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Human Resource Practices And Modern Day Issues

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1. Introduction Today, the fast rising of population does not necessarily go hand in hand with a surplus in supply of skilled workers. The lack of employees with suitable knowledge and training creates “a war for talent,” in which every company tries its best to attract as many talents as possible to increase its competitive advantage. Despite always improving human resource strategies, companies still face a lot of difficulties in meeting the needs of employees. Among many current and emerging challenges that human resource practitioners have to cope with in meeting the diverse needs of the contemporary workforce, the three most influential ones are shortage of labor, globalization, and the differing needs and expectations of a workforce spanning from Baby Boomers to Generation Y. This paper will discuss the above critical factors that need to be paid more attention in human resource strategies with supporting materials ranging from theories of human resource practice to modern day issues. 2. Body 2.1 Shortage of labour First and foremost, the most critical problem that organizations around the globe are facing is the shortage of skilled labor to secure their future workforce. According to statistics, more than 25 percent of the labor force would reach the age of retirement by 2010, which would lead to a shortage of approximately 10 million workers (Schildhouse, 2006). It is evident that even though this news on the scarcity of skilled employees presents issues for both

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