Impact of the economy in HRM

With the enhancement of the technology and increasing trend in business through online platforms the world economy has changed and still changing since ever before. As a result of the globalization anyone can purchase anything from anywhere. This is a major challenge for any kind of business or organization. We have observed online platforms such as Alibaba, AirBNB have risen to higher level in the wold market with the movement of economy in hi-technology.

We can observe global trend in online business for both obtaining goods and services. This will be benefited for both service provider as well as receiver since both parties expect satisfaction. With the advancement of the technology organizations and HR people have plan new job roles to create market demand. As per Blau (1996) the worlds famous mobile phone company Nokia corporation has moved away from the competitve business due to their inability to identify the market demand (smart phone concept ) in their business plan. This teaches in modern world how your organization stable it's a matter of short time that with the econonic challenges organizations have to well prepare for their goods and service delivery in competitve manner in modern economic world.

Since any country or any organization are interconnected and  single organization cannot standalone and cannot win the business or enjoy monopolistic business. As per Griffiths (2017) dealing with online platforms is one of the people preferred employment form. This type of employment offers flexi working hours, business innovation, futuristic planning which attract employees to the business. 

Any how to keep the employees attracted the HR people have to invest more on researches and market studies to upkeep their production levels to cater the changing economy.

As per Daniel (2017) with the previous aquisition of Bonobos and Jet.com Walmart is looking to house

number of retailers on it's site. The US based famous shopping mall intends to attract more shoppers through online. 

With the movement of the businesses into mainly online platforms organizations and HR people have many challenges. Those mainly includes

• High investment cost for technology
• continuous expenses for research and development sector
• retaining the existing staff while giving them the competitor packages.

Organizations also have the benefits of enjoying to recruit best talented people for the organization, retain the experts in the organization with industry comparision

References

John, B (1996), Nokia Pins it's hopes on Youthful  R & D, pg 35

Griffiths, C (2017), Do HR and the Gig Economy have a Future? , http://www.onrec.com/news/newsarchive/do-hr-and-the-gig-economy-have-a-future, accessed on 04/07/2018 at 7.48pm

Daniel, K (2017),  Walmart.com may become an online mall, http://www.businessinsider.com/walmartcom-may-become-an-online-mall-2017-10IR=, accessed on  05/07/2018 at 9.48pm

Adopt to change the role of HR with Millenials

In every organization as we described satisfying the most valuable employees will lead to take the organization to great heights since the performance of the organization is depend on them. At present with the technology driven working enviornment HR department faces the main challenge to serve their different kinds of employees with a single workforce. As per Behrans (2009) While handling aged and matured employees in the organization the HR people too have to cope with generation X and generation Y who thinks differently and always tends to complete works with ease with the support of technology.

The X and Y generation are always technically connected although they are not socially connected.

Therefore the HR team has to manage all without dissatisfying them.

As per Nina (2017) we can expect extreme changes in workplace enviornment since the earlier people who have "hired for life" mentality will gradually remove from the work organizations and millenials will tend to stay at an average employer from 3 to 5 years. Mainly the millenials will be more concern on work life balance, therefore leaving the organization sharp at 5 without attending to additional work load. They always expect positive feedback and looks forward for new learning opportunities. HR team has to get ready for these kind of challenges.

As described by Walker (2007) through creating employer brand which is to be lived by the employees, the HR people can retain new generation with the organization. Also HR department has to change their management systems such as maintenance of personal files in traditional way and documentation. They must best prepare for adopting to human investment perspective.

Since the young generation is always focused on their perks and benefits rather than staying with same organization HR team has to introduce high performance work culture to retain the valuable and most wanted employees in the organization with competitive packages for them.

As per  Armstrong (2014) it suggests to HR professionals to redesign job roles which will matched for high performance work culture, implementing team building and flexi working for staff, job enrichment, align reward and appraisal criteria to value and reward employees.

By doing so the organizations will retain the new generation which will undoubtedly help to achieve the overall objectives of the organization while keeping  the industry experts with them.

References

Behrens, W. (2009), Managing millenials, Marketing health services, pg -19

Nina, D. (2017), What challenges face human resource department in twnty first century,

Walker, P. (2007), Develop an effective employer brand, People management, pg 44

Michael Armstrong (2014), Armstrong's handbook of Human resource management practice, 11th Edition, pg 232-233