Question

Describe one of the major challenges caused by globalization. Why did you choose to discuss this challenge? Use terms and theory from the textbook to describe this challenge and possible solutions.

Christian Biblical Context is welcomed

Answer 1

Globalization is a term used to explain how economies, citizens and industries around the world are becoming more integrated, as factors such as technology, trade, media and global finance make it easier for products, services, ideas and people to cross conventional borders and boundaries. Globalization offers both benefits and threats. It will create enormous potential for economic development to boost a lot of people's quality of life. As businesses globalize and move their activities between countries to take advantage of the lower costs of doing business in other world regions, it can also lead to problems with the health of workers, economies and the climate.

Not unexpectedly, 30 per cent of U.S. and UK tech leaders cited foreign recruitment as their most common obstacle. The cross-border recruitment creates unknowns for HR teams. Next, businesses develop a strategy for how they can interview applicants and thoroughly vet them to ensure they are eligible because thousands of miles separate them from headquarters. First, in order to make fair deals, employers need to learn the consumer demands for wages and benefits. HR teams must factor in obstacles such as time zones, cultural differences and language barriers to find a suitable match for the business and ensure successful hires.

Immigration challenges create a lot of problems internally, which is why 28% of tech leaders in the U.S. and UK decided that it was one of their biggest challenges. Immigration regulations also change, and in some countries visas for workers who are foreign nationals are highly difficult to obtain. For example, the U.S. is becoming more stringent in issuing H-1B visas, and Brexit is unclear about the future of immigration into the UK.

Another obstacle that both U.S. and UK tech leaders said they face in the study is incurring taxes and export fees—29 per cent agreed that this is a problem that their global companies. Depending on the market, it can be costly for businesses looking to sell goods internationally to get those things out of the country. Another common challenge to global expansion is handling overseas payroll and keeping up with changing jobs and tax laws. If you are trying to handle activities in different countries, this management job gets much more difficult.

Firstly, we need to make people-centered development a priority. This includes a wide variety of structural policies, ranging from social security and constructive labor market policies to strategic investment in education, training, innovation and physical infrastructure. Developing a new social contract for the era of global migration, concentrating on gender equality, migrant migration, early childhood education, ageing and strengthening linkages between rural and urban areas, to name but a few. In the case of China, as it moves to the "New Standard", ensuring that no one is left behind is important.

Second, we must counter the dark side of globalization and restore trust in global markets and global integration. The prevalence of high-level scandals of corruption, tax avoidance and tax evasion took their toll. Such developments need to be reversed and social reforms complemented with policies that foster openness and cultivate a culture of integrity. We need an efficient and fair global tax system, extensive and multilateral anti-corruption tools, instruments to combat counterfeiting and control lobbying, rigorous standards of responsible business conduct and good corporate governance.