STAYING AFLOAT IN CHANGING TIMES THROUGH INNOVATION IN HUMAN CAPITAL MANAGEMENT
Keywords:Human Capital Management, Innovation, Human Resources, People Management, Knowledge Workers, Competitive Advantage
The business world is currently in the Fourth Industrial Revolution phase which is characterized by Disruptive Technologies and Trends such as Internet of Things (IoT), Virtual Reality, Robotics and A rtificial Intelligence (AI). All these are changing the way we work and live our lives. This technological change is all pervasive and it is imperative for every organization to learn, adapt and apply it for better results. Digitization and Automation have become the norm and Innovation in every sphere of work is the need of the hour. Innovation is the ability of the organization to create, develop, manage and maintain knowledge. As individuals are the creators and applicators of knowledge, managing knowledge workers is of prime importance. Human Resources and Human Capital Management plays an important role as ‘Drivers of Innovation’. The shift from Human Resource Management to Human Capital Management is seen as an alignment of individual aspiration and goals with organization’s vision and goals. This paper aims at exploring and assessing the innovative concepts adopted by organizations for effective Human Capital Management. Innovations in HCM have been viewed as having positive impact on employee engagement and productivity. The paper presents a model showcasing the impact of innovative concepts in all aspects of people management and as a tool for sustained Competitive Advantage.