Globalization: Social And Economic Transformations

In modern societies, profound social and economic transformations have occurred in the last two decades. These changes are called globalization, Which includes the decreasing significance of national boundaries for all types of economic transactions; Increasing worldwide interconnection through the revolution of communication and information technology. Stronger tax competition between countries assisted by privatization, deregulation, and liberalization of local industries and markets and the increasing value and exposure to the unexpected disturbances of the world market (see Mills and Blossfeld, 2005). The nature of globalization seems to have gradually changed. Specifically, a structural change occurs within firms and between firms in the same industries, not between different industries as before (Baldwin, 2016). This change affects the relative demand for various types of employment: Some professions are facing decreasing demand when their tasks are moved to foreign countries, while others are experiencing increased demand as a result of globalization. Globalization assurances such as reduced prices, more choice, greater freedom, higher standard of living, and wealth (Edwards, 1998) seem to be accompanied by painful adjustment effects, especially in more advanced industrial societies. Pay cuts, job losses, redundancies, bankruptcies, and failed companies have led to the perception that globalization down the welfare state, decreases job security and rises job mobility and job losses, and signals a break with past internal labor markets. Globalization is a mainstream and debatable issue at the moment, although a loose and poorly understood concept often remains. The term is sometimes used too extensively to cover increases in trade and liberalization policies but also reduces transport costs and technology transfer. Globalization's effect on employment is strongly influenced by its impact on overall and sector-based economic growth. With globalization, the economic structure tends to be closer to the country's competitive advantage. Sector shares will change differently depending on the natural and human resource faculties of the country, existing infrastructure and technological capabilities, and the level to which the domestic economy has been previously revealed to international competition.

The term globalization has increasingly been used over the past decade to refer to a set of qualitative changes in the international economy which are associated with increases in international trade in goods and services, greater flows of foreign direct investment, and growth in international financial trans-actions (Wade 1996). These changes involve a higher level of competition across a wide range of markets as well as higher levels of international economic activity interconnections. In the epoch of globalization, especially in the global market, the performance of employers is determined by a combination of knowledge and skills. To broaden the vision of today's challenging workforce environment dealing with market globalization, various types of knowledge and skills should be imparted.

Save your time!
We can take care of your essay

• Proper editing and formatting
• Free revision, title page, and bibliography
• Flexible prices and money-back guarantee

Place Order

The impact of globalization has altered the international situation to where human resources now represent a key role in raising a country's development and infrastructure. In addition, globalization provides various opportunities to share knowledge, technology, social value, and behavioral standards and to promote development at 211 different levels, along with employees and organizations across cultures and countries. This phenomenon has been met by the trend of globalization leading to the different demand in employee skills. Employees with a variety of skills and knowledge will benefit from being integrated into the global economy, while those who lack skills and knowledge will fall further back. The organization requires two kinds of skills- hard skills and soft skills. Most researchers stress the importance of soft skills valued by employers rather than focusing heavily on intellectual skills. Organizations want highly trained employees with educational, technical, and social skills to satisfy the needs of ever-changing technology, international competition, and increasing social diversity. As traditional career paths are disappearing and life-long work is scarce, the employability of business graduates should be guided nowadays. A business graduate who wants to be successful in the labor market must be keen to develop his or her employability, i.e. to develop transferable skills such as critical thinking, problem-solving, data handling, communication, teamwork, etc. It is no longer enough to obtain a diploma. Instead, skills in employability learned in a professional context should be key predictors of career success.

In many developed countries, there has been a significant change from product industries to multiple services industries in the last few decades. This has resulted in multiple changes in the types of employability skills required by employers and a change from full-time work to more part-time and flexible practices. Investigating career patterns and employability in Australia, Clarke observed that career patterns were becoming less traditional as individuals now have an inclined responsibility to manage their own careers themselves. In addition, self-perceptions of relevant employability skills in this context have been found to be linked to future career orientation and the degree of mobility of employees in their jobs. As another example of changing employability skills, Nilsson found that the value of formal and technical vocational skills is decreasing for engineering graduates entering the Swedish labor market. In this context, in terms of employment, personal attributes and soft skills such as leadership and interpersonal skills are more important. The GLOBALIFE project is the first econometric analysis of the effects of the globalization process on individual life courses and thus on the development of social inequality in a range of European and North American societies. The analysis of the GLOBALIFE project shows that young people face a sharp rise in uncertainty when they enter the labor market. These uncertainties are particularly evident in the form of a significant increase in precarious, atypical forms of employment (e.g. short-term jobs, part-time jobs, precarious forms of self-employment, and lower-income compared to older cohorts). These developments tend to make youth the 'losers' of the process of globalization. The concrete impact of the globalization process on young adults ' labor market positions varies depending on the specific welfare state and labor market regime. Southern Europe's strong insider-outsider markets (but partly Germany as well) disclose growing phases of unemployment and all short-term employment contracts. Forms of precarious self-employment can be found, especially in Southern Europe. In the Netherlands, there is a significant incline in part-time jobs for young people; and in the open employment systems of the liberal countries, the effects of the globalization process are evident throughout generations, especially in increasing youth income losses.

It is a global trend to outsource manufacturing and service work to reduce labor cost economies. In this way, Ireland alone lost more than 10,000 jobs, along with more than 4,000 manufacturing jobs. While hitherto lower-level jobs have been the targets of this international competition, Poland's recent loss of 200 professional accountancy jobs indicates a wider threat. It is becoming clear that many low-cost countries have excellent educational institutions and are increasingly adopting English as their preferred second language. They are also closer to large markets, such as mainland Europe, in terms of their own manufacturing base for the new accession states to the EU and China itself. The loss of 2.1 million manufacturing jobs in the past three years by the United States of America is of deep concern to many states and is becoming a big problem in presidential campaigns. During this period, California alone lost 300,000 manufacturing jobs. Since 2001, the EU15 has lost about 1.5 million production jobs and this trend continues. There is a major migration of manufacturing jobs to China in Taiwan and Japan. This has led to an increase in many sectors losing well-paid jobs.