Globalization has the power to transform economies and market trends across the globe. The effects and the factors contributing to the status of a company or an organization with respect to the global market are varied and differ from country to country. …
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These differences can be clearly noted and visualized in the fields pertaining to the management of any organization. This paper explores the reasons as to how human resource (HR) and employment practices reflect a distinct demarcation in the policies and the values adopted by organizations across geographical boundaries. India presents a diversified market and business economy and the country has proved to be a lucrative market to the entrepreneurs for investment in business. The human resource management (HRM) practices in the country assume interesting dimensions owing to its diversities and complexities existing in the business environment. The study presents an in-depth assessment of the HRM practices in this country. India is considered to be one of the robust and emerging economics in the world. Many companies overseas are considering India as an epicenter for outsourcing jobs. Indian firms are continuously expanding by adopting the corporate strategy, other financial and management aspects in order to buy sell or merge two companies to form an entirely new entity. This is quite evident from the fact that in the year 1997, Indian companies as a whole had bought 34 foreign companies for about $11 billion dollars. This has been possible primarily because of the rise in capital investment and labor force. It is speculated that by the year 2020, India will add 18 million labors which is more than the entire labor population of Germany (Chatterjee, 2007). This huge labor population has called for an entirely new, reformed and an advanced version of HR concepts and practices in India. Institutional context in human resource management – an overview of theories According to the Concise Oxford English Dictionary (2002), an institution is defined as “an official organization with an important role in a country” or “an organization founded for a religious, educational, or social purpose” (Hollinshead, 2009, p24). Globalization has triggered widespread changes in existing institutional structures within economies. The changes in institutional frameworks and governance practices on account of globalization have fuelled debates and controversies regarding the efficacy and viability of such changes. A number of economic theories and concepts have shaped the economic and social order of countries that provide an idealized platform for economic growth and development (Rodrik, 2007). Adam Smith in his works The Wealth of Nations outlined the doctrine of Neo-liberalism in the year 1776. According to this doctrine the market forces have an inherent capacity of allocating and utilizing the resources according to its own desired way which can restrict and endanger the distribution and usage of wealth. The capital and the labor forces should have a freedom of movement; they should have the flexibility to work anywhere (Hollinshead, 2009). Every individual should pursue their self –interest only in rightful way and is accountable for his or her own action. Thus according to Adam Smith, the state should not interfere with the movement or the behavior of the labor or capital. There should be no restrictions on the trade and the economic transactions should be allowed to act freely without any resistance by the government (Abbott, 2008). Neo –corporatist ideology, whose ideas and views are quite contrary to the neo-liberalism focuses on the usage and the importance of the state with regards to meeting the interest of the major and influential social groups who are dealing with the human resources and the capital intensive products and services. According to the theory the uncontrolled and non restricted market forces may generate uneven and unpredictable results. This may give
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(A Critical Study of Human Resource Management in a Particular Country Essay)
“A Critical Study of Human Resource Management in a Particular Country Essay”, n.d. https://studentshare.org/management/1396072-a-critical-study-of-human-resource-management-in-a.
The paper helps in gaining a vivid comprehension regarding the three different approaches related to International Human Resource Management (IHRM). The discussion regarding the perspective of the approaches related to IHRM helps in identifying the different aspects related to the notion of globalisation and the call for managing them competently.
The Indian economy depicts a clear picture revealing how structural adjustments in the economy are responsible for and determinant of the evolution of the laws pertaining to human resource management. Research reveals that the economy in India was subjected to a number of structural adjustment programmes since 1991
This trend requires strategic management considering numerous variables to be confronted within an unpredictable business climate. In such phenomenon of uncertainty, innovation is required (Beinhocker, 1997). As such, human resource management should be strategized with sensitivity to uncertain future, of variegated change processes, and of competition inherent to this type of business (Manning, 1998).
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The most important of these changes and adaptations are defined by the nature of human resource demands. Human resource can be said to be the most vital asset of the company since they formulate operations and work plans necessary for business. Multinational
The business market place is becoming highly competitive; businesses are now avoiding any extra responsibilities that do not help them succeed. As businesses expand globally, the need for having diversity in the workforce becomes
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