The Future of Human Resource Management

Seminar paper from the year 2018 in the subject Leadership and Human Resources - Miscellaneous, grade: 1.2, , language: English, abstract: The transformation of human resource practices has been impacted by different factors including globalization, compensation and benefits package, and diversity initiatives. For instance, in the global competition, firms are seeking for a talented pool of excellent workers to achieve a sustained competitive advantage. Compensation and benefits package is another factor that has an impact on the future performance of human resource practices. This is because compensation and benefits package are designed to attract, retain, and motivate employees for competitive advantage. Human resource management is, therefore, moving away from a base-pay-system towards a pay-for-performance system in order to encourage and motivate employees without having to jeopardize their basic financial security. It is also evident that diversity initiatives in human resource are getting wider attention owing to the impact of globalization and increase in job market. Organizations have invested resources on diversity initiatives including workplace programs and benefits such as flexible work arrangement, corporate sponsored employee affinity groups, and diversity management staffs. Various organizations have implemented various initiatives including diversity and equity in the workplace in order to enhance the performance of the firm.