Doing business is no longer a local affair as we are living in a globalised world and are witnessing emerging trends in human resource management which is evolving and experiencing a major transformation. Organizations have ceased to be local and instead want to be globally aligned and increasingly are inter-dependent resulting in workforce diversity and emerging cultural sensitivities which all needs to be addressed as well.
Companies are employing people from across the globe and this has given rise to a Global HRM system that provides for multi-skill development across a motivated workforce. Highly skilled and knowledge based jobs are increasing and in demand, thereby calling for future skill mapping through the right HRM initiatives. We are now witnessing a change in systems, payroll solutions, management/corporate cultures and philosophy. Today, globalization affects companies of nearly all sizes in one way or another, and successfully managing a diverse and dispersed community of employees requires the right strategy.
A key asset of a company is its human capital, the human resources of the organization. In managing the human resources the focus is on the recruitment and selection of employees who can succeed at their jobs and remain with the company. Another critical focus is on ensuring that the employees are well nurtured and developed resulting in the company receiving an optimal or highest return on the investment made in these employees.