Globalization has integrated people, organizations, and governments through international trade, empowerment and technology. Although globalization has caused capital of capital of capital of Singapore to suffer a few negative sparing impacts in the past, she has benefitted from it on the overall, making her one of the worlds richest and most financially stable countries.
Since her developing days, Singapore has dramatically improved its financial standing due to globalization. As Singapore is considered a strategic location by other countries, they invest heavily in her and outsourced jobs to Singapore. Outsourcing created jobs for the developing countries that had relatively high pays than local anesthetic jobs (Friedman, 2006). This was similar for Singapore in its developing days as outsourcing jobs to Singapore increased employment and salaries for the local individuals. Lower unemployment pass judgment indirectly led to the construction of key infrastructures (Kocic, n.d.
), such as educational institutions, which are vital in equipping the custody with useful skills and knowledge. As the workforce became more productive, it naturally demanded higher salaries.
However, as Singapore gradually developed, discovering opportunities to outsource jobs became increasingly pivotal in Singapore. One of the chief(prenominal) reasons is likely because locals demanded high salaries as they were more productive. Consequently, 3 out of 4 banks in Singapore outsourced jobs in a bid to lower costs, and one of the main benefits is a reduction in operating costs by 52 percent (3 in 4 banks outsource jobs overseas, 2012). Hence, outsourcing enables Singapore to lower costs, leading to higher profits...If you want to get a full essay, order it on our website: Ordercustompaper.com
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