Human Resource Management: Its Role in Economy

Abstract

Models for the function of human resource management in the new economy are what this study aims to achieve. Firms are shifting their attention from people management towards human resource management as they move to the new economy, and it is important to discuss this trend. Human resource management and people management are compared and contrasted in this study, as well as the differences and similarities between the two concepts. Both traditional and cutting-edge financial theories are scrutinised.

An overview of human resource management, the current economy, and the projected future of the global economy may be found in this document's opening section. Human resource management in the new economy will be evaluated as a shift in focus from people management. An ultimate objective is to define the role of human resource management within the new economy by determining what changes are necessary to existing human resource management functions. As a result, this chapter lays up a foundation for understanding HRM's place in the new economy.