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Trends and Challenges of HRM

Trends and Challenges of HRM
Changing Trends and Challenges in HRM The very conception of Human resource management has changed tremendously in the recent past as it has taken a new form and shape that embraces each and every activity of the organization, as every action requires human intervention. Human resource has become the most important of all the resources from the point, where it was merely one of the many resources. What has caused this great transformation? What has made firms recognise that manpower is the most important of all resources to the extent of including human resource in their accounting as assets! Evolution of HRM: A thorough analysis of the evolution of human resource management clearly indicates the exceptional quality of manpower, especially managers to tackle the very many challenges that come on their way. A manager who was merely a reporter to the top level management has now become indispensable. The laborers whether skilled or unskilled cannot be treated the way they were treated earlier, as the introduction of many labor laws support their cause. The legal framework guides the organization in terms of pay scale, bonus and increments and supports the workers in their welfare, security and safety. Globalization, Privatization and Liberalization: With the initiation of globalization, privatization and liberalization the firms are exposed to more competition and the managers have to put their think tanks to the best use in order to sustain and succeed in the market. People from various background work together in a multinational firm; their language, dress code, food habits, style of working and adaptability are quite different from one another. A human resource manager must go for a “culture” that is unique to the organization. He has to be proactive in order to safeguard the employees from a “culture shock”, by training them sufficiently before induction.   Human behavior: Management of human resources by itself is complex and it needs people with special skills. The unpredictable nature of human behavior makes the job more difficult. In the task of managing the emotions and behavior of his employees, a manager must not lose his composure at any point of time for which he has to be a balanced personality. How many of us are gifted with a balanced state of mind and especially in a crisis situation many of us scream our lungs out and blame others for our own faults. Employee Motivation: Motivating the employees to do the job and steer them in the right direction is a Himalayan task for most of the managers. For this they have to adopt a participative style of leadership that will make the employee come closer to them in terms of trust and openness and also it enhances the productivity by improving the efficiency. A relaxed mind is more efficient than one with tight cords. It thinks and acts freely and gives its best. Now a days employees are more educated and informative, so you cannot take them for granted. They are aware of their rights and privileges regarding their jobs and work environment and managers need to handle them very cautiously and intelligently when it comes to satisfying their needs, sentiments and attitude. Handling a large number of employees, allotment of employees to shifts, managing the turnover and keeping the morale high are some of the challenges that the management has to face up to. Achieving the Desired Results: The biggest challenge of any modern manager would be to show results by managing his team. Achieving targets in the specified time is a herculean task; also making people working for the firm realize and understand that unless and until their products and services are of international standards and customer satisfying,...
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Global Marketing Strategies

Global Marketing Strategies
Key Strategies of Global Marketing Globalization means many things to many people. For some it is a new paradigm – a set of fresh beliefs, working methods and economic, political and socio-cultural realities in which the previous assumptions are no longer valid. For developing countries, it means integration with the world economy. It can be better understood if we look it at this perspective- “the world integrated into one huge market”. It calls for the removal of all trade barriers among countries and a perfect competitive market prevails and the stress can lead to many positive and possible outcomes in terms of Quality Quantity Uniqueness Foreign exchange Benefits to the host country Increased productivity leading to Economic growth Well, it does not end there. An MNC (multi national company), by operating in more than one country gains r and d, production, marketing and financial advantages in terms ofcost and labor that other competitors may not enjoy. The global company views the world as one market, minimize the importance of national boundaries, sources, and raise capital and markets wherever it can do the job best. Why do companies go global? One reason could be the rapid shrinking of time and distance across the globe thanks to faster communication, speedier transportation, growing financial flows and rapid technological changes. It is being realized that the domestic markets are no longer adequate and rich. Japanese have flooded the U. S. Market with automobiles and electronic goods because the home market was not big enough to absorb whatever was produced. Companies at the first stage of globalization have only passive dealings with foreign individuals and organizations. By the second stage, companies deal directly with their overseas counterparts, though they might continue to use third parties also. The company might decide to set up an import or export department. Next comes the shedding of domestic capacity and floating an international organization and have a direct hand in exporting, importing, and perhaps producing goods and services abroad. Seldom companies reach this stage, even if they do, they recede later. The company can have a strong foothold in the countries it is organizing its activity only by way of * Superior product quality * Demand * Customer preference for that particular product range that the company offer * A dynamic CEO projecting and boosting company’s image, * Brand image * Availability of skilled labor * Licenses * Access to necessary infrastructure * Feasible financial structure * Viability in the long run * Marketing mix Chennai in India has become a hub for so many corporate as well as global companies since the business climate is very favorable and enterprising. Some of the strategies in globalization would be * Deciding whether to go global * Deciding which markets to enter * Deciding how to enter the market * Learning to handle differences * Adjusting the managing process * Deciding organization structure * Selecting a managerial approach. Developing countries like India have adopted new economic policies that are expected to encourage the international companies setting their foot in India, by which it compels many Indian companies to pursue internationalization vigorously. True globalization marks the beginning of a new economic era of growth and...
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International Trade and Finance

