Final answer:
HRM will face a challenge of a shortage of skilled labor in certain industries due to the rise of new technologies and globalization, which boosts demand for high-skilled labor while increasing competition for lower-skilled workers.
Step-by-step explanation:
One of the challenges that will be faced by human resource management (HRM) in the coming years due to changes such as globalization and the shift from a manufacturing-based economy to a service-based one is a shortage of skilled labor in certain industries. The reasons for this include the explosion in new information and communications technologies that has particularly benefited high-skilled workers and the globalization that has increased international trade, making it easier to learn about and coordinate economic interactions around the world. This has created more opportunities for high-skilled workers to sell their services internationally, while lower-skilled workers face more competition from a larger pool of workers with similar skills worldwide.
The shift from manufacturing to service industries also means that different skills are in demand, further contributing to the shortage of skilled labor in sectors that are growing or transforming. Additionally, the decline in union membership in the U.S. due to existing workplace protection laws and the competition from foreign producers could contribute to HRM challenges, emphasizing the need for strategic HRM practices that address these evolving market dynamics.