Journal of Human Resource Management (Dec 2023)
Efficacies of HR Innovation Lab: A Study on an Innovative HRM Approach to Achieve Organizational Success
Abstract
Purpose: In today's competitive business landscape, companies are driven to innovate by external pressures. Adjusting HR practices and involving employees becomes crucial for successful innovation. This study explores the HR Innovation Lab's efficacies in enhancing human resources, promoting innovative HR practices, and driving success through innovation, as perceived by HR professionals. Research Aim: This research assesses the potential impact of the HR Innovation Lab on improving human resources, encouraging creative HR practices, and achieving innovation-driven success. Insights from HR professionals illuminate the Lab's contributions in these dimensions. Methodology: A cross-sectional study gathered data from 120 out of 210 HR professionals in six different pharmaceutical companies in Dhaka. Introducing the HR Innovation Lab concept during surveys, a simple random sampling method was used. Analysis utilized Pearson’s correlation, regression, and Cronbach’s Alpha testing. Findings: Analysis revealed employees perceive the HR Innovation Lab as a valuable tool for personal growth, innovative HR practices, and overall organizational success. Positive correlations and regression outcomes suggest the Lab positively affects individuals, maintains balanced HR eco-system, and drives innovation success. Originality: This study enriches existing knowledge by highlighting the HR Innovation Lab's potential to enhance human resources, promote innovative HR practices, and achieve innovation success. Positive HR professional feedback underscores the Lab's unique role in addressing innovation demands for a competitive edge. In conclusion, this study offers actionable insights for companies seeking innovation and a competitive edge through an HR innovation lab, fostering success through organizational innovation.
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