Increases exploitation of workers: Globalization has indeed created jobs in developing countries, but not without cost. Wages paid to most sweatshops and mines are highly indignant. Africa is a victim of economic globalization.
Encourage brash consumerism: Manufacturers are under pressure because of rising per capita consumption in developed countries. Globalization has ushered in an era of high income and production. This increased consumer spending, however, has brought about the rise of various markets.
Increased homogenization of cultures: As the world turns into one great city, cultures will lose their differences. In modernization, Hollywood movies already westernize cultures.
More prone to contagious diseases: The generation would forever remember the bitter experiences caused by the pandemic. But if we forsake caution, it will cost us heavily in future pandemics. Already railroads for pandemics have been laid by social globalization.
Politics and business are getting intertwined: In fact, most companies attempt to exert an influence on the political parties in the country. These are not necessarily home-grown businesses. This gives foreign forces the ability to harness the political wind at will.
Increased inequality and digital divide: Yet despite the fact that globalization has placed a communications tool literally in everyone’s hands, there are still wide varieties of technological disparities and digital divides. The result has been unequal access to opportunities.
Job loss for unskilled workers: Globalization is mostly sparing of skilled workers and white-collar jobs. But manual labor always faces the danger of globalization.
Increase in fake news: Social media has resulted in a flood of lies and propaganda. This Thai phenomenon affects both local audiences and larger, international audiences.
An element that is crucial is employee tenure since it offers information regarding the degree of experience, loyalty, and worth an employee has in the organization. Tenure data enables HR people to determine the rate of employee retention. They also apply this information to make succession decisions and determine where employees can easily quit.
Tenure information can also be used by HR professionals to formulate plans for retaining the best people while cultivating a good workplace culture that facilitates employee loyalty and longevity.
Average employee tenure means the average duration in which employees work for a particular organization. This may differ based on the industry, nature of the work, and organizational culture.The median job duration in the private sector of the US in 2020 amounted to four 4.3 years, according to statistics by the US Bureau of Labor Statistics. Nevertheless, this was different depending on age group as younger workers’ tenures were shorter while older workers worked longer for their organisations. Nevertheless, it should be recognized that this information relates only to employees who have had employment for a period of more than one year from their present companies. There are some industries that have less tenure compared to most of them in service sectors.
International business covers all commercial activities for the facilitation of the exchange of goods, services, human resources, ideas, and technologies that are beyond the national boundary. These approaches include offering of services to foreign clients, exporting home produced products, exporting overseas products to a home market, and importation of home made products to foreign markets. A number of firms look out for efficiency through production in countries that have lower wages or tax rates. Companies can widen their audience and revenue sources by engaging into the global markets. However, growing globally entails its unique challenges that should be considered during cross-border expansion planning.
Knowledge and experience: Older employees are also great teachers because by nature they understand the company’s culture, their operation processes and offerings, a fact that newer employees do not.
Loyalty and commitment: In the case of tenured employees, there is a likelihood that they will be willing to stay with the organization and strive to promote the organization’s mission and vision, leading to increased production and job satisfaction.
Cost savings: The cost of hiring and training new employees is high, but with experience, it becomes cheaper to retain them in an organization in the long run.
Succession planning: Organizations should also know that there are tenured employees who hold key positions in the work structure. This information is very important as it will facilitate hiring for possible vacancies when the work structure is changed due to change of leadership or when some key persons leave.
Positive workplace culture: Tenure also encourages a sense of loyalty among workers, leading to better employee engagement and resulting in improved culture in general in the workplace.
Resistance to change: Companies can encounter challenges with implementing new procedures or technologies because these changes might not match well with the established practices of long-serving employees.
Stagnation: Long term employes are likely to become lazy and cease from looking for new obstacles and acquiring fresh skills as well as opportunities.
Hong Kong Work VisaHigher compensation for older employees: Differences in salaries between the long-tenured employees and the newly hired individuals can often raise questions about pay equity in an organisation.
Limited diversity: Reliable long-term employees may seem like the best bet for an organization but it is important to note that they are more likely to lack the new perspectives and ideas which help in increasing diversity of thought, thus stifling innovation.
Risk of burnout: Job stress, poor work life balance, and being stuck in a particular position for a long time may lead to burnout.
Tenure is defined by the HR department. However, an average worker can be either a long-term or a short-term employee depending upon the duration of employment. Let’s look at the types of employee tenure in detail below:
Short-term tenure: These are fresh employees who have not stayed at these workplaces for more than a year. These employees are recent ones who are probably settling into the organization, a position and an organizational culture.
Medium-term tenure: Workers who have stayed with a single organization for a period of one year to five years., Many of these employees could also be experienced and developed some ability and now, they are starting to perform roles that surpass their own.
Long-term tenure: They refer to the employees who have served their employers for more than five years. These people know the company’s culture, its ways or production, business leaders, products or service that may be useful for newcomers.
Long-term tenure: They refer to the employees who have served their employers for more than five years. These people know the company’s culture, its ways or production, business leaders, products or service that may be useful for newcomers.
Lifetime tenure: It is an odd kind of employment where people spend their whole lives working in one workplace. On the one hand, it is generally the case that tenure takes place in jobs with a sense of security such as the academia.
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