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The future of work in a globalised economy: UK perspective - Essay Example

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Globalisation has become a byword in contemporary times and the term is used to describe the present connectivity of different cities of the world as a result of economic and financial activities".The global village has shrunk as a result of developments in the field of communication and technology…
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The future of work in a globalised economy: UK perspective
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Download file to see previous pages Globalisation has become a byword in contemporary times and the term is used to describe the present connectivity of different cities of the world as a result of economic and financial activities". The global village has shrunk as a result of developments in the field of communication and technology. World capital markets throughout the globe are now interlinked via satellite, networks and technology. Globalisation has linked formerly independent economies. When a cataclysm occurs within a globally linked financial system, the entire global market feels the ripples of the event. Businesses are no longer isolated entities that operate autonomously.Globalisation has developed along two main streams namely economic and cultural. Economic interdependence is the context of globalisation for the majority. At the dawn of the 21st century, "the scale and magnitude of global economic interaction appears to be unprecedented Contemporary patterns of economic globalisation suggest the emergence of a new international division of labour." (Brahm 2005) Many would argue that globalisation has benefited the wealthier nations and pushed developing nations into disadvantaged positions. There are perceived advantages and disadvantages in globalisation. "Some would view globalisation as a factor that divides and widens the disparity between the rich and poor nations". Others would view globalisation as an instrument of peace. They argue that countries that are trading partners are less likely to wage war against each other.
Work and Globalisation
Globalisation has changed the nature of work across the globe. Since globalisation initiated intense competition among companies, the need to be more productive and at the same time cost effective took precedence over other essential needs to succeed in the global market place. Hence, job tenure was affected. In order to reduce cost, "companies would opt to go into fixed term contracts that effectively eliminate underlying expenditures of employment". With fixed term contracts, a company can negotiate for lower wages without the need to consider retirement and health benefits. Effectively, the scheme would save the company some money. Secure employment contracts are replaced with non-standard forms of employment (Debrah & Smith 2002, p.9)
Another effect of globalisation is the apparent unilateralism in companies where the demands of unionism and organised labour are ignored (Debrah & Smith 2002, pp. 8-9). Globalisation demands that the labour market become more flexible concerning wages, functions and numbers (p.9). The social contract between employer and employee also takes on another characteristic because employers can no longer guarantee job security to their employees in exchange for the service rendered. The permanent job will soon be replaced with fixed term contracts or part-time work.
Business strategies focus on performance and this has affected how people work, their drive to keep up with the times and the struggle to juggle responsibilities at work and at home. As the hours get longer and the tasks become more complex, it is inevitable that at some point, quality suffers and employee performance deteriorates. In contemporary times, absentee parent is a common occurrence. A 12-hour work schedule is sometimes imperative because employers would demand employees to produce more results to get ahead in the game. Aside from the workplace ecology, there is also a change in the characteristics of the work force composition. In recent years, more women are entering the labor sector. More workers belong to non-traditional family forms and these had contributed to more conflicts faced by these men ...Download file to see next pagesRead More
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