The role that Economic Factors play


Globalization and technology are two important economic factors that have made the world a smaller place as now it is much easier to communicate and know about other countries. This has enabled people to gather a lot of information and in turn be able to visit places for various purposes including education and occupation. Globalization has greatly benefitted a number of developing countries, through international trade as well as providing them with a number of opportunities in the form of outsourcing and information technology plays a major role in having enabled this.

Information and technology are great enablers of globalization. Globalization has changed the face of trade and commerce all over the world and the developing countries are the ones who have greatly benefitted out of this. Information and technology have enabled them to communicate effectively as well as efficiently. Outsourcing of business processes as well as knowledge processes is one of the most important outcomes of globalization that has greatly benefited developing countries. It has helped in creation of jobs and revenue as well as setting up of a number of companies in developing countries like India and China. This has led to migration for the purpose of business and other purposes. The difference in the economic conditions of two countries as well as their levels of growth and development has led to economic migration.

Lady using a tablet
Lady using a tablet


Essay Writers

Lady Using Tablet

Get your grade
or your money back

using our Essay Writing Service!

Essay Writing Service

Information in today's world of business creates opportunities and provides competitive edge. Timeliness and accuracy of information are very essential to a business. The present business scenario is well developed and well equipped with sophisticated technology to handle bulks of information. But the most important task is the filtering of useful and critical information. This makes information management a very important function and a criterion to achieve operational efficiency.

Globalization has led to developing countries being technologically advanced; implying that organizations operating in these countries are advancing with technology and using technology to develop at a rapid pace. They are able to manage great amounts of information in such a way that they are becoming knowledge capitals. A knowledge capital becomes a place with better opportunities for people and hence causes migration. People also go back to their native countries and share the knowledge that they gain from migration with the people there, thus causing further progress for the nation. International migration is considered to benefit individuals and society as they have better opportunities when they travel around the world for their own benefits, with the aim of learning and achieving (, 2010).

Modern day technological developments make it possible for firms to just adapt an already formulated MIS or get a customized MIS to suit specific business needs. A firm would assess its various options and alternatives. All of this has enabled firms in developing countries to take up outsourcing of business processes as well as knowledge processes. For example, a number of BPO's in India including Accenture and Hewlett Packard are into voice processing and customer care services as well as tele - marketing for companies in the USA and the UK. Ernst and Young is into American taxation and risk management for a number of American companies. All of this indicates that outsourcing has been a major impact as well as catalyst in the process of globalization (, 2009).

Not just these but multinational firms are able to enter developing countries. Wal-Mart is a classic example of a firm that has entered developing countries and has benefitted them by providing value to customers (, 2009). A number of international brands are also able to sell in developing countries due to globalization. Wal-Mart can grow and not stagnate or face extreme challenges due to changes in the macro environment. Wal-Mart needs to be proactive and be prepared to face the challenges that change would create in the operating environment. Wal-Mart has so far, adapted very well to various industry forces in the retail industry in order to stay as a predominant market player. Wal-Mart has sustained in the same industry for 40 years and now is well versed with the industrial environment as a player or a firm in the retail industry. A similar trend is expected to continue even in the future. Thus using human resource information systems would prove highly beneficial for Wal-Mart's progress and success (, 2009).

Lady using a tablet
Lady using a tablet


Writing Services

Lady Using Tablet

Always on Time

Marked to Standard

Order Now

The human resources form an important asset of every organization. Acquiring and retaining human resources are very essential for every organization. Enhancing their skills and increasing their value are also important strategic goals of every HR department in various organizations. Training, seminars, conferences, cross functional teams and many other forms are used on the job as well as off the job in order to enhance the value of the human resources. This helps the employees grow and also ensures that the organization has a dynamic and non-stagnate human force. One of the most important measures of talent and growth is performance measurement and managing employee performance. When people get more opportunity to perform better in a foreign land, or feel that the competition in the home country is enormous they seek out better options in foreign nations. This enables them to earn better and also feel more secured (Aouad et al, 1999).

