The recent transition in HRM is underpinned by a range of social and economic factors:
1. **Rapid Business Change**: Companies are experiencing unprecedented rates of change due to globalization, technology advancements, and evolving business models. This requires HR to be more dynamic in managing talent to meet the changing business needs.
2. **Shift Towards Emerging Markets**: The rise of emerging markets has led to a global redistribution of talent, with companies needing to adapt HR practices to diverse cultural and regulatory environments.
3. **Borderless Workplace**: Advances in technology have enabled a more connected world where work can be done from anywhere, leading to the need for HR to manage a geographically dispersed workforce.
4. **Specialization**: There's a trend towards more specialized job functions, which necessitates HR to develop more tailored talent management strategies and create new career paths and job models.
Evolution of HR functions/roles:
1. **Strategic Partner**: HR is moving away from traditional administrative roles to become a strategic partner involved in business planning and strategy development.
2. **Talent Developer**: With the need for continuous skill development, HR's role has expanded to include a greater focus on learning and development programs that align with business goals.
3. **Global Mobility Strategist**: HR now plays a crucial role in facilitating global mobility, including expatriate management, to ensure that the right talent is in the right place at the right time.
4. **Culture and Engagement Champion**: HR is tasked with building and maintaining a strong organizational culture and high levels of employee engagement, even in a geographically dispersed and culturally diverse environment.