HR INNOVATION LAB AND ITS THREE-DIMENSIONAL EFFICACIES

Abstract

In an increasingly competitive business world, corporations are struggling to thrive. There have been pressures of changes for organizations from their external environment. The externalities are forcing businesses to adopt unavoidable innovation to create new products or design better processes. As a result, the changes in the business model require changes in HR practices and employee involvement since human resources are core elements of any innovation process. In this regard, our study aims to determine the HR Innovation Lab’s efficacy in an organization’s three dimensions, which are- improving the human resources, fostering innovative HRM practices, and bringing organizational outcome as innovation success from the views of HR professionals. A cross-sectional study was conducted to collect data from the HR professionals of some renowned pharmaceutical companies in Dhaka city. We introduced the concept of HR Innovation Lab to the participants in the survey stage and did a simple random sampling. After analyzing the results with Pearson’s correlation, regression analysis, and Cronbach’s Alpha test it was found that the employees in the respected companies believed that Innovation Lab can be a tool to improve individuals, generate innovative HRM practices to keep the HR ecosystem balanced, and contribute to organizational success. Overall, the study findings can be utilized by pharmaceutical companies, as well as other companies, to meet innovation requirement and achieve organizational success through the introduction of HR innovation lab.