An Empirical Study of HRM Strategies to Meet The Challenges of Current Business Scenario: A Review of Indian MSME
Small &Medium Enterprises (SME) are contributing remarkably towards economic and social development of
many countries around the world. The world has witnessed the growing performance of SMEs in gross domestic product,
employment generation, export, investment resource utilization etc. Hence it is highly essential to boost up SME sector. But,
simultaneously being very volatile in nature Small & Medium enterprises take high amount of Risk. So it is quite essential
for them to address the uncertainty by having reliable and loyal work forced which can should them in good and bad periods.
Not only should this in the 21st century where business expand beyond domestic bounders SMEs endeavor to gain
competitive advantage by addressing the issues HR and their potential. This paper focuses on various issues of HRM in SME
and the highlight some strategies to meet the challenges of human resources management. Further the implications of this
study will give the scope for SMEs, Policy makers as well as for academic research in finding the impact of HRM practices
on the firm.
Keywords - SME, HRM, Knowledge Management, Employee Retention, Empowerment, Motivation