Organizations strive to use these limited or scarce resources efficiently and effectively in order to achieve their goals and objectives. The most important elements for today’s organizational success are work-force skills, product quality, and customer service. All three elements are heavily dependent upon human resources as education, training, and motivation embodied in people.

In present day’s dynamic business world, change is the only factor, which will remain constant – changes in technology, consumer demand, the demographic composition of the workforce and global competition will have an impact on the role of human resource professionals. With time, organizations are becoming increasingly aware of HR contribution to the progress and growth of their businesses.

In this millennium, slowly but surely all countries are becoming safer and more attractive for investments. More and more socialist and centrally planned closed economies are opening up for trade and investment opportunities. Countries are opting for free-market economies, private ownership is being encouraged, the importance of the consumers is being realized and generally, they are also becoming more democratic. At the same time, new institutions are emerging to reduce the non-commercial risk of multinational ventures. These developments in the world market have a significant impact on the future of HR practitioners in terms of research and professional practice.

Human resource in any country is the primary factor for setting up the direction and pace of the socio-economic development. For achieving a substantial part of our industrial vision, there is a need to create and nurture a well-developed human capital base, with skills and work ethics of highest quality.

Any nation’s capacity to face the challenges of industrialization and globalization of business of the 21st century depends heavily on its human resources. Out of capital, technology and human resources, it is the human resources that will help organizations to face the challenges of business globalization. Capital can be generated, technology can be developed, but appropriately encouraged and motivated human resource is required to propel the organization and the nation through the coming challenges.