Human resource management plays a critical role in defining business performance and productivity. It has a direct impact on the organizational success and market positioning within a highly competitive environment. People are the key assets instrumental in stimulating business growth and development. Human resource management has assumed increased significance in devising corporate strategies and enhancing organizational efficiency. The present economic environment has exposed the organizations to a number of challenges that includes structuring business processes to adapt to rapidly changing market dynamics and operating environment. Successful organizations are founded on principles of creativity and innovation within the work environment that provides the companies with the competitive edge to win strategic battles for market share and positioning.
Organizations in today’s world operate in a dynamic environment that is driven by the globalization of economies, increased technology innovations and consumer demands. The changing demographics of the markets are responsible for large scale adaptations in product design, delivery and business processes. Most organizations today face the challenge of leading change management process. It is widely accepted that competent change management can help businesses transform their operational procedures, outlook and approach towards more effective and efficient means of delivering goods and services. A company in order to harness its strengths and core competencies to gain competitive edge must be able to identify them. One of the primary challenges facing the recruiter is to identify the key skills and competencies required by the organization to execute its tasks and objectives. A vital aspect of core competency development within organizations relates to training and development of