Contemporary Issues in HRM : Lessons to Learn

Modern business society is going through a massive change due to multiple factors. The most important of these factors are shift from manufacturing to services, globalization in every industry and the worldwide dissemination of Information, Communication and Technology . All these three factors affect the industry. How that change affects organizational behavior and human resource management is the topic of this paper.Human Resource Management is needed to deal with business life changes. Most experts agree that, change, is motivating the modern day managers, to fit the organization's structure and process to the demands of the changing environment. The new global managers are more than just executives. They have knowledge of internal business, they have knowledge of change in demographics such as gender, age, issues of youth today, and MNCs issues which include migration, diverse cultures etc. So the new global manager should understand and adapt these factors. Enterprising Leader should learn from the followers say the workers. The management should adopt the Review-Reward Mechanism i.e. the management should review and recognize the performance of the employees and honor /reward them for the same. This increases contentment within the work milieu.This research is made on the basis of certain emerging trends in the business environment I n general and Human Resource Management in particular. Here, an attempt has been made to analyze HRM practices and concepts and how the changes and innovations in them affect the quality of modern business. It includes both innovation management and Human Capital Management as they transform both work place and the work force..Enterprise Resource Planning requires that Effectiveness- Engagement - Retention - Regularity – Ethics be integrated in the work environment and work culture. Best practice means innovative steps. A good TQM practice ensures right person for the right job and vice versa. This aspect too is given importance in this paper along with knowing and understanding the new HR paradigms. One of the findings of our study is that innovations in HRM help in reducing the employee costs and thereby increasing the productivity in the organization which results in job satisfaction