Human Resource Management (HRM) has gained greater importance in these turbulent times. Organizations are trying to put their best foot forward and to develop newer strategies to cope with the stress and strains of the prevalent economic crisis. HRM technology solutions can help Human Resource (HR) professionals to manage the climate shifts. Globally, concepts or practices like, training, team work, Total Quality Management (TQM), Web 2.0, talent management practices, etc., are being adopted from the Japanese, Australian, European and US HRM practices. Organizations are also endeavoring to lure more female employees into the workforce, providing programs aimed at developing alternative talent pools. Presently, HRM is being engineered to make it employee-friendly on one hand, and performance-based on the other.

Indian organizations are witness- ing a change in systems, management's cultures, and philosophies due to the changing economic situation. The need of the hour is to create fresh synergy between Human Resource (HR) and organizational objectives. In the new economic situation, recruitment is decreasing, while layoffs are increasing. The costs related to the salaries and other expenses of the employees are always at the priority of cost-cutting measures of any company as these costs make up generally for more than 25% of the annual operating costs of any company. Employee performance objectives have become more aligned with business goals. Firms are attempting to get a grasp on the drive to enhance employees' skills and competencies through performance management and development to support strategic decisions. Competition for talent is intense. The companies that win in emerging markets will be those that fully utilize the talent of their personnel. Knowledge management has become very important and with increasing competition, employees are turning into knowledge workers. Women power is evident, with several powerful positions occupied by women globally.

Women will be the critical element in these business successes. Managing talent in the organization has become an issue of strategic importance. Talent management or human capital management is the process of essentially developing and fostering new workers, retaining old workers and continuously attracting highly skilled workers to one's company. Talent management and development are critical and challenging as job turnovers are increasing. Hence, retention strategies are the keys to success and can provide a competitive advantage.

HRM Review Magazine, Human Resource Management, Economic Crisis, Total Quality Management, TQM, Indian Organizations, Knowledge Management, Talent Management, Human Capital Management, Web Development, Social Technologies, Data Management, Financial Management, Strategic Planning.