Summary Of The First Singer Sewing Machines (Sri Lanka) Ltd.
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1.1 Nature of the business
Singer has been in Sri Lanka since 1877, when the first Singer sewing machines went on sale at a Colombo store. Today, Singer (Sri Lanka) Ltd. is a modern, fully diversified company with unmatched presence throughout Sri Lanka as a member of the parent company, Singer worldwide NV.
Started with the sewing machine; Singer’s product portfolio has diversified to cover a highly successful multi-brand strategy combining world’s best products with the company’s own products across a range of household, industrial, automobile, agricultural and financial categories.
Singer turned its hand from a single product to a host of items, from little acorns to mighty oaks, carefully chosen to satisfy modern day consumer…show more content… Impact of environmental forces
3.1 External factors
3.1.1 Economic conditions
Economic conditions are one of the biggest external influences is the shape of the current economy. Not only does it affect the current talent pool in the organization, but it might affect the complete selection, hiring ability, compensation structure of the organization. Economic trends, such as recession, unemployment rate, would have influences on any achievement of an organization.
3.1.2 Technological development
Because of high degree of interaction, technology affects HRM to a greater extent. Changes in technology can make it possible to have improved human resource functions such as selection, recruitment, educating, training, performance appraisal or observing, determining wages and salaries. Development in HR can be learned and implemented faster. On other hand when new technologies are introduced with business growth it is expected to improve employee salaries and wages.
3.1.3 Government…show more content… These strategies are more productive when they are systematically liked with HR management practices. This is more valid for decisions taken simultaneously with respect to quality and employee development, innovation and employee rewards and relations, and cost and employee resourcing.
When reviewing the literature available and survey done by various parties, the most important internal factor that impact HRM practices is the business strategy of the organization followed by the organization culture and size of the organization.
External factor that impacts HRM practices the most is national Economic changes followed by Government regulations.
As per the above text, it is observed that there is a significant association between HRM practices and internal and external environmental factors. Business environments are becoming more complex day by day, and the number of environmental factors is increases, and they are changing in a fast way. Hence formulating business strategies and HR policies should take environmental factors into effective consideration.
Annual reports of Singer (Sri Lanka) PLC