The Changing Role of Human Resource Management in 21st Century Challenges and Opportunities

Abstract

The Personnel Management which was mainly confined to Pay Roll, Industrial Relations, Factory Act etc. has changed its face and emerged as Human Resource Management with wide scope and unlimited boundaries in 21 century. The globalization has its impact on all sectors of business like manufacturing, banking, retailing etc and HRM too. The trivial job of the organizations at present is the effective utilization of human capital rather than financial resources. The wide scope of responsibilities, resulting in creation of new roles, has given rise to increasing number of job opportunities. The fast changing technology, dearth of talent, rapid assimilation of communication through social media, high attrition rate, decreasing significance of loyalty etc. pose high level challenges to Human Resource Manager. Stressful conditions prevail within and outside the organizations due to highly intensified competition. Outsourcing has become both a challenge and an opportunity. The roles and responsibilities are transforming due to these factors. The paper will discuss all issues related to changing face of HRM, its impact on government and corporate policies and the challenges of and opportunities available to HRM. The research methodology is qualitative in nature and study is made through systematic review of literature. Keywords: HRM, role, changing scenario, globalization, out sourcing, transformation, challenges and opportunities.