Human Resource Management and Human Resource Professionals in the new Global Economy

HUMAN RESOURCE MANAGEMENT AND HUMAN RESOURCE PROFESSIONALS IN THE NEW GLOBAL ECONOMY
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Human Resource Management and Human Resource Professionals in the new Global Economy
Introduction
The current shift in focus from personnel management to human resource management indicates companies moving from the old economy and embracing the new economic models. This study will define various concepts of human resource management and identify various similarities and differences. Further, there is a discussion on the various characteristics of applicable concepts of existing and new economies. The introduction provides essential information on personnel management, human resource management, and the new global economy. The essential shift from human resource management to the new global economy will be discussed. In this case, the focus of the study is on the various adjustments as required to the existing functions of HRM and defining their roles within the new global economy (Bratton and Gold, 2017).
Personnel and human resource management represent a valuable organization’s workforce as one of the most valuable and important resources. The effective management of the workforce provides a critical element that determines the extent of sustenance in organizational performance (Bratton and Gold, 2017). Personnel management, in this case, focuses on the management of the workforce in any company.
Research objectives and research question(s)
The study’s main objective is to establish the impact of Human Resource Management and Human Resource Professionals in the new global economy.
Specific objectives
* To determine the effects of training and development on the new global economy.
* To establish the impact of selection and recruitment on the new global economy.
Research questions
* How do training and development define the role of HRM and HRP in the new global economy?
* To what extent has selection and recruitment defined the role of HRM and HRP in the new global economy?
Brief literature review
The rapid development within the global economy results in trade barriers alongside aggressive competition, which calls for every company to engage appropriately to maintain a competitive advantage. Success in competition demands the utilization of human abilities, including their performance which should be at their best. One of the key themes influencing a company’s performance is strategic business management, affecting workforce practices (Kelly, 2018).
Bratton and Gold (2017) assert that human resource management encompasses administrative work alongside resource management. Integrating these concepts provides one of the essential features of human resource management. Notably, both human resources and management and personnel management play the same role in providing a support system. Such aspects provide the necessary guidance and supervision that ensures effective management of people at the workplace. The HRM also provides human resourcing services and plays the role of strategic management as part of the decision-making cycle.
Kelly (2018), in his study, makes a comparison between the old and new economy where he indicates that the transforming power of machines is inevitable. The various life issues have been influenced by scientific innovations from communication to human expression of thoughts. Modern tools play an important role in shaping the geography of wealth that probably operates through computerized mechanisms.
Gratton (2021) posits that the new sources of sustainable competitive advantages operating within the new economy include people as the key resources. The growth of companies in the new global economy demands that they provide meaning and purpose with context and frame that encourages the flourishing of individual potential. Therefore, showing the key role that human resource management plays in advancing the new global economy.
Collings, Wood, and Szamosi (2018) assert that strategic management focuses on policy decisions that influence the entire organization, therefore, ensuring major decisions on the allocation of resources. The quest for competitive advantage requires that business strategies link to human resource policies.
According to Stahl, Brewster, Collings, and Hajro (2020), one of the key issues in the current global business environment entails retaining the workforce. A robust integration of staff within the company ensures maximum contribution for long-term success. The new global economy focuses more on knowledge than assets, whereby information theory is esteemed more than physics. In other words, the new global economy is focused on human capital. The world currently relies on the expansion and the acceleration of information technology, whereby skills and knowledge are at the center of every business activity. The data storage and information have intrinsic value and networks applicable in the interchanging of transactions and values.
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