Innovative HR practices in the global scenario Dr. Jhamb Rajesh Lecturer, Govt. Polytechnic for Women, Sector 10-D, Chandigarh Online published on 9 October, 2014. Abstract The globalization of Business has had a significant impact on human resource management. Even though there have been large scale regional integrations, such as the European Union, Human Resource Management across borders is very different and can be quite difficult for Human Resource Professional. Most of the management functions that are referred to as “Human Resource Management” in the early 21st century have been around in various forms since the beginning of the Industrial Revolution. In the early years, as business organizations grew in size and importance, the first of these functions—such as payroll, safety, company stores, and hiring—were performed independently by line managers without being “collected” within a separate managerial function. As they began to be organized under a common theme, they were originally referred to as “personnel management,” a term that is still used in some countries and by some companies. Then as personnel management increased in scope and as the business and organizational environment placed greater emphasis on the components of personnel management, the function came to be referred to as “Human Resource Management” (HRM). In the current global work environment, all global companies are focused on retaining the talent and knowledge held by the workforce. All companies are focused on lowering the employee turnover and preserving knowledge. New hiring not only entails a high cost but also increases the risk of the newcomer not being able to replace the person who was working in that position before. HR departments also strive to offer benefits that will appeal to workers, thus reducing the risk of losing knowledge. Changes are taking place in the way business is conducted across the world in terms of priorities, capital, and employee-employer relations to benefit the customers and other Stake holders of the business. Globalization has paved the way for significant changes at the workplace such as flexibility of labour, Flexible working hour, work life Balances, Health and fitness, Job Sculpting, Employee reorganization, outsourcing, etc. Consequently, HR professionals also need to take on new roles in the changed scenario. The article provides a perspective on all these aspects in this Globalised World. Top Keywords Innovative, Global, HR Practices. Top |