Answer to Question #179817 in Management for Degu Ayalew

Question

Assume you have to develop an HR plan for a local bank. What specific external factors

would be important for you to consider? Why?

Answer 1

The specific factors to be considered are the economy, customers and competitors. All the stater factors are essential in HR planning as they serve different purposes .Considering economy in the HR plan is important because it influences the ability of hiring employees. It is a big external factor. Another factor is competitors which is important as it enables the HR to study their working mode thereby helping them reach out to the right talent and acquire skills the bank would require for it to grow and be more competitive. HR then allows the bank to know where to find the specialized talents anytime they are in need of them.

Lastly,customers are another specific external factor to be considered in HR planning.The reason behind this is because the survival of the bank would fully depend on the customers.A consideration of three groups of customers are then pinned down to line managers ,senior managers and employees.This excludes other formal responsibilities .The customers all have a role to play in ensuring the bank runs and performs well.