Required Strategies: Findings, Analysis and Interpretation 1 Change and the External Environment:

136 incentivized to look across his or her borders. As a result, the farmer with lower skills gets knocked out of the globalization process. More worryingly, this situation potentially has an impact on the wages the lower skill worker can command. The higher skilled worker, as a result of rising international demand for his or her skills, experiences a rise in wages. The opposite can happen for the low-skilled worker. This poses a conundrum for those concerned about inequality and at first blush, ammunition to those cynical of the benefits of globalization. How does one reconcile the visible benefits of globalization with the apparent downside? 17 Moreover, Work-life balance is extremely important, and yet it’s become harder and harder to keep the professional from encroaching on the personal. The 2013 OECD Better Life Index found the United States scored close to the bottom of developed countries when it comes to work-life balance. We’re working harder, working longer, and having a more difficult time pulling the plug at the end of the day. In fact, a study by Accenture found professional men and women ranked work-life balance as the number one factor determining whether they have a successful career. This ranks ahead of salary and recognition, showing the struggle for balance is nearly universal from head honchos to entry level workers. Whether you’re the boss or an employee, ignoring work-life balance is likely to lead to burnout, not achievement. Also, we need to think crowd souring feedback for performance management, improving collaboration through creating reward systems that influence solo busting behavior. 18 Wilson Owens, Royalty Exchange, opines, “Ive always struggled to widen this gap until I actually started scheduling nighttime events more than six hours in advance. This may sound obvious, but it can really help a person who is too focused on work to draw a line in the sand. Im not someone who will cancel anything, so it really helped me maintain my sanity and enjoy my free time ”. 19 Katherine Sgroi, Human Resources Manager , opines, “I understand the employers concern, especially when there is a cut in pay involved. Will they stay? Will they leave as soon as they find something with more money?, Etc. However, today there are many individuals looking to scale back and balance work and life; and these may be the main reasons they are looking for a specific spot -- it could be to be closer to home or to have less responsibility. It could be something they really want to do. 20 The aspect of emoluments as a key factor that determines employee retention while simultaneous factors such as a value-based organization, recognition factor and long-term perception having an important bearing as well, need to be studied and applied to ensure a win-win situation. 5.Conclusions: Inefficiencies need to be ironed out with building up of the human value-chain and ensuring that inequalities in earning levels, developing and rewarding skills, downsizing, etc are effectively tackled. Sustainable human capacity development in organizations needs to be synchronized with the need for continuously upgraded training and development programmes coupled with motivation-building to boost the willingness to learn. Adaptation to changing job contents, requirements and dynamic nature of environment necessitate awareness-building, attitude management, skills development, strategic deployment of workforce, self-directed learning mechanisms, planned budgetary allocations and the overall development of a learning organization. 137 Reinventing for work-life balance, facilities and amenities, enabling technology to leverage the organizational networking channels and identifying lacunae in budgetary and realistic allocations as well as becoming a level playing ground for a diverse work-force is a challenging set of tasks that HR and organizations as a whole must take in their stride. Freedom for innovation and creativity in jobs will become a sine qua non for successful undertakings. When it comes to implementing change management, mid-level leadership must be well mobilized. This is because they direct, command and influence the people who will be responsible for carrying out change-related activities. It must also be ensured that conflict is effectively tackled in handling change. The team must basically realize the ability to gear up to the change effectively, and the leadership moulded so as to take charge of the direction in which the organization will steer course. The required communication systems by leveraging on technology and seamless innovation can make things happen in favour of overall growth and development. References: 1. Pg 18, Prabandhan: Indian Journal of Management, Volume 7, February 2014, ISSN 0975- 2854-Research Article-Sustainable Human Capacity Development in an Era of Economic Recession: Challenges and Prospects by Ayodele Omoyiola Fagbemi. 2. Pg 2,Srategic Management –An Indian Perspective; Author-Dr.V.Vijay Durga Prasad , J.V.Publishing House, Jodhpur, 2009 edition 3. Ibid 4. Viewpoint by Shagufta Tahir Mufti, Associate Professor , Anatomic and Clinical Pathology at King Abdulaziz University 5. Viewpoint by Dr. Rajneesh Ahlawat, Founder, Thinking Indian 6. Viewpoint by Harold Katcher, Professor at University of Maryland 7 . Viewpoint by Supriya Sarathy, Deputy Executive Director at International Professors Project 8. Pg16, Prabandhan: Indian Journal of Management-Volume 7, No.3, March 2014-ISSN 0975- 2854, Article-Application of Principal Component Analysis in Determining Factor Weight in Point-Rating System of Job Evaluation-by Pradip Kumar Bandyopadhyay and Kunal.K.Ganguly. 9. Pg 15, Prabandhan: Indian Journal of Management-Volume 7, January 2014-ISSN 0975-2854, Article- A Study on Job Satisfaction Among Employees in an Automobile Sales and Service Company-by Mary Eapen and Sumathi Annamalai. 10. Pg 77, How 11 Indians Pulled Off The Impossible-Making Breakthrough Innovation Happen- Author Porus Munshi, Publisher Harper Collins, 2009 edition. 138 11.http:bit.lyTowWat14 12. http:bit.lyisg150714 13. Viewpoints-Is extra HR investment good news for everyone in HR? By Dave Sumner Smith, CEO at Next Dimension Media 14. Pg 30, Prabandhan: Indian Journal of Management, Volume 7, February 2014, ISSN 0975- 2854-Research Article-E-HRM Attributes and Internal Stakeholders’ Satisfaction: A Quantitative Study in Select Indian Organisations by Bhagwan Chandra Sinha and Mridula Mishra 15. Ibid 16.Pgs 125, 126 Strategic Management –An Indian Perspective; Author-Dr.V.Vijay Durga Prasad , J.V.Publishing House, Jodhpur, 2009 edition. . A ti le i Wo ld Ba k jou al Theo ist E i Maski , Ada s U i e sit P ofesso at Ha a d- Glo alizatio Is I easi g I e ualit , Ju e , . 18.Viewpoint expressed by Kevin Dooley, Head of HR, Jacksonville, Florida at Deutsche Bank 19. T op results from a survey of entrepreneurs on the topic of work-life balance, provided by the Young Entrepreneur Council YEC ,an invite-only organization comprised of the worlds most promising young entrepreneurs. 20. Ibid 139 ISBBME-1287 Globalisation and Related Flows-The Impact Factor Sudha Subramaniam Assistant Professor M.L.Dahanukar College of Commerce University of Mumbai sdhsubramaniam21gmail.com 1. Introduction and Literature Review 1.1 Brief Background: As the world has emerged as a single market-place of goods and services, bridges of economic relations have been built across frontiers, borderless and multi-dimensional functioning has led to co-creation of processes, values and functions, while simultaneously posing a challenge to core competencies and their retention. Within the external façade, a horde of complexities relating to regulations, currency strengths, trading powers, trading blocs, taxation regimes and funding aspects permeate the dealings between entities and nations. Competition combined with need-based evolution and sustenance has thrown into sharp focus the strengths derived from innovation, re-invention, integration and governance. Countries like Japan, Germany and the USA have trebled their spending on R D. From developing economies to emerging economies, nations have evolved as part of a whole wherein cost-effectiveness and skill-sets have provided that extra thrust to growth. India emerged as a major outsourcing hub mainly because of her ability to send error-free messages across the globe. China developed her manufacturing potentials to such an extent that she stands a class apart in strategizing with effective delivery modules and competitive pricing. The extra mileage provided by nurturing and planning can become a fait accompli if the systems that bespeak of good governance are in place. If not, setbacks are posed in multi-various ways and although we analyse every step ahead, plans may be thwarted and mid-course correction becomes a difficult proposition. The related trade flows, currency flows, human capital flows, technology flows, etc that provide the building blocks sometimes meet with a lot of resistance and often results in lopsided growth, imbalances, deficits and unhealthy symptoms that may be the impact of certain forces that need to be analysed, certain imbalances that have to be ironed out, understood in the proper perspective and taken cognizance of. Having analysed several instances where the various flows have had diverse impacts, sometimes positive and sometimes adverse, this study attempts to focus on some of the areas.

