Indian Steel Industry: Current Business Trends and HR Interventions

Abstract

Background Objective: A typical matured and labour intensive manufacturing industry like Indian steel Industry is on a transformation path for improving operational efficiency and creating value for the customer through leveraging its major strength i.e. Human Resource. The objective is to identify the HR interventions required at this juncture keeping in view the key business drivers. Methods/Statistical Analysis: Indian Steel Industry today is at a cross road. Global market and free trade agreements with other steel producing Nations, unbelievable pace of change in technology have impacted the Industry as never before. At this juncture it is imperative first to identify and analyze the Key Business Drivers and Current Business Trends. Based on the above two parameters as well as Strength and weakness of the industry, HR Challenges for the Industry can be identified. The HR challenges can lead to focused HR interventions required for the Industry to have competitive advantage in Global Market. Findings: Since the future and nature of work in the Industry is under rapid transformation, Indian Steel organization have to realize that the traditional approach of HR interventions so far being implemented in the Industry are loosing their relevance. The HR challenges being faced by the Industry is different than the challenges in the past and hence have to be approached through new set of HR interventions. Application/Improvement: In this paper, a systematic approach has been attempted to identify HR Interventions required today by the Indian Steel Industry through focus on Key Business Drivers, Current Business Trends, SWOT analysis of the Industry, HR Challenges and HR levers.