In order to survive and succeed, one of the biggest resources available to an organization is its human capital. It is so because of the reasons that ultimately it is the people factor of the organization that can make any strategy fruitful or may make it unproductive as well. Thus, there is always a need for the effective management of human resource. However, one needs to be aware of what is going on in the business environment, especially its implications in the field of human resource management. Therefore, this paper is intended to look at various trends and challenges in this discipline.
There's a specialist from your university waiting to help you with that essay.
Tell us what you need to have done now!
order now
Although there have been countless challenges being faced by the human resource managers in the business domain, however, we would restrict ourselves to a limited number of them. First and most current challenge is that of layoffs due to economic crisis. One of the toughest news that an HR manager has to convey is that of the lay off. Some emerging trends to deal with them is to go an extra length to secure the future of those employees who are being laid off, such as Golden Handshake. Another common trend is that of telecommuting. Now the HR scope has been broadened even to all those people who are sitting at their home, yet working for the organization. Thus, it has diluted the way HR used to evaluate the regularity and punctuality of an employee. Frequent job switch is yet another challenge.
As it leads to the transfer of the organizational knowledge asset to someone else, probably competitors, organization considers it a great loss. In financial terms too, hiring of a new employee results in the additional costs to the organization in terms of advertisement cost, training cost etc. Another recent trend is the enhancement from the annual performance appraisal system to complete performance management systems. The earlier refers to the process of giving the feedback on the performance at the end of the fixed period by a boss to his or her subordinates. However, the later covers the whole set of activities that results in getting a day to day 360 degree performance monitoring and later on the feedback on its basis, thus it makes the feedback more reliable and justifiable.
To sum up, the modern HR is full of challenges, yet this is a positive motion, as challenges lead to productive trends.
References
Cooper, C., & Sparrow, P. (2003). The Employment Relationship: Key Challenges for HR. St. Louis: Butterworth-Heinemann.
