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GLOBALISTION'S IMPACT ON EMPLOYMENT (New professions have emerged as a…
GLOBALISTION'S IMPACT ON EMPLOYMENT
Competition from low wage countries
Overall more positive gains than losses
losses in one country / industry are gained elsewhere
Little impact or benefit to those that lose their jobs
New professions have emerged as a result of globalisation
HR
Finance
Hospitality
Higher value added roles
75% of job losses are as a result of Technology
An indirect result of globalisation
Rise in inequality of wages in countries
Also due to Institutional, Political and Technological change
Offshoring
Competition from low wage countries
Loss of jobs in unskilled labour in developed countries
Rise in unemployment
Drop in rates of pay in developed nations to compete with developing nations
ie NAFTA
US pay dropped to compete with Mexican
Multinationals save money by off-shoring
Still pay higher locally
Minimal impact between developed nations
Trade may not impact sales, just provide choice
ie - As many cars sold by France to Germany as Germany to France