1.2 Literature Review:

The Goldman Sachs Report titled, “Dreaming with BRICs: The Path to 2050” said: “India has the potential to show the fastest growth over the next 30 to 50 years. Growth could be higher than 5 over the next 30 years and close to 5 as late as 2050 if development proceeds successfully….While growth in the G6, Brazil, Russia and China is expected to grow significantly over the next 50 years, India’s growth rate remains above 5 throughout the period. India’s GDP outstrips that of Japan by 2032…India has the potential to raise its US dollar income per capita in 2050 to 35 times current levels.” 140 In a remarkable speech to European Parliament in 2005, Tony Blair exhorted politicians to respond to the challenges of today. Emphasizing the need for keeping pace in a changing world, he reminded OECD countries, “The USA is the world’s only super power. But China and India in a few decades will be the world’s largest economies; each of them with populations three times that of the whole of the EU” 1 Ron Krate, Professor and Founder, International Professors Project opines that “Increased demand of globalization can lead to two types of inequality – benefitting select industries or, worse, only the highly skilled who can cross...” Technological advances in all industries have spurred globalization, expanding wealth and connections. But distrust is intense as financial turbulence anticipated as globalization leads to “a new form of systemic risk – one that threatens to devastate political institutions and national economies,” writes Ian Goldin for Project Syndicate. “Greater openness and integration necessarily increase the potential for cascadin g crises and amplification of shocks.” The world must slow the pace of some globalization, he argues, pointing out how overconsumption in any one area – whether overuse of life-saving antibiotics by the meat industry, draining water supplies or release of carbon emissions by manufacturers – without checks and accountability pose different kinds of threats. Financial resources are increasingly directed toward war and security – rushing weapons to trouble spots – rather than infrastructure, education, health, scientific research and other uplifting endeavors. As government fails huge segments of the population, polarization emerges, and regions and communities try to break away. Regulations, oversight, cooperation, and new priorities are required to restore trust. 2 Systemic risk is intrinsic to globalization. Greater openness and integration necessarily increase the potential for cascading crises and amplification of shocks. Equally problematic, the world has largely failed to learn from globalization’s most obvious and far-reaching consequence yet: the 2008 financial crisis. While it is impossible to safeguard the system fully, sound regulation and effective oversight could have prevented the crisis, or at least reduced its impact on millions of people’s livelihoods. The problem was that central banks, finance ministries, and multilateral organizations like the International Monetary Fund – the pillars of the global economy’s institutional framework – failed to grasp globalization’s emerging characteristics and effects, owing partly to the difficulty of discerning structural shifts in the huge mass of data now available. It’s not that IMF and rest of the global regulatory Institutions have failed to recognize and understand impact of globalization; ClintonRubinomics sought and fought hardball during the end of Uruguay round of GATT Multilateral Trade Negotiations Morocco to supplant national sovereignty of FX markets and unleash international financial transactions without regulatory frontiers. US Treasury weighted voting rights impose policy constraints on IMF. Thus, under WTO, Asian Financial Meltdown was followed by Russian and ultimately 2008 global financial meltdown…Few nations i.e.India and China were still able to impose domestic currency control on FX markets. 3