STUDY ON BEST HR PRACTICES AND COMPENSATION STRUCTURES AT ACCENTURE SOLUTIONS PRIVATE LIMITED

Abstract

"People are our biggest asset," corporations have chanted for years. Only a few companies, however, have begun to use HRM systems that support this approach. In the Indian market, HR managers have a variety of challenges in identifying the "perfect applicant" and creating a "conducive work environment" that benefits both employees and the organization. Due to difficulties such as attrition, secrecy, and loyalty, the industry is already under stress. Other difficulties include managing people, providing incentives for employees to adopt new technology advances, hiring and training, performance management, development, and compensation management. With these difficulties, firms must rethink how they manage their personnel. In the knowledge-based economy, HR management is a major issue..HR management in the knowledge-based sector is a huge problem for HR managers since it requires multitasking. HR managers currently have a wide range of tasks. Previously, their duty was limited to administrative tasks such as controlling staff requirements and maintaining organizational rolls. It is now more strategic in response to industrial demands. Managing People To the present scenario of the economy, knowledge workers are in more demand. Even if there are a lot of resumes out there, organizations are still looking for someone who makes a difference. Because of their expertise and talents, talented professionals often have a lot of negotiating leverage. Those who assume responsibility at a younger age and with less experience have a different mentality. From the result of contemplation, change in the focus from organizational career devotion to customized career management. Motivating the Workforce Increasing competitiveness in the global market, a technology advantage backed by a talent pool has become a critical determinant for market survival. Thus the outcome is every company prioritizes technological advancement projects. HR managers are now serving as motivators for their knowledge workers to embrace new ideas.