the Underpinning Social and Economic Reasons for HRM Transition
Global Skills and Talent Shortage: The scarcity of HR skills and talent has led to the deployment of individuals wherever needed. As the management of people has become crucial for business success, organizations have to move HR professionals around to meet demands. This has been a driving force behind the recent wave of HR assignments, indicating a change in how HR is being utilized within organizations.
Changing Business Landscape:
Emerging Geographical Markets: With the rise of new markets around the world, companies are expanding globally. This expansion requires HR to be involved in managing a more diverse workforce across different regions, leading to a shift in HR strategies and operations.
Globalization and Increased Competition: In a highly globalized and competitive business environment, organizations need to be more agile and strategic in their human resource management. HR is expected to contribute to the company's ability to compete on a global scale by effectively deploying talent and aligning HR strategies with business goals.
The evolution of the recent HR functions/roles includes moving from cost-centric to business-driven, participating in key business decisions and addressing global mobility challenges.