HR has evolved from a mere administrative rubber stamp to a more active strategic business partner striving for aligning the HR processes with the core processes for attaining business excellence. The article discusses the latest and emerging trends in HR practices in the contemporary scenario with a focus on Indian context. It also explores the role of HR as an enabler in the ever-increasing business challenges.

The contemporary business scenario has become more dynamic and is changing radically, due to the effect of globalization and increasing competition in the market. Managing change has become the priority and also the popular buzzword for most of the business leaders in the industry, which has attracted all the attention of the corporate world for accomplishing a winning excellence. Such factors have created a need for the functioning of a dynamic, vigilant and a proactive HR department. HR of today is no longer just playing the role of an administrative support responsible for maintenance of day-to-day administrative machinery, but has become a strategic partner having immense potential for contributing to the profits of the company.

In the era of information technology, motivation and retention of knowledge workers for gaining a winning edge in the market is one of the most important challenges for the human resource professionals. Another major development, which will affect the human resource professionals, is the phenomenon of globalization. The physical movement of the people across borders is one aspect of globalization. Another aspect of globalization is the management of enterprises in different countries where the cliché "think global act local" has to be practiced. Sensitivity to the individual culture and ethos of different countries will be a special challenge for the managers of human resources. Another important challenge is increasing competition. In a highly competitive environment, what ultimately provides the cutting-edge is people with innate talent, imagination, a sense of loyalty and can do spirit. Attraction and retention of talent, therefore, are going to be permanent challenges for the managers of the human resources in the years to come.

HRM Review Magazine, human resources, HR, Strategic Business, Business Challenges, Globalization, Information Technology, Search agencies, Talent Management, Recruitment Strategies, Knowledge Economy, Maruti Udyog Limited , MUL, Automobile Industry, Business Process Re-engineering, BPR.