A Study of Challenges and Practices Related to HRM in Software Industry

In the present competitive business surroundings, it is so hard to satisfy the requirements of organizations and personnel. HR and organization performance can generate competitive advantage in an organization by following effective HRM practices. IT industry is a wealth and job creating industry, which has in just a few years, grown to US $ 1 trillion, employing millions of professionals worldwide. The IT industry of India has burgeoned, presenting almost 50% compounded yearly expansion rate over the recent years. Being a knowledgebased industry, a high intellectual asset lends competitive advantage to a firm. With a universal detonation in market-opportunities in the IT sector, the scarcity of manpower both in figures and skills is a major challenge for HR professionals. The associated issues are different certainly: recruitment of world-class staff and their retention, compensation and career planning, technological obsolescence and employee turnover. This research paper tells regarding different HR challenges and practices in software Industries.