Social factors are the globalization of the workplace, priorities given to the mental and physical wellbeing of employees. New and different cultures interact and work together closely in a global firm, so there is a need for reformed HRM that takes this into account to help the employees do the best they can and also ensure they can move upward in a global company.
economic reasons are things like globalization and the industry standard use of the internet that has put companies in a situation where they have to adapt to changing and emerging new markets that may look very different to what the company is used to. HRM is now expected to address talent challenges and change expatriate leadership programs to better suit the region which the firm is based in while maintaining the values of the enterprise
HRM has evolved in recent years as now it is expected to carry out duties of strategic business partners, talent acquisitions, training, and business strategy. in addition to the regular duties which include hiring, rules and regulations, employee compensations etc. Theres no doubt it will continue to evolve as technology and culture continue to change the face of global business and employee culture.
Clear explanation