country, a group, or other characterized gathering of individuals. Globalization truly can affect anything in life both positively and negatively, but due to globalization people changed or because the culture factor changed or got affected by essence time.
Verdier (2013) said that more workers and labors are needed in globalization. Since people are starting to be more aware of what other countries and their own country can offer, they need to keep up with the pace. Poorer countries promote their country by pursuing commercial networks and media to the rest of the world, in order to grow and match with the richer countries. They market their country and what they can offer that other countries does not have. This will surely attract people’s attention and curiosity that can allow them to start new businesses.
Body By using ICT effectively SMEs can cut costs by improving their internal processes and decreasing expenses. They can also improve their product by communicating with customers to get suggestions or reviews. The company can also promote and distribute products using the internet. The companies “online presence” will allow it to expand its client base decreasing risk and increasing profits. One of the most basic uses of ICT would be replacing the time and costs necessary for face-to-face communication by using a phone line.
Overall, working remotely or telecommuting is very essential to both employer and employee because it is cost-effective, increase the productivity of both the employers and workers due to flexibility as well as providing a healthier working environment. Working remotely enable companies to save a lot of money with regards to the cost involved in working in an office which is cost effective. Maximizing profit while at the same time minimizing cost is the key reason why most companies exist in the market. Employees, on the other hand, work hard to become stable economically and also to be able to support their families in the best way possible. Hence, in this kind of context, it is agreeable that both employer and employees have a common goal which is increasing returns while reducing the cost.
It plays a big role in the country’s employment and job generation. It also becomes a driving force behind a resilient national economy. SME can serve as potential suppliers of outsourced parts and services in a rising globalization trends and can contribute to economy both in terms of enterprises and workers. Given a bulk of Philippine manufacturing enterprises there is a need of improvement capabilities in economic and social aspects. Country can have many benefits particularly in increasing value added and employment as well as diffusion of technology and management, and access to world markets if it strengthens the linkages between multinational corporations.