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social and economic reasons that brought about the recent transition in HRM

social and economic reasons that brought about the recent transition in HRM

by VISHAL MAHESHWARI . -
Number of replies: 0

The primary drivers behind the transformation of human resource management are primarily economic globalization and bringing changes to ideoloogies and cultures within society.

Economic globalization refers to the worldwide itegration of various production factors, such as goods, technology, information, services, currency, personnel, capital, and management experience. This process has allowed the global economy to come close together and be intregrated with one another.

Economic globalization is a prominent characteristic of the modern world economy and represents a significant trend in global economic development. The organization for economic cooperation and development(OECD) defines economic globalization as process where economic, market, technological and communicative aspects whihc increasingly exhibit global features, while national and local characteristics diminish. 

Within the context of globalization, the impact on culture is notable as well. The global integration fostered by globalization has led to a deepening convergence of world cultures, resulting in the innovation and development of civilizations among different ethnic groups and countries through continuous exchange and integration.

These factors collectively contribute to the expansion of human resource management from small-scale and localized approaches to large-scale and globalized strategies.