2. External Factors
Change in Technology
Legal & Govt Factors
Customer Social Factors
Economic Factors Political Factors
Talent Management
3. Customer
The term consumer, end uesr,individual buyer and individual
user refer to the same, a buyer who buys product and services
for end use, so specifically, the user or end consumer market
refers to that group of consumers who buypurchase
goods, services and ides for their final and ultimate
consumption, not for the reproduction by any means.
The study of consumers helps firms and organizations
improve their HR strategies by understanding issues such as
how:
1)The psychology of how consumers think, feel, reason, and
select between different alternatives (e.g., brand products, )
2)The psychology of how the consumer is influenced by his or
her environment (e.g., culture, family, signs, media)
3)The behavior of consumer while shopping or making other
marketing decisions,
4. Social factors
The social environment factors consist of human relationship
& the development, form & functions of such a
relationship have a bearing on the business of an
organization.
Some of the important social factors are listed below:
1) Demographic characteristics such as population, its
density & distribution,etc.
2) Education levels.
3) Awareness & work ethics .
4) Family structures & change them.
5. Economic factors
Economic factors affect HRM of an organization by
influencing its operations. For example, economic system,
economic policies, national incomeper capita income,
wage level & structure, distribution of income & wealth,
etc. hence, these factors influence the wage & salary levels
of an organization.
6. Political factor
Political stability, political parties, & their ideologies political
gimmicks, formation of new political parties, splits-in &
amalgamation of existing parties affects the trade union in
an organization. This in turn result in inter-union
rivalry, new trade union formation, splits-in and
amalgamation of existing trade union, etc. these change in
trade union complicate the task of HRM.
7. Talent management
Talent management suddenly evoked the charm and attention
for the business word. Much of the reason may be due to
the fact that technology is finally begun to catch-up.
Human resource management systems(HRMS) providers,
already present in many business, have begun to crate add-
on applications that provide a strategic layer on top of the
more administrative HR functionalities they already offer.
8. Take up one idea. Make that one idea your life-
think of it ,dream of it, live on that idea. Let the
brain, muscles, nerves, every part your body, be
full of that idea, and just leave every other idea
alone. This is the way to success.
swami Vivekananda
