course hero, which of the following are challenges in dealing with globalization?

What are the main challenges of globalization?

What Are the Challenges of Globalization?International Recruiting. ... Managing Employee Immigration. ... Incurring Tariffs and Export Fees. ... Payroll and Compliance Challenges. ... Loss of Cultural Identity. ... Foreign Worker Exploitation. ... Global Expansion Difficulties. ... Immigration Challenges and Local Job Loss.

What are the challenges of globalization in the Philippines?

In the Philippines, globalization worsens the already poor situation of the masses. It sends millions of Filipinos to work on a global stage where there is shortage of laborers, skilled, domestic and professional workers.

Why is globalization a challenge to strategic management?

1.0 Introduction. Globalisation, uncertainty and turbulence in the global environment has increased complexity of making strategic decisions and choices. This has in turn made firms face intense competition from domestic and global firms. As a result, firms face intense pressure to internationalise their operations.

What are the 5 important concepts of globalization presented in the chapter?

The growth in cross-border economic activities takes five principal forms: (1) international trade; (2) foreign direct investment; (3) capital market flows; (4) migration (movement of labor); and (5) diffusion of technology (Stiglitz, 2003).

What are the challenges to the family that are brought by globalization?

Families are faced with the task of processing the onslaught of international news and international communication technology and putting them in a manageable perspective. Another challenge for families is the domination of some cultures in the globalization process.

What are the challenges of global governance in the twenty first century?

Ethnic conflicts, infectious diseases, climate change, food insecurity, and other pressing threats, are increasingly threatening global security and stability, prompting doubts about the ability of the current global governance order to respond to the challenges plaguing the 21st century.

What are the challenges of strategic management?

The five most common challenges in executing a strategic plan are:Poor goal setting. ... Lack of alignment. ... Inability to track progress. ... People not connected to the strategy. ... No measurements or leading indicators.

What factors are the challenges to strategic management in the globalization of market economy?

Based on review of selected papers, the study recapitalizes seven global challenges facing the SMEs in the era of globalization - 1) market competition, 2)global financial and economic crisis, 3) information communication technology, 4)MNCs, 5) TNCs, 5) change in consumer profile and preferences, 6) international ...

What are the common challenges faced by an organization while managing innovations?

9 Challenges Hindering Innovation in Your OrganizationEmployees aren't empowered to innovate. ... Employees aren't motivated to innovate. ... You're missing an innovation strategy. ... Innovation is centralized to one functional group. ... Lack of collaboration. ... Lack of diversity. ... Current product offerings are successful.More items...•

What are the 4 factors of globalization?

Furthermore, these factors cover all the four major aspects of globalization i.e. economic, financial, political, social and technological.

What are the 4 characteristics of globalization?

In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization: trade and transactions, capital and investment movements, migration and movement of people, and the dissemination of knowledge.

What are the 4 stages of globalization?

Stages in Globalization/Stages of GlobalizationDomestic Company.International Company.Multinational Company.Global.Transactional Company.

What are the negative impacts of globalization in the Philippines?

The widening of the gap between the rich and poor people, a result of globalization, puts the Philippines deeper in the quicksand of poverty and also causes social injustices among men. The deprivation of jobs and resources from its own citizens causes the people to die unattended.

What are the examples of globalization in the Philippines?

Overseas workers send about 10.7 billion dollars back home to their families. Which in return helps the Philippine's economy. This is considered an example of globalization because it opened the economy to foreign trade and policy.

What is the cause of globalization in the Philippines?

There are three major forces that have contributed importantly to the process of financial globalization and these are the (i) liberalization of capital movements and deregulation of financial services, (ii) the opening of markets to trade and investment spurring the growth of international competition and (iii) the ...

What are the 5 negative effects of globalization?

While it can benefit nations, there are also several negative effects of globalization....Cons of globalization include:Unequal economic growth. ... Lack of local businesses. ... Increases potential global recessions. ... Exploits cheaper labor markets. ... Causes job displacement.

What are the challenges of globalization?

Globalization presents challenges for multinational corporations in terms of capital investment and leadership. Setting up a business in a new country, especially a developing country, requires substantial upfront capital. The needed infrastructure may not be in place.

