Biggest Challenges of Globalization Business-MyAssignmenthelp.com

Question: Discuss about the Biggest Challenges of Globalization Business Organization. Answer: Introduction: The 21st century has brought several changes in the workplace environment in the world. Several are the factors that are affecting the business and giving it a new and more complex dimension. The complexity in business is attributed to several factors, which are influencing the business practices of different organizations. Some of the affecting factors are political, economy and international communication. It is very important to know first about the factor, which in major contributing in the changing faces of business in the 21st century (Landy and Conte 2016). The 21st century of business is heavily influenced by the globalization and the advancement of technology. These are the two driving forces behind the changes that are happening to the business. Globalization has brought different organizations at the same place. In an advent to search a new market for a better future growth, companies are willing and going to new market. Despite of entire cultural differences, business of different companies are integrating just to serve the purpose of business expansion and the enhanced revenues (Christensen and Schneider 2015). The main purpose of the assignment is to check the work nature of the 21st century and the relevant challenges faced at the workplace. Apart from all the mentioned affecting factors in the above paragraph, some other factors are affecting the business in the 21st century. These are technological advancement in the field of business tools and the ageing workforces, which is a problem for many countries. Technological advancement has given a new face to the business of modern world. It has not only sophisticated the business nature but it has also narrowed down the competition by defining the advancement of business. The technological advancement such as e commerce is narrowing the business competition by enhancing the technological advancement into its inhibitor. However, it has created asset of competition in between the organizations of different nations, which is unstoppable (National Research Council 2013). The complexity of value chain can only be solved with the proper usage of technology and strategies. This is why Walmart has been able to turn the complex form of value chain into its favour. Walmart is by far the biggest company in the world in respect to revenues. The ageing workforces is another strain on the developing countries as these are posing challenging tasks ahead of the respective countrys HRM. The HRM of the respective country has now the challenges to hire the alternate solution to the ageing workforces in many of the developing countries. For example, Singapore is one of the fastest developing countries in the world. However, the country is facing severe challenges of managing its workforce because of the fact that the many of the existing workforces are nearing to the retirement. It has created sufficing amount of challenges to the HRM for hiring the adequate amount of talented and skilled workforce, which could provide an answer to the close to retirement people (Castells 2014). Apart from all these challenges, there are some other challenges, which are posing higher strain on the organization in developing countries. One of those challenges is the communication gaps, which has been mostly resulted because of globalization. Globalization is bringing many organizations under one roof. It is resulting in the integration of people of different cultures at one workplace. This is one of such problem, which is creating problem not only for the communication issues but also for the cultural awareness (Castellano 2013). Employees working in UK are finding chances to work in some of the offshore branches of the Company. The offshore location might possibly be outside of UK, which itself make this happen the integration of diverse culture at the workplace. The main problem behind the integration is the awareness of different employees towards the cultural values if some other countries. The racism activities in UK, Australia and America are widely popular in the world . The racism feeling thus makes this challenging the HRM to maintain a harmony relations inn between the employees of different cultures (Bagley 2015). The HR in the 21st century would have another strain apart from just recruiting and posing etiquettes guidelines. They are now required to bring some effective workout to bring a uniform flow of work. Organizations in developing countries tend to prosper because of their collective workforces. Collective workforces are a key to organizational success (News, 2017). The political factors are also influencing the business of 21st century. This has majorly enhanced with the advent of globalization in different companies across the globe. The companies aspiring to have their business expansion in some other parts of world, they find some solid restrictions from some affecting factors. Political factor of the concerned country is one of those factors, which is affecting the behaviour of business and the resultant outcome. The behaviour of business is highly affected by the political dilemma of the concerned country (OConnor et al. 2012). To understand the point clearly, some examples can be cited such as the political condition in China and India. The political condition in China is quite stable making this a good place for the business purpose. However, the legal and local government rules and regulations are a big strain to the foreign companies. This is because of the fact that Company such as Walmart could not sustain the same success as that of America, Brazil and Netherlands. The Company never took off in China. However, the political condition of India is very different to China. In India, political parties are making use of religious affairs to disturb the harmony and peaceful environment of the nation. The political condition of the country is contributing hugely in discouraging the entrance of foreign companies to some extent. Tata, which is a multinational Company found it difficult to have their good run in Singur in Bengal. However, it succeeded in opening up the plant in Gujarat. This is the main problem in India that political parties do not understand the importance of foreign companies or some other potential companies. The just know their style of working and they feel proud of doing that. Both India and China are the emerging market and two potential markets in the world. However, the