Socio-economic status is the social standing or class of an individual or group. It is often measured as a combination of education, income and occupation. Examinations of socioeconomic status often reveal inequities in access to resources, plus issues related to privilege, power and control. Recessions, economic booms and the general rate of inflation affect consumer demand, which affects personnel needs. Another huge economic factor is the unemployment rate, which affects the market rate for wages and salaries. Globalization also has a dramatic effect on HRM. hence if we want to make our society impactful we must change our way of working and as well as human resources.
Instead of focusing on personnel management and administrative tasks, today's HR departments—at least the ones that are forward-thinking—spend their energies managing employee engagement and strengthening culture