Human Resource Management (HRM) today, is considered as one of the most important areas of Business Management. In the 21st century’s knowledge economy, leaders in the industry, academicians, researches, consultants and business media have stressed on the significance of efficient HRM practices in organizations. Almost all Fortune 500 firms affirm that its people ‘are its most important asset’. Jack Welch, the legendary ex-CEO of GE advocates that the head of HRM should be the second most important person in any organization, and HRM should be elevated to the position of power and primacy in an organization. A career in HRM is not necessarily preceded by a formal training in the field, from a business school or university in our country. In many occasions, senior professionals from other functional areas have been given the responsibility to look after the HRM functions in organizations.
Postgraduate students who pursue management education in India have the option of specializing in different fields of management ranging from basic ones like Marketing, Finance, HRM, Information Technology (IT)/Systems to more specialized ones like Retailing, Banking, Insurance and Supply Chain Management. The choice of a student about a particular field of study is influenced by various factors. These factors include the opportunity for job, monetary aspect, prospect of growth and learning, and definitely the person’s personal likes and dislikes.