Globalization, Technology and Careers

• Jobs, careers, and businesses are shaped by globalization, technology, intellectual capital, talent diversity and ethics.

Globalization

• Global competition affects job availability, wages, and workforce dynamics.
• Technology advancements like automation, AI, and digital tools are essential for modern businesses and require continuous updates.
• Intellectual capital refers to the skills, expertise, and innovative thinking employees bring to a company.
• Companies compete for talented workers, making talent acquisition crucial.
• Career shifts are common, requiring adaptability and continuous learning.
• Diversity involves businesses upholding equity and ethical practices.

Implications of Globalization

• Resources and products flow globally through interconnected supply chains creating interdependence.
• Globalization creates jobs, fosters cultural exchange, and expands markets.
• Globalization can lead to competition, job losses, and economic inequality.
• Globalization increases competition due to the global talent pool with international work opportunities.
• Proficiency in multiple languages is an increasingly valuable skill.

Intellectual Capital

• Employees need to apply their knowledge effectively, contributing skills, expertise, and innovative thinking
• Companies invest in knowledge management to develop skilled workers and maintain competitiveness.
• Diversity and inclusion facilitate the sharing of ideas and knowledge.
• Adaptability, knowledge, talent, brainpower, and teamwork are crucial for businesses and employees.
• Soft skills like communication, teamwork, and organization are also essential.

Career Change

• The job market evolves due to technology, globalization, and economic shifts, so adaptability is essential.
• Individuals should develop soft skills, network, build a personal brand, and pursue necessary education.
• Businesses can prepare by promoting internal mobility, providing career coaching, and offering training.

Diversity

• Diversity and variety aren't consistently prioritized by businesses.
• The gender pay gap and the "glass ceiling" at upper management levels show that there is a disparity in gender equity in the workplace

Ethics

• Customers, shareholders, and employees increasingly demand ethical standards in businesses.
• Ethics are socially accepted core values, representing standards of good and bad, which may differ from legality.
• The utilitarian view aims for the greatest good for the most people.
• The individualism view prioritizes self-interest commitment.
• The moral-rights view focuses on protecting basic rights for all.
• The justice view emphasizes legal standards/rules that require equal treatment for all.
• Ethical dilemmas arise from the choices people and businesses make, and the conflicts of interest that can develop.

Ethical Business Practices

• Ethical behavior is influenced by personal, organizational, and societal factors.
• A code of ethics is a written statement of a business's core values and principles, regarding conduct that could cause ethical conflicts.
• Ethical codes can address confidential business information, accounting integrity, political donations, business relationships, and anti-bribery practices.
• Businesses must decide if social responsibility equals or overrides other business practices Override usually means less business profit.

Social Responsibility

• Long-run profits, good public image, and ethical obligations are achieved when businesses have social responsibility.
• Rationalizing unethical behavior includes the idea that the activity is not illegal, not likely to be discovered, or seems to be in most people’s interests.
• Ethical challenges in business include discrimination, sexual harassment, conflicts of interest, and misuse of company resources and information.

Improving and Maintaining Ethical Practices

• Solutions include whistleblower protection/phone lines and ethics training.
• Managers should act as ethical influencers/role models and set realistic goals.
• Business and employee evaluations use economic, legal, ethical, and social responsibility standards.
• Ethical responsibility stems from economic, ethical, and legal considerations. Businesses need to meet basic economic and legal responsibilities.
• Social responsibility involves ethical conduct and community involvement.

Globalization, technology, intellectual capital, ethics and talent diversity shape jobs, careers, and businesses. Global competition impacts job availability, wages, and workforce dynamics. Technology advancements like automation, AI, and digital tools are essential for modern businesses.