The Human Capital plays a significant role in the ever changing era. In the liberalized environment managing, developing and retaining employees in any organization is a taunting task. The role of HR manager is always difficult for coping with the employee expectations. It is also critical to face different attitudes, approaches of employee’s generation gaps. Employee’s behavior has been changing from individual to group activities. It is vital that all the economically advanced countries must depend on the potential employees from developing countries in order to manage rapid ageing population. Moreover, the percentage of workforce enlargement in many middle-income economies has also dramatically slowed, basically reflecting demographic variations due to declining fertility rates.
Workforce management is critical and difficult because of four trends;
- Changing Workforce Description
- Understanding the skills Mismatch
- Retention of the workforce
- Labor Portability
- Technology Concentration for global strategy
- Off shoring Vs Outsourcing
- Winning the war for talent
To meet out the contradiction between the employer and employees is more sensitive, personalized and cannot be managed with any pre-specific strategies. In general, service sector plays a dominant role for providing employment opportunities at global level at the cost of agriculture and industry sector. Globalization of business has made a sea change in the corporate manufacturing process and marketing strategies, leading to the emergence of new approaches. My presentation has been focusing on the various dimensions of human resource management in the changing economic environment.
