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 Interconnectivity on a global scale.


The flow of financial products, goods, technology, information and jobs across national borders and cultural boundaries is called globalization. In terms of economics, it refers to global interconnectedness facilitated by free trade. The goal of human resource management (HRM) is to hire, retain, and manage staff members. It is a key factor in employee happiness, and this kind of people management significantly contributes to a company's competitive edge.

The responsibilities of HRM have altered as the globe has grown more linked as a result of globalization. The HR team is responsible for managing resources globally as a result of HRM globalization, and they have a responsibility to make all team members feel like they are part of a single community.


An organization may manage its varied workforce with the support of a global HRM professional who is familiar with local rules and regulations and who makes sure that workers have opportunities to further their careers.

Globalization is significant because it has produced new chances for economic expansion and development, particularly in poor nations. Increased cultural interchange and the dissemination of ideas and information have also resulted from it. People may now interact with individuals from around the globe and access resources and information that weren't previously available thanks to the internet and social media, for instance.


Is Globalization Good or Bad?


The globe has been affected by globalization in a complicated and varied way, with both beneficial and detrimental effects. It is crucial to make sure that the positive effects of globalization are addressed and reduced, as well as that the advantages are distributed evenly and fairly. 

Advantages

Increased economic growth and development: New markets and commercial possibilities brought forth by globalization have resulted in enhanced economic growth and development in various regions of the world.

Increased productivity and efficiency:  As a result of economies of scale, specialization, and technological advancement made possible by globalization, businesses are now more productive and efficient.

Enhanced cultural interaction and understanding:  By encouraging the spread of concepts, principles, and behaviors across international boundaries, globalization has promoted cultural interchange and understanding.

Access to products and services: It has improved as a result of globalization since it has increased commerce and opened up new job possibilities, especially in poorer nations.


Disadvantages

Employment losses:  Companies have outsourced work to lower-cost nations due to globalization, which has resulted in job losses in several industries and areas, notably in industrialized nations.

Environmental deterioration:  As a result of businesses' exploitation of natural resources and pollution, globalization has led to environmental deterioration and climate change.

Cultural homogeneity:  As a result of the expansion of Western cultural norms and values at the expense of regional customs and cultures, globalization has resulted in the homogenization of cultures and the loss of variety.

Political tensions:  As a result of globalization, there are no conflicts between proponents of the trend and those who oppose it on a national and international level.

Globalization has been concluded to have both positive and negative effects, and its effects are greatly influenced by the particular setting and policies in place. Promoting policies that encourage inclusive and sustainable growth, safeguarding workers' rights and the environment, and advancing global collaboration and governance are crucial if globalization is to maximize its positive effects and reduce its negative ones.




References :

Fernando, J. (2023) Globalization in business with history and pros and cons, Investopedia. Investopedia. Available at: https://www.investopedia.com/terms/g/globalization.asp [Accessed date 10 April 2023]

Globalisation & HRM (2015) Spirit Of HR. Available at: https://spiritofhr.wordpress.com/globalisation-hrm/ [Accessed date 10 April 2023]

What is globalization? (2022) PIIE. Available at: https://www.piie.com/microsites/globalization/what-is-globalization [Accessed date 11 April 2023]

What is globalization ?(online) - meaning and its importance. Available at: https://www.managementstudyguide.com/what-is-globalization.htm [Accessed date 12 April 2023]


Comments

  1. Gamini EdirisingheApril 17, 2023 at 9:03 AM

    Hi kosalee,
    Nice Article .well done!
    please add conclusion part for any more colorful in your article. here some point for you.

    Globalization is a complex phenomenon with both positive and negative impacts on different countries, industries, and people. On the positive side, globalization has enabled the growth of global trade, investment, and economic integration, which have brought benefits such as increased productivity, innovation, and access to new markets and technologies. Globalization has also facilitated cultural exchange and improved communication and understanding among different societies.

    However, globalization has also led to several negative consequences such as job losses, wage stagnation, environmental degradation, and social inequality. The benefits of globalization have not been evenly distributed, and many developing countries and marginalized communities have been left behind in the race for economic growth and prosperity. Moreover, globalization has contributed to the rise of global challenges such as climate change, pandemics, and political instability.

    In conclusion, globalization is a double-edged sword that requires careful management and regulation to maximize its benefits while minimizing its negative impacts. Policymakers and stakeholders must work together to address the challenges and opportunities of globalization in a fair, sustainable, and inclusive manner that benefits everyone, not just a privileged few.





    ReplyDelete
    Replies
    1. Kosalee SooriyaarachchiApril 19, 2023 at 7:41 AM

      Thank you so much for your feedback. its very important

      Delete
  2. M.Kamal PriyashanthaApril 17, 2023 at 6:52 PM


    Hi Kosalee,
    Global interconnectivity has a number of effects on HRM procedures, such as talent acquisition, training and development, performance management, compensation and benefits, and diversity and inclusion. To be competitive, organizations must be aware of these consequences and modify their HRM strategies accordingly. Talent acquisition involves interviewing and employing people from other nations, cultures, and backgrounds. Training and development involves providing staff members with worldwide training and development opportunities. Performance management involves setting up a fair, open, and in line with the organization's values and aims. Compensation and benefits involve designing a pay and benefits strategy and promoting diversity and inclusion.
    Well done.

    ReplyDelete
  3. Tharanga JayasundaraApril 18, 2023 at 7:42 AM

    The term "global interconnectedness" describes the capacity to comprehend and perform in a setting that is more multicultural, transnational, and networked. It encourages people to grow into effective professionals, community leaders, and knowledgeable citizens in a society that is both varied nationally and internationally.

    Good work !

    ReplyDelete
  4. W.J. Chrishan Fernando.April 20, 2023 at 9:50 AM

    This article provides a balanced view of the impact of globalization on the world, highlighting both the advantages and disadvantages of the phenomenon. It is refreshing to see an article that acknowledges the complexity of the issue and does not take a one-sided approach. Additionally, the article emphasizes the importance of managing globalization in a way that promotes inclusive and sustainable growth, which is a critical factor in ensuring that its benefits are distributed fairly. Well done..!!

    ReplyDelete
  5. Tharanga WanigasundaraApril 21, 2023 at 1:40 AM

    Good work.
    While interconnectivity on a global scale has brought many benefits, such as increased economic growth and cultural exchange, it has also created new challenges, such as cybercrime and the spread of misinformation. It is important for individuals, organizations, and governments to work together to address these challenges and ensure that interconnectivity continues to benefit society as a whole.
    Well done.

    ReplyDelete

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