Answer to Question #239272 in Management for Jack Patz

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. Explain in details Why? 

Answer 1

The first factor to consider is the labor supply and compensation rate. If there are more skilled personnel than available job opportunities, the HR budget will be low and favorable to the company. Thus, the company can employ enough workers (Benjamin,2019).

The second factor to consider is the effect of competition on recruiting. The company will have to consider indulging in intense marketing for it to obtain skilled personnel. The reason is, giant cooperations absorb experts, making it tough for organizations to obtain skilled labor.

Benjamin,T (2019) External and Internal activities influencing HR activities. Retrieved on https://smallbusiness.chron.com/external-internal-environmental-factors-influencing-hr-activities-34745.html