Impact Of Globalisation On Developing Countries Economics Essay

Impact Of Globalisation On Developing Countries Economics Essay The negative impact is in the world economy due to globalisation especially to the developing countries can be easily described in ten points. According to the current financial crisis mainly developing countrys trade will suffer and the World Bank is predicting that trade will fall by 2.5% in 2009-2010, which would be the first decline in global trade flows since 1982. Many investors are frustrated that it is so difficult to establish different production and manufacturing industries in those developing countries due to having many obstacles and slowdown factors even before the crisis began. Some economists argue that the situation is currently declining and the downturn in trade has aspects which are particularly worrying for developing and emerging economies. There are some factors which are relatively important and can be describes as slowdown factors for the developing countries or poor nations. The factors are describes below. Instability Globalisation faces enormous resistance especially in the third world. The defender of globalisation argues that globalisation could not solve the entire problem. It has been accompanied by increasing instability in hundreds of countries during the last three decades. So poor nations become poorer and rich countries become richer in the world. The poor countries follow the rules and regulations of international agreements to open their market. But they fail to gain the success for lack of knowledge and information and large risks associated with this policy. Then they lose their money, wealth and sometimes resources. Most developing countries are weak and are deprived of a social safety net. Economic crisis Most growing economies in South East Asia and South Korea have suffered major economic crises in their currency and markets and in employment. The crisis is due to sudden withdrawal of short-term funds by western investors and large scale short-selling on foreign exchange and equity markets by speculators. The example can be the Asian crisis that began in the 1990s with financial meltdown in Russia in August 1998 and severe turbulence in Latin American markets particularly in Brazil and Argentina. Poverty There were 864 million people in poverty in the world due to globalisation and this is another factor. Although most poverty is predominant in countries like Africa and South East Asia, even people in China and India ,due to globalisation, are living on less than $1 per day. Whereas in developed nations the minimum wage is $7 per hour and people have a more comfortable life. Having political issues and a lack of skilled workers, degraded environment, and destroyed original culture and the pressure from IMF, USA, WTO, developing nations economies are deteriorating, Many countries have suffered increasing poverty. In East Asia and the Pacific, the rate rose from 2.1 in 1970 to 5.4 in 2009 and in South Asia rose from 3.1 to 6.0. Terrorism According to Financial Times editor Lionel Barber (2008) The economic crisis was far from over when another assault took place, this time in Mumbai. Terrorists, laden with plastic explosives, grenades and assault rifles, killed at least 192 civilians across Indias financial capital and laid waste to the luxury Taj Mahal Palace hotel. By singling out symbols of Indian opulence and power, the perpetrators consciously copied the September 11 terrorists who targeted the Twin Towers in New York. So we can see that the problems of globalization are not only with third world countries but also in developed countries that are facing the serious threat of terrorism. Globalisation was doomed in the aftermath of the outrage of September 11, 2001 in USA. The terrorists killed many people and destroyed the World Trade Centre. They also attacked in the Thailand holiday resort of Bali. The onward march of global economics has faced financial crisis, the stock market collapse in the world. (Financia l Times, Dec 22, 2008.). Globalization has another negative impact of using nuclear power. The nuclear stockpile is increasing in the world due to globalisation and this should be a warning to the world. Child Labour Discrimination: Child labour is increasing in the world. You can also find child labour in the USA which is the richest country in the world. In developing countries they sell flowers, cold drinks, and magazines on the street. They live in the unhygienic places which are bad for health and have been affected by different diseases. The international labour organisation and international agency raised the world labour issue and according to their report that 100 to 200 million children under fifteen are at work and 95% are from poor countries and half of them are from Asian countries. About 100 million children have often gone to primary school in those countries. The children sometimes smuggled into different countries in the world. This problem is longstanding and historically inherited. Political Barrier There were still political barriers in eastern European countries in which communism prevailed in the 20th century. Adapting to the global market, citizens of those countries took part in revolutions, thousands of people died and governments were formed to establish capitalism. Today their door is open for global business and they joined the European Union and get many subsidies from rich European countries and their economic condition is going to stabilise their position with low inflation Global warming and diseases The world has been suffering from different diseases and the cost of drugs is expensive. The average dollar income per head means those people are not able to afford to buy such drugs. AIDS afflicts many in Africa and South Asian such as India and Thailand can hardly afford drugs. Some developing lands have been