Abstract:
According to the Wall Street Journal - "HR Departments Get New Star Power at Some Firms" -
noted that some forward-thinking companies are dramatically increasing the weight, importance,
and strategic role of their HR departments. Human resource management is the term which can
be broadly defined as strategic, uniform and consistent method of targeting the most valuable
capital of any organization people. It's all the people involved, their personal and collective
efforts, contribute to the benchmarks of the organization objectives, and thus strengthen its lead
over the competition. In today's world the value of human resource is a precious asset in which
the investment has many benefits. Because of this approach gradually developed a policy human
resources management (HRM), which defines the objectives, methods and challenges to be met
by properly operating company. What can today's dynamically changing and globalized world,
help organizations on their way to Prosperity? It turns out that the key to building a successful
organization is the twenty-first century, human resource development (HRD). Long-term success
of the organization is dependent upon its proper linking strategy development of human potential
with the development strategy of the organization. Employee of the twenty-first century must
have much more knowledge about management and managing people than it did with its
predecessor in the 20th century. Most of the international level companies have duly changed
their working practices and after analyzing the importance of HRM and its Strategic Functions
they start implementing it as the best practices for their business.
