Answer to Question #246819 in Management for Thalaivaa

Question

Assume you have to develop an accurate workforce/HR plan for a new private sector bank having branches in major towns in India. What specific external factors would be important for you to consider. Why? 

Answer 1

A human resource plan is a process of identifying wants within the organization, based on the company's strategic direction. Some of the specific factors to consider when drafting the HR plan Include; workplace demographics that apply to attracting the young generation workforce when the old group retires. Technological advancements help in the specialization of workers in an organization. Government regulations include training, compensation, and many others in which failure to have this may lead to the company's closure, and economic conditions; this helps the company prepare against an economic downturn.