accused for using greenhouse gas for pollution but the United States of America is biggest source of the greenhouse gas in the world. Infrastructure Problem Barrier There are still infrastructure problems in developing countries such as India, China, and Malaysia, Bangladesh etc. They dont have a strong telecommunication network for contact with another country or in different areas of their country. Still the same problem exists in Africa where the people live without electricity, pure water supply system, road, technology and telecommunication as well. That is why they are not able to cope with globalisation . Holders of Power:- Some economic scholars believe that business people sometimes take control of the country from sovereign governments by forcing illegal pressure. They lack interest in the long term benefits to the country and only look to their own interests to cope with global business in the global market. Brazils former president, Fernando Henrique Cardoso stated that he didnt rule Brazil because globalisation is swallowing national state and is inevitable as are its consequences, its disasters, exclusion and social regression. So this is a threat for the country and national sovereignty. Overcoming these barriers. There are several trade theories like Dunning OLI, Porters Diamond theory, Heckscher -Ohlin model, Global shift theory along with different core ideas can help in the expansion of organizations across national or international boundaries to cope with globalisation and reduce the barriers or problems in the global financial market. I have also tried to highlight its importance for economic growth in developing countries. Daniel (2007) writes in his International business book Think globally, but act locally which means the country should do what is best for its own people rather than what is best for the world. They try to influence and understand how their people can be benefited with the help of globalisation and improve the global economic condition and return to confidence and overcome the global slowdown and improve individual opportunity. 2.11.1 Dunning OLI Theory:- Dunning (1995) OLI wrote a paradigm that is very helpful for multinational enterprise and global trade to other countries. By following this theory we can benefit and can reduce the problem of globalisation in the world. O- Ownership Specific advantage:- Corri and Farquharson stated that ownership specific advantage refers to the type of knowledge and privileges where an organisation can make goods which are not available to its own competitors. The foreign direct investor not only depends on cost but also places emphasis on ownership factors such as skilled workers, network, and ease of access to capital and use of technology. Japans joint venture with Rover and producing Honda car in the UK is an example. They believe and have invested in the UK for having skilled workers, high technology and can produce good quality product with best performance. So globalization makes it possible. The Japanese Company can say it is a UK car. The world is becoming more competitive and it can be very difficult to survive in a global competitive market. So the multinational companies are aware of the ownership factor. Their emphasis on skilled workers at low cost brings great advantage. The multinational companies are now recruiting workers from Chi na and India at a low cost. They are looking for talented people anywhere in the world and it has not ended. PepsiCo recruited 300 extra people in their snack unit through a talent assessment program in 2006. EMC started a global innovation network for research and development workers in the world. So all multinational companies are devising new strategies on a global scale to survive market conditions. L-Location Specific advantage:- For meeting the global market demands, research and development is also needed. The location is another factor of Dunning theory where MNEs can gain access to complimentary assets based on the nations competitive advantages originated in the partners home countries due to globalisation. Management skill is an important factor and India have trained many people who have moved abroad and moved back to their own country to set up new businesses in the Software industry and garments factory. Market size and growth potential are the most important location factors according to Meyer (1998) and Floyd (2002). China, India, and Russia are good locations and those countries have low cost bases now. The market of China has grown GDP10% now. Indian software industry becomes more important in the world. One specific location in India is Bangalore where infrastructure is good now. The location is more attractive to USA and UK firms which show prominence in the software industry (Heek, 1999). The global software industry is estimated to be worth around $1,300 billion now. Indias software export was worth $12 billion in 2003 and has grown 26% over the fiscal year which is a good for a developing country. They export to the USA who is dominating the market, the US buys $6 billion software products (McManus, 2004). India exports 3% software products now in the world. There are still some infrastructure problems like cultural difference, language capability and software engineering ca pacity. If they can produce three million computer scientists they can fill their export target about $ 50 billion in 2008(IT trends2004). FDI is more attractive in China which employs a low cost strategy. China now takes up 4.4% of this industry sales in the world. The production has grown about 12% for the last ten years. And the value of production output to reach US$96 billion by 2010(Wang, 1999). China has also strong domestic software industries which hold 33% of the market. The official policy is to increase this to 60% by 2012 (Gartner, 2002). I Internalisation Specific advantage:- Internalisation is a