ANALYTICAL STUDY ON INNOVATIVE HRM PRACTICES IN INDIAN RETAIL INDUSTRY

Abstract

A distinctive nature of Human Resource Management (HRM) lies in its assumption that
improved performance and organizational goals are attained through the people i.e their
employees in the organization. The role of HR department has ever been changing
striking a balance between the expectations of employees and demand of current
business. At present retail industry has seen drastic change within the last few years
and managing its employees has become a great challenge to Human resource
management personnel. The present paper aims at entrusting the HR department with
innovative practices to be followed so as to attain the desired result from employees.
Employees respond best and exhibit utmost creativity not when they are tightly
governed by the management but when they are entrusted to accomplish results in a
freeway. This may cost a large deal to the organization in terms of planning and
executing new procedures for employees but would reap benefits in long run. A review
has been done to extract from the literature how HRM has an impact on various HR and
organizational outcomes. Other industries have been studied to adopt best HR practices
which have a good-fit in retail industry. Also, it’s been discussed that what are some of
the innovative HRM techniques, being practiced by some the leading & successful retail
firms. The paper concludes with the opinion that there is sheer need of bringing
innovative practices in HRM to achieve the organizational and employees’ personal
goals.