Human capital is not about describing people as economic units; rather it is a way of viewing people as critical contributors to an organization's success. It can be measured and managed more effectively in coming times as and when the human resource functions evolve with emerging trends in HR. If we trace back the history of business environment, in the early years, trading patterns and markets were stable, technology was static, customers were passive, speed in getting to market was secondary, competition was limited to sectors and regions, and hierarchies were generally accepted in all walks of life. The twentieth century saw nations around the world become part of the global village, with trade barriers between them reduced or removed completely. Globalization of trade and economy had started taking deep roots in India. Events of the previous century have focused our attention on knowledge industries and quality of human resources. The rise of Brazil, Russia, India & China (BRIC countries) as economic power houses has attracted many nations of the world to establish businesses here. In the 21st century, world economy will be increasingly shaped by the emergence of China and India as major powers. There will be the emergence of the global labor market. As a result HR executives will need more sophisticated strategies to deal this workforce in coming times. India as a nation has become the hub of off shoring, introducing with it new challenges for human resource functions in India. There has been a continuing shift to services in the economy and a greater focus is on people performance rather than asset performance. For major service sector industries human resource is the major capital and resource pool. This concept has changed the workplace in India. Attracting, managing, nurturing talent and retaining people have emerged to be the most critical issues of this century. The new Indian professional is innovative, business savvy, has great ability to network, and possesses unbridled ambition. He is driven by an urge to experiment, scan new avenues, and work with creativity. Thus the concepts of leadership and managing people have undergone a radical change. Cubicles, hierarchies and rigid organization structures of the past have now given way to open work environment and flat structure being a general rule. The closed office rooms have been replaced by open work stations spread out in one floor, where the Assistant Sales Manager can pop in to the cubicle of the General Manager Sales to discuss mundane topics like the usual stress load or a Friday night movie.
[...] If the Human Capital Management team had more foresight and a more realistic vision of job availability, it would have selected its employees prior to the training procedure, saving money, time and, most importantly, the reputation of the company. In the new economy, product features, pricing, and positioning become almost irrelevant as competitors can now mimic and upstage your efforts in very short periods of time, thanks in part to innovations in technology and reductions in global barriers. While this development forces marketing to become more and more branding oriented, it also forces corporate attention on other avenues that can be used to establish and maintain a corporate brand in the marketplace. [...]
[...] Adds Rajeev Malik, director, HR, McAfee Software (India), “Conducting regular meetings and updating employees, especially new entrants, about the company's status and achievements is a must Employee's advocate One of the main reasons why employees leave IT companies is because of problems with their managers. An HR professional can be termed an employee's advocate and a bridge between top management and employees at all levels. There is a huge gap between HR professionals and IT professionals in terms of understanding challenges and delivering requirements. [...]
[...] e HRM is relatively a new term for this IT supported human resource management(HRM), especially through the use of web technology. It is a way of implementing HR strategies, policies and practices in organizations through a conscious and directed support of web based technology-based channels. e HRM therefore is a concept.- A way of doing HRM. It seems to be providing an important push: to put HR responsibility in the hands of the line manager. The introduction of e HRM is accompanied by the decentralization of HR tasks and by the harmonization and standardization of HR processes. [...]
[...] Young leaders of today face special challenges as they try to communicate and interact with their followers and potential followers. As a result of the changes that are rapidly occurring in the world, three aspects--globalization, human diversity, and ethical issues—are becoming an important influence on leadership, both on a global level and in our own neighborhoods. By exploring global perspectives, human diversity, and ethics, young leaders can take yet another step forward in their development and preparation for twenty-first century leadership. [...]
[...] The exposure to a new culture during the M&A leads to a psychological state called culture shock. The employees not only need to abandon their own culture, values and belief but also have to accept an entirely different culture. This exposure challenges the old organizational value system and practices leading to stress among the employees. Research has found that dissimilar cultures can produce feeling of hostility and significant discomfort which can lower the commitment and cooperation on the part of the employees, causing frustration and feelings of loss for the other set of employees. [...]
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