As the world becomes increasingly globalized, workers from around the world are experiencing increased opportunities to work abroad. This is exactly what is occurring in Canada. As the province of Alberta continues to boom economically, Canadian companies are in need of a labor supply. With too few Canadians to fill the extra jobs needed, Canadian firms have begun recruiting internationally. The international recruiting strategy has been very successful as Canadian companies were able to find an abundant supply of workers from the United Kingdom and Ireland. This development in Canada is a testament to the many benefits of international business.
With a jobless rate of only 4.3% in Alberta, compared with 7.6% in the United Kingdom and 13.3% in Ireland, economic equilibrium can be achieved due to international activity. Workers from the UK and Ireland have fulfilled the demand of Canadian firms in terms of labor. In other words, Canada’s excess demand was equalized by an abundant supply of labor in the United Kingdom and Ireland. This occurrence provides an important example of how international business activity can be used to provide economic gains for all parties involved.
Just as Canadian firms used international resources to fulfill its labor demands, companies can apply the same techniques to grow their business. When domestic demand is met by an abundant supply, companies should consider looking abroad for markets where there is demand yet to be satisfied. Many developing markets are in need of certain products due to a lack of supply. This is where a globally aware business can capitalize on the opportunity and satisfy market demand by exporting their products or beginning operations in the market. Value is added for both sides. Consumers receive the goods or services demanded and the business is able to gain access to a new source of revenue. Although this notion may seem like common sense, it is often overlooked due to the risks and dangers associated with international expansion. In today’s hard economic times, it is often very easy to become satisfied with the status quo and this is actually where the real danger can lie.