Rising economies such as those of China, India and Russia not only are influencing trade and labor policies worldwide but also are affecting issues such as the environment and international politics.
For HR professionals, the growing world market is putting greater emphasis on certain HR competencies. Those skills include the use of technology in managing human capital across the globe and the development of in-depth business knowledge that takes into account international differences in supply chains and labor environments.
Most of the current discussion on emerging economies focuses on China. The importance of China's economic and monetary policies will only increase as its economy grows.
A major issue will be how China's economic dominance will relate to its global political influence, given its current regime.
In India, different economic influences are at work. For example, although emerging labor markets such as Russia and other former Soviet states are strong in science and engineering education, India is viewed as having an advantage in customer-service outsourcing and the software industry.
The basis for India's advantage is its large number of educated yet relatively low-wage workers who are fluent in English.
Moreover, unlike most Eastern European countries, India has a relatively young population, which could help promote rapid growth when China's population begins to age.
In spite of the many unknowns, there are a few common assumptions among economists and futurists about what the rise of growing economies such as India's and China's could mean for the business environment.
One expected result is that the more these economies grow, the larger the world market overall will become, which in turn will influence the types of products and services that are produced. A larger world market could also mean that national economies and industry sectors--as well as individual professionals--will become more specialized.