Global Issues for Accounting Essay Example | Topics and Well Written Essays - 1500 words

Global Issues for Accounting - Essay Example Analysis has also been done in respect of the changes experienced in the wage levels and the methods adopted by the workers to escape the crisis scenario existing in the labour market. Labour markets have never been stable in the Organization for Economic Corporation and Development (OECD) nations such as Australia. Rapid changes in the economy and emergence of globalization have caused significant changes in the labour market. Globalization has facilitated organizations to move to nations where labour is available at cheaper rates. Investors are seen to consistently search for economical ways of production. Moreover, free trade, shared market agreements and technological innovations have rendered many labourers jobless while allowing others to prosper. Manufacturing jobs in Australia, which were unionized, have lost the union protection with the emergence of globalization. Workers are now forced to shift outside developed economies and move to less developed nations in search of job opportunities. Although globalization has led to the development of a common platform for economic growth across the world, low end workers have not been provided with many benefits. As more multinational manufacturing organizations operating in Australia are shifting to locations where labour costs are low, an increasing number of labourers are becoming jobless (Webster, Lambert and Beziudenhout, 2011). The labour market and work opportunities available in the Australian market have changed drastically in the past decade. Although manufacturing concerns have been shifting out of the Australian economy and towards cheaper production locations such as China and India, the service sector has been growing substantially in the Australian market. However the service sector has remained successful in providing mainly part time jobs than full time jobs. Many workers in Australia have been forced to take up early retirement or t