specific advantage which occurs when international markets face increased costs, because of transaction costs that global activity faces currently. In some respects that cost represents a natural barrier. Another factor is labour cost which is very high in developed countries. The theory of international division can help by their domestic market that can reduce the production cost with the help of low labour cost (Frobel, 1980). He also argues that the global profit can increase when production costs are low. This is possible in low-cost areas such as Eastern Europe and the third world countries such as India, China and Bangladesh. There needs to have been research development, good transport and communication technology (Corri, Farquharson). McManus and Floyd (2004) both stated that today India has benefited from having technological innovation. They improve the research centre and Google the worlds largest search engine is all set to open a development centre in Bangalore in India. Another leading web company, Yahoo carries out development work in Bangalore. IBM has also set up a laboratory in Delhi and 70 researchers in India. Mobile phone giants Virgin media and Vodafone have run their businesses in India recently. India now becomes a 1500 million people market now. The giant mobile handset company Nokia is to set up a research and development hub in India. Intel conducts 15-25% of its research and development outside the US and 900 in Bangalore and expects to add 1,100 employees in that company. India produces around 100 thousand computer science graduates a year. The Chinese government has prioritised boosting the information technology industry and it has become a national guiding principle in economic construction . China has an ambitious plan to turn the software industry into a new pillar industry in the 21stCentury. Chinese government has also initiated the e- government project. The success and demand on Internet protocol (IP) and Broadband subscribe line, latest net enabled devices; personal computer and semiconductors are the most popular sector in the global IT world. Personal computer users in The Middle East and Africa will increase to 17% from 7.2% in 2008(because of lower taxes, concern government effort to get PCs into school). And in Asia (excl Japan) it will be more moderate 11%. Asia is becoming the largest mobile phone market in terms of subscribers. However, the market of China has appreciated at almost 10% GDP of late in terms of growth. Now half of the world population has a mobile phone, and growth rate is nearly double. It is not used just for talking; it has now high speed Internet that people can download music, video, data etc 2.13 Heckscher -ohline Theory:- Heckscher -ohline theory is also very helpful. With the help of globalisation it is possible to remove the poverty and improve the global world. The concept of this theory is that the country has more capital but not enough labour. In this way a nation can invest its money in any poor or developing country to their mutual benefit. Sweden, Netherlands and Finland are among those countries whose capital outweighs their labour. They can invest in any Sub- Saharan African or developing country such as China or India. These countries have large labour forces or they can produce large labour intensive goods. Globalisation makes free movement of labour across borders and raises the income of labour. We have also gained knowledge from Heckscher-Ohlin theory extends the concept of comparative advantage by explaining the observed trade structure according to comparative advantages from the country-specific abundance of production along with some countries with relatively large capital but less labour focus in capital-intensive goods and high-tech products. This is seen in Japanese firms where they make substantial use of robots to assemble vehicles whereas Spanish firms, who have access to the same technology, do not because labour is relatively expensive compared to capital in Japan (Tayeb, 2000). 2.14 Global Shift Theory:- Todays global economy is genuinely borderless. Information, capital and innovation flow all over the world at top speed, enabled by technology and fuelled by consumers desires for access to the best and least expensive products (Ohmae, 1995, inside front cover). Dickens (1992) suggest in his global shift theory that the world become more internationalised and more globalised due to capital which was organised by multinational companies. The theory includes three important factors such as high technology for quality production, the relation between government and foreign organisation where any large organisation can do international business overseas with the help of politics and economics. From the business point of view, this global shift theory helps to build organizations assets, shareholders, personnel, value of chain, with which they exercise power on a global scale and growing. For example in 1960 the US was one of the biggest exporters of automobiles in the world however they had an enormous trade deficit in 2003 of $112 billion. While Japan has a comparable trade surplus of $92 billion because of their production locations abroad and they build more cars in exporting countries then other competitors like (USA). By using these theories not only the developed country can globalise their business in the world but also the developing can receive help for improving their own countrys GDP growth or financial position. Good financial health also helps to improve the populations life expectancy, and removing all barriers in the market and playing a significant role in the global economy and participating and contributing in overcoming economic crises. FDI its role in Global economy with the help of globalisation Foreign direct investment has swung back towards the developing parts of the world. Vast areas that had been shut from