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 ...