Answer to Question #243034 in Management for Madhu

Question

2.Describe how economic and workforce changes impact on human resource management. Give appropriate examples on how these changes should be addressed.

Answer 1

Economic Conditions - The current state of the economy is one of the most significant external factors. It has an impact not only on the talent pool, but also on your capacity to hire anyone at all. In a difficult economy, any company can make it if it has a rainy day fund or a plan to deal with the harsh climate. Human Resource Management activities and employee interpersonal relationships are also affected by diversity. It also aids in evaluating the workplace environment and how managers and supervisors benefit from training programs at the end.