An analytical study on managing human resources through relevant social security measures

Abstract

The human factor plays an important role in any pattern of development. During the 21st century, the Indian industries have undergone radical changes not only in the field of technology but also in efficiently managing the human resources. One of the most important elements of production is the labour force ought to be managed in a fruitful way to achieve the desired levels of productivity. Numerous innovative factors are responsible for managing human resources in good ways which are inculcated by the entrepreneurs nowadays. One of the important means of tapping human resources in a better way is providing certain perks and social security measures such as pension benefits, accident cover/insurance, gratuity L.T.C and so on. Our legislation has enabled the provisions of certain security measures for the industrial workers to a significant level. After the introduction of the New Economic Policy (N.E.P) and Liberalisation/Globalisation, industrial workers are covered under New Industrial Policy Pensions Act. The authors [of] this paper paid much attention in analyzing the various social security measures offered to industrial workers and their effect on productivity. The study also shows the way by which the tendency of “Luddism” that prevails among the working class to show their protest to the industrial houses in an indirect way, could be avoided. Furthermore, the study identifies strategies to avoid the market concentration which would lead to exploitation through the formation of cartels and monopolies of the entire market structure. Finally, the study insinuates one of the evil consequences of concentration that paved the way for the reduction of the quantum of security measures.