HRM107 Lecture 2: Week 2

• School: Macquarie University
• Department: Human Resource Management
• Course: HRM107
• Professor: Jen Pryor

Document Summary

Markets are becoming very competitive: this is characterised by, short product/industry life cycles, conditions that undermine value of the current resources/capabilities. Successful firms likely to be those that can respond rapidly to (short term) opportunities that appear. These organisations rapidly develop and more importantly implement changes in strategic direction. This is referred to as dynamic capabilities -- this is the ability to rapidly respond to change. Global economic context: globalisation refers to increased pace of economic and cultural interconnectedness between different countries- the interconnectedness of countries has deepened considerably in the past 2 decades Increased labour mobility/decreased barriers for labour migration: australia and free trade agreements. Impact of the global financial crisis on hrm. Standardisation work practices: depends on, receptivity of local workforce to adhere to corporate norms of behaviour, effectiveness of expatriates as agents of socialisation, whether localization is timely (not just prompted by cost considerations, appropriateness to the local environment. Australian context: changes in industry and occupational structure