Answer to Question #249054 in Management for ABC

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?                                                                                

Answer 1

The labor supply and compensation rate are the first factors to evaluate. If there are more qualified people than job openings, the HR budget will be modest and beneficial to the organization. As a result, the organization will be able to hire enough people.

The influence of competition on recruiting is the second aspect to evaluate. If the corporation wants to hire qualified workers, it would have to invest more in marketing. The reason for this is that large corporations absorb expertise, making it difficult for smaller businesses to find skilled personnel.