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HRM Review Magazine:
Innovative Human Resource Practices: Global Perspective
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Innovative HR practices build competencies and capabilities for superior and winning performance today and simultaneously create long-term fertility for innovation of business ideas and strategies for future. This article presents a global perspective of innovative HR practices which are revolutionizing business performances and are exploring new prospects and promises.

 
 
 

Positively correlating with the economic transition is the strengthening and diversification of human resource management practices, a break away from the more traditional, though extremely challenging fields of Personal Management and Industrial Relations.

The maturity of various industries in India has also seen a maturity in the way the various players approach their human resource management. One excellent example is that of BPO Industry. In the beginning it was only meant to handle non-core activities like payroll management, etc., but as the industry-matured it saw the entry of various players coming-up with strategic core service support like NAD, RR&D, etc. This led to a stronger focus on HRM.

What is happening in India today is similar to the experiences of economically developed nations through several past decades; and will happen in the least developed countries too in times to come. Hence it would be prudent to talk of modern human resource practices in a more general, i.e., global framework. Of course, contextual peculiarities will only serve to enrich our knowledge pool.

But the first thing we need to clearboth at a conceptual and at a terminological levelwhat we are looking for. The main task is to find a common definition of `innovative practices', a definition that most of us could agree upon in order to avoid conflicting interpretations or misunderstandings, "Innovative practices are original, exemplary, successful, adaptable, new solutions gained from experience".

 
 
 

HRM Review Magazine, Industrial Relations, BPO, Xavier Labor Relations Institute, XLRI, Human Resource Management Solutions, HRMS, Performance Management, Business Review, Financial Services, Innovative HR Practices, Global Framework, Innovative Practices, Organizational Models.