fate of foreign companies in both the countries suffers different kinds of retarding forces in the way of their expansion (Ky llonen 2012). The political stability of a country is of utmost urgency for the betterment of business. However, the work of 21st century is bound to face political challenges because of the fact that expansion of business has now become a core asset for many of the multinational companies. The desire to expand more and to have enhanced revenues, companies is heading to the global destinations. There is another factor behind the expansion of different companies into different parts of world, which is the lowering success in the parent country (Greenstein 2012). For example, Walmart headed to China because of the fact that the performance of the company was lowering in its parent country. This is because of the fact that the Company opted to have its expansion in the Chinese market. The potentiality of the Chinese market had attracted Walmart. Walmart is not the only Company, which gets attracted towards the Chinese market. List is endless of such companies, which are attracting towards the Chinese market. This is because of the fact that China is the most emerging market in the world, which is only behind to America in the retailing industry (Suto and Assessment 2013). However, some of the unfavourable conditions in China have opposed the expansion of Walmart as per the expectation. Nevertheless, the political and legal guidelines and rules are posing enormous challenges to the workforce of 21st century. The workforce of 21st century has to face opposition from political parties in terms of political dilemmas, which is very common in India and some other Asian countries. The political dilemma does hamper the concentration of the workforces, which is a threat for a progressive movement in the direction of achieving the organizational objectives (Shore, Coyle-Shapiro and Tetrick 2012). The restructuring of economic society are producing enormous affects on the business of 21st century. The inclination of organizations towards technological advanced tools had brought complexity the processing and enhanced the international competition. The formation of complex structure of organization and the clustering of enterprises have enhanced the complexity of business operations. The rapid changes in the business structure have attracted the integration of technology in the business communication, which has further enhanced the complexity in business operations (Bender 2012). The international trade are now heading towards restructuring in the 21st century. The innovation has also influenced the organizations in going for technological advancement. The increment of competitiveness in the market and the run for the most developed organizations has made the business more complex. The changing economy structure of different organizations in irrespective of the countries has also contributed in the attainment of technically sound skills in workforce. The enhancing desire for attaining the maximum skills is also contributing in the restructuring of economy of different countries (Hanna and Latchem 2013). One of the best examples can be cited of India and China, which are now emerging as two most valued organizations in the market. In the retailing market both India and China are two of the most emerging countries. The advancement of technological skills and the desire to become more innovative in business have contributed hugely in the growth of GDP of the respective country. Singapore, which is a comparatively smaller country, has undoubted ly inspired many other countries. The purchasing power parity (PPP) of the country is enhanced to a next level. Singapore is the largest country in terms of purchasing power parity (PPP). The changing economy of the country is putting enough pressure at the workplace of 21st century. With the advent to maintain a homogenous flow of GDP, countries are putting extra efforts on the production of products. This is because of the fact that an enhanced status of economy status is tough to sustain under the rapid changing environment of business (Passaris, 2017). The changing economy structure of different countries have created the necessity to have skilled and technically advanced workforce in organizations. The hunt for skilled workforce has reduced the importance of lower skilled workers. It has also reduced the importance of manual working to a major extent, which varies from one country to another. The manual form of entry has given way to the computerized form of entry. Stock maintenance is not the part of manual working; Tally and the advanced version of ERP system have widely replaced the manual kind of working. It has put additional pressure on aspiring graduates to technically advance in order to match up with the rapid changing face of business style. The adaptability nature is very much tested in the present day workplaces. It is not only sufficient to be technically advanced but it also requires being adaptive in nature, which allows quick scuffling from one skill to another (Allen and van der Velden 2012). The changing face of workplace in the 21st century is a healthy sign from the organizational perspectives. However, the amount of challenges, which the advancement is carrying with it is posing some serious amount of challenges to the workforce and the management. The challenges, which the advancement has produced in front of the global companies, have created an urgency to be flexible with the changing nature of working. Becoming technically advanced is not the only solution to the created urgency it requires something more, which comes in the form of development of workplace in accordance to the crated urgency. To produce a solid response to the changing nature of workplace of the 21st century, it is necessary for the companies that they have adequate support from the HRM. Moreover, an effective and innovative HRM would certainly find ways out of the problem. The HRM of 21st century has to shift its working domains fro the traditional form of working. References Allen, J. and van der Velden, R., 2012. Skills for the 21st century: Implications for education. Bagley, C.E., 2015.Managers and the legal environment: Strategies for the 21st century. Cengage Learning. Bender, W.N., 2012.Project-based learning: Differentiating instruction for the 21st century. Corwin Press. Castellano, W.G., 2013.Practices for engaging the 21st century workforce: challenges of talent management in a changing workplace. 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