Migration also helps in people being able to make new discoveries and innovate. They tend to come up with new ideas and product innovations. As creativity is based on information collection and generation of newer perspectives, migration helps achieve all of this and in trn leads to product innovation. It is important to create continuous learning and encourage innovation in an organization, especially a technology oriented organization. This would lead to dynamism in an organization and avoid stagnation of any sort. This would help bring in new product development in an organization and prove to be of great importance. This is so because in order to stay competitive in the market and to develop new customer bases as well as a loyal and satisfied customer base, I would want to ensure that there are new and interesting as well as extremely useful products. They can help achieve cognitive transitions.

Migration is a result of differences in benefits and availability as well as economic disparity in different nations. The cause for migration ranges from professional to personal benefits like a better lifestyle and access to better facilities and services. It is extremely important that a nation focuses on developing its opportunities along with the resources in order to ensure that there is sufficient growth and people are not required to migrate. Instead a nation should look at bringing in more people from different nations to the home nation in order to include their contribution in the economic development of the country.

They would ensure is that there is a managerial transition as well as a cognitive transition. This helps the firm develop and also be open to new ideas. As there is more and more learning in the organization, automatically there would be a chance for a break through innovation. This increased probability of new product development leads to higher success rates of the company and at the same time leads to development of competencies, provides a higher competitive advantage and also helps handle competition in a better way. Implementing all of these in an organization would definitely bring in better revenues and help an organization propel ahead of competitors. Innovative products, when patented also help create entry barriers in the industry and reduce the threat of new entrants. All of this helps the organization create and acquire favorable conditions in the industry as well as the environment. The advantage that these concepts of developing a strong new product development process are extremely helpful to organizations as they can help transform organizations and obtain a better format of planned and intervened new product development.

Entrepreneurship refers to the commercialization of a business plan and its implementation in order to be able to create new opportunities through innovative ideas and networking as well as marketing. It also is one of the reasons why people migrate. Migration helps entrepreneurs to grow and thrive. There are various aspects of entrepreneurship that signify that migration can help them in a great way.

Entrepreneurship refers to the art or skill of influencing people to willfully accept and implement what the leader says, and also motivates the people to do so. Entrepreneurship is an extremely important skill required for efficient and effective management in each and every field, especially when people have to work in teams. Entrepreneurship has certain traits inherent and common to it. Yet every leader has his own distinct way or style of managing and leading people. Entrepreneurship can be developed if these different styles are understood and then correctly implemented as well as practiced. This can help a manger become effective as well as popular.

Lady using a tablet
Lady using a tablet

This Essay is

a Student's Work

Lady Using Tablet

This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

Examples of our work

Entrepreneurship greatly involves accomplishment of tasks through other people. It is very essential that a leader does understand the core of a business and its success in the form of tasks. Along with this it is also essential that a leader knows and understands the interests of the people he manages in order to be able to motivate them sufficiently. Thus, as stated in the question, collaboration and accountability are highly essential in Entrepreneurship, more so in the current corporate world which combines specialization and generalization. It is very essential that an appropriate balance is created in order to make Entrepreneurship highly effective as well as efficient.

Emotional intelligence has been considered as a very important trait that a leader should possess in order to be able to manage people. It helps him not just understand as to what affects his subordinates, what motivates them and what de motivates them, but it also helps them to take advantage of this knowledge of theirs in order to influence people and their actions. This is one of the traits that is most appreciated about leaders as they can get work done efficiently and still be admired for their effectiveness in managing people.

Change initiating leaders do not rely on just getting the tasks or work done. They strongly believe in team work and clearly understand the fact that they can move ahead only if the team does well and moves ahead. They believe in seeking everybody's co-operation and contribution in order to get a task done. They realize the importance of a task being done willingly contrary to it being done forcefully or under pressure or fear. This distinguishes a leader from a manager and also effectiveness from efficiency in Entrepreneurship. This trait of emotional intelligence can create a lot many admirers among the followers of a leader (Ali et al, 2002).

To conclude, the world is getting dynamic, more than ever and change, innovation, entrepreneurship, globalization, information and technology are some of the aspects along with ease of movement and growing opportunities that has made migration both easy and necessary for succeeding as well as learning.