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There are signs that the current economic situation is improving - Essay Example

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There Are Signs That the Current Economic Situation Is Improving Table of Contents Table of Contents 2 Introduction 3 Review of Literature 4 Improving Economic Situations 4 Implication of Improving Economic Conditions on Human Resource (HR) Policies 5 Analysis and Discussion 8 Conclusion and Recommendations 12 References 14 Introduction Human Resource Management (HRM) plays an effective role in managing the people or employees of an organisation…
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There are signs that the current economic situation is improving
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Download file to see previous pages HRM is also entrusted with the tasks of ensuring that a suitable working environment is developed in organisations. Moreover, it also ensures that a harmonious and a better relationship is developed amid employees and management of organisations. The role of HRM can be viewed to get affected due to influences with respect to internal along with external environment. In this regard, the internal factors include organisational culture and climate. Organisational culture is based on various factors including values, beliefs along with ethnicity of employees. Organisational climate depends on leadership styles, communication and human resource (HR) policies. On the other hand, external factors comprise economic conditions, demographics and labour market conditions. Economic conditions entail availability of financial resources or materials and demand along with supply of products and/or services. Labour market implies the availability of labour forces to be recruited. Demographics state the features of the workforces to be recruited which include education level, marital status and age. In this context, the economic conditions are determined as the major element affecting the aspect of HRM in maintaining the performance of business organisations. This can be owing to the reason that the economic conditions pose several threats to certain significant factors that include employment rate and productivity (Pearson Canada Inc., 2013). It can be apparently observed that the global economy has been under economic recession from the period 2009, affecting business operations on a global context. However, the commencement of the year 2011 has been identified to reveal signs of improvement in the global economic conditions with increased demand and sales of products and/or services. Additionally, the rate of employment has declined by a certain extent. Moreover, there are certain other factors depicting the reviving conditions of the global economic conditions that include profit margin, increased factory productions and better job opportunities (Pearson Canada Inc., 2013). In this respect, the essay intends to discuss about the impact of improving economic conditions imposed on the policies along with other strategic aspects of HRM within organisations. Review of Literature Improving Economic Situations According to Monica (2012), the economic conditions have been observed to improve by a certain extent in a slow and a steady manner after the recession period. It can be viewed in this similar concern that the spending of consumers in the worldwide market segments have increased by a substantial amount due to greater flow of money in the economy. Additionally, operations of business organisations have increased on a global context with better trading activities and sales of products and/or services. Monica (2012) noted that flow of investments has augmented with the rise of the trends of globalisation. Moreover, the rate of inflation is also seemed to reduce in most of the countries, improving the purchasing power of customers at large (Monica, 2012). In this similar context, Jochnick (2013) stated that balanced economic policies have assisted countries in improving their respective economic conditi ...Download file to see next pagesRead More
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