Innovative Hr Practices

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Innovative Hr Practices

  1. 1. Gopalan College of engineering and management. Bangalore. Title: Innovative HR Practices Authors: R. Kaarthik Shakthi & Supriya V.C Designation: Students (MBA 1st Year) Ph. No: 8088769711, 7829784106 Email id: aaronkarthik@hotmail.com, supriya.chinchankar@gmail.com
  2. 2. AbstractIndia is a very fast developing country. Because of globalizationeveryone wants to do business with us. This has given lot ofopportunities for our country to grow further but it posed lot ofchallenges in front of us like Indian companies have acquired foreigngiant companies and are trying to establish themselves morecompetitive than the foreign companies. Moreover, competitivepressures on the organizations have encouraged them to be proactivein diagnosing HR problems and to adopt more innovative HRpractices since these were no longer a matter of trend, but rather ofsurvival. Hence the corporate have started formulating and adaptinginnovative HR strategies in the areas such as attracting and assessingthe talented, developing and growing the potential, engaging andaligning the best, green initiative HR, virtual teams etc. In this paperan attempt has been made to discuss some of the key HR functionswhere and how innovative strategies need to be developed forensuring the organizational excellence.Key words: competitive pressures, green initiative, organizationalexcellence.
  3. 3. IntroductionToday in this globalized world organizations must tackle withrevolutionary trends accelerating product and technological change,globalizes competition, deregulation, demographic changes and trendstowards a service society and the information. These trends havedramatically increased the degree of competition in virtually allindustries, while forcing firms to cope with first-time productinnovation and technological change. Companies in such anenvironment either become competitive high performers or they die.Hence, innovation is recognized vital for firms to remain at theforefront in the situation, where rapidly integrating global economy,technological change and shifting consumer preferences are togetherincreasing competitive pressures for the firms. The critical dimensionin todays world is the speed with which knowledge is transformedinto economic activity. Moreover, the global market for thecompanies increases their potential return from the development ofnew products and processes. As a result, the incentive for firms toinvest in innovation is much greater than when the focus was onsmaller, largely domestic markets. Firms now face greater
  4. 4. competitive pressures to make better use of knowledge, technologyand human resources to realize benefits from intangible investmentsand to respond to new demands from suppliers and customers.Consequently, firms are forced to rethink their business strategies,production processes and management practices to improve theirfunctioning and adapt to a changing business environment in the neweconomy. Knowledge-intensive industries face a dynamic and fiercelycompetitive environment. Products in the high technology industryare more complex, with shorter life cycles that need constantinnovation in order to meet changes in market conditions andcustomer expectations. In high technology firms, technologicalinnovation becomes critical in responding to rapid changes;innovation depends heavily on acquiring new knowledge. Anorganization must therefore fully utilize its resources and capabilitiesin order to remain competitive. Leveraging intellectual capital as asustainable competitive advantage depends upon a firms ability to useexisting knowledge and to generate new knowledge. Human resourcescan be instrumental in meeting the challenges in the formalization of,and access to, experience, knowledge, and expertise that create new
  5. 5. capacities, superior performance, and innovation. Human resourcepractices can play a critical role in supporting and contributing to thecreation, integration, and utilization of knowledge.INNOVATIVE HR STRATEGIESSome of the innovative HR strategies that can be followed by thecorporate in meeting the current global challenges are discussed asfollows:-1. Attract and access the talentedIn the current scenario there is a shortage of talented people, andhence there is a need to find out new ways to attract them to theorganization. However, talented work force is not necessarilyattracted by something as simple as a salary, so the most sensiblestrategy is to find more interesting ways to attract them. Some of theways through which talented people can be attracted include stockoptions, more time off, learning and training programs, or the chance
  6. 6. to work in other countries or try different roles. The companies alsodesign good reward system and provide better career developmentopportunities so that companies can retain good people.2. Develop and grow the potentialNowadays organizations need to recognize the aspirations ofemployees and focus on their growth and development. Manyorganizations provide job rotation opportunities to high – performingemployees from operations division. This gives them broaderunderstanding of the business. Also many corporate createopportunity for the employees to develop themselves through trainingand development programmes and assure them good career building.3. Engage and align the BestEmployee engagement has retained the focus of organizationalleadership and many companies keep launching new practices toengage their employees. They are using innovative practices like"Loyalty Interview"- to find out what is it that makes its employeesstay on, the feedback from loyal employees often reflects on the
  7. 7. leadership style and is seen to work as a great motivation. Manycompanies use engagement as a strategy to retain talent workforcethough which they can gain the competitive advantage in the globalbusiness.4. TransitionMovement of talent within the organization and outside of theorganization sends strong signals to the employees about theorganizations care and concern. Right from the induction, which isoften the first impression the employees carries, to the exit interview,the sensitivity displayed by the organization has a lasting impact onall employees.All the above practices have been used by most companies around theworld.
  8. 8. 5. Green initiative (Go Green)Some common green human resource initiatives include:-· Using Web or teleconferencing to reduce travel (Virtual teams),· Promoting the reduction of paper use, and· Implementing wellness programs to foster employees’ propernutrition, fitness, and healthy living.“Many employers now recognize that green programs in theworkplace can promote social responsibility among workers and helpretain top talent,” said Don Sanford, managing director of BuckConsultants who conducted a survey in the US. “More than 60percent of survey respondents have made environmentalresponsibility part of their organization’s mission statement.”“There is still much more that organizations can do,” said Sanford.“We expect to see future growth in green training programs,environmentally responsible investment options, and recruitingemployees with green skills.”
  9. 9. 5. Green recruitmentCompanies should start recruiting employees with green skills(use of technology instead of paper, transportation). Alsocompanies should start recruiting using virtual means torecruit employees.CONCLUSIONIn such a competitive world, organizations should come up withinnovative ideas to run the organization successfully. Also everyorganization should follow the green initiative practices and take uptheir social responsibility seriously. Human Resource leaders shouldfollow creative & green innovative HR practices such that it shouldhelp to develop the employer as well as employee and theenvironment around us.

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