Choose a business function (e.g. marketing HR finance) and outline and Essay - 1

Choose a business function (e.g. marketing HR finance) and outline and discuss the changing nature of work and employment in thi - Essay Example The project tries to explore the key influential factors resulting in such changes with emphasis on the challenges faced by the human resource management departments on organizations. External Factors influencing the changing nature of human resource management practices Few of the major factors that have been undergoing dramatic changes in the global scenario have been increasingly posing threat towards organizations. Consequently their business needs have also undergone changes. Technological factors, the economic challenges, and changes in the local and governmental issues are some of the key factors worth mentioning in this context. Workforce diversities, unions and political factors have also been responsible towards changing the human resource management practices in organizations. Predominantly the organization structure and culture has demonstrated changes. Globalization has generated different forms of human resource management functions in the global competitive environment . Firms which have been competing in the global competitive environment have been facing with numerous new demands on their people and their organizations. They also seem to be pushed into different and contradictory directions. In response to this, new global organizing paradigms are concentrated on the complementarities, and not on the trade-offs, on management processes, not on the organizational structures and procedures. It demonstrates a shift away from the static and traditional solutions to the global business challenges towards the acceptance of global organizations as being an evolving and dynamic network (Pucik, â€Å"Human Resources: An Obstacle to Globalization?†). The changing economic environment has also driven changes in the human resource management practices in firms. With the increasing significance and presence of the MNCs as being crucial players of the global economy, there has also been an increasing interest on the concept of international human resou rce management of these MNCs. In spite of the growing importance of this IHRM as being one of the most innovative sources of competitive advantage, there has been very little research on ways to manage the globally dispersed mass of employees belonging to the MNCs effectively. A number of studies have been conducted by the application of greater theory driven conceptual frameworks, for better understanding of the multinational corporations and the international human resources management practices undertaken in them. Following are some of the findings from the results. Firstly the general result that followed is that the human resource management practices remain localized to reflect the differences in the cultural and regulatory environments between the host and the home countries. This primarily throws light on the fact that these multinational organizations require modifying their parent human resource management practices in the overseas subsidiaries in order to achieve a degree of isomorphism with the environmental institutions of the host countries (Kim & Gray, â€Å"Summary, limitations and suggestions for further research†). Recently organizations are also faced with the growing challenge of confronting and managing workforce diversities. The shifting business realities and the social and demographic changes have increased the workforce diversi