Firms are expanding to international markets to increase their customer base and

Question

Firms are expanding to international markets to increase their customer base and revenues, get access to skilled and low cost human resources, ease of setting up and doing business etc. While it brings a number of benefits, it also creates challenges for Human Resource Management department. Below are the factors affecting HRM in international markets -

1. Local human resource and labor laws and regulations based on which company needs to tweak its policies in the country where it is operating

2. Economic factors which include Standard of living, Average Industry salary and benefits offered etc. in the country

3. Skills of the employees and trainings required

4. Cultural factors based on which employee specific policies can be designed

5. Educational qualifications and literacy rate of the country

6. Communication and linguistic factors

Explanation / Answer

Discuss the factors affecting Human Resource Management in international markets

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