Innovation in the field of Human Resource Management can be achieved by following the given steps:
• Planning – Creative approaches to the planning of human resources, keeping in mind the existing numbers and mix, expansions, diversifications, globalization, retrials, turnover, etc.
• Acquisition – Required numbers and mix of human resources, in an increasingly competitive global factor market for talent should be acquired.
• Retention – Retention of the valuable human assets through innovations in physical and psychological hygiene factors, job satisfaction, etc.
• Development – People should be developed through on the job experience, coaching, rotation, training, development, etc.
• Utilization – Human potential should be utilized through empowerment, vision, challenging goals, plans, projects and opportunities for championing and entrepreneurship.
Planned separation – Separation should be planned mostly at retirement, sometimes earlier, with mutual benefit and goodwill.