Answer to Question #271221 in Management for deep

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 top external factors to be considered include labor supply and compensation rate and the effect of competition on recruiting. 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 while for the competition on recruitng, 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.