International Trade and Finance
International Trade and Finance What is Trade? Trade is the exchange of commodity and services. International trade represents business transactions taking place at the global level, and it is fundamentally different from domestic trade. Trade at international level demands huge investments, network of franchisees and proficient people to run the show. Many corporate giants are trying to capture Asian markets, especially Indian market, which has become the industrial hub for such economic activities. Economic liberalization has been the focus of many developing countries for the past two decades and this has allowed multinational companies with huge investment potential to enrich the weaker economies. What is International Trade? International trade tries to generate more foreign exchange, which is always good for the economy. Say, if a country has rich resources of petroleum, naturally it will try to sell the surplus to countries not endowed with such natural resources. Because of #demonetisation move, the focus is all the more high on #digital payments as the way forward. https://t.co/V80587CvS4 — EconomicTimes (@EconomicTimes) November 27, 2016 That is why Middle East nations are prosperous and economically independent. The diversity in productive possibilities in different countries is due to the presence of limited natural resources. When a country gets a head start in a particular product, it can become the high volume, low cost producer. The economies of scale give it a significant advantage over other countries, which find it cheaper to buy from the leading producers than to manufacture the product themselves. Barriers for Effective Trade: Every nation must try to specialize in the production and export of those commodities, which are available in plenty and must import such products in the production of which they have a resource deficiency. It should be remembered that there are severe man made barriers in international trade such as, export duties, quotas, exchange restrictions etc.,that hinder the free movement of products. UPI to create a boom in cashless economy. Giving way to the revolution of Digital Payments. Go Cashless Go Digital pic.twitter.com/0ODTrJbSqP — Ravi Shankar Prasad (@rsprasad) November 27, 2016 Nevertheless, it is not also possible for a country to produce domestically every kind of product. In spite of all these restraining factors, global trade is thriving, thanks to the advanced technological aspects introduced in communication and faster means of transportation. Distance is no more a constraint and the world has become one small global village. Foreign Exchange Issues: All domestic transactions, say in a country like India take place in rupees, which is the legal tender in the country. However, in its trade with other countries like USA, Germany, Japan, France and Britain, the payments have to be made in terms of dollars, marks, yens, francs and pound sterling respectively. #Rupee hits record low of 68.86 against dollar – Click to see also ☛ https://t.co/r0M91S8Du8 … #rupeeVSdollar pic.twitter.com/gufuzwlDp3 — Newser.in (@newserindia) November 25, 2016 The mechanism through which payments are effected between two countries having different currency systems is called foreign exchange. It may be also defined as the exchange of money or credit in one country for money or credit in another. Foreign exchange rates can affect relative prices and net exports. A rise in the a nation’s foreign exchange will depress that nation’s net exports and output, while a fall in the foreign exchange rate will increase net exports and output. Because of the significant impact of exchange rates on national economies, countries have entered into agreements on international monetary...
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The Spirit of Entrepreneurship

The Spirit of Entrepreneurship
The Spirit of Entrepreneurship In the modern competitive business environment, not all graduates of various disciplines like engineering, management and the like can aspire for white collar jobs. The recent global recession has made the prospective job seekers think twice about working in foreign countries. Self employment has become the order of the day. Being your own boss is truly inspiring and motivating at least in theory. When it comes to reality, we need to know exactly what does it take to become an entrepreneur by starting a small business or taking over the business run by your predecessors. Why we need more entrepreneurs? Various avenues have been opened up thanks to communication and transportation that has brought the world under a single huge umbrella. Also small industries face minimum risk as the investments are marginal and they have the liberty to try a number of innovations like combination of new products new materials new methods of production new markets new sources of materials and even New forms of organization. Being a competitor in an open market, minimum profit and constant revenue inflow are assured and also they can enjoy the benefit of minimum fluctuation in the product price as it is determined by the market and not by individuals. Want to know 10 Daily Habits of Most Successful Entrepreneurs? Scope of entrepreneurial activity: Either you can be a subsidiary to large scale business or you can engage yourself in supply of repair services with small engineering establishments or you can go for small cottage industry businesses like cutlery, furniture, jewelry, fruit canning, soap making etc., Being fairly labor intensive, you can provide economic solution by creating employment and income opportunities in urban and rural areas with relatively low cost of capital investment. Business process outsourcing has been in recent times the magic happening in countries like India, China etc., where the foreign investors take advantage of cheap labor, time and efficient communication skills of the population. Knowledge process outsourcing has also become popular and it stands as a testimony of the rising power of Asian countries over the west. “Small is beautiful” and you can make it big in the small scale business industry if you are Innovative and productive Provide personalized services to the customers Identify and target the right markets This ensures “WINNING THE GAME OF BUSINESS“. An economy grows only when it has large number of enterprises accelerating the economic growth prospects of that particular country. The export policies of all nations have become more flexible owing to globalization, liberalization and...
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