Evolved state of HRM
Accordingly it is the enormity of demand that eventually elevated the traditional human resource management from mere staffing assignment to a new world of activities, where the companies started considering it as the pivot of company’s success and prosperity. One look at the diagram below would explain the evolved state of HRM further:
The diagram above shows how HRM associates itself with every layer of function, like deciding the compensation package, evaluating performance of the employees, supplying motivation to them, monitoring their overall well-being and safety at workplace, identifying proper training for them, maintaining the channels of communication among all levels etc. It is this huge bulk of responsibility assigned to it has made HRM an integral part of the organizations. As the Information Age eliminated physical distance and made the world a global village, the preconditions for business world too faced a unique situation that contained elements like below:
1. Global workforces with growing state of skills all around. 2. Tremendous speed of transmission of data and plethora of options in dealing any subject. 3. Abundant business opportunities through the scope of endless networking. 4. Knowledge based economy, where intellectual capital can drive the value of products. 5. Democratized state of power, were an individual is empowered by the virtual Information Bank and one’s own network. 6. A new kind of openness that advocates the recognition of free minds, free markets and free trade.
In short, an open door for anyone to enter from anywhere. 7. Success is no more dependent on financial capital. 8. Boundless scope for an individual to create and sell any product all by one’s own, and to a high degree. This feature was a radical shift from the core concept of pre-Information Age, where the economy would revolve around “mass production, mass marketing and mass media” (Isaacson, 1997). Thus this proposed study has identified modern HRM as one of the key drivers of business and would apply one of its application tools in the proposed package of business solution.
The business world now has recognized the importance of strategic approach to Human Resource Management, as it has great bearing on business performance and success (Gratton & Truss, 2003; Schuler & Jackson, 2005). This newfound way to success has fuelled further research on related areas, like talent management (Higgs, 2006) employee commitment, employee engagement (McBain, 2006) and the impact of HR (Ulrich & Brockbank, 2005) on the organization.
This study will utilize all relevant literature, all scopes of surveys by appropriate questionnaire and any suggestions from any possible source with the aim collect adequate knowledge and information about the proposed topic. The next step would be to analyze the data and identify the elements that have the potential either to substantiate or to negate the research hypotheses. For that matter this study will resort to various analyses like SWOT, PEST, and general empirical study of the data. In the process it would apply both falsification and inductive reasoning to arrive its conclusion.