Innovation and Global HRM by 2050?

In this fast changing competitive globalized market place innovation has become the essential factor for any organization to achieve success. By 2050 the business world will have drastic changes in its functioning. The changes in the technology, global economy, increasing ability scrutiny, threatening talent crisis and the mental illness of the employees are drastically affecting the workplace. These changes will have great impact on the business environment. The best companies with the sustained innovation derive success towards the competition. These organizations provide various opportunities to the employees in converting their ideas into a successful strategy and helps in creating innovative and creative thoughts among them. Mainly all the functional areas like HR, Marketing, Finance, Production and operation departments will have changes and go along with the development and innovation. The functioning of organization is fully relying on the HR department which provides efficient employees to the organization, innovation and creativity in this function will drive the organization towards success. The HRM and innovation has clear link in developing the employee’s capabilities and performance which leads to the organizational efficiency. The HRM is more clearly embedded in the organization strategy in order to facilitate the innovation. There are various HRM practices followed by the organization to enhance the employees and it is fully influenced by the various competitive factors and changing market. The future of HRM will be converted into SHRM were innovation based strategy will be implemented in the organization. This innovation helps them to sustain in the market by attracting & providing talented employees to the organization and helps them to retain the excellent staff within the organization.