INNOVATIVE HR PRACTICES: A ROAD-MAP FOR SUCCESS OF AN ORGANIZATION

Abstract

In today’s global marketplace, a constant injection of new ideas keeps a company progressive and gives them an edge in the marketplace. It is only the innovations that provide company opportunities to gain competitive advantage over its competitors. As globalization advances and we move into the information age, organizations need to adapt to the changes in technology and the changing issues in management of people so successful innovation must be a ready weapon in every Company’s arsenal. In order to survive the competition and be in the race, HR department should consciously update itself with the transformation in HR and be aware of the HR issues cropping up. This article focuses on innovative HR practices that can use as building blocks of the HR Departments to ensure sustainable growth by attracting and retaining the people in the organization. Hence the corporate have started formulating and adapting innovative HR strategies in the areas such as attracting and accessing the talented, developing and growing the potential, engaging and aligning the best, transition, etc. In this paper, the authors have discussed some of the key HR functions were and how innovative strategies need to be developed for ensuring the organizational excellence.