HR policies form the framework for effective functions of HR management; they form the culture in business management, i.e., they are the very functioning of a business enterprise. The practices should necessarily result in benefits to all the stakeholders like the shareholders, creditors, suppliers, consumers and the employees. Such practices create an awareness of the need to achieve the business goals in the best possible and ethical manner. They also create a sense of respect for ethical values in the organization. If the HR practices adopted by an organization include periodic review of employee performances, adequate training for the workforce and most important of all, well thought out career advancement norms for its personnel, it will be the organization that will reap the full business benefits and emerge successful to the great satisfaction of all the stakeholders.

Human Resources (HR) are the mighty pillars that form the business colonnade in the world of economy. They, therefore, deserve all the care and attention. The very art of managing HR is based on thoughtful policies and a bouquet of helpful practices aimed at creating motivation and commitment in the workforce. While HR policies form the framework for effective functioning of HR management, HR practices form the culture in business management. The practices should, therefore, necessarily be the "best practices in HR Management (HRM)", which would result in benefits to all stakeholders like the shareholders, creditors, suppliers, consumers and employees. The organization as a whole will then reap the benefits.

Such practices invariably create, in the workforce, an awareness of the need to achieve the business goals in the best possible and ethical manner. They are also aimed at creating a sense of togetherness in the organization. In fact, the set of the `best practices' are evolved in such a manner that the HR policy weaves itself into the business strategy, providing support to the organization in all its endeavors to achieve its business targets and to overcome business hazards like competition and change in consumer patterns. Good HR policies also help overcome economic forces such as recession, inflation, etc.

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