EMERGING CHALLENGES FOR HR IN THE CHANGING BUSINESS SCENARIO

As it is well known, for anyeconomic activity three types of resources are required namely Financial, Material (including machines) and Human. Further, among these three the human resource is the most important one without which the other two would be of no use. Infact, it may not be but out of place to mention here that, the VII Five Year Plan has laid special emphasis on improving productivity i.e., productivity of machines as well as men. In a developing country like India the need to develop and harness the existing human resources for the development of the country, hardly needs any emphasis. The same logic applies to organizations as well. Human resource is very important without which the other resources could not be put to any productive use as has been exemplified in the Japanese experience. The Japanese styles of Human resource management and industrial relations systems have played a predominant role in improving the performance of Japanese corporate sector.