ABSTRACT

Objective-To win the battle of global competition in this turbulent environment strong HR strategies are needed by the organizations. Business strategies cannot be formulated without good HR strategies. In the environment of economic uncertainties, competing priorities, limited resources and managerial complexities organizations are working to create a value of their human resource. Organizations can put their best foot forward only after having a talented and skilled workforce and also by establishing a good relationship with them. Objective of the paper is to provide an insight to the managers for developing the most competitive HR strategies like talent management strategy and leadership development strategy with which global competition can be won. Secondary objective is to analyze and eliminate those practices which are not fruitful for the organization’s success.

Design / Methodology/ Approach-The present research paper is conceptualized and is based on secondary data collected from various resources like books, news papers, management journals and internet. In order to have a practical experience, this paper has also analyzed successful implementation of HR strategies at various organizations.

Findings- Effective formulation of HR strategies is needed for winning the global competition. By implementing sound HR strategies organizations can face the market competition and can achieve all the heights of success.

Limitations-Present research is conceptualized and based on secondary data; research could have been more authenticated if it would have been based on primary data.

Practical implications-This paper can inspire managers and experts of their fields for bringing certain changes in their existing HR strategies for better future. By implementing sound HR strategies organizations can become more competitive.

Originality/Value- The paper includes practical examples of organizations following different HR strategies and also includes literature review about leadership and talent management, which promotes unique and interesting contributions in HRM research.

Key words: HR strategies, talent management strategy, leadership development strategy, Gen Y