In a globalised world, the government of India introduced liberalized economic policies in 1990s. This increased the pressure on the personnel function of Indian domestic companies to prepare and develop their employees, so that they can compete with overseas firms. The field of human resource management is a dynamic discipline. The HRM functions and practices cannot remain static as firms make the adaptation necessary to remain competitive. It is time to innovate and redefine HR practices. The review of academic and research literature is quite revealing with respect to various HR...