trade, investment and market forces have sought to join the capitalist club, opening their borders, reforming their economies and welcoming multi-national investment (The Economist, 1993). The participating players in Asian markets are Australia, China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand and Vietnam. While China stands as the largest foreign direct investment recipient among these countries, discounting for its huge market size, fast economic growth, low labour costs, relatively well educated human resources, economic and geographical characteristics. Chinas relative performance in attracting foreign direct investment inflows is only at a level moderately above average among the developing countries. Some people have argued that globalisation is not to blame for increasing poverty and ineq uality. The current distribution of economic and political power in the world is fair. Foreign Direct Investment (FDI) is playing an increasing role in the world economy. Global FDI inflows were 29% higher in 2004 a total of $916 billion. Flows to developing countries in 2005 rose by 22% to reach a record high of $334 billion. Developed countries also saw increased flows; they saw a rise of 37% to $542 billion. It provides for equal opportunities for poor and in global affairs, relatively powerless. At the world level poverty is declining. FDI is one of the key factors in globalisation. It maintains some basic rules to invest. To be a success in the global economy nations have to follow the FDI laws and regulations.

Definitions of Economics by Adam Smith and Alfred Marshall Essay

According to J B Say, economics was defined as: â€Å"Science which deals with wealth†. According to the definitions as pronounced by Adam Smith and J B Say, the main focus of study for economics has been defined as â€Å"accumulation of wealth† or â€Å"science of wealth†. The following are the merits of the definition pertaining to science of wealth: 1.It focuses on important aspects of economics like production, distribution etc., 2.It highlighted an important problem faced by each and every nation of the wealth, namely creation of wealth and 3.The problem of poverty and unemployment can be solved if wealth is produced and distributed equitably. The following are the demerits with regard to the definition pertaining to science of wealth: †¢It concentrates only on material wealth and ignores creation of immaterial wealth like services of doctors, chartered accountants etc., †¢It also ignores social welfare †¢Science of material well-being: Under this group of definitions, the emphasis is on welfare as compared with wealth in the matter of group. Alfred Marshall, the neo-classicist raised economics from its ignoble position to a noble one and it was he who shifted the emphasis from wealth to welfare. Economics was defined as follows according to him: â€Å"Economics is a study of mankind in the ordinary business of life and it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being. Thus, it is on the one side a study of wealth and on the other and more important side, a part of the study of man†. It can be seen that economics has been defined as a study of mankind in the ordinary business of life. Ordinary business of life means those activities which occupy considerable part of human effort. The fulfillment of economic needs is a very important business which every man ordinarily does. According to Professor Marshall, economics has been understood as the study of wealth; however, it is also the study of man, his desires and necessities. The following are the demerits in defining economics as the science of material well-being: †¢It ignores things like services of singers, teachers, actors etc., †¢It is very difficult to state that which things would lead to welfare and which will not. Reference: http://classof1.com/homework-help/economics-homework-help

International Business Opportunities Essay

Commercial poultry farming is a relatively stable business venture. It involves breeding hens and selling eggs. An entrepreneur can commence this business with little initial capital. It is a tedious business but the returns are worthwhile. The intake of chicken in the globe is rising each year. Foreign markets like China are abounding with potential. The human resource is low-priced there, thus, the expenses of reproducing chicken are fairly little. In addition, the superior technology and apparatus enable the farm to generate high quality of goods. The business risks involved are disease control (Jomo, 2003). The owner must ensure that the fowl do get infected by any illness. The effects of this are disastrous since the chances of spreading are very high. Another risk is vacillations in market prices (Jomo, 2003). Nevertheless, if the all the factors work in your favor, you can make a lot of profit within a relatively short time. Corn farming can be a gainful commercial undertaking. Corn is a staple food in many parts of the globe. Ethanol production is an added benefit in this business (McKibben, 2007). The foreign market potential for this business is quite limited. A lot of US corn is genetically modified. There are quite a number of concerns regarding genetically altered foods. Therefore, they are not accepted in the countries they are exported to. This leads to loss of revenue (Fussell, 2004). The decision to plant altered corn or not should be made with objective information needed to make an educated choice. The safest option for a farmer who intends to export his of her corn is to plant a variety of seed types. The business venture I advice a new company to start is poultry farming in China. The advantages are endless. The Chinese market is huge just in terms of population. The chicken market especially is on the increase. Eggs and chicken are daily commodities, thus, the demand is excessive. This is the more lucrative project between the two.

