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Globalization and the Electronics Industry

Globalization and the Electronics Industry

Since the agricultural revolution, technological and industrial improvements have influenced growth in our economy. Globalization has had a profound impact and will increasingly be an important consideration for electronics companies. The biggest challenge for leaders, business owners, and CEOs is to understand the effect of globalization. Globalization influences the electronics industry in several arenas including economic, political and employee relations. It is paramount for electronics companies of today to have a corporate vision and plan to use the effect of globalization to their benefit, those who do will succeed, and those who don’t will inevitably fail.

Political Impact of Globalization

            The World Trade Organization, United Nations, GATT and NAFTA have all made it increasingly difficult for countries to have a nationalistic approach. Separationist attitudes and insulation mindsets are counterproductive to growth and gaining a competitive advantage. The electronics industry has been a forerunner in developing international requirements and procedures to make electronics components and services available to countries throughout the world. No longer can there be a national economic policy that ignores global pressure in the three major trade blocs including the Americas, Europe and the Pacific Rim.

Economic Impact of Globalization

In the United States although many manufacturing and production jobs have been lost to overseas markets due to cheaper labor/manufacturing costs, many jobs have been produced in the service sector to make up for the loss in manufacturing jobs. In 1950, manufacturing jobs accounted for over 20 million workers in the U.S. while over 28 million were in the service sector. After adding nearly 71 million jobs by 1998, 27 million were manufacturing workers and 93 million were in the service sector. So there isn’t a job shortage per se but a movement to the services industry, what some may call a paradigm shift.

Business Culture Changes

            Prior to the Industrial Revolution an artisan could produce a few items a week, with industrialization in force the increase per worker could be 10 or a hundredfold. The rise in productivity brought on by technological and organizational changes started to decrease the need for more employees’ overtime. Also the need for skilled laborers started to go down with the advent of the assembly line and mechanical processes.

Labor relations and legal aspects are also very important in this global economy. The increased use of the Internet, teleworking, and conference calls have also made it important for companies to monitor the performance of their workers whether they are in the office or at home. Some companies are moving away from this laid back work environment while others are continuing the effort; it all depends on the goals of the company.

Intellectual property as well as specific company trade practices must be protected. Several companies have dealt with leaks of information and disgruntled employees exploiting their access to the businesses intellectual property. Policies must be in place to address how intellectual property and company specific trade practices must be handled and the consequences if the policies are not followed explained and recorded.

To maintain the competitive edge, attract and retain talent and ensure longevity managers in the electronics industry must address the issues detailed. Although there are negative aspects of globalization businesses that make the correct adjustments can thrive. Companies who learn how to make globalization work for them will succeed the ones who don’t will fail.