INNOVATIVE HR PRACTICES
In this era of cut throat competition , a constant injection of new ideas keeps a company progressive and gives them an edge in the marketplace, especially in today’s global marketplace. It is only the innovations that provide company opportunities to gain competitive advantage over its competitors. As globalization advances and we move into the information age, organizations need to adapt to the changes in technology and the changing issues in management of people so successful innovation must be a ready weapon in every Company’s arsenal. In order to survive the competition and be in the race, HR department should consciously update itself with the transformation in HR and be aware of the HR issues cropping up. This article focus on innovative HR practices that can used as building blocks of the HR Departments to ensure sustainable growth by attracting and retaining the people in the organisation.
The management of Human Resources has now assumed strategic importance in the achievement of organizational growth and excellence. Organizations of 21st century can not expect to be successful without an understanding and response to changes. In this competitive world these employees require HR practices and system that are well conceived and implemented to ensure high performance and continued success.
Some of the new practices in the field of HRM are:
1. Virtual HRM
2. Moon lighting by employees: Blue Moon to full moon
3. Golden Hand cuffs
4. Golden Handshake
5. Employee’s Proxy
6. HR Branding
7. HR Data Marts
8. HR Outsourcing
9. Employee Leasing
10. HR Web Based Applications/E-Hrm
11. HR Optimization
12. Employee Engagement
13. Work Life Balance
1 VIRTUAL HRM:
The virtual organisation is a social network consists of individuals working cut of physically dispersed workspaces, or even individuals working from mobile devices and not tied to an particular workspace. This form of organizations emerged in 1990 and also known as modular organisation or network organisation. V-HRM or Virtual HRM - which is defined by Lepak and Snell as ".a network-based structure built on partnerships and typically mediated by information technologies to help the organization acquire, develop, and deploy intellectual capital.". There is a creation of Network relationship that allows for contracting, manufacturing, distribution, marketing or any other business function. Examples of Companies working virtually are Nike, Reebok, Puma, Dell Etc. The positive side is that there is greater job autonomy and more financially stability because of reduced commuting; lunching etc. this is backed by increased working hours.
• Power flexibility
• Flat organization
• Organisational boundaries are vague
• Sharing of information
Telecommuters- Work from home
Outsourcing- outsourcing the core competencies
Completely virtual- company without walls that is highly linked in a large networked relationship.
2 Moon lighting by employees: Blue Moon to full moon
This concept is also known as double jobbing. Being unsatisfied with the organizational compensation system ,some of the employees in the organization realised that all their demands can not be met by the one organisation alone .Hence they depend on some other organizations for part time jobs ,part time business or start an industrial unit in order to earn more and become more stronger. This activity of taking up another job or business simultaneously with the original job is known as Moon Lighting by Employees.
Degrees of Moonlighting:
• Blue Moon
• Quarter Moon Lighting
• Half Moon Lighting
• Full Moon Lighting
Employees in future will demand the management for hike in the wages and benefits. Some of the employees will be satisfied with increased wages...