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Adapting to Change: Strategic Evolution of Human Resource Management Practices in SMEs Amidst Shifting Market Dynamics

Adapting to Change: Strategic Evolution of Human Resource Management Practices in SMEs Amidst Shifting Market Dynamics

Nitish Kumar Minz, Ayushi Sha, Monika Yadav
Copyright: © 2024 |Pages: 17
ISBN13: 9798369309728|ISBN13 Softcover: 9798369346853|EISBN13: 9798369309735
DOI: 10.4018/979-8-3693-0972-8.ch009
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MLA

Minz, Nitish Kumar, et al. "Adapting to Change: Strategic Evolution of Human Resource Management Practices in SMEs Amidst Shifting Market Dynamics." Innovative Human Resource Management for SMEs, edited by Shuja Iqbal, et al., IGI Global, 2024, pp. 148-164. https://doi.org/10.4018/979-8-3693-0972-8.ch009

APA

Minz, N. K., Sha, A., & Yadav, M. (2024). Adapting to Change: Strategic Evolution of Human Resource Management Practices in SMEs Amidst Shifting Market Dynamics. In S. Iqbal, K. Khalid, & A. Nur (Eds.), Innovative Human Resource Management for SMEs (pp. 148-164). IGI Global. https://doi.org/10.4018/979-8-3693-0972-8.ch009

Chicago

Minz, Nitish Kumar, Ayushi Sha, and Monika Yadav. "Adapting to Change: Strategic Evolution of Human Resource Management Practices in SMEs Amidst Shifting Market Dynamics." In Innovative Human Resource Management for SMEs, edited by Shuja Iqbal, Komal Khalid, and Andi Cudai Nur, 148-164. Hershey, PA: IGI Global, 2024. https://doi.org/10.4018/979-8-3693-0972-8.ch009

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Abstract

This chapter explores the adaptation of human resource management systems (HRMS) in small and medium enterprises (SMEs) in response to shifting market dynamics, particularly influenced by the COVID-19 pandemic. The pandemic prompted SMEs to embrace flexible work arrangements, leading to the rise of remote and flexible workplaces. However, challenges such as limited resources, resistance to change, and technology integration persist. To tackle these hurdles, a strategic approach is vital. Effective HRMS planning, communication, technology utilization, and external expertise can help SMEs overcome these challenges. Strategic alignment of HR practices with organizational goals, clear change management, and technology-driven measurement methods are essential for successful HRMS implementation. Ultimately, this chapter underscores the importance of strategic HRMS evolution for SMEs in a dynamic business landscape.

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