Unrealistic Expectations Gender Roles Effects of Society

Unrealistic Expectations: Gender Roles Effects of Society â€Å"My dear boy, no woman is a genius. Women are a decorative sex. They never have anything to say, but they say it charmingly. Women represent the triumph of matter over mind, just as men represent the triumph of mind over morals.† In 1890, when Oscar Wilde wrote The Picture of Dorian Gray, the attitude towards women was nowhere close to positive. Men did not look at women with much respect and only thought of them as domestic trophy wife. According to Oscar Wilde, they lacked intelligence and the ability to substance. These ideas were at one point a social norm. Everyone believed in them. Times have changed and these ideas seem too ridiculous to be real. In our society now we†¦show more content†¦The entire advertisement is a picture of a beautiful young woman in a suggestive position. On the bottom reads the text â€Å"You know you’re not he first. But do you really care?† In this ad the woman is depicted as a passive objet for someone else’s sexual pleasure. The advertisement compares the pleasures of a young sexy woman to the pleasures of owning a BMW. Gender roles have created a highly unrealistic notion that all women should be like the one depicted in the ad. The ad and society as a whole objectify women as objects of desire instead of as equals. â€Å"Sexualized portrayals of women have been found to legitimize or exacerbate violence against women and girls, as well as sexual harassment and anti-women attitudes among men and boys,† Hatton said, Gender roles change frequently depending on time, location and a societies expectation. On the surface, conditions for women appear to be better than they were in the early twentieth century; however the issues still exist they are just covered up and overlooked. Covering up an issue does not make it disappear. 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Hamlet vs. Oedipus - 1493 Words

Hamlet vs Oedipus Hamlet by William Shakespeare and Oedipus the King by Sophocles are both tragic stories which contain many elements of which are similar and different. Although both Hamlet and Oedipus suffer from fate, Hamlet’s father is murdered by his brother Claudius, while Oedipus kills his own father. Both Hamlet and Oedipus have the opportunity to shun their fate, but the two men believe themselves to be the only individual who can resolve the predicament which they are faced with. The homeland of Hamlet and Oedipus, Denmark and Thebes, are both in a state of tumult. After Hamlet’s father’s death Denmark was presided by a new court, after Claudius, who in addition to murdering Hamlet’s father, became king by marrying his†¦show more content†¦Oedipus, on the other hand, chooses to be involved in the death of Laius, thus, concurring with the predetermination of Oedipus’ fate set forth by the gods. 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Effective Group Work Based On Respect, Trust, Passion And...

