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The Josh Bersin Company
Understanding Today's Economy: What It Means To HR
Aug 5, 2023
Explore the fascinating link between economics and HR in today's landscape. Discover how macro and microeconomic factors influence company performance and workforce dynamics. Dive into the shift from an industrial to a service-oriented economy, highlighting the role of innovation and consumer experience. Uncover the evolving nature of labor and capital relationships, and learn how HR must adapt to align with modern business goals. Plus, get insights into the impact of emerging technologies like AI on HR practices!
28:26
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Quick takeaways
- Understanding different branches of economics is essential for HR professionals to influence hiring practices and company growth effectively.
- HR leaders must adapt to the transition towards a post-industrial economy by focusing on employee training and maximizing human capital value.
Deep dives
Understanding the Branches of Economics
Economics encompasses three main branches: macroeconomics, microeconomics, and behavioral economics. Macroeconomics focuses on the economy as a whole, including global trends and aggregate data, while microeconomics examines the economic behavior of individual companies and their interactions within the broader economy. Behavioral economics introduces psychological factors that affect economic decisions, highlighting the importance of human behavior in economic activities. This understanding of different economic layers is crucial, especially for professionals in HR, as it impacts hiring practices, investment decisions, and overall company growth strategies.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode