Scenario Planning for HRP in Australia

Running head: HUMAN RESOURCE MANAGEMENT
Human Resource Management
Name of the Student
Name of the University
Author’s note

1HUMAN RESOURCE MANAGEMENT
Executive Summary
In this report, a brief discussion on the Human Resource Planning on the challenges to
Labor demand and supply that poses a threat by Globalization will be critically discussed. In this
report, discussion on environment and demographical changes that is effecting jobs and changes
that going to affect the organization will also be discussed. Focus on scenario planning that will
account major changes in Australian business will be discussed in this report.

2HUMAN RESOURCE MANAGEMENT
Table of Contents
Executive Summary.........................................................................................................................1
Introduction......................................................................................................................................2
Cause of Globalization....................................................................................................................3
Globalization and Labor Market......................................................................................................4
Impact of Globalization on Australia..............................................................................................4
Abolish of Protectionism.............................................................................................................5
Change in Manufacturing Base....................................................................................................5
Growth in Service Sector.............................................................................................................6
Scenario Planning............................................................................................................................6
Global Financial Instability..........................................................................................................6
Nuclear Proliferation....................................................................................................................7
Cyber Revolution.........................................................................................................................7
Food Security...............................................................................................................................7
Energy Security............................................................................................................................7
Climate Change............................................................................................................................8
Global Poverty.............................................................................................................................8
Reference.........................................................................................................................................9

3HUMAN RESOURCE MANAGEMENT
Introduction
Globalization is dominating the world and is somewhat inevitable in the current market
scenario, global economy constitutes of both national and international economic institution.
Globalization is channeled to labor market in various ways. Among them, one of the ways is
affecting tremendously the labor demand and supply. Due to increased competition on the output
market, there might be slight increase in the elasticity of labor demand via scale effect or
substitution effect where a firm expands its productivity and want to set additional input.
Scenario planning determines and distinguishes between long-term trend and uncertain elements.
Once they are figured and put together to create different scenarios that showcase what is known
and what isn’t and how it going to effect the environment. In this report, we will discuss the
setbacks that are affecting labor demand and supply in Australian market and Human Resource
Planning focus on the scenario planning which will take account of external changes in
Australian market.
Cause of Globalization
Globalization result in promoting competition but also can be relate with non-competitive
nature in the international market. Thus, a threat arises for the government facing difficulty with
behavior over another country that can affect its economy.
 Economic growth of a country craves for more imports and expands the capacity to
produce more for export. Thus generating enough saving to invest both domestically and
internationally to meet demand of investment associated with economic growth.
 Innovation in technology such as Information technology and communication technology
generates high financial and economical degree between different countries.