Reference no: EM13778545

Respond to the below statement and should be a minimum of 150 words and include direct questions. 

Globalization 

Human Resources play a significant role with a variation of functions. Human resources managers frame the workforce scheme and also regulate the functional developments essential to encounter organizational goalmouths. Their job entails proficiency as an HR specialist, which simply means they ought to be acquainted with every human resources guiding principle. Globalization makes available opportunities for businesses to capitalize in foreign markets and to achieve admission to innovative capital. A significant apprehension in achieving financial outcomes through globalization is the influence it has on the overall organization. Did you know, the role of contemporary human resource departments is to strategically focus on organizations long-term goals? Rather than focusing entirely on internal human resource subjects, more prominently contemporary human resource department takes a sensible and comprehensive line of attack. 

Globalization influences organizations that compete for customers with high expectations for performance, quality, and cost. Globalization also exerts pressure on the Human Resource Management (HRM) function to adapt to changing organizational needs and add greater value. 

Pros of Globalization 

Think about this due to the existence of a worldwide market, there is an upsurge in the production sector and there are several alternatives for investments for diverse corporations. There is a worldwide market for the corporations and for the consumers there is a superior entrance to merchandises from different countries. There is a steady cash flow into the developing countries, which progressively drops the dollar bill difference. Did you know the pro of globalization has produced interdependent markets that climax the pros and cons of leveraging foreign exchange? Many proponents of global industry discourse that joint benefits originate from the global specialization of merchandises and services. The universal standpoint is the benefits of globalization outweigh the economic and social costs by achieving higher efficiency. 

Cons of Globalization 

Environment degradation is one of the significant cons of globalization. The industrial revolution has altered the outlook of the economy. Industries are utilizing natural resources by way of removal, penetrating, etc. Although globalization has unlocked innovative opportunities like extensive markets and employment, there still is disparity in the progress of the economies. 

Impact of Globalization 

"Globalization is much more than an economic phenomenon. The technological and political changes that drive the process of economic globalization have massive noneconomic consequences" (Fisher, 2003). Globalization has made very free trade and business. It has also helped improve communication around the globe. It has potential to make this world a better place to live in. It is changing the political scenario thus deep-seated problems like unemployment; poverty and shift in power are coming to the picture. The marginal are getting a chance to exhibit themselves in the world market. The term "brand" is catching up in the Asian countries. 

How has the economic downturn impacted trends in protectionism and nationalism? 

Plentiful has been written about how the global downturn is generating additional protectionism or economic nationalism in favors to both trade and finance. The trade decline has of course armored the growth downturn, particularly in export-dependent economies ranging in like Japan to Singapore. According to Gary Hufbauer "This synchronized global downturn could only happen because of the many coinciding causes: excesses in real estate, construction, financial markets, stock building, and conspicuous consumption and investment with low internal rates of return" (2003). Remember the global recession has sparked a sharp decline in economic trade volumes. 

Reference: 

S, F. (2003). Globalization and its challenges. The American Economic Review, 93(2), 1-30.

Bishop, T., Reinke, J., & Adams, T. (2011). Globalization: Trends and Perspectives. Journal of International Business Research, 10(1), 117-130. 

Haufbuar. G. (2003).International Economy. The Magazine of International Economic Policy. https://www.international-economy.com/TIE_Sp09_WorldTrade.pdf