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Essay about Globalization: Human Resource Management Systems Are Key To Success

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Introduction
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 h...


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...cess and enhance the attractiveness of global assignments, which in turn would develop a global workforce and framework of global managers. Although, as firms become more geographically and culturally dispersed, it becomes more difficult for headquarters to identify and track factors bearing on competitiveness.
Conclusion
IHRM within global businesses need to secure and maintain international competitive advantage through continual innovation, which is driven by relaxed positioning allocation systems as well as development, retention systems for staffing, governance and rewards. However, an organizational decline in innovative activity eventually leads to some form of retrenchment in HRM systems. Moreover, companies failing to keep up with state of the art technology, up to date policies and practices, risk weakening their global competitive positioning. Employees will then find themselves with a declining standard of living because productivity gains will not generate enough revenue to advance their general social welfare. IHRM systems need to focus outside of the box to be successful at attacking important issues, which will in turn create positive organisational change.




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