Technological Factors – Technology Is the Process by Which Inputs

Essay

Technological factors – Technology is the process by which inputs from an organization’s environments are transferred to outputs. Technology includes tools, machinery, equipment, and software.
5. Demographic factors – Population changes affect HR significantly. Examples of these are the retirement of baby boomers, the influence of women in the workforce, and Generation X and Y employees. The most important demographic factor is the labour market. The labour market is the area from which an organization recruits its employees. This could include local, regional, provincial, national, or international areas. The number of people available for work depends on factors such as unemployment rates, geographic migration, and graduation rates. In the 21st century, labour markets are becoming more and more international.
6. Social and cultural factors – Social and cultural factors are extremely complex. Social factors are those that specifically define a social group, entity, or stakeholder group. These factors might be formally or informally determined by laws and regulations or through organizational channels such as discipline and terminations. Cultural factors typically encompass the belief systems (values, attitudes, ethics, norms) attached to certain ethnicities, social groups, or organizational groups.
Define “stakeholders” and identify five major stakeholders influencing strategy in today’s workplace.