Hrm Practices

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Contemporary Human Resource Practices

Elizabeth Marcus, Puja Agrawal, Revathi R
MBA, 2nd Semester
Puja.agrawal@hotmail.com

Fig. 1. Hypothesis model
Abstract- A look at the trends in managing people, in this dynamic business environment reflects that attracting, managing, nurturing talent and retaining people has emerged as single most critical issue with enormous opportunities spun off by the market. In the Knowledge economy, corporate houses have to address the core issues of the HRM like as listed below: employee engagement, e-HR (ranges from e-Recruitment to e-HRIS), Competitive pressure on increasing employee wages, employee as brand ambassador, managing talent, labor shortage, higher ethical standards, quality of work life, flexi-timing, six sigma practices, succession planning, ESOP, competency mapping, training and grooming, mentoring etc.,

Key Terms—e-Recruitment, Flexi-timing, Employee engagement.

I INTRODUCTION
Contemporary human resource management has been changed from its traditional perspectives till nowadays. In the past, companies have not been disposed to human resource management, but to personnel management, which just included administrative practices regarding their employees. On the other hand, company’s exposure to constant changes compelled them to develop the scope of its departments in order to achieve greater organisational success, which resulted with human resource departments. Companies, today, are aware of the fact that among all sets of assets, the “soft” one, meaning human resources, represent the key factor for organisational success. Many authors (Becker, Huselid and Ulrich, 2001; Huselid, 1995; and Ichinowski, Shaw and Prennushi, 1997) showed that human resource practices have strong and positive impact on financial and productivity performance of different companies. In order to use all the benefits from different human resource practices, there is evident and required investment in human resources (individual growth and human resource development), which will finally end up with development and increasing organisational performance.

The aim of this paper is to provide empirical evidence of impacts of human resource investments, more precisely vocational education and career development on company’s financial performances. As can be seen in fig 1, the first link in the hypothesized causal chain shows a relationship between HR practices and organizational commitment. The reminder of the paper is organized as follows. Firstly, theoretical aspects relating the importance of human resources as the key factor for organisational success, especially the importance of it development in creation of continuous improvement and organisational development will be provided. In the next section, research hypothesis will be developed. After that, variables used and sampling methodology will be described. Financial indicators that will be used in this empirical research will be based on previous researches on the similar topic, but also chosen according to the specificity of Croatia as one of transitional European country, as well as to the possibility of their implementation. Last section summarizes our main findings and offers some implications and suggestions for future research.

II TYPES OF HRM PRACTICES
Many researches on HRM practices have been conducted from time to time and researchers have identified different practices by different names. But according to Chandler and McEvoy (2000) , one of the lingering questions in HRM research is whether or not there is a single set of policies or practices that represents a ‘universally superior approach’ to managing people . Theories on best practices or high commitment theories suggest that universally, certain HRM practices, either separately or in combination are associated with improved organizational performance. Researchers have also found that those well-paid, well motivated workers, working in an atmosphere of...
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