Human resources management HRM is a dynamic process of bringing people and organizations together so that the goals of each other are met. Since people constitute the most significant resources of any organization, management of human resources becomes critical for the success of an organization. With rapid changes in the business scenario in the recent past, organizations are now forced to reorient themselves to meet the new challenges. Technological advances, global competition, demographic changes, the information revolution, and trends towards the service society have changed the rules of the game significantly. In such a scenario, organizations with a similar set of resources can gain a competitive advantage only through effective and efficient management of resources. In the changing scenario, HRM is no longer an administrative function, but instead a growth-oriented professional function. Human resources managers have to face a number of challenges for managing modern knowledge-