A Critical Analysis of Role of Innovation and Entrepreneurship on HR Practices in India
Keywords:
Innovation, entrepreneurship, human resource management practice (HRMP)Abstract
The dynamic environment and globalization has brought about a consistent pressure on the organizations to continually change their practices, product and process, to endure and support. Besides, the organizations have perceived the necessity of introducing innovative and new practices, product and process. In the globalization time, to contend and continue in a long run, a business foundation must be inventive and cultivate the culture of innovation and entrepreneurship by tapping the competency of Human Resource (HR). In addition, in this business environment of vulnerability, danger and instability, innovation plays a significant capacity towards making an upper hand for organizations. Many researchers have proposed that innovation and entrepreneurship makes a significant commitment to organizational effectiveness for the long-term survival of organizations, because it empowers organizations to be competitive in a quickly changing environment and accomplishes an upper hand. Consequently, reassuring and encouraging innovation and entrepreneurship is a vital decision of each fruitful association. As people are the foremost critical asset in any organization and they can add to innovation by means of their inspiration and aptitudes, the part of human asset management is critical. In an organizational set up, it is the HR framework which plays pivotal role in encouraging and conveying the objectives of inventiveness to the Human Resource (HR) and the way to accomplish the hierarchical objectives. The connection between Human Resource Management Practices (HRMP) and innovation has been depicted as a black box, where a parcel still has to be examined. Subsequently, the point of this study is to explore the nature of the connection that exists among Human Resource Management Practices (HRMP) and innovation in organization. To do as such, hypothetical underpinnings and presence of an intervening or a directing component is assessed. This study mainly discusses the role of innovation and entrepreneurship in Human Resource Management Practices (HRMP). This research work investigates the hypothetical and experimental findings from more than 30 research papers and articles, which examine the role of innovation and entrepreneurship in Human Resource Management Practices (HRMP). This research work utilizes publications from the significant articles, altered works and other research materials to accomplish the objective of the study. Reviewing the nature of relations existing within the chosen articles, interesting discoveries are addressed comparative with the idea of the human resource management system (HRMS) utilized, practices encompassed and their diverse utility. HRMS has been demonstrated to be related with product development yet more proof is required for supporting process innovation. Managers can animate creativity and innovation by contributing resources into data sharing, strong management, and building up an inventive climate. The Human Resource Management Practices (HRMP) and innovation relationship is assessed; significant practices that would direct managers to actuate innovation are highlighted. This research work features the relationship of Human Resource Management Practices (HRMP) with ambience to entrepreneurship. In counter, research is done dependent on the theoretical perusing of literature review of Human Resource Management Practices (HRMP), entrepreneurship and the connection between the two factors.
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