1. One of the major components of any business is people. The management of people or human resource forms an integral part of any manager’s duty. This makes human resource management an important subject in today’s business scenario. Human resource management refers to the optimum utilization of manpower keeping in mind the focus of the concerned organization. Human resource management focuses on better productivity and in turn, higher profits through better utilization and management of people. As the name suggests, Globalization refers to the free and easy movement of goods, raw material, services, capital, ideas and information across the globe, from one country to another. Every other important aspects of an organization like capital, information, new and better ideas can be copied from one country to another, except the people which forms the most crucial part of any organization.
The workforce of an organization keeps it competitive in a global market and attracts foreign investors. The workforce constitutes the skilled and knowledgeable aspect of an organization. Efficient and skilled workers are recruited by foreign investors. This way they gain experience and learn better. Thus it forms a cycle. Today, technology has changed the day to day living in every aspect. Every economy is dependent on technology for knowledge. Information and better ideas is the key to every successful company. Technology makes this available at a speed faster than light. Technology has helped every organization in cutting down their cost in terms of people. Today, it’s a world where smart working is preferred over hard work and technology has made it possible. E-commerce has influenced has influenced human resource management in many ways. It has helped to replace man power in various aspects. It can be seen that organizations with better productive capacity are able to generate better goods and services even if their inputs are small.
2. Today, organizations have become more competitive and dynamic with increasing complexities. Therefore, managers are of the opinion that manpower management has gained more importance than ever. The most important component of any organization is the people. It can be said that the old approaches of human resource management are no more the answers to the ever-changing economic and social environment. In modern times, experiment with policies to meet the dynamic need is considered healthy and is encouraged. Management practices and experiments will experience a great change in the coming decade. Employment security will have to be provided. Keeping in mind the increasing complexities, selective and specialized hiring has to be done. Candidates should be selected from a huge pool of applicants.
This would provide flexibility to the organization during selection and better opportunities to the candidates. Hierarchy has to be reduced as much as possible and decentralization has to be implemented. This would make workers feel more independent and responsible towards the work allocated to them. They would feel accountable for the outcome of the task. The difference in status amongst the employees will have to be reduced. This would help employees work like a team. Extensive training to workers should become the key element of every organization. Specialized training would be of utmost importance to survive in the coming days. The organizations will have to work in a more transparent manner where information has to be shared with all the employees. This would enhance the trust among workers. All workers should be encouraged to express their ideas and take active part in the controlling and planning phases. Thus, it can be seen that major changes will have to take place in management styles and practices in the coming decade to survive in the completive market.
3. As the name suggests, the key elements of the LAMP model are Logic, Analytics, Measures and Process. These components that are responsible for the various strategic changes and overall effectiveness of the organization and each one play a very crucial role. Logic is an indispensable part of the system. It bridges the gap between numbers and the result or outcomes. It helps people outside the HR system to understand the numbers better. ‘Right Logic’ forms an important connecting link between data and the desired outcome. After combining logic and numbers together, the next step is Analytics. Some of the analytical strategies are statistics, research models and research designs. Wrong analytics can result into faulty results. Sound systems of analytics determine the flow of the arrow. Measures or data is the most popular component in the HR industry.
Data collection forms the basis of any kind of assessment in HR. Without appropriate data, logic or analytics components do not hold any value. Mangers filter the required data from a huge variety of data and material. There are various techniques involved like sampling, probability, etc. The final step in the LAMP framework is the Process. It converts logic and analysis achieved through data into action. Managers are directed by process. Data and logic creates the basis of analysis. During analysis, various social and economic issues unfold. All these issues should be considered during process. Hence process can be regarded as the outcome of the LAMP model. To summarize, it can be said be said that the LAMP framework stresses on the significance of data. Raw data or matter does not hold any value. The key point in HR is to use data in a more effective and strategic manner. The LAMP system has proved to be very beneficial in this aspect.
4. High performance work practices generate higher productivity and it is seen that firms that use more of high performance work practices generate higher profits than those who don’t. Employees have more say in the control of the business. Managers are considerate about the professional growth of the employees. Thus, it can be seen that high performance work practices can boost profits to a large extent. However it is seen that many firms do not apply it. The reason could be varied. The size of the firm would greatly influence the decision, as a small size business may not be able to apply the work life programs. The cost of high performance work practices can generally be covered by bigger organizations so it is easier for them to implement it, while smaller organizations may not be able to take care of the pay-offs. Also Organizations who are more concerned about HR practices would also most likely apply the concept. The feeling of empowerment may create stress among employees and they may find it difficult to strike a balance between their personal and professional life.
Power wars may also be created. So it might become difficult for employees to handle the pressure. This might have a negative influence on the employees. it is also noticed that the effect are most prominent when they are incorporated within the system. To establish the above stated fact, two cases were studied; one on organization culture and the other on the survival of an organization after their initial public issue, and it was seen that the work practices held relevance in both. It is also essential that the practices are not just measured but the analysis should help control and reduce the cost. Also it is necessary to understand that facts, figures and assumptions do not hold true for all organizations. So it is essential to strategically analyze the work practices and understand if it can be applied to the business. Also to successfully apply the strategies thorough research on cost benefits and performance measures is crucial, as there should be no doubt while adopting such practices. The facts and figures should also be correlated to the dynamics of the business and the culture before implementing the programs. many smaller or newer companies may that’s why still take a while to adopt these practices, in spite of evidence of increased productivity.