IELTS Essay: Large Businesses
In the past, most people worked for small businesses, while more people now work for large businesses.
What are the advantages and disadvantages of working for large businesses?
The rise of large corporations has led to a fundamental shift in the workforce towards large businesses. The chief advantages of this relate to opportunity and the downsides are larger, societal dilemmas.
Proponents of big business can point to career advancement and the variety of roles within a large company. Small businesses, by their nature, draw on a limited possible source of revenue that naturally caps promotions. Large companies have nearly unlimited profit potential and can thus employ a large number of managers, executives and other high-salaried positions. Moreover, a small business is more likely to be limited in the number of roles, while larger companies will have departments ranging from legal to marketing to research and development to human resources, all of which are potential destinations for motivated employees.
The disadvantages of these large companies relate less directly to individuals and more to society at large. Firstly, although there are more quality jobs available in big companies, the disappearance of small, local entrepreneurs means that capital becomes concentrated in the company’s chief shareholders, who are often living in other countries and already extremely rich. Over time this has led to the division of wealth that defines the 21st century. Secondly, as executive decisions become further removed from local communities it is harder to regulate large companies. A good example of this would be the environmental cost of drilling for oil and extracting natural gas, which hurts local residents but continues unabated because those in authority are unaffected.
In conclusion, the opportunities provided by big business do not outweigh the negative potential for all of society when power becomes concentrated and distant. It is therefore important to check the reach of corporations and empower individuals.
VOCABULARY
- rise of large corporations more big companies
- fundamental shift basic change
- workforce employed people
- chief advantages main benefits
- relate to have to do with
- downsides disadvantages
- societal dilemmas problems affecting all people
- proponents supporters
- big business large companies
- point to career advancement argue about promotions and opportunities
- variety of roles many different jobs
- by their nature naturally, of course
- draw on take from
- limited possible source of revenue only so much money they can make
- naturally caps of course limited to
- nearly unlimited profit potential no limits on the money that can be made
- employ give jobs to
- executives CEOs, CFOs, etc.
- high-salaried positions well-paying jobs
- departments ranging from … to parts of the company including
- legal lawyers
- research and development coming up with new ideas
- human resources managing employees, HR
- all of which are everything is
- destinations places to go
- motivated employees workers who really want to
- relate less directly don’t have much to do with
- society at large all people
- disappearance going away
- local entrepreneurs small businesses
- capital money and resources
- concentrated focused
- chief shareholders those who own the country
- division of wealth how money is spread out
- defines the 21st century represents 2000 to 2100
- executive decisions choices from the higher ups
- further removed more and more distant
- local communities small businesses
- regulate control
- environmental cost negative impact on the environment
- drilling for oil getting oil out of the ground
- extracting natural gas taking gas from the Earth
- hurts local residents does not benefit locals
- continues unabated keeps going on without slowing down
- authority power
- unaffected no effect
- outweigh stronger than
- distant far away
- check the reach control the influence
- empower individuals give power to people
