International Businesses require a great deal of strategy (Part I ...

Topic: International Business

With the advent of globalization, businesses have become global and they are not constricted within the national border. International businesses require a great deal of strategy in order to be successful in the global market. Amongst other factors like the cultural, political and monetary aspects, labor forces are perhaps the most important factor that dominates the global market in international business organizations. Therefore, it is quite important to understand the basics of labor forces and how it affects the international business.

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Labor Quality ? Labor Quality is simply defined by the education, skills, sincerity towards work and the attitudes of the available employees in a particular organization. Along with these key aspects, labor quality also measures the domain knowledge, creativity, soft skills such as leadership and managerial quality, and most importantly, the ability of the labor forces to learn as well as adapt themselves with the change in the work environment. Therefore, it is essential to analyze the labor force before finalizing business contracts and expanding the business internationally, so that the right skills are available in order to conduct the business profitably. The price of labor is affected by supplies of labor, lack of labor unions, lower demand for labor and the lack of rules and regulations of the government. (How Do Labor Forces Influence International Business?, n.d.)

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Labor Quantity ? Labor Quantity, another significant aspect of labor force, which can influence the labor force both positively and negatively. It is actually the number of potential employees that are available in an organization, who possess the necessary skills to be efficient and productive employees, in order to meet the business needs of the employer. The quantity of labor force is very important for an international business as a country with large number of qualified and well educated employees is beneficial for the company, as it can hire educated and qualified employees for comparatively low wages. In comparison, if there is limited number of educated and qualified employees in a particular country, then a company is compelled to pay higher wages in order to employ quality labor. (How Do Labor Forces Influence International Business?, n.d.)

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