Human Resources Management (HRM) is that branch of management that deals with managing one of the resources of the organization-human resources. At times it is called Personnel Management. However, the term Personnel Management is being replaced in most spheres by the term human resource management or human resource development (HRD) or simply human resources (HR). Most organizations have a full-fledged human resource management department. The function of human resource management is to acquire, train, develop and retain the human resources of the organization so that with the help of these human resources, the organization is able to achieve its goal. (IndiaInfoline, 2005) This paper will discuss the changing role of human resource management in response to trends in globalization, technology, diversity, e-business, and ethics.
The International Monetary Fund defines globalization as "the growing economic interdependence of countries worldwide through increasing volume and variety of cross-border transactions in goods and services, free international capital flows, and more rapid and widespread diffusion of technology".
(Wikipedia, The Free Encyclopedia, 2006) Companies are finding that in order to survive they must compete in international markets as well as fend off foreign customers' attempts to gain ground in the United States. To meet these challenges, U.S. businesses must develop global markets, keep up with competition from overseas, hire from an international labor pool, and prepare employees for global assignments.(Noe, Hollenbeck, Gerhart, & Wright, 2004, p.46)
The challenges facing the global human resource function are formidable, but so are the opportunities to make a difference. The cornerstone for HR leadership in the global process is its capacity to become a global role model. Unless the HR function is seen as an example of how a global organization recruits, develops and rewards people, how that organization stimulates and supports global networks and how human resources makes...