Organizations have to gear up with new and innovative strategies to survive and flourish in todays hyper competitive business environment. In this scenario, HR is expected to play a vital role in helping organizations to overcome challenges. This article argues that HR should play the role of strategic business partner, change agent and the champion of employees to turn around the organization. It highlights the role played by HR in corporate turnaround by citing various examples.

The globalized economy unleashed the competitive forces and vastly changed the business scenario that has resulted in hypercompetition. To survive in the new environment, organizations have no option but to hovel several of their inheritances of the controlled regime. So, every organization has to gear up with new and innovative strategies to survive and grow in this era. In this process, HR plays a crucial role for turnaround of an organization.

A turnaround situation is one where a company suffers declining economic performance for an extended period of time and the performance level is so low that the survival of the company is in threat unless efforts are made to improve its performance. Achieving turnaround calls for totally different skills to probe into the causes of a decline and formulating an appropriate strategy to transform the company for a fresh lease of life.

A company has to go for turnaround when it is not able to choose an appropriate response to encounter both external and internal challenges, and converting them into opportunities wherein it is operating. The turnaround strategy emphasizes the improvement of operational efficiency and is probably most appropriate when a corporation's problems are enveloping but not yet critical. Under these circumstances the HR plays a vital role in improving the performance of the organization. The HR plays a crucial role as a strategic business partner, change agent, administrative expert and champion of employees in shaping and directing strategic outcomes to ensure the viability of an organization.

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