HRM IN THE NEW MILLENNIUM

Figure 1 : HRM in the new Millennium ( Regent Business School, 2022)

Human Resources have never been more indispensable than today. The competitive forces that we face today will continue to face in the future demanding organizational excellence. In order to achieve this extended quality, organization’s need to focus on learning, quality development, teamwork, and re engineering. These factors are driven by the way organizations implement things and how employees

are treated (studuco, 2023).

Globally the technology is an inevitable tool used for the benefit of humankind. At present it is being adopted by several organizations to meet the needs of its various stakeholders. In the competitive and challenging market that we face today will continue to face in the future demanding organizational excellence. In order to achieve this extended quality, organization’s need to concentrate on adopting, quality development, teamwork, and reengineering. Some of these factors are forced by the way organizations adopt things and how employees are treated (Nagarajan, 2019).

Figure 2 : HRM in the new millennium II (Kumar, 2022)

HR Challenges in new era

According to Archana, (20060 David Ulrich, a renowned HR expert and author, has identified eight of these issues that are key if the HR function is to add measurable value, deliver business results, enact professionalism, and demonstrate new competencies. Briefly these challenges are:

1. Globalization

HR management needs to create models and processes for attaining global agility, effectiveness, and competitiveness. HR professionals must master global operating skills and the HR function must build global capabilities for the organization such as the ability to move talent, ideas, and information around the world.

2. Managing the Value Chain for Business Competitiveness

HR needs to refocus practices more on the value chain and less on activities within the firm. This is important because by shifting the focus from firm to value chain, all HR activities become defined according to customer criteria.

3. Profitability Through Cost and Growth

Revenue growth is a key component of the profitability equation. The main paths to growth include through leveraging customers, leveraging core competencies and mergers, acquisitions or joint ventures. Each of these has HR implications and requires co-operation between management and HR professionals to design and deliver new organizational practices.

4. Capability Focus

Managers and HR professionals should constantly seek the capabilities necessary for success. Whilst general management must identify and foster what capabilities they need to increase organizational competitiveness, HR professionals must frame what they do in terms of these capabilities at an organizational level.

5. Organizational Change

HR professionals need to help their organization to change, define an organizational change model, disseminate that model throughout the organization and sponsor its on-going application.

6. Technology

Managers and HR professionals need to be able to redefine work to maximize the value of technology in the organization. This means making technology a viable and productive part of the work setting, and requires that HR professionals keep ahead on the information curve.

7. Attracting and Retaining Intellectual Capital

Business organizations of the future will compete aggressively for the best people, and the successful organization will be the ones that are able to attract good people, use them effectively, develop them and retain their skills within the organization.

8. Transforming the Organization

Over the past decade, organization have gone through one change initiative after another including downsizing, consolidations and restructurings. Unlike many of these turnaround efforts, transformation goes to the heart of the organization changing the fundamental image of the business, as seen by customers and employers. HR has to play a leading role in organization transformation.

Conclusion

In the technological era is a force that changes and improves the lives of people living in all over the world. Digitalization downsized the Country borders and also changes it from barriers to bridges as a result of trade globalization and liberalization, improving the levels of education among people and workers in globally, and progression in technology. With the use of technology which gives the flow of Goods, services and labour talent are now flowing more freely throughout the globe than comparing the yesteryears. There are abundant of opportunities and the organizations to increased employment opportunities and increased wages for skilled workers. The challenges are equally abundant. Companies need to meet up with millennia’s and changing workforce; they must grab the attention, and to deal with the multicultural employment pools. Last and foremost; they should conduct relevant research towards the human resource and their indispensible contribution in future organizations.

REFERENCES

Archana, (2006) HR Challenges in new ERA - The approach of the millennium has brought about new challenges. [Online] Available from https://www.citehr.com/14716-hr-challenges-new-era-approach-millennium-has.html [Accessed 04 May 2023].

Kumar, A. (2022) HRM in new millennium. [Blog entry] 14 July. Available from https://getuplearn.com/blog/hrm-in-the-new-millennium/ [Accessed 04 May 2023].

Nagarajan, (2019) Novel HRM practices in the new millennium. Jettir, 6 (4) 1-2. Available from https://www.jetir.org/papers/JETIRAY06010.pdf [Accessed 04 May 2023].

Regent Business School, (2022) A 21st century approach to Human Resource Management. [Blog Entry] 29 November. Available from https://regent.ac.za/blog/a-21st-century-approach-to-human-resource-management [Accessed 04 May 2023].

Studuco, (2023). HRM in the new millennium. [Online] Available from https://www.studocu.com/in/document/christ-deemed-to-be-university/human-resource-management/human-resource-management-in-the-new-millennium/26082257 [Accessed 04 May 2023].