Globalization and its impact on Human Resource Management practice of India

Abstract

The approaching of the 21 century globalization poses unique HRM challenges to business chiefly those functioning across countrywide boundaries as transnational or global enterprises. Global trade is considered by the open flow of human and economic resources particularly in the developed economies of European Union (EU), the North American Free Trade Agreement (NAFTA), other regional groupings such as the Association of South East Asian Nations (ASEAN), the Economic Community of West African States (ECOWAS), the Southern African Development Community, etc. Competing in global markets require loads of factors and centralization of its human resource practices is definitely imperative to get better global competitiveness and authorize workforce for global assignments. These developments are opening up new markets in a mode that has certainly not been seen earlier than. This accentuates the requirement to deal with human resources efficiently to increase aggressive benefit in the global market place. To attain this, organizations need an understanding of the factors that can decide the efficacy of different HR practices and approaches. This is because countries like India diverge down a number of scopes that persuade the attractiveness of direct overseas investments in every nation.Â