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Globalization: Human Resource Management Systems Are Key To Success

2052 words - 8 pages

Today’s business environment is changing at a breaking pace. The rampant pace of global competition, the speeds of technological developments, rapidly changing demographics, and the incredible increase in information technology have resulted in a business environment that changes day to day, hour to hour. To remain competitive in such a dynamic environment, businesses must continually improve their human resource management systems and organizational changes. Managers must continually be looking for ways to improve all aspects of the employment relationships.
International Capital Flows
The extent of international flows of capital and of the information needed to make investment decisions can provide further evidence of international economic interdependence. Today, gross flows of short-term capital in particular are huge by long-term historical standards. In the gold standard era up until World War I, bonds were the dominant means of raising long-term capital. After the collapse of the Bretton Woods system in the early 1970s, syndicated bank lending became the dominant instrument. The position changed again in the 1990s as foreign-direct investment (FDI) grew exceptionally in importance, with equity finance, bonds and bank lending also playing a role. Different financial instruments have been used as indicators of international capital mobility, but financial crises arose in all of the periods mentioned. New and improved financial instruments or systems will be created and look upon as great tools of international flexibility. Although, history has proved nothing lasts forever.

International Flow of Labor
Technological advances have dramatically reduced the costs associated to international travel. The lower transportation cost of today has had an abundance of people traveling around the world far more than they use to. A large portion of all travel today is not only for leisure purposes, but rather international business trips and short-term stays in foreign countries are part of current globalization. The short-term business and holiday travelers, mentioned previously, are faced with light restrictions in many countries. However, public policy in many countries restricts the rights that individuals have to settle and work in a foreign country.
     Long-term international migration is not occurring on a huge scale (by historical standards), in spite of the significant migration pressures that exist currently in our global economy where wages for workers with similar skills vary hugely between countries at different stages of development. Even though migration is not occurring on a huge scale, the number of workers from Mexico that have migrated to the US is quite high due to the fact that their wages have increased ten fold. Immigration into the US was much higher at the beginning of the 20th century than recently. During the late 1990s the US accepted approximately one million immigrants...

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