Asked by George Greer on Jun 10, 2024
Verified
Few trends exist in isolation.It is difficult to correlate a particular issue such as a labour shortage in a particular area with one particular causal factor.
Identify and describe two of the six environmental factors affecting HRM.
Labour Shortage
A situation in which employers experience difficulty finding employees with the required skills to fill their job vacancies.
Environmental Factors
Various external elements, including economic, social, political, and ecological influences, that can affect an organization’s operation.
HRM
Human Resource Management, the strategic approach to the effective management of people in an organization, focusing on policies and systems.
- Acknowledge the effect of the labor market on strategic management within organizations.
- Recognize the demographic determinants influencing human resource management.
Verified Answer
2. Globalization – This is the growth in flows of trade and financial capital across borders. Globalization affects sovereignty, prosperity, jobs, wages, and social legislation. The shift in the global economy has been marked by the rapid growth of emerging economies such as India and China. These countries had workers who were willing to work longer hours for less money than workers in more developed countries.
3. Political and legislative factors – Governments, both provincial and federal, can influence the business environment through political programs that result in changes to laws and regulations. Examples of these are the changes to mandatory retirement in Ontario and tax cuts for job creation.
Learning Objectives
- Acknowledge the effect of the labor market on strategic management within organizations.
- Recognize the demographic determinants influencing human resource management.
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