How does globalization help businesses?

Globalization also means that businesses can realize greater profits by tapping into previously untouched markets and taking advantage of lower local costs. By expanding into new countries, businesses reach markets that are hungry for their novel goods and eager to pay top dollar for them.

Why is a diversified workforce important?

Promoting a diversified workforce: Businesses operating globally attract employees from all over the world. They are likely to draw management staff from the countries where they maintain a presence and employ laborers in a country where labor is relatively affordable. Learning to manage a culturally diverse staff can be both a benefit and a challenge to a multinational business.

What is the effect of increased competition?

This increased competition means companies must keep up with cutting-edge developments and stay assertive in the global marketplace to survive.

How does international cooperation benefit the world?

International cooperation has a number of tangible benefits. 1. Increased Flow of Capital. The economic benefits of globalization to much of the world are hard to ignore. Increased trade to larger and more diverse markets results in greater revenues and increased gross domestic product (GDP).

What are the four pillars of global connectedness?

Increased flow of trade, capital, information, and people: The DHL Global Connectedness Index, in partnership with NYU’s Stern School of Business, has identified these four elements as the four pillars of global connectedness. All these elements except capital saw moderate growth worldwide in 2018.

Why is global competition important?

Global competition in the markets leads to both quality and affordability. As consumers realize they have a variety of options from all corners of the globe, they will choose to purchase the best and cheapest options, requiring companies to enhance quality and provide affordable prices if they wish to remain competitive. The outsourcing of work also contributes to lower prices, as many companies hire foreign laborers to do the work for lower pay.

How does globalization affect culture?

Globalization also contributes to a less diverse global culture, with many countries' unique cultural traditions increasingly influenced by capitalist Western countries.

What are the problems of globalization?

What Are the Problems With Globalization? Globalization poses many problems, including increased economic gains for already powerful countries at the expense of developing countries, a more homogeneous global culture overall and a host of negative environmental effects.

Why is globalization bad?

One of the largest problems with globalization is that it operates mostly in the interest of economically developed countries that already control the global economy. Developing countries often serve merely as resources for Western nations such as the United States and the United Kingdom, offering cheap labor and raw materials. There is no certainty that a Western corporation's presence in a developing country actually brings increased economic prosperity. Often these companies send profits back to the countries in which they are based. Additionally, the highly competitive prices these corporations offer can drive local companies out of business.

What is Globalization?

Before discussing the benefits and challenges of globalization, it’s essential to have a strong understanding of what the term means.

How does globalization affect the economy?

It also increases global competition, which drives prices down and creates a larger variety of choices for consumers . Lowered costs help people in both developing and already-developed countries live better on less money.

What are the challenges of international recruiting?

Recruiting across borders creates unknowns for HR teams. First, companies create a plan for how they will interview and thoroughly vet candidates to make sure they are qualified when thousands of miles separate them from headquarters. Next, companies need to know the market’s demands for salaries and benefits to make competitive offers. To ensure successful hires, HR teams must factor in challenges like time zones, cultural differences, and language barriers to find a good fit for the company.

Why do businesses need to expand overseas?

Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.

Why don't people notice globalization?

Because the world is already so connected, most people don’t notice globalization at work every single day. But the world is getting smaller, and companies need to understand what this means for the future of doing business. Companies that don’t embrace globalization risk losing a competitive advantage, which allows other businesses to take over new opportunities in the global marketplace.

What are the challenges of global expansion?

Another common global expansion obstacle is managing overseas payroll and maintaining compliance with changing employment and tax laws. This management task gets even more difficult if you’re trying to manage operations in multiple markets.

What are the benefits of globalization?

But those who decide to take on international expansion find several benefits, including: 1. Access to New Cultures. Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art.

Globalization Challenges

This course on the context of international business provides an overview of the environments in which international business has existed in the past and how it operates in the present. First, the theory and history of international trade and the place of business in global trade are summarized.

Skills You'll Learn

A hallmark of recent decades has been the very rapid growth of international trade. This week we will define globalization, survey some of its successes, and will review its challenges and criticisms. We will conclude with a case study of an emerging technology that may well greatly accelerate the rapid pace of globalization!