1).
The characteristics of the global business environment have caused a substantial evolution in human resource management (HRM). The development of HRM in a global setting is influenced by a number of factors:
a. Globalization
Organizations are expanding worldwide as a result of the growing
interconnection of markets and economies. This has made it necessary to modify
HRM procedures to take into account various regulatory frameworks, corporate
cultures and business procedures.
b. Technology and Remote Work
Technological developments have made it easier to collaborate
and work remotely across boundaries. HRM needs to change in order to
effectively manage remote teams, deal with time zone issues and use technology
to facilitate communication.
c. Learning and Development
An increasingly worldwide workforce necessitates ongoing
learning and development. HRM is all about giving workers the chance to grow so
they can succeed in a global workplace by improving their knowledge, abilities
and cultural acuity.
d. Data Analytics and HR Technology
Managing a global workforce now requires extensive use of HR technologies and data analytics. HRM makes strategic decisions about workforce planning, employee engagement and talent management globally by utilizing data-driven insights.
2).Virtual Team Management
Global HRM has to handle the difficulties of leading virtual teams that are scattered throughout several time zones and places, given the growth of technology and remote work. This entails collaborating, preserving team cohesiveness and making use of communication tools.
Technology Integration
Global HRM relies heavily on the application of data analytics and HR technology. Technology makes it easier to communicate globally and manage the data effectively. It's also provide decision-makers insights into workforce planning, performance and talent management.
Global Learning and Development
Programs for continuous learning and development aim to improve workers abilities, proficiencies and cultural sensitivity in a global workforce. Training that takes into account linguistic obstacles, cultural quirks and a range of learning styles is part of this.
International Talent Acquisition and Management
International talent procurement, attraction and management are all part of global HRM. This entails hiring workers from a variety of skill sets and cultural backgrounds, as well as creating plans for succession planning and international talent mobility.
Global Compensation and Benefits
Creating and overseeing competitive pay and benefit plans that adhere to local regulations is the responsibility of HRM in a global setting. This involves dealing with changes in the cost of living, taxation and currency fluctuations.