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2.3 Managing People in EuropeJana Marasov%u00e1 Anna Vallu%u0161ov%u00e1 n Learning outcomes: After studying this topic, student will be able to:y Understand the historical development of human resources management over the 20th centuryy Link the stages of human resources management to individualapproach to managementy Name the most important economic and social challenges whichchange the world of work todayy Distinguish the European and North American management modelsand identify the intercultural differencesy Understand the challenges which result from current changes in thebusiness environmentn Keywords:human resources management, management of people, European modelIntroduction The aim of this chapter is to point out the current unprecedented changes inthe business environment, which consequently require changes in approachesto the management of people and in human resources management (HRM)so that the given managerial function responds more flexibly to the currentneeds of companies and other stakeholders. The current business environmentera is known as VUTCA, which stands for volatile (V), uncertain (U), turbulent(T), complex (C), and ambiguous (A). Today, ambiguity and uncertainty are therule rather than the exception. Digital technologies have affected all aspects ofeconomic activity, the lifespan of companies has decreased, work is done in aproject-based manner and in virtual teams, and the nature of the work itself andexpectations are radically different. In this context, the question emergeswhether the management of human resources can reflect or even anticipate thegiven metamorphoses. Its responsibility is not only to respect the rule thatwas still valid in the 90s %u2013 to have the right person in the right place at the righttime %u2013 but to ensure that the company has flexible and adaptable employees812.3 Managing People in Europe