Q1. Identify the different types of external and internal trends that have impact on HRM? Give an example of each trends in your own words. (Words limit up to 350)

Internal influences on HRM - Corporate objectives, Operational strategies, Marketing strategies,  Financial strategies

External influences  - Market changes, economic changes, social changes, technology changes, Political & legal changes

Explanation:

Internal influences on HRM  

a)Corporate objectives

Example – Objective of cost optimisation leads to restructuring, redundancies, delayering, etc.  

b)Operational strategies

Example – Improvisation is IT system may require reduction in staff and training of staff or hiring of new staff

c)Marketing strategies

Example – A new sales team is required to sell a new product or to enter into a new geography

d)Financial strategies

Example – Reduction in cost of training programme would require HRM team to outsource training

External influences  

a)Market changes

Example – Loss in business in specific segment or region require changes in divisional management or job losses

b)Economic changes

Example – When economy is low, there will be more unemployment and hence availability of people at low cost.

c)Technological changes

For example – Introduction of technology platforms to create social networking with employees and customers

d)Social changes

Example – Adoption of flexible working options in times of pandemic

e)Political & legal changes

Example – Changes in maximum working time and other employment rights affect the workforce planning and remuneration of HRM

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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