In this instance, societal and economic factors that led to the most recent change in HRM include:
Companies of all sizes are affected by globalization, and they must prepare their employees for global leadership. Therefore, multinational corporations must identify and develop local leaders who will establish operations in other nations and are familiar with the local economic climate of other nations. Most businesses want to expand into any targeted outside markets; this practice is popular across nations. Bench marketing process is growing across all industries and is one of the reasons for competition. HRM is also required to carry out activities and keep talent in the workforce. The process through which companies or other organizations gain influence abroad or establish themselves. Operating on a global scale is becoming increasingly common as a result of technological advancements, economic conditions, and various new developments such as block chain. So HRM is confronted with these challenges; otherwise, they are driving HRM strategy to transition.