ODL-Managing People

The internationalization strategy which relates to globalization is a key reason as to why HRM has evolved globally. The accessibility to countries, markets and technologies made easier by globalization allows companies to expand to reach new levels in new markets. This evolution is further facilitated by the reduction in trade restrictions, service and capital movement regulations as well as cost of transport and communication cost making the venture into foreign markets easier and more achievable. One of the key features about global HRM includes having the awareness of dealing with a culturally diverse workforce. Next, another component of global HRM is the effective management of a global talent pool. This includes good recruitment, training, development and so on. Other than that, having a good intellectual capital is another key component in the evolution of HRM. A company with a good knowledge base has the ability to deliver within it intellectual capacity to people worldwide, further increasing individual awareness and collectively managing its global knowledge base effectively in the process. Another component within the evolution of HRM on a global scale would be to conduct a PESTLE analysis on a new foreign market which a company intends to venture into. In a nutshell, these are the key features and  how Human Resource Management further manages to evolve globally.