Social & Economic Dynamics Influencing HR Strategy for a G8
There is no exact definition of a developed economy, but rather there is a sliding scale. Most sources agree that the G8 countries are the major economies in the world. This group of countries together comprises over two thirds of the world`s economic output (U.S. Department of State`s Bureau of International Information Programs, 2006). Select a country from the G8-but not the U.S.A."and compare it to another country in the world. Compare the essential social, economic, and environmental indicators as presented in the CIA World Fact Book country reports.
Create a simple table that compares the relevant factors that may affect the development of HR strategies in developing and developed countries. Include demographics of a population related to age and education.
Additionally, natural resources, health, existing industries, and other social, environmental, and economic factors may be relevant. Select two of these additional factors. You will have four factors.
After creating your table, focus on the gaps between the two countries you chose. Address the following questions:
- How large are the gaps?
- How might these gaps influence HR strategies in these regions?
For example, what does an education gap mean in planning a strategy for a workforce in a developing country? In your analysis, weigh the advantages and disadvantages of these factors when taken as a whole. Together, what is the effect?