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Globalization And The Effects On The United States Economy

969 words - 4 pages

Human Resources

Multinational corporations (MNC’s) have a larger set of issues they need to take care when dealing with operations of their business. The human resource department deals with a number of various tasks when working with employees. From employee benefits to training the human resources department has the daunting task on staying current with company standards and policies. Globalization has been viewed as having numerous negative impacts regarding human resources; job destruction, unemployment, child labor exploitation, and erosion of labor union (Ukpere, 2009). The human resource managers need to incorporate four basic roles to ensure their companies success in the ...view middle of the document...

The increase in healthcare costs has forced employers to shift a majority of the healthcare benefit cost to the employee by increasing the deductible amount or increasing the co-payment amount (Fox, 2010). Another area for concern for employee recruitment and retention is the retirement benefits offered by employers. It was not so long ago that an employee could base their retirement benefits off of the amount of years they worked for a particular employer and be guaranteed a percentage based on that assumption. Many businesses and corporations have restructured their retirement benefits package from pensions to defined employee contribution programs such as 401k’s.
Legal
When conducting business in a foreign location, businesses need to be aware of the legal differences and implications regarding business operations and employee rights. The human resource department needs to take the precautionary measures and become well versed in the host countries employment laws and regulations. Operating in foreign locations, whether it be another state or country, may impose different tax laws which need to be adhered too.
Culture
Operating in a new location businesses need to be aware of the cultural differences which may arise. Culture is the result from common experiences of members transmitted across from generations, providing the underlying norms which guide how people, think, act, and behave (cite). Prior to relocating a business or a portion of the business, it is important to understand the culture of the host location. The human resource department needs to implement a proper training and readiness program along with conducting an extensive interviewing process to ensure the personnel chosen for the assignment are capable of representing the business in professional manner.

Works Cited

Ateş, D. (2008). CIVILIZATION AND UNIVERSAL HISTORY IN CONCEPTUALIZING GLOBALIZATION. Zonguldak Karaelmas University Journal Of Social Sciences, 4(8), 173-188.
Champy, J. (2008). Is Global Trade a Threat or Opportunity? (cover story). Financial Executive, 24(1), 36-41.
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