Introduction
According to Higginbottom (2016), human resource is a critical branch of every business organization. A high-quality HR department would ensure that the organization recruits the best poor of required talent. In other cases, the HR might fail to provide an optimum quality of labor as a result of numerous shortcomings that they experience. These challenges are related to to the hiring processes where they tend to fail to recognize the experienced and skilled employees. The paper will analyze HR challenges in China, Australia, India, Belgium, and the US. Next, the essay will investigate how these markets compare to that of the US and determine work done by firms in these nations varies. Finally, the paper will examine the company's capability to attract competent candidates and efficient retention strategies in each state.
HR challenges
Each country has its specific HR challenges, but in most instances, these HR challenges might be similar. In China, major HR challenges include: difficulty in finding and attracting the top talent, higher employee turnover, increased labor cost and lack of required qualification (ginkgosearch.com, 2017). Some of the HR challenges in Australia include employee turnover, targeting quality candidates and retaining top employees (deloitte.com, 2018). In Belgium, talent management and the leadership development has apparently remained the primary HR challenges for the most organization. India faces four major HR challenges including employee recruitment, retention, productivity and talent management. Finally, the US the situation is not different from the above countries and main HR challenges are identifying top candidates for the open jobs, performing employee laid form and termination, management of benefits and perks programs and ensuring external and internal compensation equity.
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How the Markets Differ from the United States
The China, Australia, India, and Belgium markets differ significantly from that of the US. The US markets are apparently liquids, and its economy is politically stable unlike most of these countries such as India (Vardy, 2016). Most of the US companies have broader expose globally than all the nations. The US market is comprehensive and highly profitable compared to these countries. The US has the largest GDP hitting $18 trillion which apparently indicates the strength of its market while the rest of the markets do not come any close (researchgate.net, 2003). For instance, the US economy is as large as India, Belgium and Australia combined. The purchasing power parity” (PPP) of China’s economy surpasses that of the US. In the year 2007, the $800 billion economy of India was on par with Belgium. By 2014, the US produced about 22.5% of the global GDP. China and Australia have not matched the US growth rates within the last decades (valuewalk.com, 2018).
Work Done by Various Types of Firms
The work was done by multiple types of companies China, Australia, India and Belgium and the US tend to differ significantly. In all these countries, there are numerous manufacturing, assembling, and service industries that engage in various activities in the production of goods and services. The work done by different firms tend to differ regarding the raw materials, technology, and innovativeness. The banking firms deals with the exchange, withdrawal, and saving of money and the activities are the same across the countries.
The Firm's Ability to Attract Good Candidates
Each company has its ways of attracting top candidates, however; most of the strategies used in various countries to attract these candidates are similar in one way or the other. In all these countries, companies tend to use the reward systems to attract top employees. Duncan (2018) posits consistent trend in the US, and the rest of the countries is the challenge of finding the right people to fill available job openings. In the US for instance, high-performing employees tend to look for more than just the compensation packages and benefits. In the US, Australia, India, and Belgium, most of the firms often recruit new employees through referrals, newspaper, internet job sites, ads and even recruiters (Sullivan, 2008). The ability of the company to attract top candidate is also achieved through the provision of growth and development opportunities in addition to opportunities for recognition and promotion.
Retention Strategies
vlerick.com (2015) asserts that employee retention strategies are critical to every company as it ensures that the dependable employees continue working with the firm. In the US, Belgium, and China, ordinary retention strategies employees include investment in the employees’ professional development, the establishment of clear-cut expectations and policy and offering an attractive benefits package that is genuinely beneficial to the employees. In all the countries, companies often develop a conducive culture of open communication (Half, 2017). In India, firms tend to make it a high priority to make the employees feel that they are valued. Role assignment is another way to retain employees used in all the countries.
Conclusion
The essay has critically analyzed the HR challenges of international business particularly in China, Australia, India, Belgium and US including employee recruitment, retention, productivity and talent management. All these markets further have been shown that they differ significantly to that of the US based on the idea that the US market is one of the largest, highly profitable and attractive globally. The works done by various types of firms in each country differs also been shown to share major activities but varies regarding materials and technology used. Multiple companies in all these countries use diverse strategies to attract top candidates and at the same time use specific strategies to retain the top workforce.
References
deloitte.com (2018). Culture, leadership, engagement top HR challenges for Australia. Deloitte Global Human Capital Trends 2016. Retrieved from https://www2.deloitte.com/au/en/pages/media-releases/articles/culture-leadership- engagement-top-hr-challenges-for-australia-190516.html
Duncan, M., ( 2018). Employee Engagement Activities In Companies – 10 Activities To Try. Retrieved from https://www.getvetter.com/posts/122-employee-engagement- activities-in-companies-10-activities-to-try
ginkgosearch.com (2017). Top 5 Human Resources Challenges in China. Retrieved from
https://www.ginkgosearch.com/top-5-hr-challenges-in-china/
Higginbottom, K., (2016). Top Challenges Facing HR Directors Of Global Firms In 2017. Retrieved from
https://www.forbes.com/sites/karenhigginbottom/2016/12/28/challenges-facing- hr-directors-of-global-firms-in-2017/#a90c32e4f95e
Half, R., (2017). Effective Employee Retention Strategies. Retrieved from
https://www.roberthalf.com/blog/management-tips/effective-employee-retention- strategies
Sullivan , J,. (2008). Effective Approaches for Attracting Competitors’ Employees to Your Firm. Retrieved from https://www.ere.net/effective-approaches-for- attracting-competitors-employees-to-your- firm/
researchgate.net (2003). Human resource issues, challenges and strategies in the Indian software industry. Retrieved from https://www.researchgate.net/publication/29457704_Human_resource_issues_cha llenges_and strategies_in_the_Indian_software_industry
vlerick.com (2015). Leadership development and talent management remain key HR challenges for the future. Retrieved from https://www.vlerick.com/en/about- vlerick/news/leadership- development-and-talent-management-remain-key-hr- challenges-for-the-future
Vardy, N., (2016). How Does the U.S. Economy Compare to the World’s? Retrieved from https://www.stockinvestor.com/21676/us-economy-versus-world/
valuewalk.com (2018). US Valuations Are Extreme Compared To Global Markets. Retrieved from http://www.valuewalk.com/2018/01/us-valuations-vs-global- markets/
