The service sectors are an important part of the economy and cover as much as seventy percent of the value added of OECD economies and overall employment. It also become the crucial part for all kind of employment based development in the area. However, instead of the development in the weight along with productivity based growth in services which has been slow in many countries of OECD and overall share of the work age population that were part of the services and they are slow in many OECD countries (Kanemoto et al., 2014). When the policy maker desires to increase the strength of the economic development as well as improve the basics for the coming time performance of these economies, the service sector requires to perform better.
However, the process of strengthening the development based performance is not just an issue that is faced by many policy makers. OECD nations are also facing a lot of globalization based services and production and rapid change in technology. This has further raised some concerns related to overall capacity of these OECD economies to develop new base for the jobs and at the same time also offers new options for the global trade as well as investment. To deal with these issues or challenges and strengthen the overall ability of the services in order to further foster the employment, innovation and productivity will require to produce on sound macroeconomics basic and also become part of the combination many kind of structure based policies (Leigh and Blakely, 2016).
Open service in domestic arena markets to develop new job options and further indulge innovation as well as productivity. In addition, there are number of regulatory based reforms in service based market that helps in creating many new options in the form of opportunities for the company to grow new base for services as well as also meet the trending trends in global market and meet the demand and increase the base for employment.
It will further raise the level of incentives for the organization to innovate as well as improve the growth of productivity. At the same time, there is a lot of progress which has been part of many opening of service based market along with many steps that were required for example, reduction in the degree of ownership at public level in the current stage of high competition like air based transport and it also addresses the anti-competitive kind of practices associated with professional level services and it also reduces any kind of limitation for entrepreneurship (Stromquist and Monkman, 2014). It is important to take in account many unilateral and multilateral stages in order to open global market for investment and trade in service sector.
The work in OECD economies clearly shows that the advantages of the global trade along with investment in services are highly crucial for the developing countries as well as OECD economies. The maker of the policy can further take many unilateral kinds of steps to international competition to open market, for example it reduces any kind of limitation for FDI. Also, many multilateral actions were required to make sure that there is a broad opening in the market along with wide or huge distribution of the advantages (Stromquist and Monkman, 2014). The members of OECD nations must therefore the capture the opportunities being offered to them through negotiation which is happening in WTO to have an open service markets.
The leader of business also faces a lot of pressure in the current turbulent time of competition which further move ahead with the help of globalisation and many macro-environments features as well as growth in technology like internet. There are number of very strong forced in market within the current competitive environment that have developed the consumer in global arena since they are well aware of the transformations in the international market.
The concept of total quality management is crucial tool for any business to easily surmount the coming future issues within the disturbing financial base service environment (Deresky, 2017). Total quality management also provide the financial business owners with a formal procedure by setting an achievable goal in competitive market and also guides the management in proper planning related strategies to increase the resources and also accomplish the partnership which is win-win by nature.
The process of total quality management is actually a process which is company wide and it also revolves around the concept of Total Quality Triad. It is also based on the assumption that there was never a position which state the perfection. Therefore, to have successful plan that are developed within an integrated way, there are three crucial TQM based principle that should agree with the overall participation and also have level of commitment by stakeholders and senior level of management team. Employee involvement as well as constant improvement to meet the level of customer satisfaction is also crucial (Chipulu et al., 2014).
TQM in international based financial service environment: in the current international financial service environment, TQM gives the overall concept that emphasizes on constant improvement in the company. The execution of the quality based management system does not always equate with self-generated outcome.
Constant improvement of the QMS is of a lot of significance in order to meet as well as satisfy the customer changing demands and needs. The motive of the project is to recognize quality based improvement via varied programs like Kaizen, as well as performance calculations as well as benchmarking with right key performance indicators and most importantly deign a balanced scoreboard to accomplish continuous improvement (Chipulu et al., 2014).
Practice in order to have non-financial company: good or cordial practices executed via constructing company in strategic kind of partnership with alliances as well as knowledge management was recognized. It was also developed with crucial recommendations for the sake of improvement to get some kind of competitive advantage in the current construction sector (Dunning, 2014).
The process of TQM is not right for financial services culture: TQM is not right for any service company however, it really assisted the service based company to aim on the overall participation of the team of senior management. With this, it also focused on participation of all the people of the staff as well as manage the internal process towards attaining the customer satisfaction (Dunning, 2014).
For so many years, the concept of FDI has been a normal or general practice among many companies especially in USA, thus such investment don’t seem to notify as noteworthy. However, it is important to understand that they are important. Usually, American organization went in other countries mainly to capture the international market or to get raw material. In the current time, the companies are also investing in buying or manufacturing product or element that can be shipped back to US. The new policy of investment never compliments with the domestic level manufacturing and there are replacements as well (Frey and Osborne, 2017).
Production further defend the sourcing from international as the only method to compete with many high-quality and inexpensive imports. It is said that moving towards cheap labour nations like Malaysia, Taiwan and many other for export back to USA permit the country to regain the world leadership.
Other nations are attracted by this trend and labour unions further claims that there is deindustrialization and major harms is done to the job situation in the country. Some people also claims that it further hollows the industrial foundation of the country (Buckley and Casson, 2016).
The debate of the offshore production is ideal for the country, it is always based on an assumption that it is right for the single organization. However, people usually challenge this notion and the simple fact that many companies are doing it doesn’t always considered as a smart move. Continuous shift in the production in the areas with low labour costs, there is constant postponing of the final day that reckons when it is important to confront the parts of the business that really require reforms (Buckley and Casson, 2016).
The move has obviously hit the economy of Britain which is first impact. It is very important for the country to manage this move in a careful manner since this process can damage relations that exist between London and many other capitals of EU. There will be interpretation of the Brexit vote as well which works like a hammer blow to impact the unity of Europe. For saving this unity, they didn’t seem to be in any mood to provide generous post-Brexit deal (Oliver and Williams, 2016). There is no point of unnecessary tug of war since negotiation will be impacted and it further distracts the country from other urgent work of organization.
Secondly, the concept of Brexit will further add more sensitivity in the financial market and there are other vulnerabilities of the nineteen-nation based eurozone. Investors are asking about the impact of the light in Brexit shock with eurozone government that have the will in political arena as well as support of the public that strengthen the overall architecture of the European based monetary union (Oliver and Williams, 2016).
The execution of almost twenty percent of border based tax will most importantly influence the Target’s bottom line, consumers and shareholders. Target and other same kind of retailers who have previously operated at thin net margins will not be able to afford to take the rise of twenty percent in cost as a part of majority of many profitable items without going in the danger of becoming bankrupt. An option to absorb the cost will be based on passing them along to the customers. That goes with rise in globalization and also higher level of consumer expectations as a result of increasing in the prices for the customers that can render the retailers out of business for long run (Gumbrell-McCormick and Hyman, 2017). Whichever way, the manager of more than three lakh people nationwide will no longer be able to serve properly the USA public as an outcome of a policy where the main objective is to do only that. This move left the retailers with no option but to fight the policy.
The short-term response moves in swift manner and further backed by many other important US based retailers. The employers began to release the interaction with many important news channels about the danger of the policy and interacted with administration of Trump many time in last few weeks to discuss the potential influence. In the middle of many uncertain future trading policies, the company started to develop a source of the contingency plan based on many foreseeable alternatives for transformation in the current trade policy. As an outcome, there is significant rise in the workload for sourcing managers (Gumbrell-McCormick and Hyman, 2017). In addition, long term answers consist of lobbying on political front with controlling parties.
Reference
Buckley, P.J. and Casson, M., 2016. The future of the multinational enterprise. Springer.
Chipulu, M., Ojiako, U., Gardiner, P., Williams, T., Mota, C., Maguire, S., Shou, Y., Stamati, T. and Marshall, A., 2014. Exploring the impact of cultural values on project performance: The effects of cultural values, age and gender on the perceived importance of project success/failure factors. International Journal of Operations & Production Management, 34(3), pp.364-389.
Deresky, H., 2017. International management: Managing across borders and cultures. Pearson Education India.
Dunning, J.H., 2014. The Globalization of Business (Routledge Revivals): The Challenge of the 1990s. Routledge.
Frey, C.B. and Osborne, M.A., 2017. The future of employment: how susceptible are jobs to computerisation?. Technological Forecasting and Social Change, 114, pp.254-280.
Gumbrell-McCormick, R. and Hyman, R., 2017. What about the workers? The implications of Brexit for British and European labour. Competition & Change, p.1024529417698514.
Kanemoto, K., Moran, D., Lenzen, M. and Geschke, A., 2014. International trade undermines national emission reduction targets: New evidence from air pollution. Global Environmental Change, 24, pp.52-59.
Leigh, N.G. and Blakely, E.J., 2016. Planning local economic development: Theory and practice. Sage Publications.
Oliver, T. and Williams, M.J., 2016. Special relationships in flux: Brexit and the future of the US—EU and US—UK relationships. International Affairs, 92(3), pp.547-567.
Stromquist, N.P. and Monkman, K., 2014. Defining globalization and assessing its implications for knowledge and education, revisited. Globalization and education: Integration and contestation across cultures, 1.
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