Globalisation has emerged as a transformative force that has significantly impacted various aspects of society, with work and employment being at the forefront of this change. This essay aims to assess globalisation and its long-term significance for work and employment, focusing on the impact of globalisation on business and working lives, major developments in the global business environment, industrial restructuring, the changing nature of employment, and the volatility and competitive intensity within the context of the 7CO01 CIPD module.
Impact of Globalisation on Business and Working Lives:
Globalisation has reshaped the business landscape, enabling organizations to expand their operations beyond national borders. The advancement of technology and transportation has facilitated the movement of goods, services, and capital across the globe, leading to increased interconnectedness between economies. This interconnectedness has fostered an environment of intense competition, with companies now facing global competitors rather than solely domestic ones. As a result, businesses have had to adapt by becoming more agile, innovative, and efficient to remain competitive in the global marketplace.
In tandem, the impact of globalisation on working lives has been profound. The increased mobility of labor has given rise to a global workforce, with individuals moving across borders to seek employment opportunities. This has led to greater diversity in the workplace, as employees from different cultural backgrounds and experiences come together, bringing unique perspectives and skills. However, this increased mobility has also created challenges, such as heightened competition for jobs and the need for individuals to continually upgrade their skills to remain employable in a globalized labor market.
Major Developments in the Global Business Environment:
The global business environment has witnessed several major developments due to globalisation. One such development is the rise of multinational corporations (MNCs) that operate in multiple countries. MNCs leverage economies of scale, access to new markets, and diverse resources to expand their reach globally. This has not only generated employment opportunities but also resulted in the transfer of knowledge, technology, and best practices across borders.
Additionally, globalisation has fostered the growth of global supply chains, where different stages of production are dispersed across various countries. While this has increased efficiency and reduced costs for businesses, it has also led to concerns about labor standards, as companies may seek to exploit cheaper labor in less regulated jurisdictions. Addressing these concerns and ensuring fair working conditions throughout the supply chain have become important ethical considerations for organizations.
Industrial Restructuring and the Changing Nature of Employment:
Industrial restructuring is an inherent consequence of globalisation. As industries become more globally integrated, they undergo significant changes in their structure and composition. Traditional industries may decline in certain regions, while new industries emerge elsewhere. This restructuring often entails job losses in some sectors but can also create employment opportunities in others. The ability to adapt to these changes and acquire new skills becomes crucial for individuals and organizations alike.
Moreover, the nature of employment has undergone a fundamental transformation. Traditional full-time, permanent employment has become less prevalent, giving way to more flexible forms of work. The rise of the gig economy, characterized by temporary, contract, and freelance work, has been fueled by globalisation. While this offers greater flexibility for workers, it also raises concerns about job security, access to social protections, and income stability.
Volatility and Competitive Intensity:
Globalisation has contributed to increased volatility and competitive intensity in the business world. Organizations now face not only domestic competition but also global rivals that possess varying cost structures, market advantages, and regulatory environments. This intensification of competition has forced businesses to adopt strategies that promote innovation, efficiency, and differentiation. Moreover, organizations need to anticipate and respond swiftly to geopolitical, economic, and technological changes to remain resilient and gain a competitive edge.
CIPD Assignment Examples List for Various Tasks/ Reports/ Assignments
- Evaluate current developments in the media, technological and economic environments and their significance for people management CIPD 7CO01 Help
- Assess the contribution of people management aimed at improving organisational productivity, creativity and innovation CIPD 7CO01 Help
- Evaluate policy and practice aimed at improving employee wellbeing in an organisation CIPD 7CO01 Help
- Explain the major objectives of people practice and the ways achieving these may benefit employers and employees CIPD 7CO02 Help
- Examine the merits of different models of people practice management, linking them with effective business performance CIPD 7CO02 Help
- Evaluate current developments in the fields of resourcing and performance management CIPD 7CO02 Help
- Critically assess the nature of professionalism in people practice and the role of the CIPD CIPD 7CO02 Help
- Critically assess different ethical standpoints on people practice and the maintenance of high standards of ethical behaviour
- Reflect on levels of self-awareness, self-management and continuous self improvement, leading to improved organisational success and career progression CIPD 7CO03 Help
- Demonstrate curiosity and passion for deep learning CIPD 7CO03 Help