Answer to Question #236197 in Management for Nachiket Pawar

Question

Assume you have to develop an HR plan for a new generation private sector bank having branches in major towns in India: What specific external factors would be important for you to consider. Why? " I WANT FULL LONG ANSWER"

Answer 1

Social & Cultural Environment

Human resource management is strongly impacted by the social and cultural sense in which a company works (HRM). Work habits, attitude toward work, and worker incentives are part of the cultural and social context.

Technology

Human resource management specialists may encounter both possibilities and difficulties as a result of technological advancements. HRM professionals may be required to hire new workers who are proficient in new technologies due to new technology. If current employees' abilities are no longer relevant to their needs, they may need to be retrained or dismissed. HR-sponsored training may be required for something as basic as a new version of a word processing application or a new digital copier.

Economic Environment

Economic conditions are a key exterior issue that is mostly outside HRM's management but can significantly influence the organization. Customer want is affected by downturns, boom times, and the overall inflation rate, impacting staffing needs. Another important economic aspect is the unemployment rate, which impacts pay and salary marketplace rates.