Business factors that underpin human resource planning in the organization

 

Human resource planning is a concept that is traditionally used by the organizations and it is used by the organizations to recruit or select the right person at right time to the job. In traditional methods the human resource planning is only concern to short term and the it was highly dictated the line management. But due to the increase in the demographic, environmental instability, dynamic changes in technology high international competition have make a greater impact on the human resource planning. The planning of the human resource explains the interaction of the human resource planners or the top managers with the line managers (Jackson, 1990).As for the company NDB the top management is interact with the line managers or the front line managers. By interacting or cascading the power to the lower level employees’ innovative business methods will evolve and the employees will also motivate to do their job perfect as much as possible. Organizations should be realizing that the human resource planning is an important factor the yield the business, and also n recent the business take this factor into consideration and they addressing the human resource that is needed to the organization, they have developed short term as well as long term solutions to maintain a proper human resource within the organization (Jackson, 1990). The human resource planner is a separate job of an organization and the particular person go through different business researches and identify the best related solution that can be installed according to the prevailing business situation. They will fulfill the needs of the organization regarding the human resource and also they will influence on the direction of the company too.

In the recent years the global business takes into the consideration of the human resource planning to the future of the organization. Where the factors that will affect the human resource planning of the companies throughout the globe. There are two factors that will affect the human resource planning of an organization, these factors can be divided as the external business factors and the internal business factors which will affect the human resource planning of the company NDB (Young Mok, 2014). Some of the external and internal factors which will affect the company NDB are as follows,

· Labor cost assist to the organization

· How to increase the efficiency the productivity of the company?

· Development regarding the employees

· Disciple in the organization

· Growth of the business

· Changes within the business

NDB is a leading financial company in srilanka where the internal business factors such as growth of the business will lead to maintain a proper human resource plan within the organization. This will be processed as if the company is growing their business the management will tends to implement innovative human resource plans to the available and potential human resource of the company to achieve the goals and the objectives of the organization. This will include the recruiting a new person to the organization or training the existing employee up to the required standards; there are several advantages and disadvantages of recruiting a new employee and retaining the existing employees within the company. The new employees will bring new blood to the organization and the existing employees will know how to work and they do not needed induction but the new recruiters needed a proper induction and training. And also when regarding to the recent situation of covid 19 NDB has gone under a different plan to maintain their liquidity. They have cut down HR related expenses and downsizing of the staff. And also the company have make changes in their HR policies to adapt to the new human resource planning methods, they tends to control the cost of labor regarding their business practices in bad times to the company. They are into the efficiency of the labor, labor productivity, management pf the payroll costs, labor related costs. Human resource planning will also have affected by the external business factors like technological factors, while technology is a highly dynamic factor when regarding to the organization, technology should be updated by the companies to deliver a valuable output to the customers so the company NDB is playing a huge role in terms of introducing the latest technology to their customers and achieve the goals and objectives of the organization.

Referances

Aruna. (2019). researchgate. Retrieved 04 21, 2023, from https://www.researchgate.net/publication/333760163_The_Impact_of_Training_on_Employees_Performance_in_Banking_Sector_With_Special_Reference_to_Bank_of_Ceylon_in_Sri_Lanka

ndbbank. (2017). Retrieved 04 28, 2023, from https://www.ndbbank.com/annual-report/2017/management-discussion-and-analysis.humcap#:~:text=OUR%20APPROACH%20TO%20HUMAN%20CAPITAL%20MANAGEMENT&text=Employees%20are%20also%20governed%20by,conflicts%20of%20interest%20among%20others

indeed. (2022). Retrieved 04 26, 2023, from https://www.indeed.com/career-advice/career-development/mechanistic-organization#:~:text=A%20mechanistic%20organization%20is%20an,of%20command%20manages%20business%20operations