The effective group work based on respect, trust, passion and collaboration. All the members try their best to achieve the goal which are the common aims. The components of successful teamwork can be concluded as follows, open communication with relax environment, clear direction of overall work, decision making process, and tasks for each members, balance the responsibility of participations for the task success, conflict acknowledge and process, sharing information and communicate each other regularly and including exchange resources, enable to evaluate tasks and adjust by teamwork (O’Daniel and Rosenstein, 2008). In addition, the overall results MDT members are achieved are, increasing the satisfactory of staffs and patients; improving provision and innovation in healthcare; decreasing error rates and result in healthcare risks dropped, like mortality and morbidity (Swientozielskyi et al, 2015 :29). 3.2. 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Human Resource Management Multinational Corporations

Question: Discuss about the Human Resource Management Multinational Corporations. Answer: Introduction The international human resource management is the structured and sequential method of utilising and allocating the human resource in the multinational corporations. The human resource managers in these multinational companies need to undertake the efficient human resource practices to structure the organisational functionalities (Tooksoon 2011). Maintenance of the human resource policies is the integral part of the IHRM contexts. The multinational companies deal with many employees who are from diverse cultural background. The effective human resource management fosters innovative approaches to the organisational contexts. The maintenance of the flexibility in the organisational functionalities helps the employees work with proper ease. The IHRM practices are diversified in different countries. It sometimes creates potential challenges for the human resource management teams. The study will thus identify the different human resource management procedure in Australia and India. The cultural differences are the major obstacles for managing the organisational scenario. On the contrary, it can be implied that establishment of effective human resource management process provide many opportunities to strengthen the organisational culture in the international level. The study will thus shed lights on the differences in the national culture of Australia and India. Accordingly, the application of the IHRM practices in these two countries will be discussed. The use of the theoretical model would be helpful enough to explain the underlying concept. The study will be concluded by focusing on the practical experiences related to the IHRM practices. Discussion The International Human Resource Management is a broader concept that explores the HRM activities in multinational companies all over the world. Allocating the human resources and utilising their skills are the major responsibilities of the international human resource practices. Human resource management maintains the responsibilities of developing the employees potentiality, approaches and behaviour (Mockaitis, Zander and De Cieri 2015). In the international context, it is noted that the effective human resource management plays the most vital role in managing the cultural diversity in the multinational companies. The cultural values of the different countries create the significant impacts on the organisational functionalities. The organisational functionalities depend on the diversified cultural values in different countries. Accordingly, the human resource management requires concentrating on the diversified working cultures and manage the entire organisational environment. Stor ey (2014) explained that the nature of the human resources is usually multi dimensional. The employees receive the opportunity to develop their competence level and knowledge parameter if they are under the supervision of efficient human resource management team. The globalised and competitive business word is changing the demands of the business in this current era. The international human resource management is mostly concerned about the foreign environments and the HRM activities of the organisation. The further section of the study will consider the role of the IHRM process in managing the diversified cultural values. It is evident that the work culture of Australia and India is completely different to each other. The cultural difference is one of the major reasons behind such diversified nature of work. The culture of the work in Australia and India depends on the different perspectives, which are influenced by the national cultural aspects. There are two major differences noticed between Australia and India in the workplaces. The work-timing depends on the number of people working for a particular day. This timing of work will vary between each country. In case of Australia, it is noted that people work for eight hours in a day (IndianConnection.com.au s2016). In fact, the organisations in the western countries follow the similar timing for each day. However, on the other hand, it is noticed that people in India usually work for ten to twelve hours in a day. Moreover, it is important to state that the Australian organisations are usually fond of promoting the fair work and maintaining the work-life balance. On the contrary, the Indian organisations are yet to bring such concept in their working schedule. It is noticed that there is much appreciation foreseen in the Australian organisations. In most of the cases, the management appreciates and recognises the employees. They even listen to their concerns without being judgemental. Each of the employees receives equal opportunities to raise their concern without any hesitation. On the other hand, the judgmental behaviour of the Indian culture sometimes brings challenges to the employees. It affects their creative thinking to bring more innovations to the business process (Gannon, Roper and Doherty 2015). The concerns about the cultural values, creeds, and religions are sometimes becoming major obstacles for the employees. Hence, it can be inferred that the equal employment opportunity is not much significant due to the cultural barriers in India. Managing the effective human resource