Blog 1： How to view globalization.-------MUYE

 The official definition of globalization is the process by which businesses or other organizations develop international influence or begin operating on an international scale.In simpler terms, globalization refers to the open flow of information, technology, and goods among countries and consumers. This openness occurs through various connections, ranging from business, geopolitics, and technology to travel, culture, and media.

 Because the world is so interconnected, most people don’t consciously notice globalization in their daily work. However, the world is becoming increasingly smaller, and companies need to understand what this means for the future of business. Companies that fail to embrace globalization risk losing their competitive edge, allowing other businesses to seize new opportunities in the global market.

Globalization impacts businesses in many different ways. However, those that choose to expand internationally can enjoy several benefits, including:

1.Exposure to New Cultures

Globalization makes it easier than ever to experience foreign cultures, including food, movies, music, and art. The free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment while listening to your favorite British artist or watching a Bollywood movie.

2.Spread of Technology and Innovation

Many countries around the world are constantly connected, leading to rapid advancements in knowledge and technology. The fast dissemination of knowledge means that scientific breakthroughs made in Asia can be applied in the United States within days.

3.Lower Product Costs

Globalization enables companies to find more cost-effective ways to produce their products. It also increases global competition, driving down prices and providing consumers with more options. Lower costs help people in both developing and developed countries lead better lives with less money.

4.Higher Global Living Standards

Thanks to globalization, living standards in developing countries have improved. According to the World Bank, extreme poverty has decreased by 35% since 1990. Furthermore, the first Millennium Development Goal was to halve the 1990 poverty rate by 2015. This goal was achieved five years ahead of schedule, in 2010. Since then, nearly 1.1 billion people have escaped extreme poverty worldwide.

5.Access to New Markets

Businesses benefit greatly from globalization, gaining new customers and diversified revenue streams. Companies interested in these benefits are exploring flexible and innovative ways to expand internationally. International Professional Employer Organizations (PEOs) make it easier than ever to quickly and compliantly hire workers in other countries. This means companies no longer need to establish foreign entities to expand their operations overseas.

6.Access to New Talent

Beyond new markets, globalization allows companies to find new, specialized talent that may not be available in their current markets. For example, globalization enables companies to tap into technological talent in thriving markets like Berlin or Stockholm, rather than just Silicon Valley. Similarly, international PEOs make it possible for companies to compliantly hire workers overseas without establishing a legal entity, making global recruitment easier than ever before.

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