Human Resource Management ( Hrm ) Practices - 1053 Words

Introduction The importance of this assignment goes beyond the mere academic scope at hand. As future globalized managers, our role is not only to familiarize ourselves with a list of Human Resource Management (HRM) practices, but to develop a critical and rational mind-set to analyse how these practices and policies affect intrinsically the competitive advantage of firms (Huselid, 1995), and how they can foster performance, development and commitment of our most irreplaceable asset, human resources (Wright, et al, 2003). The challenge of examining Human Resource Management (HRM) practices across countries provides further understanding of cultural and country specific factors shaping the dynamics of HRM strategies (Budhwar and Khatri,†¦show more content†¦India has certainly gained a name by itself: it is one of the building blocks behind the term BRICs (O’Neill, 2001), which defines the current most powerful emerging economies. Its real GPD is expected to grow at a rate of 6.4% and 7% in 2015 and 2016 respectively; contrasting with the United Kingdom ´s expected growth rate of 2.9% and 2.6% in 2015 and 2016 respectively (World Bank, 2015). Another term, reverse colonization, has also being coined to refer to economies, such as India, to describe the rise and growing presence of previously emerging economies into the west (Jones, 2012 ; Banerjee, 2009 ). In the human resource field, Samir Chatterjee claims that if India continues its yearly inclusion rate of new labour force, it could be adding 250 million workers by 2020. At the same time, India could face problems of jobs availability, due to an increasing imbalance of a rapidly growing labour pool, versus slow job creations (Tiwari, 2013) . Thus, the study of HRM practices in India presents itself as a necessary venture in light of its contemporary dynamics. Where do they come from? (historic factors) To gain a better understanding of the inherent background of each country, this section will examine how culture, government involvement, law development and education systems have shaped both the UK and India ´s understanding of HRM practices. Undoubtedly, the UK has created a long legacy of traditions and practices in the markets and managementShow MoreRelatedHrm Practices : Human Resource Management1376 Words   |  6 Pages HRM Practices Introduction One of the biggest challenges that can adversely impact any organization is the lack of communication. This is because employees will feel alienated and it creates a culture of divisiveness with management. In the case of Phar Med International, the firm is facing considerable challenges between the US and French divisions. They are supposed to be collaborating with each other to improve their drug safety protocol. This is a data reporting system called Vigilance. 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Definitions of terms HRM and IR will be identified through the review of the origin and development of these two areas. Moreover, I have pointed out the theoretical scope of the two subjects and key features