management in the international context has become the integral part of every organisation. Accordingly, many of the challenges and opportunities are associated with the subject matter. The recognisable trends and challenges of International Human Resource Management are described further. In this current scenario, the emergence of global competition is one of the innovative norms. The employers and the employees aspire to be the global player in HR markets (Gupta 2013). Due to this globalisation effects, the organisations are undertaking many of the innovative processes to gain more supports from the customers. The internal activities are thus transformed and restructured (Jackson, Schuler and Jiang 2014). The HRM departments take this initiative to manage the entire organisational scenario in this change management situation. The HRM maintains the responsibility to manage the employer and employee altogether and focuses on the performance parameters as well. This globalisation effects are thus bringing the opportunities for more innovations and business growth in this competitive business scenario (Crucini, Kose and Otrok 2011). However, the HRM department usually faces challenges in retaining the employees and reducing the turnover rates. The employees tend to leave when they generate the sense of job insecurities in this challenging business market. In such cases, the human resource management has to put the extra effort to motivate the employees and bring the job security by ensuring more facilities. It is noted that the shifts in the demographic structure are frequently changing the work patterns. Countries like Australia and India are facing major challenges in ageing populations. This challenge raises two major concerns in the international contexts. First, When the ageing workers retire, the organisations loss the intellectual property and the other information. Secondly, when these employees retire from the work, they do not receive the proper pension plans and welfare facilities. These aspects are quite challenging for the human resource management. Moreover, the demographic feature is also representing the beliefs and attitudes of the young generation. The effects of globalisation are changing the workforce structure as well. The power of Information Technology is causing the permanent loss of jobs in first-job entry and middle-tier level. The changes in the technological structure are bringing more innovations in the business scenario. However, these technological changes provide both the opportunities and threats. Most of the people are now operated remotely and very few amounts of people are working in the central location (Nowak 2016). The workplace diversity is maintained through the growth of a multigenerational flexibly skilled, and the cross-cultural workforce. However, it is noted that the sophisticated management practices can facilitate this initiative more specifically. The responses of education are considered as the most significant solutions for the challenges faced due to the demographic changes. In this current scenario, the traditional education system is highlighting most of the challenges for the organisations. The business practitioners are mainly focusing on the professional qualifications and workplace learning process. Therefore, the educational differences in different countries vary the work cultures as well. Hence, the challenges are much significant for the international human resource management. Even though the effects of globalisation are bringing more opportunities, it is noted that the entire global changes are not always positive. Society demands for better equity in this current sophisticated world (Festing et al. 2013). Therefore, the income distribution and the benefits are shared between profits and wages. The income distribution is also focusing on the regional growth disparities. The income level of the workforce in Australia and India has also changed accordingly. The above discussion is suggesting the challenges and the opportunities for IHRM process. Based on this description, the use of the Hofstede model will be discussed in the further section. The use of the theoretical model is beneficial in exploring the cultural values in different countries. It is noted that the different dimensions of model are creating the significant impact on the workplace attribute. Recognising this aspect, Mr. Geert Hofstede introduced a theoretical model, which is creating the society-based cultures on the organisational values (Upadhyaya and Rittenburg 2015). On the other hand, the Civilisation and Globe Model is also suggesting the differences in the national cultures and the impacts of such differences in organisational contexts. The further section of the study will provide the cultural dimensions for Australia and India. The Hofstede Model introduces five different cultural dimensions that have the significant impacts on the organisational values. These dimensions are shown below: It is noticed that India has scored much higher in the power distance dimension. The power distance is explained as an extent to which the members of the country expect and accept the power distributed unequally. India has scored higher in this dimension and it depicts that there is the high rate of the inequality in regards to power and wealth within the Indian society (Storey 2014). In this scenario, the managers expect much obedience form the team members. Moreover, the employees need to derive clear ideas about their role, responsibilities and functions (Shen 2011). The caste system in India has divided the workforce in India. On the other hand, it is noted that the Australian organisations are providing the equal opportunities to the members. Moreover, the organisations in Australia promote the fair work and provide the necessary facilities to the employees to maintain the level of equality more specifically. In India, the collectivistic traits are much visible. The individuals are led by the suggestions provided by the groups. They are expected to support the preferences that are coming from a larger number of populations (Sikora and Ferris 2014). On the contrary, Australia is a highly individualised country. In the Australian organisations, the individual preferences matter the most for taking any relevant decisions. The needs and basic demands of the