As per the survey of 200 multinational companies, the main socio economic reasons causing transition in HRM are:
-Emerging Global Markets
-Globalisation
-Increased Competition
To cater the change become more responsiveness to the new trends, global mobility is the key to all three issues. For multinational business, the scope of change has expanded to further various factors such as:
-Rapid business change
-Shift towards emerging markets
-Borderless workplace
-Specialisation in new careers
-New styles of leadership
-Intense competition for talent
Identification of the recent HR functions/roles:
Recent HR functions have been focused on cost saving methods such as:
- Evolve into a more agile and collaborative organization with open, aligned, and unified talent strategies.
- Align all talent practices, policies, and approaches globally.
- Have transparent global talent mobility with continuous development.
- promoting leaders who can operate effectively across cultures and encouraging employees to think and act with a worldwide perspective, not just a local one.
- Encourage job specialisation.
- Invest in HR technology.
- Integrate talent acquisition and management.
-Aligning hiring processes with employee development, performance, and retention strategies to ensure a seamless talent lifecycle from recruitment to growth within the organisation.
- Give HR trainings and skills to maximise the opportunity.