The external environmental factors described in the following essay have a direct or indirect influence on HRM. To be effective, HR managers must monitor the environment on an ongoing basis; assess the impact of any changes; and be proactive in implementing policies and programs to deal with such challenges. Economic Environment The economic environment has a major impact on business in general and the management of human resources in particular. Economic conditions affect supply and …showed first 75 words of 4096 total…

…showed last 75 words of 4096 total…Victoria Australia 8.<Tab/>Stone, R. J, (2005) Human resource management, Milton, Qld.: John Wiley & Sons Australia, ch 1 9.<Tab/>Travaglione, A. and Marshall, V. (eds) (2000) Human Resource Strategies: An Applied Approach, Irwin/McGraw Hill, Roseville. 10.<Tab/>Todd, T and Crake. A, Human Resource Management 237, lecture notes (2005) 11.<Tab/>Young, S. (2000) 'Outsourcing: Lessons From the Literature' Labour and Industry, 10(3), pp.97-118.