Organizational Change at Present Context of Financial Crisis: An Analysis on HR Challenges in Corporate World

Abstract

Gone are the days of traditional practices of management. Organizations now facing many challenges for better performance. The important mantra for the survival of the organizations in the turbulent condition of financial meltdown is "Talent retention". Retaining talent is a difficult task for the HR practitioners. Now a days companies face new challenge in dealing with issues such as the scarcity of talent, the value of idea /knowledge and the changing preferences of the labour market. Consequently, successful HR strategies are needed more than ever. Looking at successful HR practices today, we see several areas where HR professionals can make an important contribution to the overall success of their organization. Traditionally, HR practices have been positioned as Canter of cost and Support function. But now things have changed. Organizations are looking towards HR y terns for Strategic support and for solving problems. Now Companies are taking initiative for transforming human resource functions into different dimensions. This paper highlight different a pacts of HR Practices, which are challenging at the present context of economic and financial crisis.