P1 - Human resource management is the organisation function in a business that deals with issues related to people such as compensation, hiring, performance management, organisation development, benefits, administration, employee motivation and training. It is also a strategic and comprehensive approach o managing people in he workplace culture.
INTERNAL PLANNING FACTORS:
Retirements/Resignations – Older employees are retiring which means the company will need to find new staff to fulfil the vacancies. They may either be new staff or eligible people that may already be employed within the company. These people will need to require the skills needed or be trained by the company. New Skills Needed – By putting staff on training courses, a business can reduce the amount of staff needed; this will also cut down costs. This can be instead of hiring new staff with the skills required. This will also help the business as staff with have various skills as well as their main skill in the workplace, if they ever need to fulfil other areas. New technology – Having new technology means a business either needs to find new staff that understand the technology or again train staff up to understand the technology. This will depend on how capable staff will be in acquiring the skill to use the technology or whether bringing in experienced people is a better choice. Training people to understand the technology means they are being taken away from their job, so this may add pressure to the company to employ new staff anyway.
EXTERNAL PLANNING FACTORS:
Political – STEM SYSTEM – There are not enough students taking on the STEM subjects (Science, Technology, Engineering and Maths), so students are not learning the skill. Students are not learning enough skills to join workforces, which mean there are less skilled people to employ. This can create competition between other companies for the best skilled workers. Economic – There is a massive...