organisations are also noticed more tactfully. India is considered as the masculine country. Therefore, it has scored higher in this dimension. In terms of visual displays of success and power, it is noticed that India is very masculine (Snell, Morris and Bohlander 2015). Australia has the similarity with India in this dimension. Australia is also pointed out as the masculine country. However, the Australian organisations are much focused on the shared values that the people try to bring on for achieving success. The positive behavioural traits of Australian professionals for resolving issues are much commendable. India has the medium to low preferences in the uncertainty avoidance. The Indian organisations tend to accept the imperfections and can go beyond the plan to bring the effective outcome. Australia has the very nominal score in this regards. There are moderate chances of uncertainties in the Australian organisations (Mondy sand Martocchio 2016). Moreover, the HRM management is competent enough to resolve the uncertain issues. The last dimension is describing the process of linking the past situations with the challenges in present and future. The Indian culture is much associated with the philosophical thoughts. The great tolerance level of the religion is somewhat dealing with the philosophical values. Hence, the long term orientation in India is based on the beliefs. On the other hand, Australians has the very normative culture (Mockaitis, Zander and De Cieri 2015). The Societies of Australia establish the strong concerns by focusing on the absolute truth. They usually exhibit more respects for the traditional values. Therefore, the Australians do not settle for long term orientation, rather they concentrate on the relatively small propensity approaches. The Globe Theory of Cultural Value is focusing on the motives, beliefs, values, and interpretations. The globe theory captures each of the dimensions altogether to understand the cultural values within the organisation. It is to be noted that the international organisations need to consider the approaches of the employees who are diverse in culture (Kraimer, Takeuchi and Frese 2014). Therefore, it is necessary to give preferences to the individual culture and traditional approaches. The theory is though not accepted widely in this recent time. However, it can be inferred that the major responsibility of the human resource management is to keep the attention on the diversified cultural values in achieving the success parameter (Jackson, Schuler and Jiang 2014). The Indian and Australian organisations are thus supporting such value based preferences and promoting the equality management. It is noted that many of the expatriates stay in Australia. If the expatriates belong to any Asian country, they sometimes face the issues with racism. However, in this current scenario, the efficient HRM department is promoting the equality in the organisation. In order to fulfil such ideas, the organisations need to come forward and bring more ideas about business innovations (Kehoe and Wright 2013). On the other hand, India is a country, which greets the expatriates by maintaining the proper hospitality. However, in the organisational scenario, some of the situational crisis takes place that may affect the business functionalities. Hence, it is essential to look beyond the discriminative attitude and establish the efficient human resource management process to resolve the issues. The proactive participation of the human resource management would be beneficial enough in establishing the cultural value in the international organisations. Conclusion The study provides the insightful ideas about the efficiency maintained by the international human resource management. Managing people with diverse cultural background is not easy. Moreover, it is also noticed that there are significant differences found in the work culture of Australia and India. The international human resource management process deals with the significant opportunities and challenges as well. Most of the challenges are coming from the changing demands of the business in this globalised scenario. Therefore, it is essential to recognise the cultural beliefs in different countries. The application of the Hofstede and Globe model is exploring the conceptual analysis about the cultural dimensions. The human resource management needs to keep the focus on these cultural dimensions before scheduling any business activities. However, in this current scenario, the technological structure has been changing drastically. The diversification of the culture would thus be benefi cial enough to bring more innovations. However, the human resource management in the international context has to be competent enough to resolve those emerging challenges. References Bakir, A., Blodgett, J.G., Vitell, S.J. and Rose, G.M., 2015. A preliminary investigation of the reliability and validity of Hofstedes cross cultural dimensions. InProceedings of the 2000 Academy of Marketing Science (AMS) Annual Conference(pp. 226-232). Springer International Publishing. Crucini, M.J., Kose, M.A. and Otrok, C., 2011. What are the driving forces of international business cycles?.Review of Economic Dynamics,14(1), pp.156-175. De Mooij, M., 2013. 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Human resource management.Human Resource Management, Global Edition. Moran, R.T., Abramson, N.R. and Moran, S.V., 2014.Managing cultural differences. Routledge. Nowak, M., 2016. Cultural determinants of accounting, performance management and costs problems. A view from the Polish perspective using G. Hofstedes and GLOBE culture dimensions.Prace Naukowe Uniwersytetu Ekonomicznego we Wroc?awiu, (441), pp.134-149. Sikora, D.M. and Ferris, G.R., 2014. Strategic human resource practice implementation: The critical role of line management.Human Resource Management Review,24(3), pp.271-281. Snell, S.A., Morris, S.S. and Bohlander, G.W., 2015.Managing human resources. Nelson Education. Storey, J., 2014.New Perspectives on Human Resource Management (Routledge Revivals). Routledge. Tooksoon, H.M.P., 2011. Conceptual framework on the relationship between human resource management practices, job satisfaction, and turnover.Journal of Economics and Behavioral Studies,2(2), pp.41-49. 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