Globalization and Industry 4.0: A Theoretical Review of Their Impact on Training and Retraining of Employees in Developing and Underdeveloped Countries
- June 11, 2019
- Posted by: RSIS
- Category: Management
International Journal of Research and Innovation in Social Science (IJRISS) | Volume III, Issue V, May 2019 | ISSN 2454–6186
WOBODO, Chinonye Chris1, Dr. L.I. Nwaeke2
1Doctoral Student, Department of Management, Faculty of Management Sciences, Rivers State University, Port Harcourt, Nigeria
2Lecturer, Department of Management, Faculty of Management Sciences, Rivers State University, Port Harcourt, Nigeria
Abstract:- The state of business operations’ method is changing rapidly and assuming a new dimension and organizations that fail to synchronize these changes with potent strategies risk speedy entropy. Technology is changing the world and its impact on virtually every aspect of human life is unfathomable. Therefore this paper looked at how globalization and industry 4.0 will affect training and retraining of employees in the developed and underdeveloped countries. After careful extant literature review, it proved that both globalization and industry 4.0 are phenomena driven by increased growth of technology in the West over the years. However, the study showed that developing and underdeveloped nations have not fared well in the midst of globalization movement as the losses incurred has exceeded the much promised benefits and a new era is about to be born which will entirely change manufacturing dynamics. In this circumstance, we deduced that for organizations operating in developing and underdeveloped countries to transit to the new era, training and retraining of their workforce must be on top gear so as to upscale their skills to meet the new challenges ahead. In line with that we recommend that organizations operating in developing and underdeveloped world should be conscious of the revolutionary and evolutionary nature of global business environments and ensure that they adapt appropriately without losing sight of the imperialistic tendencies of the West; that before the adoption of industry 4.0 system, there is need for a proper identification of the required skills set before following it up with adequate training and retraining programs to upscale their skills in that direction and also reduce the tendency for resistance and failure.
Key Words: Globalization, industry 4.0, employee training, retraining, developing nations, underdeveloped nations
